%PDF-1.5 1 0 obj <> endobj 3 0 obj <><><><>] /Rotate 0 /Contents 4 0 R>> endobj 4 0 obj <> stream BT /F1 9.00 Tf ET BT /F2 12.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 50.00 740.70 Td (Use these links to rapidly review the document) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 719.3669921875 m 151.4208984375 719.3669921875 l s q 0 0 1 rg BT 50.00 720.70 Td (T) Tj ET Q q 0 0 1 rg BT 55.31 720.70 Td (ABLE OF CONTENTS) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 707.3669921875 m 564.1162109375 707.3669921875 l s q 0 0 1 rg BT 50.00 708.70 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 1 rg BT 206.68 708.70 Td (, L) Tj ET Q q 0 0 1 rg BT 216.87 708.70 Td (TD. INDEX ) Tj ET Q q 0 0 1 rg BT 268.62 708.70 Td (T) Tj ET Q q 0 0 1 rg BT 274.55 708.70 Td (O CONSOLIDA) Tj ET Q q 0 0 1 rg BT 340.94 708.70 Td (TED FINANCIAL) Tj ET Q q 0 0 1 rg BT 416.40 708.70 Td ( ST) Tj ET Q q 0 0 1 rg BT 429.77 708.70 Td (A) Tj ET Q q 0 0 1 rg BT 435.88 708.70 Td (TEMENTS ) Tj ET Q q 0 0 1 rg BT 483.94 708.70 Td (AND FINANCIAL) Tj ET Q q 0 0 1 rg BT 561.62 708.70 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 695.3669921875 m 167.6318359375 695.3669921875 l s q 0 0 1 rg BT 50.00 696.70 Td (ST) Tj ET Q q 0 0 1 rg BT 60.87 696.70 Td (A) Tj ET Q q 0 0 1 rg BT 66.98 696.70 Td (TEMENT) Tj ET Q q 0 0 1 rg BT 107.35 696.70 Td ( SCHEDULES) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 676.7669921875 m 120.9521484375 676.7669921875 l s q 0 0 1 rg BT 50.00 678.10 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 678.10 Td (able of Contents) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 663.6 m 561.5 663.6 l s BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 14.00 Tf ET q 0 0 0 rg BT 251.20 647.30 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 325.24 647.30 Td (A) Tj ET Q q 0 0 0 rg BT 334.31 647.30 Td (TES) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 155.65 630.50 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 243.19 630.50 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.45 618.50 Td (W) Tj ET Q q 0 0 0 rg BT 263.90 618.50 Td (ashington, D.C. 20549) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 268.05 593.70 Td (FORM 10-K) Tj ET Q /GS0 gs q 12.72 0 0 12.71 53.00 560.99 cm /I1 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 564.38 Td () Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 76.00 564.57 Td (ANNUAL REPORT PURSUANT TO SECTION13 OR 15\(d\) OF THE SECURITIES) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 76.00 552.57 Td (EXCHANGE ACT OF1934) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.85 537.93 Td (For) Tj ET Q q 0 0 0 rg BT 227.22 537.93 Td ( the fiscal year) Tj ET Q q 0 0 0 rg BT 288.96 537.93 Td ( ended December) Tj ET Q q 0 0 0 rg BT 362.65 537.93 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 298.50 524.93 Td (OR) Tj ET Q /GS0 gs q 10.69 0 0 11.71 53.00 506.99 cm /I2 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 72.00 510.38 Td () Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 76.00 510.57 Td (TRANSITION REPORT PURSUANT TO SECTION13 OR 15\(d\) OF THE SECURITIES) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 76.00 498.57 Td (EXCHANGE ACT OF1934) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.30 483.93 Td (For the transition period fromto) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 235.65 460.70 Td (Commission file number) Tj ET Q q 0 0 0 rg BT 340.47 460.70 Td (1-33128) Tj ET Q BT /F3 14.00 Tf ET q 0 0 0 rg BT 172.10 435.90 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 401.84 435.90 Td (,L) Tj ET Q q 0 0 0 rg BT 416.89 435.90 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.00 423.90 Td (\(Exact name of Registrant as specified in its charter\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.00 396.13 Td (Bermuda) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.95 385.97 Td (\(State or other jurisdiction of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.80 375.97 Td (incorporation or or) Tj ET Q q 0 0 0 rg BT 195.15 375.97 Td (ganization\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 395.97 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 405.30 396.13 Td (98-0503315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.30 385.97 Td (\(I.R.S. Employer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.25 375.97 Td (Identification No.\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 133.85 358.13 Td (601 Carlson Parkway) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.85 348.13 Td (Minnetonka, Minnesota) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.65 337.97 Td (\(Address of principal executive of) Tj ET Q q 0 0 0 rg BT 237.09 337.97 Td (fices\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 357.97 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 417.00 348.23 Td (55305) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.40 338.07 Td (\(Zip Code\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.05 313.90 Td (Registrant's telephone number) Tj ET Q q 0 0 0 rg BT 290.87 313.90 Td (, including area code: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 379.44 313.90 Td (\(952\)852-2431) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.00 293.90 Td (Securities registered pursuant to Section12\(b\) of the ) Tj ET Q q 0 0 0 rg BT 403.72 293.90 Td (Act:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 58 262.4 m 303 262.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307 262.4 m 553 262.4 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 142.45 266.13 Td (Title of each class) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.50 266.13 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 336.60 266.13 Td (Name of each exchange on which registered) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 252.97 Td (ClassA Common Shares, par value $0.01 per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.50 252.97 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.60 252.97 Td (New York Stock Exchange) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.15 228.90 Td (Securities registered pursuant to Section12\(g\) of the ) Tj ET Q q 0 0 0 rg BT 404.87 228.90 Td (Act: ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 424.59 228.90 Td (None) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 208.90 Td (Indicate by check mark if the Registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 367.90 208.90 Td (, as defined in Rule405 of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.90 Td (Act.) Tj ET Q q 0 0 0 rg BT 69.07 196.90 Td (Y) Tj ET Q q 0 0 0 rg BT 75.29 196.90 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 86.12 194.74 cm /I3 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.03 196.90 Td (No) Tj ET Q /GS0 gs q 10.60 0 0 10.09 119.75 194.74 cm /I4 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 176.90 Td (Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.90 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.37 164.90 Td (Act.) Tj ET Q q 0 0 0 rg BT 110.44 164.90 Td (Y) Tj ET Q q 0 0 0 rg BT 116.66 164.90 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 127.49 162.74 cm /I5 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.40 164.90 Td (No) Tj ET Q /GS0 gs q 10.60 0 0 10.09 161.12 162.74 cm /I6 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 144.90 Td (Indicate by check mark whether the Registrant \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.90 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.37 132.90 Td (Act during the preceding 12months \(or for such shorter period that the Registrant was required to file such reports\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.90 Td (and \(2\)has been subject to such filing requirements for the past 90days.) Tj ET Q q 0 0 0 rg BT 342.05 120.90 Td (Y) Tj ET Q q 0 0 0 rg BT 348.27 120.90 Td (es) Tj ET Q /GS0 gs q 10.60 0 0 10.09 359.10 118.74 cm /I7 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.70 120.90 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 394.42 118.74 cm /I8 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 100.90 Td (Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 490.85 100.90 Td (W) Tj ET Q q 0 0 0 rg BT 499.49 100.90 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 552.71 100.90 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.90 Td (every Interactive Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T) Tj ET Q q 0 0 0 rg BT 463.05 88.90 Td ( \(232.405 of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.90 Td (chapter\) during the preceding 12months.) Tj ET Q q 0 0 0 rg BT 217.08 76.90 Td (Y) Tj ET Q q 0 0 0 rg BT 223.30 76.90 Td (es) Tj ET Q /GS0 gs q 10.60 0 0 10.09 234.13 74.74 cm /I9 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.73 76.90 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 269.45 74.74 cm /I10 Do Q endstream endobj 5 0 obj <>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 742.10 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of RegulationS-K is not contained herein, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (by reference in PartIII of this Form10-K or any amendment to this Form10-K.) Tj ET Q /GS0 gs q 8.91 0 0 10.09 372.43 715.94 cm /I11 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 698.10 Td (Indicate by check mark whether the Registrant is a lar) Tj ET Q q 0 0 0 rg BT 292.57 698.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 368.22 698.10 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 448.87 698.10 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 542.84 698.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (a smaller reporting company) Tj ET Q q 0 0 0 rg BT 164.03 686.10 Td (. See the definitions of "lar) Tj ET Q q 0 0 0 rg BT 271.24 686.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 346.89 686.10 Td (," "accelerated filer" and "smaller reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (company" in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 217.65 674.10 Td (Act.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.40 645.27 Td (Lar) Tj ET Q q 0 0 0 rg BT 72.10 645.27 Td (geacceleratedfiler) Tj ET Q /GS0 gs q 8.91 0 0 10.09 150.65 643.11 cm /I12 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.00 646.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.50 645.27 Td (Acceleratedfiler) Tj ET Q /GS0 gs q 10.60 0 0 10.09 263.89 643.11 cm /I13 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.00 646.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.45 645.27 Td (Non-acceleratedfiler) Tj ET Q /GS0 gs q 8.91 0 0 10.09 402.61 643.11 cm /I14 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.00 646.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.55 645.27 Td (Smallerreportingcompany) Tj ET Q /GS0 gs q 8.91 0 0 10.09 547.46 643.11 cm /I15 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.35 630.47 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.85 630.47 Td (\(Do not check if a) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 319.05 621.85 Td (smaller reporting company\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td (Indicate by check mark whether the Registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Act\).) Tj ET Q q 0 0 0 rg BT 72.40 586.10 Td (Y) Tj ET Q q 0 0 0 rg BT 78.62 586.10 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 89.45 583.94 cm /I16 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.36 586.10 Td (No) Tj ET Q /GS0 gs q 10.60 0 0 10.09 123.08 583.94 cm /I17 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 566.10 Td (The aggregate market value of voting shares \(based on the closing price of Class) Tj ET Q q 0 0 0 rg BT 401.34 566.10 Td (A) Tj ET Q q 0 0 0 rg BT 408.01 566.10 Td ( common shares listed on the New ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 554.10 Td (ork Stock Exchange and the consideration received for those shares not listed on a national or regional exchange\) held by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (non-af) Tj ET Q q 0 0 0 rg BT 75.92 542.10 Td (filiates of the Registrant as of June30, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.27 542.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.27 542.10 Td (, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.32 542.10 Td ($294,962,046) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.32 542.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 522.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.44 522.10 Td (February25, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.04 522.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.04 522.10 Td (23,631,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.04 522.10 Td ( Class) Tj ET Q q 0 0 0 rg BT 251.16 522.10 Td (A) Tj ET Q q 0 0 0 rg BT 257.83 522.10 Td ( common shares, par value $0.01 per share, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.54 522.10 Td (71,754,738) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.54 522.10 Td ( ClassB ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (common shares, par value $0.01 per share, were outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.15 490.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 202.65 490.10 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 331.08 490.10 Td (TED BY) Tj ET Q q 0 0 0 rg BT 367.66 490.10 Td ( REFERENCE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 470.10 Td (Portions of the Registrant's Definitive Proxy Statement to be filed with the Securities and Exchange Commission ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (\("SEC"\) pursuant to Regulation14A) Tj ET Q q 0 0 0 rg BT 195.93 458.10 Td ( under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 321.72 458.10 Td (Act of 1934, as amended \(the "Exchange ) Tj ET Q q 0 0 0 rg BT 487.42 458.10 Td (Act"\), relating to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (the Registrant's ) Tj ET Q q 0 0 0 rg BT 113.46 446.10 Td (Annual General Meeting of Members scheduled to be held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.89 446.10 Td (May22, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.72 446.10 Td ( are incorporated by reference into ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (PartIII of this Form10-K. ) Tj ET Q q 0 0 0 rg BT 158.42 434.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.46 434.10 Td (ith the exception of the portions of the Proxy Statement specifically incorporated herein by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (reference, the Proxy Statement is not deemed to be filed as part of this Form10-K.) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 399.6 m 561.5 399.6 l s BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 527.5 735.5 m 562.5 735.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 739.23 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 101.00 739.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 536.25 739.73 Td (Page) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.00 233.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.00 118.07 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 289.8 720.61259765625 m 322.1388671875 720.61259765625 l s q 0 0 1 rg BT 289.80 722.18 Td (P) Tj ET Q q 0 0 1 rg BT 295.17 722.18 Td (AR) Tj ET Q q 0 0 1 rg BT 309.26 722.18 Td (T) Tj ET Q q 0 0 1 rg BT 315.75 722.18 Td ( I) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 706.7333984375 m 87.4384765625 706.7333984375 l s q 0 0 1 rg BT 53.00 708.07 Td (ITEM 1.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 706.7333984375 m 136.5615234375 706.7333984375 l s q 0 0 1 rg BT 101.00 708.07 Td (Business) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 706.7333984375 m 559 706.7333984375 l s q 0 0 1 rg BT 554.00 708.07 Td (1) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 688.7333984375 m 146.4287109375 688.7333984375 l s q 0 0 1 rg BT 107.00 690.07 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 688.7333984375 m 559 688.7333984375 l s q 0 0 1 rg BT 554.00 690.07 Td (1) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 670.7333984375 m 181.7119140625 670.7333984375 l s q 0 0 1 rg BT 107.00 672.07 Td (Specialty Products) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 670.7333984375 m 559 670.7333984375 l s q 0 0 1 rg BT 554.00 672.07 Td (4) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 652.7333984375 m 186.150390625 652.7333984375 l s q 0 0 1 rg BT 107.00 654.07 Td (Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 652.7333984375 m 559 652.7333984375 l s q 0 0 1 rg BT 554.00 654.07 Td (5) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 634.7333984375 m 248.6357421875 634.7333984375 l s q 0 0 1 rg BT 107.00 636.07 Td (Investing, Financing and Corporate) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 634.7333984375 m 559 634.7333984375 l s q 0 0 1 rg BT 549.00 636.07 Td (14) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 616.7333984375 m 184.48046875 616.7333984375 l s q 0 0 1 rg BT 107.00 618.07 Td (Regulatory Matters) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 616.7333984375 m 559 616.7333984375 l s q 0 0 1 rg BT 549.00 618.07 Td (16) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 598.7333984375 m 137.556640625 598.7333984375 l s q 0 0 1 rg BT 107.00 600.07 Td (Ratings) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 598.7333984375 m 559 598.7333984375 l s q 0 0 1 rg BT 549.00 600.07 Td (19) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 580.7333984375 m 151.43359375 580.7333984375 l s q 0 0 1 rg BT 107.00 582.07 Td (Employees) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 580.7333984375 m 559 580.7333984375 l s q 0 0 1 rg BT 549.00 582.07 Td (19) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107 562.7333984375 m 195.3935546875 562.7333984375 l s q 0 0 1 rg BT 107.00 564.07 Td (A) Tj ET Q q 0 0 1 rg BT 113.48 564.07 Td (vailable Information) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 562.7333984375 m 559 562.7333984375 l s q 0 0 1 rg BT 549.00 564.07 Td (20) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 544.7333984375 m 94.66015625 544.7333984375 l s q 0 0 1 rg BT 53.00 546.07 Td (ITEM 1A.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 544.7333984375 m 151.2783203125 544.7333984375 l s q 0 0 1 rg BT 101.00 546.07 Td (Risk Factors) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 544.7333984375 m 559 544.7333984375 l s q 0 0 1 rg BT 549.00 546.07 Td (20) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 526.7333984375 m 94.1083984375 526.7333984375 l s q 0 0 1 rg BT 53.00 528.07 Td (ITEM 1B.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 526.7333984375 m 214.69140625 526.7333984375 l s q 0 0 1 rg BT 101.00 528.07 Td (Unresolved Staf) Tj ET Q q 0 0 1 rg BT 165.53 528.07 Td (f Comments) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 526.7333984375 m 559 526.7333984375 l s q 0 0 1 rg BT 549.00 528.07 Td (29) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 508.7333984375 m 87.4384765625 508.7333984375 l s q 0 0 1 rg BT 53.00 510.07 Td (ITEM 2.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 508.7333984375 m 141.546875 508.7333984375 l s q 0 0 1 rg BT 101.00 510.07 Td (Properties) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 508.7333984375 m 559 508.7333984375 l s q 0 0 1 rg BT 549.00 510.07 Td (29) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 490.7333984375 m 87.4384765625 490.7333984375 l s q 0 0 1 rg BT 53.00 492.07 Td (ITEM 3.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 490.7333984375 m 175.140625 490.7333984375 l s q 0 0 1 rg BT 101.00 492.07 Td (Legal Proceedings) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 490.7333984375 m 559 490.7333984375 l s q 0 0 1 rg BT 549.00 492.07 Td (29) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 472.7333984375 m 87.4384765625 472.7333984375 l s q 0 0 1 rg BT 53.00 474.07 Td (ITEM 4.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 472.7333984375 m 195.423828125 472.7333984375 l s q 0 0 1 rg BT 101.00 474.07 Td (Mine Safety Disclosure) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 472.7333984375 m 559 472.7333984375 l s q 0 0 1 rg BT 549.00 474.07 Td (30) Tj ET Q BT /F3 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 287.85 454.66259765625 m 324.08046875 454.66259765625 l s q 0 0 1 rg BT 287.85 456.23 Td (P) Tj ET Q q 0 0 1 rg BT 293.22 456.23 Td (AR) Tj ET Q q 0 0 1 rg BT 307.31 456.23 Td (T) Tj ET Q q 0 0 1 rg BT 313.80 456.23 Td ( II) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 436.7333984375 m 87.4384765625 436.7333984375 l s q 0 0 1 rg BT 53.00 438.07 Td (ITEM 5.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 436.7333984375 m 521.7861328125 436.7333984375 l s q 0 0 1 rg BT 101.00 438.07 Td (Market for the Company's Common Equity) Tj ET Q q 0 0 1 rg BT 274.08 438.07 Td (, Related Shareholder Matters and Issuer Purchases of Equity ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 426.7333984375 m 140.43359375 426.7333984375 l s q 0 0 1 rg BT 101.00 428.07 Td (Securities) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 436.7333984375 m 559 436.7333984375 l s q 0 0 1 rg BT 549.00 438.07 Td (31) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 411.7333984375 m 87.4384765625 411.7333984375 l s q 0 0 1 rg BT 53.00 413.07 Td (ITEM 6.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 411.7333984375 m 195.9609375 411.7333984375 l s q 0 0 1 rg BT 101.00 413.07 Td (Selected Financial Data) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 411.7333984375 m 559 411.7333984375 l s q 0 0 1 rg BT 549.00 413.07 Td (33) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 393.7333984375 m 87.4384765625 393.7333984375 l s q 0 0 1 rg BT 53.00 395.07 Td (ITEM 7.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 393.7333984375 m 458.314453125 393.7333984375 l s q 0 0 1 rg BT 101.00 395.07 Td (Management's Discussion and ) Tj ET Q q 0 0 1 rg BT 224.17 395.07 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 393.7333984375 m 559 393.7333984375 l s q 0 0 1 rg BT 549.00 395.07 Td (35) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 375.7333984375 m 230.140625 375.7333984375 l s q 0 0 1 rg BT 101.00 377.07 Td (Liquidity and Capital Resources) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 375.7333984375 m 559 375.7333984375 l s q 0 0 1 rg BT 549.00 377.07 Td (55) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 357.7333984375 m 220.9755859375 357.7333984375 l s q 0 0 1 rg BT 101.00 359.07 Td (Critical ) Tj ET Q q 0 0 1 rg BT 132.94 359.07 Td (Accounting Estimates) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 357.7333984375 m 559 357.7333984375 l s q 0 0 1 rg BT 549.00 359.07 Td (62) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 339.7333984375 m 218.48046875 339.7333984375 l s q 0 0 1 rg BT 101.00 341.07 Td (Forward-Looking Statements) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 339.7333984375 m 559 339.7333984375 l s q 0 0 1 rg BT 549.00 341.07 Td (77) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 321.7333984375 m 94.66015625 321.7333984375 l s q 0 0 1 rg BT 53.00 323.07 Td (ITEM 7A.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 321.7333984375 m 342.62109375 321.7333984375 l s q 0 0 1 rg BT 101.00 323.07 Td (Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 265.40 323.07 Td (About Market Risk) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 321.7333984375 m 559 321.7333984375 l s q 0 0 1 rg BT 549.00 323.07 Td (78) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 303.7333984375 m 87.4384765625 303.7333984375 l s q 0 0 1 rg BT 53.00 305.07 Td (ITEM 8.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 303.7333984375 m 285.951171875 303.7333984375 l s q 0 0 1 rg BT 101.00 305.07 Td (Financial Statements and Supplementary Data) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 303.7333984375 m 559 303.7333984375 l s q 0 0 1 rg BT 549.00 305.07 Td (81) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 285.7333984375 m 87.4384765625 285.7333984375 l s q 0 0 1 rg BT 53.00 287.07 Td (ITEM 9.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 285.7333984375 m 461.44921875 285.7333984375 l s q 0 0 1 rg BT 101.00 287.07 Td (Changes in and Disagreements ) Tj ET Q q 0 0 1 rg BT 226.90 287.07 Td (W) Tj ET Q q 0 0 1 rg BT 235.94 287.07 Td (ith ) Tj ET Q q 0 0 1 rg BT 248.44 287.07 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 312.88 287.07 Td (Accounting and Financial Disclosure) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 285.7333984375 m 559 285.7333984375 l s q 0 0 1 rg BT 549.00 287.07 Td (81) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 267.7333984375 m 94.66015625 267.7333984375 l s q 0 0 1 rg BT 53.00 269.07 Td (ITEM 9A.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 267.7333984375 m 199.3154296875 267.7333984375 l s q 0 0 1 rg BT 101.00 269.07 Td (Controls and Procedures) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 267.7333984375 m 559 267.7333984375 l s q 0 0 1 rg BT 549.00 269.07 Td (81) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 249.7333984375 m 94.1083984375 249.7333984375 l s q 0 0 1 rg BT 53.00 251.07 Td (ITEM 9B.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 249.7333984375 m 174.0322265625 249.7333984375 l s q 0 0 1 rg BT 101.00 251.07 Td (Other Information) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 249.7333984375 m 559 249.7333984375 l s q 0 0 1 rg BT 549.00 251.07 Td (82) Tj ET Q BT /F3 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 268.4 231.66259765625 m 308.5220703125 231.66259765625 l s q 0 0 1 rg BT 268.40 233.23 Td (P) Tj ET Q q 0 0 1 rg BT 273.77 233.23 Td (AR) Tj ET Q q 0 0 1 rg BT 287.86 233.23 Td (T) Tj ET Q q 0 0 1 rg BT 294.35 233.23 Td ( III) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 213.7333984375 m 92.4384765625 213.7333984375 l s q 0 0 1 rg BT 53.00 215.07 Td (ITEM 10.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 213.7333984375 m 328.4951171875 213.7333984375 l s q 0 0 1 rg BT 101.00 215.07 Td (Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 196.06 215.07 Td (ficers and Corporate Governance) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 213.7333984375 m 559 213.7333984375 l s q 0 0 1 rg BT 549.00 215.07 Td (82) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 195.7333984375 m 92.0673828125 195.7333984375 l s q 0 0 1 rg BT 53.00 197.07 Td (ITEM 1) Tj ET Q q 0 0 1 rg BT 84.57 197.07 Td (1.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 195.7333984375 m 201.25390625 195.7333984375 l s q 0 0 1 rg BT 101.00 197.07 Td (Executive Compensation) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 195.7333984375 m 559 195.7333984375 l s q 0 0 1 rg BT 549.00 197.07 Td (83) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 177.7333984375 m 92.4384765625 177.7333984375 l s q 0 0 1 rg BT 53.00 179.07 Td (ITEM 12.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 177.7333984375 m 506.146484375 177.7333984375 l s q 0 0 1 rg BT 101.00 179.07 Td (Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 177.7333984375 m 559 177.7333984375 l s q 0 0 1 rg BT 549.00 179.07 Td (83) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 152.7333984375 m 92.4384765625 152.7333984375 l s q 0 0 1 rg BT 53.00 154.07 Td (ITEM 13.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 152.7333984375 m 403.6953125 152.7333984375 l s q 0 0 1 rg BT 101.00 154.07 Td (Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 239.68 154.07 Td (T) Tj ET Q q 0 0 1 rg BT 245.43 154.07 Td (ransactions, and Director Independence) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 152.7333984375 m 559 152.7333984375 l s q 0 0 1 rg BT 549.00 154.07 Td (84) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 134.7333984375 m 92.4384765625 134.7333984375 l s q 0 0 1 rg BT 53.00 136.07 Td (ITEM 14.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 134.7333984375 m 259.291015625 134.7333984375 l s q 0 0 1 rg BT 101.00 136.07 Td (Principal ) Tj ET Q q 0 0 1 rg BT 139.05 136.07 Td (Accountant Fees and Services) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 134.7333984375 m 559 134.7333984375 l s q 0 0 1 rg BT 549.00 136.07 Td (84) Tj ET Q BT /F3 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 268.8 116.66259765625 m 308.27021484375 116.66259765625 l s q 0 0 1 rg BT 268.80 118.23 Td (P) Tj ET Q q 0 0 1 rg BT 274.17 118.23 Td (AR) Tj ET Q q 0 0 1 rg BT 288.26 118.23 Td (T) Tj ET Q q 0 0 1 rg BT 294.75 118.23 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 98.7333984375 m 92.4384765625 98.7333984375 l s q 0 0 1 rg BT 53.00 100.07 Td (ITEM 15.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 101 98.7333984375 m 276.5224609375 98.7333984375 l s q 0 0 1 rg BT 101.00 100.07 Td (Exhibits and Financial Statement Schedules) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 98.7333984375 m 559 98.7333984375 l s q 0 0 1 rg BT 549.00 100.07 Td (85) Tj ET Q endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 289.80 734.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 734.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 734.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 734.25 Td ( I) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 707.25 Td (ITEM 1.BUSINESS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 660.25 Td (OneBeacon Insurance Group,Ltd. \(the Company or the Registrant\), an exempted Bermuda limited liability company) Tj ET Q q 0 0 0 rg BT 541.28 660.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (through its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 194.60 648.25 Td (, OneBeacon, we, us, or our\) is a specialty property and casualty insurance writer that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 636.25 Td (fers a wide range of insurance products through independent agencies, regional and national brokers, wholesalers and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (managing general agencies. ) Tj ET Q q 0 0 0 rg BT 162.73 624.25 Td (As a specialty underwriter) Tj ET Q q 0 0 0 rg BT 267.57 624.25 Td (, we believe that we will generate superior returns as compared to an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (underwriter that takes a more "generalist" underwriting approach and that our knowledge regarding specialized insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (products, tar) Tj ET Q q 0 0 0 rg BT 99.80 600.25 Td (geted industries, classes of business, and risk characteristics provides us with a competitive edge when determining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (the terms and conditions on individual accounts. Our products relate to professional liability) Tj ET Q q 0 0 0 rg BT 417.88 588.25 Td (, marine, ener) Tj ET Q q 0 0 0 rg BT 472.67 588.25 Td (gy) Tj ET Q q 0 0 0 rg BT 482.02 588.25 Td (, entertainment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (sports and leisure, excess property) Tj ET Q q 0 0 0 rg BT 186.81 576.25 Td (, environmental, group accident, property and inland marine, public entities, technology) Tj ET Q q 0 0 0 rg BT 537.45 576.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (surety) Tj ET Q q 0 0 0 rg BT 73.79 564.25 Td (, and tuition refund. ) Tj ET Q q 0 0 0 rg BT 154.89 564.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 204.79 564.25 Td (, we wrote collector car and boat insurance through an exclusive underwriting agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (with Hagerty Insurance ) Tj ET Q q 0 0 0 rg BT 145.80 552.25 Td (Agency \(Hagerty\) that was terminated ef) Tj ET Q q 0 0 0 rg BT 309.16 552.25 Td (fective January 1, 2013. See ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 424.40 552.25 Td (Collector Cars and Boats) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.90 552.25 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td ("Insurance OperationsSpecialty Products" below) Tj ET Q q 0 0 0 rg BT 254.41 540.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 520.25 Td (Our reportable segments are Specialty Products, Specialty Industries, and Investing, Financing and Corporate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 500.25 Td (The Specialty Products segment is comprised of seven underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.25 Td (based on those that of) Tj ET Q q 0 0 0 rg BT 137.02 488.25 Td (fer distinct products and tailored coverages and services to a broad customer base across the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 78.71 476.25 Td (The Specialty Industries segment is comprised of six underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (based on those that focus on solving the unique needs of a particular customer or industry group. ) Tj ET Q q 0 0 0 rg BT 439.17 464.25 Td (The Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 452.25 Td (Corporate segment includes the investing and financing activities for OneBeacon on a consolidated basis, and certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (activities conducted through the Company and our intermediate subsidiaries, as well as operations associated with personal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (lines business that we sold in 2010 \(see Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 373.06 428.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (OperationsSignificant ) Tj ET Q q 0 0 0 rg BT 150.08 416.25 Td (T) Tj ET Q q 0 0 0 rg BT 155.83 416.25 Td (ransactions"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 396.25 Td (Previously) Tj ET Q q 0 0 0 rg BT 116.13 396.25 Td (, we reported our insurance operations through a Specialty Insurance Operations segment and an Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.25 Td (Insurance Operations segment. ) Tj ET Q q 0 0 0 rg BT 175.89 384.25 Td (The former Specialty Insurance Operations segment was comprised of twelve underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.25 Td (operating segments that were aggregated into a single reportable segment, with supplemental disclosures of three major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.25 Td (underwriting units for financial reporting: MGA) Tj ET Q q 0 0 0 rg BT 242.46 360.25 Td ( Business, Specialty Industries and Specialty Products. ) Tj ET Q q 0 0 0 rg BT 463.64 360.25 Td (The former Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (Insurance Operations segment consisted of substantially all operations classified as discontinued operations as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (2012, including ) Tj ET Q q 0 0 0 rg BT 114.72 336.25 Td (AutoOne, other run-of) Tj ET Q q 0 0 0 rg BT 204.24 336.25 Td (f business, and certain purchase accounting adjustments relating to the run-of) Tj ET Q q 0 0 0 rg BT 513.13 336.25 Td (f business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (and the OneBeacon ) Tj ET Q q 0 0 0 rg BT 130.25 324.25 Td (Acquisition \(defined below\). Prior periods have been reclassified to conform to the current presentation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 304.25 Td (OneBeacon was acquired by ) Tj ET Q q 0 0 0 rg BT 190.44 304.25 Td (White Mountains Insurance Group,Ltd. \(White Mountains\) from ) Tj ET Q q 0 0 0 rg BT 453.72 304.25 Td (A) Tj ET Q q 0 0 0 rg BT 460.20 304.25 Td (vivaplc \(A) Tj ET Q q 0 0 0 rg BT 504.44 304.25 Td (viva\) in 2001 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (\(the OneBeacon ) Tj ET Q q 0 0 0 rg BT 116.64 292.25 Td (Acquisition\). ) Tj ET Q q 0 0 0 rg BT 171.46 292.25 Td (White Mountains is a holding company whose businesses provide property and casualty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (insurance, reinsurance and certain other products. During the fourth quarter of 2006, ) Tj ET Q q 0 0 0 rg BT 389.98 280.25 Td (White Mountains sold 27.6million or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 268.25 Td (27.6% of our common shares in an initial public of) Tj ET Q q 0 0 0 rg BT 253.67 268.25 Td (fering. Prior to the initial public of) Tj ET Q q 0 0 0 rg BT 391.51 268.25 Td (fering, OneBeacon was a wholly-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 256.25 Td (subsidiary of ) Tj ET Q q 0 0 0 rg BT 104.26 256.25 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 178.42 256.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.86 256.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.45 256.25 Td (, ) Tj ET Q q 0 0 0 rg BT 286.26 256.25 Td (White Mountains owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.64 256.25 Td (75.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.47 256.25 Td ( of our common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 236.25 Td (Our headquarters are located at 14 ) Tj ET Q q 0 0 0 rg BT 213.75 236.25 Td (W) Tj ET Q q 0 0 0 rg BT 222.39 236.25 Td (esley Street, 5thFloor) Tj ET Q q 0 0 0 rg BT 310.31 236.25 Td (, Hamilton HM 1) Tj ET Q q 0 0 0 rg BT 378.82 236.25 Td (1, Bermuda. Our U.S. corporate headquarters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (are located at 601 Carlson Parkway) Tj ET Q q 0 0 0 rg BT 191.25 224.25 Td (, Minnetonka, Minnesota 55305 and our registered of) Tj ET Q q 0 0 0 rg BT 404.63 224.25 Td (fice is located at Clarendon House, 2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (Church Street, Hamilton HM 1) Tj ET Q q 0 0 0 rg BT 173.78 212.25 Td (1, Bermuda.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 192.25 Td (OneBeacon has assets, liabilities and capital related to non-specialty business that it no longer writes, principally non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (specialty commercial lines and certain other run-of) Tj ET Q q 0 0 0 rg BT 253.62 180.25 Td (f business, including nearly all of its asbestos and environmental reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.25 Td (\(Runof) Tj ET Q q 0 0 0 rg BT 78.15 168.25 Td (f Business\). On October 17, 2012, OneBeacon entered into a definitive agreement to sell the Runof) Tj ET Q q 0 0 0 rg BT 474.53 168.25 Td (f Business, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (various insurance subsidiaries holding runof) Tj ET Q q 0 0 0 rg BT 227.01 156.25 Td (f loss reserves for the Runof) Tj ET Q q 0 0 0 rg BT 339.85 156.25 Td (f Business \(Runof) Tj ET Q q 0 0 0 rg BT 411.89 156.25 Td (f Subsidiaries\), to ) Tj ET Q q 0 0 0 rg BT 485.04 156.25 Td (T) Tj ET Q q 0 0 0 rg BT 490.80 156.25 Td (rebuchet U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (Holdings, Inc. \(T) Tj ET Q q 0 0 0 rg BT 118.53 144.25 Td (rebuchet\), a wholly-owned subsidiary of ) Tj ET Q q 0 0 0 rg BT 282.37 144.25 Td (Armour Group Holdings Limited \(together with ) Tj ET Q q 0 0 0 rg BT 476.61 144.25 Td (T) Tj ET Q q 0 0 0 rg BT 482.36 144.25 Td (rebuchet, ) Tj ET Q q 0 0 0 rg BT 521.24 144.25 Td (Armour\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.25 Td (to support the separation and transfer of the Runof) Tj ET Q q 0 0 0 rg BT 251.43 132.25 Td (f Business to ) Tj ET Q q 0 0 0 rg BT 305.05 132.25 Td (Armour \(the Runof) Tj ET Q q 0 0 0 rg BT 382.08 132.25 Td (f ) Tj ET Q q 0 0 0 rg BT 387.72 132.25 Td (T) Tj ET Q q 0 0 0 rg BT 393.48 132.25 Td (ransaction\). Upon completion of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (Runof) Tj ET Q q 0 0 0 rg BT 74.82 120.25 Td (f ) Tj ET Q q 0 0 0 rg BT 80.47 120.25 Td (T) Tj ET Q q 0 0 0 rg BT 86.23 120.25 Td (ransaction, which is expected to occur in the second half of 2013 subject to regulatory approval, OneBeacon will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td (focused exclusively on specialty business. See Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 401.09 108.25 Td (Analysis of Financial Condition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.25 Td (Results of OperationsSignificant ) Tj ET Q q 0 0 0 rg BT 192.86 96.25 Td (T) Tj ET Q q 0 0 0 rg BT 198.61 96.25 Td (ransactions" for a description of the Runof) Tj ET Q q 0 0 0 rg BT 368.58 96.25 Td (f ) Tj ET Q q 0 0 0 rg BT 374.23 96.25 Td (T) Tj ET Q q 0 0 0 rg BT 379.99 96.25 Td (ransaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 76.25 Td (At December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 193.15 76.25 Td (1, OneBeacon had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.24 76.25 Td ($5.4 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.35 76.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.79 76.25 Td ($5.8 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.90 76.25 Td ( of total assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.27 76.25 Td ($1.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.39 76.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.82 76.25 Td ($1.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.11 64.25 Td ( of common shareholders' equity) Tj ET Q q 0 0 0 rg BT 206.12 64.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 258.78 64.25 Td (. OneBeacon wrote ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.20 64.25 Td ($1.2 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.31 64.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.31 64.25 Td ($1.1 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.42 64.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.86 64.25 Td ($1.2 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.98 64.25 Td ( in net written ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (premiums in 2012, 201) Tj ET Q q 0 0 0 rg BT 142.40 52.25 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 239.50 52.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The following table presents the financial strength ratings assigned to our principal insurance operating subsidiaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (which support our ongoing specialty insurance operations \(Ongoing Subsidiaries\) as well as our Runof) Tj ET Q q 0 0 0 rg BT 461.13 730.10 Td (f Subsidiaries, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (February28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.60 718.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 694.60 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 694.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 694.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 694.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 694.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 694.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 694.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 666.60 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 666.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 666.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 666.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 666.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 666.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 666.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 638.60 97.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 638.60 90.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 638.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 638.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 638.60 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 638.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 638.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 610.60 97.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 146.50 610.60 90.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 610.60 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 610.60 77.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 610.60 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 610.60 77.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 610.60 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 610.60 77.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 610.60 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 610.60 78.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 694.6 m 317.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 694.6 m 398.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 694.6 m 479.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 694.6 m 561.5 694.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 698.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.00 698.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 258.45 698.83 Td (A.M. Best) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 292.44 702.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.00 698.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.20 698.83 Td (Standard& Poor's) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 388.65 702.46 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.00 698.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.80 698.83 Td (Moody's) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 452.14 702.46 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.00 698.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.05 698.83 Td (Fitch) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 527.82 702.46 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 685.17 Td (Ongoing Subsidiaries:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 671.17 Td (Ratings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.00 671.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.30 671.17 Td ("A" \(Excellent\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 671.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.20 671.17 Td ("A-" \(Strong\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 671.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.60 671.17 Td ("A2" \(Good\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.00 671.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.35 671.17 Td ("A" \(Strong\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 657.17 Td (Outlook) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.00 657.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.00 657.17 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.00 657.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 657.17 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.00 657.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.00 657.17 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.00 657.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 657.17 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 629.17 Td (Runof) Tj ET Q q 0 0 0 rg BT 76.82 629.17 Td (f Subsidiaries:) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.31 633.70 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 615.17 Td (Ratings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.30 615.17 Td ("A" \(Excellent\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.35 615.17 Td (Unrated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.60 615.17 Td ("A2" \(Good\)) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 482.00 621.41 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.35 615.17 Td ("A" \(Strong\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 601.17 Td (Outlook) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.55 601.17 Td (Under Review -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.45 591.17 Td (Negative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.15 601.17 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.45 601.17 Td (Negative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.90 601.17 Td (Rating Watch -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.95 591.17 Td (Negative) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 575.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 565.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 560.50 Td ("A" is the third highest of sixteen financial strength ratings assigned by ) Tj ET Q q 0 0 0 rg BT 350.50 560.50 Td (A.M. Best Company \(A.M. Best\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 550.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 545.50 Td ("A-" is the seventh highest of twenty-one financial strength ratings assigned by Standard & Poor's Financial Services, LLC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 533.50 Td (\(Standard & Poor's\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 523.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 518.50 Td ("A2" is the sixth highest of twenty-one financial strength ratings assigned by Moody's Investor Service \(Moody's\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 508.03 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 503.50 Td ("A" is the sixth highest of nineteen international financial strength ratings assigned by Fitch Ratings \(Fitch\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 493.03 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 488.50 Td (Following OneBeacon's announcement of the Runof) Tj ET Q q 0 0 0 rg BT 273.13 488.50 Td (f ) Tj ET Q q 0 0 0 rg BT 278.78 488.50 Td (T) Tj ET Q q 0 0 0 rg BT 284.54 488.50 Td (ransaction, ) Tj ET Q q 0 0 0 rg BT 330.08 488.50 Td (A.M. Best, Fitch, Moody's and Standard & Poor's each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 476.50 Td (issued a press release regarding the ratings implications. ) Tj ET Q q 0 0 0 rg BT 290.38 476.50 Td (A.M. Best placed the Runof) Tj ET Q q 0 0 0 rg BT 402.40 476.50 Td (f Subsidiaries under review with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 464.50 Td (negative implications; Fitch placed the Runof) Tj ET Q q 0 0 0 rg BT 245.78 464.50 Td (f Subsidiaries on credit watch negative; and Moody's assigned a negative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 452.50 Td (outlook. Standard & Poor's downgraded and subsequently) Tj ET Q q 0 0 0 rg BT 294.90 452.50 Td (, at the request of OneBeacon, withdrew its rating on the Runof) Tj ET Q q 0 0 0 rg BT 548.27 452.50 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 440.50 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 116.83 440.50 Td (All four ratings agencies af) Tj ET Q q 0 0 0 rg BT 225.50 440.50 Td (firmed the ratings of the Ongoing Subsidiaries with stable Outlook. ) Tj ET Q q 0 0 0 rg BT 497.23 440.50 Td (The above table ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 428.50 Td (summarizes the ratings related to the entities supporting the Ongoing Subsidiaries and, separately the Runof) Tj ET Q q 0 0 0 rg BT 495.17 428.50 Td (f Subsidiaries. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (Our) Tj ET Q q 0 0 0 rg BT 67.60 394.25 Td ( Operating Principles) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 374.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 374.25 Td (e strive to operate within the spirit of four operating principles. ) Tj ET Q q 0 0 0 rg BT 336.83 374.25 Td (These are:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 354.25 Td (Underwriting Comes First.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.26 354.25 Td () Tj ET Q q 0 0 0 rg BT 198.71 354.25 Td (An insurance enterprise must respect the fundamentals of insurance. ) Tj ET Q q 0 0 0 rg BT 473.99 354.25 Td (There must be a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (realistic expectation of underwriting profit on all business written, and demonstrated fulfillment of that expectation over time, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (with focused attention to the loss ratio and to all the professional insurance disciplines of pricing, underwriting and claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (management.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 298.25 Td (Maintain a Disciplined Balance Sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.95 298.25 Td () Tj ET Q q 0 0 0 rg BT 245.77 298.25 Td (The first concern here is that insurance liabilities must always be fully ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (recognized. Loss reserves and expense reserves must be solid before any other aspect of the business can be solid. Pricing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (marketing and underwriting all depend on informed judgment of ultimate loss costs and that can be managed ef) Tj ET Q q 0 0 0 rg BT 495.53 274.25 Td (fectively only ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (with a disciplined balance sheet.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 242.25 Td (Invest for) Tj ET Q q 0 0 0 rg BT 115.20 242.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.52 242.25 Td (T) Tj ET Q q 0 0 0 rg BT 123.27 242.25 Td (otal Return.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.93 242.25 Td (Historical insurance accounting tends to hide unrealized gains and losses in the investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (portfolio and over) Tj ET Q q 0 0 0 rg BT 122.00 230.25 Td (-reward reported investment income \(interest and dividends\). Regardless of the accounting, we must invest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (for the best growth in after tax value over time. In addition to investing our bond portfolios for total after tax return, that will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (also mean prudent investment in a balanced portfolio consistent with leverage and insurance risk considerations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 186.25 Td (Think Like Owners.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.41 186.25 Td () Tj ET Q q 0 0 0 rg BT 170.23 186.25 Td (Thinking like owners has a value all its own. ) Tj ET Q q 0 0 0 rg BT 351.68 186.25 Td (There are stakeholders in a business enterprise and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.25 Td (doing good work requires more than this quarter's profit. But thinking like an owner embraces all that without losing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.25 Td (touchstone of a capitalist enterprise.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 135.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 60.37 135.25 Td (operty and Casualty Insurance Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 115.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 112.77 115.25 Td (, property and casualty insurance companies write insurance policies in exchange for premiums paid by their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (customers \(the insured\). ) Tj ET Q q 0 0 0 rg BT 148.31 103.25 Td (An insurance policy is a contract between the insurance company and the insured where the insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (company agrees to pay for losses suf) Tj ET Q q 0 0 0 rg BT 197.00 91.25 Td (fered by the insured that are covered under the contract. Such contracts often are subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (subsequent legal interpretation by courts, legislative action and arbitration. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 59.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 59.25 Td (e write both property insurance and casualty insurance. Property insurance generally covers the financial consequences ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (of accidental losses to the insured's property) Tj ET Q q 0 0 0 rg BT 226.10 47.25 Td (, such as a business's building, inventory and equipment or personal property) Tj ET Q q 0 0 0 rg BT 533.03 47.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Casualty insurance \(often referred to as liability insurance\) generally covers the financial consequences of a legal liability of an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (individual or an or) Tj ET Q q 0 0 0 rg BT 123.97 730.10 Td (ganization resulting from negligent acts and omissions causing bodily injury and/or property damage to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (third party) Tj ET Q q 0 0 0 rg BT 91.28 718.10 Td (. Premiums from ocean and inland marine, private passenger auto, fire and allied lines, and certain commercial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (multiple peril policies generally represent our property lines of business, and claims from such business are typically reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and settled in a relatively short period of time. Premiums from general liability) Tj ET Q q 0 0 0 rg BT 364.55 694.10 Td (, commercial and personal auto liability and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (certain commercial multiple peril policies generally represent our casualty lines of business, and claims from such business can ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (take years, even decades, to settle. Our Specialty Products and Specialty Industries segments each write business in both the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (property and casualty lines, as well as other lines of business such as credit and accident insurance. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 638.10 Td (e believe that our various lines of business generally fall into three major categories, which are reflective of how we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (view the primary risk classification associated with each line: property lines, casualty lines, and other lines. Net written ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (premiums by line of business for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.15 614.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 614.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 614.10 Td (201) Tj ET Q q 0 0 0 rg BT 346.78 614.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.78 614.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.22 614.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.22 614.10 Td ( consist of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 110.75 565.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 565.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 565.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 565.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 110.75 537.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 537.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 537.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 537.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 537.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 110.75 509.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 509.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 509.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 509.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 509.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 110.75 481.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 481.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 481.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 481.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 481.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 481.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 481.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 110.75 453.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 453.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 453.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 453.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 453.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 453.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 453.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 110.75 425.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 425.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 425.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 425.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 110.75 397.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 397.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 397.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.75 397.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.75 397.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 397.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 397.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 590.6 m 414.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.75 590.6 m 418.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 590.6 m 468.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.75 590.6 m 472.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 590.6 m 522.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 590.6 m 414.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 577.6 m 414.75 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.75 590.6 m 418.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 590.6 m 468.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 577.6 m 468.75 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.75 590.6 m 472.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 590.6 m 522.75 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 577.6 m 522.75 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 495.6 m 414.75 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 495.6 m 468.75 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 495.6 m 522.75 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 411.6 m 414.75 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 411.6 m 468.75 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 411.6 m 522.75 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 383.6 m 414.75 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 370.6 m 414.75 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 368.6 m 414.75 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 383.6 m 468.75 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 370.6 m 468.75 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.75 368.6 m 468.75 368.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 383.6 m 522.75 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 370.6 m 522.75 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 368.6 m 522.75 368.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.25 594.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.85 594.83 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 113.25 581.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.25 581.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.45 581.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 486.20 581.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 502.20 585.46 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.25 568.33 Td (Insurance operations by line of business) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.65 569.68 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.25 556.28 Td (Pr) Tj ET Q q 0 0 0 rg BT 129.62 556.28 Td (operty Lines:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 542.17 Td (Ocean and Inland Marine) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.25 542.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.40 542.17 Td (214.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.25 542.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.40 542.17 Td (210.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.25 542.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 542.17 Td (208.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 528.17 Td (Private Passenger ) Tj ET Q q 0 0 0 rg BT 198.01 528.17 Td (Auto) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.40 528.17 Td (99.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 528.17 Td (92.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 528.17 Td (87.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 514.17 Td (Commercial Multiple Peril and ) Tj ET Q q 0 0 0 rg BT 251.90 514.17 Td (Auto) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.40 514.17 Td (52.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 514.17 Td (39.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 514.17 Td (31.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 500.17 Td (Fire and ) Tj ET Q q 0 0 0 rg BT 160.25 500.17 Td (Allied) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.40 500.17 Td (50.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 500.17 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 500.17 Td (57.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.25 486.17 Td (T) Tj ET Q q 0 0 0 rg BT 136.66 486.17 Td (otal Property Lines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.40 486.17 Td (417.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.40 486.17 Td (400.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 486.17 Td (384.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.25 472.28 Td (Casualty Lines:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 458.17 Td (General Liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.40 458.17 Td (418.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.40 458.17 Td (372.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 458.17 Td (356.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 444.17 Td (Automobile Liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.40 444.17 Td (74.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 444.17 Td (63.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 444.17 Td (55.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 430.17 Td (W) Tj ET Q q 0 0 0 rg BT 133.89 430.17 Td (orkers Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.40 430.17 Td (71.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 430.17 Td (50.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 430.17 Td (42.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.25 416.17 Td (Other Casualty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.40 416.17 Td (38.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 416.17 Td (30.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.40 416.17 Td (25.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.25 402.17 Td (T) Tj ET Q q 0 0 0 rg BT 136.66 402.17 Td (otal Casualty Lines) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.40 402.17 Td (603.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.40 402.17 Td (518.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 402.17 Td (479.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 119.25 388.28 Td (Other) Tj ET Q q 0 0 0 rg BT 144.62 388.28 Td ( Lines) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 170.46 392.81 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.40 388.17 Td (159.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.40 388.17 Td (143.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 388.17 Td (124.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.25 374.17 Td (T) Tj ET Q q 0 0 0 rg BT 136.66 374.17 Td (otal insurance operations line of business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.25 374.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.85 374.17 Td (1,179.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.25 374.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.85 374.17 Td (1,062.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.25 374.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.40 374.17 Td (988.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 360.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 350.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.70 345.50 Td ( Excludes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.36 345.50 Td ($179.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.25 345.50 Td ( in net written premiums associated with personal lines that were sold in 2010, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 333.50 Td (are included in the Investing, Financing and Corporate segment.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 323.03 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.08 318.50 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 318.50 Td (Includes Group ) Tj ET Q q 0 0 0 rg BT 185.88 318.50 Td (Accident & Health and Credit insurance products.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 290.50 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 290.50 Td (e derive substantially all of our revenues from earned premiums, investment income, and net realized and unrealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.50 Td (investment gains and losses on investment securities. Earned premiums represent premiums received from insureds, which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.50 Td (recognized as revenue over the period of time that insurance coverage is provided \(i.e.,ratably over the life of the policy\). ) Tj ET Q q 0 0 0 rg BT 539.53 266.50 Td (A) Tj ET Q q 0 0 0 rg BT 546.20 266.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.50 Td (significant period of time normally elapses between the receipt of insurance premiums and the payment of insurance claims. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.50 Td (During this time, we invest the premiums, earn investment income, and generate net realized and unrealized gains and losses on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.50 Td (investment activities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 210.50 Td (Insurance companies incur a significant amount of their total expenses from policyholder losses, which are commonly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.50 Td (referred to as claims. In settling policyholder losses, various loss adjustment expenses \(LAE\) are incurred such as insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 186.50 Td (adjusters' fees and litigation expenses. Loss and LAE are categorized by the year in which the claim is incurred, or accident ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.50 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 174.50 Td (. In the following calendar years, as we increase or decrease our estimate for the ultimate loss and LAE for claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.50 Td (incurred in prior accident years, we will record favorable or adverse loss reserve development which is recorded in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 150.50 Td (current period. In addition, insurance companies incur policy acquisition expenses, such as commissions paid to agents and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.50 Td (premium taxes, and other expenses related to the underwriting process, including their employees' compensation and benefits. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.50 Td (The key measure of relative underwriting performance for an insurance company is the combined ratio. ) Tj ET Q q 0 0 0 rg BT 465.95 126.50 Td (An insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.50 Td (company's combined ratio, under accounting principles generally accepted in the United States \(GAAP\), is calculated by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.50 Td (adding the ratio of incurred loss and LAE to earned premiums \(the loss and LAE ratio\) and the ratio of policy acquisition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.50 Td (other underwriting expenses to earned premiums \(the expense ratio\). ) Tj ET Q q 0 0 0 rg BT 326.58 90.50 Td (A) Tj ET Q q 0 0 0 rg BT 333.25 90.50 Td ( combined ratio under 100% indicates that an insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.50 Td (company is generating an underwriting profit. However) Tj ET Q q 0 0 0 rg BT 272.59 78.50 Td (, when considering investment income and investment gains or losses, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.50 Td (insurance companies operating at a combined ratio of greater than 100% can be profitable.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (Insurance Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 714.25 Td (Our reportable segments are Specialty Products, Specialty Industries, and Investing, Financing and Corporate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 694.25 Td (The Specialty Products segment is comprised of seven underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (based on those that of) Tj ET Q q 0 0 0 rg BT 137.02 682.25 Td (fer distinct products and tailored coverages and services to a broad customer base across the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 81.21 670.25 Td (The Specialty Industries segment is comprised of six underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (based on those that focus on solving the unique needs of a particular customer or industry group. ) Tj ET Q q 0 0 0 rg BT 439.17 658.25 Td (The Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Corporate segment includes the investing and financing activities for OneBeacon on a consolidated basis, and certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (activities conducted through the Company and our intermediate subsidiaries, as well as operations associated with personal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (lines business that we sold in 2010 \(see Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 373.06 622.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (OperationsSignificant ) Tj ET Q q 0 0 0 rg BT 150.08 610.25 Td (T) Tj ET Q q 0 0 0 rg BT 155.83 610.25 Td (ransactions"\). See Note 12"Segment Information" in the accompanying consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 578.25 Td (Our net written premiums by segment for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.35 578.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.35 578.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.35 578.25 Td (201) Tj ET Q q 0 0 0 rg BT 403.98 578.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.98 578.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.42 578.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.42 578.25 Td ( consist of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 125.75 529.75 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.75 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.75 529.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.75 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 529.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 529.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.75 529.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 125.75 501.75 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.75 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.75 501.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.75 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.75 501.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.75 501.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.75 501.75 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.75 554.75 m 399.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 554.75 m 403.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 554.75 m 453.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 554.75 m 457.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.75 554.75 m 507.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.75 554.75 m 399.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.75 541.75 m 399.75 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.75 554.75 m 403.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 554.75 m 453.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 541.75 m 453.75 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.75 554.75 m 457.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.75 554.75 m 507.75 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.75 541.75 m 507.75 541.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.75 501.75 m 399.75 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.75 488.75 m 399.75 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.75 486.75 m 399.75 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 501.75 m 453.75 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 488.75 m 453.75 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.75 486.75 m 453.75 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.75 501.75 m 507.75 501.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.75 488.75 m 507.75 488.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.75 486.75 m 507.75 486.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 128.25 558.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.85 558.98 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 128.25 545.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.25 545.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.45 545.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 471.20 545.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 487.20 549.61 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 128.25 533.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.65 533.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.25 520.32 Td (Specialty Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.25 520.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.40 520.32 Td (630.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.25 520.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.40 520.32 Td (571.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.25 520.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.40 520.32 Td (556.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.25 506.32 Td (Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.40 506.32 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.40 506.32 Td (491.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.40 506.32 Td (431.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.25 492.32 Td (T) Tj ET Q q 0 0 0 rg BT 139.66 492.32 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.25 492.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.85 492.32 Td (1,179.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.25 492.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.85 492.32 Td (1,062.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.25 492.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.40 492.32 Td (988.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 478.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 122.00 463.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.20 458.65 Td ( Excludes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.86 458.65 Td ($179.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.75 458.65 Td ( in net written premiums associated with personal lines that were sold in 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.50 446.65 Td (which are included in the Investing, Financing and Corporate segment.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (Specialty Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 392.25 Td (For the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.67 392.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.67 392.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.67 392.25 Td (201) Tj ET Q q 0 0 0 rg BT 253.30 392.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.30 392.25 Td ( and 2010, our Specialty Products segments net written premiums by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (underwriting operating segment were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 323.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 323.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 323.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 323.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 323.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 323.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 323.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 295.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 295.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 295.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 295.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 295.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 295.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 295.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 267.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 267.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 267.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 267.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 267.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 348.75 m 378.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 348.75 m 382.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 348.75 m 432.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 348.75 m 436.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 348.75 m 486.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 348.75 m 378.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 335.75 m 378.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 348.75 m 382.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 348.75 m 432.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 335.75 m 432.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 348.75 m 436.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 348.75 m 486.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 335.75 m 486.5 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 267.75 m 378.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 267.75 m 432.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 267.75 m 486.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 267.75 m 378.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 253.75 m 378.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 251.75 m 378.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 267.75 m 432.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 253.75 m 432.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 251.75 m 432.5 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 253.75 m 486.5 253.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 251.75 m 486.5 251.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 352.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 352.98 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 339.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.00 339.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 339.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 339.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 327.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 327.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 314.32 Td (Professional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 314.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 314.32 Td (340.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 314.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 314.32 Td (314.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 314.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 314.32 Td (320.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 300.32 Td (Collector Cars and Boats) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 300.32 Td (179.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 300.32 Td (166.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 300.32 Td (153.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 286.32 Td (T) Tj ET Q q 0 0 0 rg BT 132.76 286.32 Td (uition Reimbursement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 286.32 Td (65.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 286.32 Td (60.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 286.32 Td (59.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 272.32 Td (Other Specialty Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 272.32 Td (45.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 272.32 Td (29.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 272.32 Td (23.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.00 257.42 Td (Total Specialty Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 257.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 257.42 Td (630.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 257.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 257.42 Td (571.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 257.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 257.42 Td (556.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 233.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 233.25 Td ( description of business written by each underwriting operating segment in the Specialty Products segment follows:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (OneBeacon Pr) Tj ET Q q 0 0 0 rg BT 108.77 209.25 Td (ofessional Insurance \(Pr) Tj ET Q q 0 0 0 rg BT 207.28 209.25 Td (ofessional Insurance\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 194.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 82.13 194.25 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.18 194.25 Td ( specializes in professional liability product solutions for a specialized customer base, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (hospitals, managed care or) Tj ET Q q 0 0 0 rg BT 156.45 182.25 Td (ganizations, long-term care facilities, medical facilities, physician groups, media or) Tj ET Q q 0 0 0 rg BT 489.20 182.25 Td (ganizations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (lawyers, design professionals, financial services and technology providers. ) Tj ET Q q 0 0 0 rg BT 350.75 170.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 400.65 170.25 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 405.65 170.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 415.28 170.25 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.33 170.25 Td ( provides ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (employment practices liability) Tj ET Q q 0 0 0 rg BT 170.98 158.25 Td (, management liability and other tailored products for complex or) Tj ET Q q 0 0 0 rg BT 432.39 158.25 Td (ganizations including health ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (care provider excess insurance and HMO reinsurance. General liability) Tj ET Q q 0 0 0 rg BT 333.40 146.25 Td (, property and workers compensation coverages are also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (available for financial institutions. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 189.68 134.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 199.31 134.25 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.36 134.25 Td ( policies are primarily issued on a "claims made" basis, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (generally covers claims that are made against an insured during the time period when a liability policy is in ef) Tj ET Q q 0 0 0 rg BT 488.85 122.25 Td (fect, regardless of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (when the event causing the loss occurred. ) Tj ET Q q 0 0 0 rg BT 218.65 110.25 Td (This coverage dif) Tj ET Q q 0 0 0 rg BT 288.44 110.25 Td (fers from claims occurrence basis policies, which generally cover ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (losses on events that occur during a period specified in the policy) Tj ET Q q 0 0 0 rg BT 310.67 98.25 Td (, regardless of when the claim is reported.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 78.25 Td (Collector Cars and Boats) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 63.25 Td (Through our exclusive partnership with Hagerty) Tj ET Q q 0 0 0 rg BT 264.85 63.25 Td (, we of) Tj ET Q q 0 0 0 rg BT 292.16 63.25 Td (fered tailored coverages for collectible vehicles and wooden boats, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 51.25 Td (automotive museums and restoration shops. Notable features included agreed value for the insured vehicle or boat, flexible ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (usage, and overseas shipping/foreign touring coveragesupported by in-house claims expertise. In January 2013, OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and Hagerty terminated their relationship and we sold to Markel Corporation, Essentia Insurance Company \(Essentia\), an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (indirect wholly-owned subsidiary that wrote the Hagerty collector car and boat business. ) Tj ET Q q 0 0 0 rg BT 406.66 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.30 718.10 Td (e anticipate recognizing a pre-tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (gain on sale of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.35 706.10 Td ($23.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.24 706.10 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.07 706.10 Td ($15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.97 706.10 Td ( after tax\) in the first quarter of 2013. For the years ended December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (31, 2012, 201) Tj ET Q q 0 0 0 rg BT 104.63 694.10 Td (1 and 2010, business written through Hagerty generated net written premiums of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.09 694.10 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.42 694.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.42 694.10 Td (16%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.75 694.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (13%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.33 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 120.99 682.10 Td (, of our consolidated net written premiums.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.01 662.10 Td (uition Reimbursement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 647.10 Td (A.W) Tj ET Q q 0 0 0 rg BT 90.74 647.10 Td (.G. Dewar) Tj ET Q q 0 0 0 rg BT 131.71 647.10 Td (, Inc. \(Dewar\)has been a leading provider of tuition reimbursement insurance since 1930. Dewar's product, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (classified as credit insurance, protects both schools and parents from the financial consequences of a student's withdrawal or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (dismissal from school. ) Tj ET Q q 0 0 0 rg BT 142.59 623.10 Td (W) Tj ET Q q 0 0 0 rg BT 151.23 623.10 Td (e own approximately 82% of Dewar) Tj ET Q q 0 0 0 rg BT 295.91 623.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 601.7669921875 m 150.7177734375 601.7669921875 l s q 0 0 0 rg BT 50.00 603.10 Td (Other Specialty Pr) Tj ET Q q 0 0 0 rg BT 124.61 603.10 Td (oducts) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (OneBeacon Specialty Pr) Tj ET Q q 0 0 0 rg BT 147.92 588.10 Td (operty \(Specialty Pr) Tj ET Q q 0 0 0 rg BT 228.08 588.10 Td (operty\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 573.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 121.28 573.10 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.83 573.10 Td ( provides excess property and inland marine solutions that augment primary policies or provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 561.10 Td (coverage in excess of self-insured retentions. ) Tj ET Q q 0 0 0 rg BT 232.25 561.10 Td (T) Tj ET Q q 0 0 0 rg BT 237.66 561.10 Td (ar) Tj ET Q q 0 0 0 rg BT 245.25 561.10 Td (get classes of business include apartments and condominiums, commercial real ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (estate, small-to-medium manufacturing, retail/wholesale, education and public entities. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 400.44 549.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 449.22 549.10 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.77 549.10 Td ( products are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (provided primarily through surplus lines wholesalers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 517.10 Td (OneBeacon Excess and Surplus \(Excess and Surplus\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 502.10 Td (Excess and Surplus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.27 502.10 Td ( was established in July 2010 to support our current businesses and write selectively in the excess and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (surplus market. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 114.16 490.10 Td (Excess and Surplus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.92 490.10 Td ( includes OneBeacon Environmental, which specializes in environmental risk solutions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (designed to address a variety of exposures for a broad range of businesses, including multiline casualty placements for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (environmental industry) Tj ET Q q 0 0 0 rg BT 142.39 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 147.21 466.10 Td (The product suite includes commercial general liability) Tj ET Q q 0 0 0 rg BT 367.59 466.10 Td (, contractors environmental liability) Tj ET Q q 0 0 0 rg BT 510.23 466.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (professional services liability) Tj ET Q q 0 0 0 rg BT 166.54 454.10 Td (, environmental premises liability) Tj ET Q q 0 0 0 rg BT 300.31 454.10 Td (, products pollution liability) Tj ET Q q 0 0 0 rg BT 411.32 454.10 Td (, follow-form excess and commercial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (auto. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (OneBeacon Pr) Tj ET Q q 0 0 0 rg BT 108.77 422.10 Td (ogram Gr) Tj ET Q q 0 0 0 rg BT 148.13 422.10 Td (oup \(Pr) Tj ET Q q 0 0 0 rg BT 178.59 422.10 Td (ograms\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.92 422.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 407.10 Td (Formed in 2012, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 141.39 407.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 151.02 407.10 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.02 407.10 Td ( provides a full range of multi-line package insurance solutions for select specialty programs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (overseen by dedicated agencies that perform all policy administration functions. Products are available on an admitted and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (nonadmitted basis. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 127.49 383.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 137.12 383.10 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.12 383.10 Td ( works primarily with managing general agents and managing general underwriters, commonly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (referred to as program administrators.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (OneBeacon Sur) Tj ET Q q 0 0 0 rg BT 112.67 351.10 Td (ety Gr) Tj ET Q q 0 0 0 rg BT 137.56 351.10 Td (oup \(Sur) Tj ET Q q 0 0 0 rg BT 171.91 351.10 Td (ety\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.90 351.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 336.10 Td (Formed in 2012, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 141.39 336.10 Td (Sur) Tj ET Q q 0 0 0 rg BT 154.91 336.10 Td (ety ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.06 336.10 Td (of) Tj ET Q q 0 0 0 rg BT 177.21 336.10 Td (fers a broad range of commercial, custom and miscellaneous surety bonds tar) Tj ET Q q 0 0 0 rg BT 485.82 336.10 Td (geting middle-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (market, Fortune 2500 companies written through a network of independent agencies, brokers and wholesalers. Business is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (serviced through eight regions throughout the United States.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 265.25 Td (For the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.17 265.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.17 265.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.17 265.25 Td (201) Tj ET Q q 0 0 0 rg BT 251.80 265.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.80 265.25 Td ( and 2010, our Specialty Industries segment's net written premiums by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (underwriting operating segment were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 204.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 204.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 204.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 204.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 204.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 204.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 204.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 176.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 176.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 176.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 176.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 176.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 176.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 176.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 148.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 148.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 148.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 148.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 148.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 148.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 148.75 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 229.75 m 378.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 229.75 m 382.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 229.75 m 432.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 229.75 m 436.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 229.75 m 486.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 229.75 m 378.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 216.75 m 378.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 229.75 m 382.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 229.75 m 432.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 216.75 m 432.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 229.75 m 436.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 229.75 m 486.5 229.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 216.75 m 486.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 134.75 m 378.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 120.75 m 378.5 120.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 118.75 m 378.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 134.75 m 432.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 120.75 m 432.5 120.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 118.75 m 432.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 134.75 m 486.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 120.75 m 486.5 120.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 118.75 m 486.5 118.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 233.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 233.98 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 220.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.00 220.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 220.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 220.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 208.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 208.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 195.32 Td (International Marine Underwriters) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 195.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 195.32 Td (160.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 195.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 195.32 Td (180.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 195.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 195.32 Td (188.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 181.32 Td (T) Tj ET Q q 0 0 0 rg BT 132.41 181.32 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 181.32 Td (121.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 181.32 Td (94.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 181.32 Td (75.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 167.32 Td (Accident) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 167.32 Td (102.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 167.32 Td (86.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 167.32 Td (66.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 153.32 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 153.32 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 153.32 Td (61.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 153.32 Td (56.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 139.32 Td (Other Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 139.32 Td (93.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 139.32 Td (69.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 139.32 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.00 124.42 Td (Total Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 124.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 124.42 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 124.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 124.42 Td (491.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 124.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 124.42 Td (431.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 742.10 Td ( description of business written by each underwriting operating segment in OneBeacon's Specialty Industries segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (follows:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (International Marine Underwriters \(IMU\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 695.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.38 695.10 Td ( traces its roots to the early 1900s, and of) Tj ET Q q 0 0 0 rg BT 255.61 695.10 Td (fers a full range of ocean and inland marine insurance solutions. Ocean ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 683.10 Td (marine products include, but are not limited to, commercial hull and marine liabilities at both the primary and excess levels; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.10 Td (ocean and air car) Tj ET Q q 0 0 0 rg BT 117.83 671.10 Td (go with coverage extensions such as inland transit, warehousing and processing; yachts; and several marine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.10 Td (package products with comprehensive property) Tj ET Q q 0 0 0 rg BT 247.61 659.10 Td (, auto and liability coverage. Inland marine solutions include builders' risks, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.10 Td (contractors' equipment, ener) Tj ET Q q 0 0 0 rg BT 162.96 647.10 Td (gy) Tj ET Q q 0 0 0 rg BT 172.31 647.10 Td (, installation floaters, fine arts, motor truck car) Tj ET Q q 0 0 0 rg BT 358.18 647.10 Td (go, transportation, miscellaneous articles floaters, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.10 Td (warehousemen's legal liability and other inland marine opportunities. During 2012, we mer) Tj ET Q q 0 0 0 rg BT 414.58 635.10 Td (ged the Property Inland Marine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.10 Td (underwriting unit into our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 156.10 623.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.98 623.10 Td ( underwriting segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 603.10 Td (OneBeacon T) Tj ET Q q 0 0 0 rg BT 103.79 603.10 Td (echnology Insurance \(T) Tj ET Q q 0 0 0 rg BT 197.85 603.10 Td (echnology\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.27 603.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 588.10 Td (Our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.55 588.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.20 588.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.29 588.10 Td ( underwriting operating segment provides insurance solutions for specific technology industries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (including: infotech, medtech, telecommunications, electronic manufacturing, integration contractors, instrument manufacturers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (and clean tech/solar) Tj ET Q q 0 0 0 rg BT 128.85 564.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.67 564.10 Td (T) Tj ET Q q 0 0 0 rg BT 139.08 564.10 Td (ailored products and coverages include property) Tj ET Q q 0 0 0 rg BT 330.86 564.10 Td (, general liability) Tj ET Q q 0 0 0 rg BT 398.24 564.10 Td (, business auto, commercial umbrella, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (workers compensation, international, technology errors or omissions, data privacy and communications liability) Tj ET Q q 0 0 0 rg BT 497.02 552.10 Td (. Specialized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (technology insurance expertise, innovation and service are delivered through dedicated underwriting, risk control and claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (staf) Tj ET Q q 0 0 0 rg BT 64.26 528.10 Td (f.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (OneBeacon ) Tj ET Q q 0 0 0 rg BT 98.96 508.10 Td (Accident Gr) Tj ET Q q 0 0 0 rg BT 147.19 508.10 Td (oup \(Accident\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.33 508.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 493.10 Td (Our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 90.55 493.10 Td (Accident ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.03 493.10 Td (underwriting operating segment focuses on analyzing and developing unique accident solutions for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (transportation industry and corporate accident marketplace, while also developing specialized accident insurance programs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.50 469.10 Td (Accident product suite includes accidental death and dismemberment, occupational accident, sports accident, non-truckers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 457.10 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 457.10 Td (, vehicle physical damage and other accident coverages. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 307.02 457.10 Td (Accident) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 457.10 Td ( also provides employers and af) Tj ET Q q 0 0 0 rg BT 468.73 457.10 Td (finity groups with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 445.10 Td (access to services including a discounted prescription drug program, identity theft management services and travel assistance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (services.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 411.7669921875 m 154.98046875 411.7669921875 l s q 0 0 0 rg BT 50.00 413.10 Td (Other Specialty Industries) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (OneBeacon Entertainment \(Entertainment\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.73 398.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 383.10 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.71 383.10 Td ( provides specialized commercial insurance, including professional liability protection, for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (entertainment, sports and leisure industries. Coverages include film and television portfolio, producers portfolio, theatrical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (package, event cancellation, premises liability) Tj ET Q q 0 0 0 rg BT 233.72 359.10 Td (, event liability and participant liability) Tj ET Q q 0 0 0 rg BT 389.14 359.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (OneBeacon Government Risks \(Government Risks\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 324.10 Td (Government Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.54 324.10 Td ( provides solutions for mid-sized municipalities and counties, special districts including water and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (sanitation, non-rail transit authorities and other publicly funded agencies. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 345.20 312.10 Td (Government Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.23 312.10 Td ( products cover property and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (casualty risks, employment practices liability and professional liability for law enforcement and public of) Tj ET Q q 0 0 0 rg BT 471.36 300.10 Td (ficials. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 500.80 300.10 Td (Government ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.11 288.10 Td ( products are of) Tj ET Q q 0 0 0 rg BT 133.40 288.10 Td (fered on a fully insured, deductible, self-insured retention or assumed reinsurance basis.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (OneBeacon Ener) Tj ET Q q 0 0 0 rg BT 118.21 268.10 Td (gy Gr) Tj ET Q q 0 0 0 rg BT 140.89 268.10 Td (oup \(Ener) Tj ET Q q 0 0 0 rg BT 180.79 268.10 Td (gy\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.56 268.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 248.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 91.57 248.10 Td (gy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.01 248.10 Td (, a business we decided to exit \(except for certain inland marine accounts that will be transferred into our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 523.08 248.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.96 248.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (underwriting operating segment\) commencing in the fourth quarter of 2012, focused on middle-market upstream and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (midstream conventional ener) Tj ET Q q 0 0 0 rg BT 165.89 224.10 Td (gy businesses, alternative and renewable ener) Tj ET Q q 0 0 0 rg BT 347.86 224.10 Td (gy producers, alternative fuel producers and related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (service and manufacturing enterprises. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 206.88 212.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 225.95 212.10 Td (gy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.39 212.10 Td ( of) Tj ET Q q 0 0 0 rg BT 246.04 212.10 Td (fered a full array of property) Tj ET Q q 0 0 0 rg BT 359.49 212.10 Td (, inland marine and casualty insurance, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (property damage, boiler and machinery breakdown, general liability) Tj ET Q q 0 0 0 rg BT 321.75 200.10 Td (, auto liability and umbrella liability) Tj ET Q q 0 0 0 rg BT 465.51 200.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 470.51 200.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 489.58 200.10 Td (gy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.02 200.10 Td ( did not of) Tj ET Q q 0 0 0 rg BT 540.22 200.10 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 188.10 Td (fshore ener) Tj ET Q q 0 0 0 rg BT 102.67 188.10 Td (gy products. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (Geographic Concentrations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 714.25 Td (Substantially all of our net written premiums are derived from business produced in the United States. For the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td (ended December 31, 2012, 201) Tj ET Q q 0 0 0 rg BT 174.59 702.25 Td (1 and 2010, business was produced in the following states:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 665.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 665.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 665.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 665.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 665.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 637.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 637.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 637.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 637.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 637.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 609.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 609.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 609.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 609.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 609.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 581.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 581.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 581.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 581.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 581.75 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 678.75 m 378.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 678.75 m 382.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 678.75 m 432.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 678.75 m 436.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 678.75 m 486.5 678.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 665.75 m 378.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 665.75 m 432.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 665.75 m 486.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 665.75 m 378.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 665.75 m 432.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 665.75 m 486.5 665.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 567.75 m 378.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 567.75 m 432.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 567.75 m 486.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 567.75 m 378.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 554.75 m 378.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 552.75 m 378.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 567.75 m 432.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 554.75 m 432.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 552.75 m 432.5 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 567.75 m 486.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 554.75 m 486.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 552.75 m 486.5 552.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 682.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 682.98 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 669.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.00 669.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 669.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.95 669.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 465.95 673.61 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 656.32 Td (California) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 656.32 Td (15.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 656.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 656.32 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 656.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 656.32 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 656.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 642.32 Td (New York) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 642.32 Td (9.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 642.32 Td (9.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 642.32 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 628.32 Td (Texas) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 628.32 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 628.32 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 628.32 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 614.32 Td (Florida) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 614.32 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 614.32 Td (5.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 614.32 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 600.32 Td (District of Columbia) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 600.32 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 600.32 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 600.32 Td (2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 586.32 Td (Massachusetts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 586.32 Td (3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 586.32 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 586.32 Td (5.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 572.32 Td (Other) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 149.77 576.85 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 572.32 Td (54.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 572.32 Td (56.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 572.32 Td (58.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.00 558.32 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 558.32 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 558.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.15 558.32 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 558.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 558.32 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.65 558.32 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 544.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 534.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 529.65 Td (No other individual state is greater than 5% of net written premiums for the years ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 517.65 Td (2012, 201) Tj ET Q q 0 0 0 rg BT 184.13 517.65 Td (1 and 2010.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 507.18 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 502.65 Td (Excludes net written premiums associated with personal lines that were sold in 2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (Marketing and Distribution) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 448.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 448.25 Td (e of) Tj ET Q q 0 0 0 rg BT 97.73 448.25 Td (fer our products through a network of independent agents, regional and national brokers and wholesalers. Overall, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.25 Td (we have approximately 2,700 distribution relationships across the country) Tj ET Q q 0 0 0 rg BT 345.12 436.25 Td (. In recent years, we have expanded our distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (channels to include select managing general agencies \(MGAs\), either through acquisitions or exclusive relationships. ) Tj ET Q q 0 0 0 rg BT 520.79 424.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (MGAs focus on a particular customer group with tailored products and services, and related expertise.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 392.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 392.25 Td (e protect the integrity of our franchise value by selectively appointing distribution partners that demonstrate business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (and industry knowledge and geographic profiles that align with our tar) Tj ET Q q 0 0 0 rg BT 331.97 380.25 Td (get markets and specialized capabilities. ) Tj ET Q q 0 0 0 rg BT 495.05 380.25 Td (W) Tj ET Q q 0 0 0 rg BT 503.69 380.25 Td (e believe in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (the added value provided by independent distribution partners as they conduct more complete assessments of their clients' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (needs, which result in more appropriate coverages and prudent risk management. ) Tj ET Q q 0 0 0 rg BT 376.65 356.25 Td (W) Tj ET Q q 0 0 0 rg BT 385.29 356.25 Td (e also believe that independent insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (agencies and brokers will continue to be a significant force in overall industry premium production.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (Underwriting and Pricing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 297.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 297.25 Td (e believe there must be a realistic expectation of attaining an underwriting profit on all the business we write, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.25 Td (a demonstrated fulfillment of that expectation over time. Consistent with our "Underwriting Comes First" operating principle, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.25 Td (adequate pricing is a critical component for achieving an underwriting profit. ) Tj ET Q q 0 0 0 rg BT 360.82 273.25 Td (W) Tj ET Q q 0 0 0 rg BT 369.46 273.25 Td (e underwrite our book with a disciplined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.25 Td (approach towards pricing our insurance products and are willing to for) Tj ET Q q 0 0 0 rg BT 331.95 261.25 Td (go a business opportunity if we believe it is not priced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (appropriately to the exposure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 229.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 229.25 Td (e actively monitor pricing activity and measure usage of tiers, credits, debits and limits. In addition, we regularly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (update base rates to achieve tar) Tj ET Q q 0 0 0 rg BT 174.48 217.25 Td (geted returns on capital and attempt to shift writings away from lines and classes where pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (is inadequate. ) Tj ET Q q 0 0 0 rg BT 107.30 205.25 Td (T) Tj ET Q q 0 0 0 rg BT 112.71 205.25 Td (o the extent changes in premium rates, policy forms or other matters are subject to regulatory approval \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td ("Regulatory MattersGeneral" and "Risk FactorsRegulation may restrict our ability to operate"\), we proactively monitor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (our pending regulatory filings to facilitate, to the extent possible, their prompt processing and approval. Lastly) Tj ET Q q 0 0 0 rg BT 490.91 181.25 Td (, we expend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (considerable ef) Tj ET Q q 0 0 0 rg BT 110.62 169.25 Td (fort to measure and verify exposures and insured values.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (Competition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 122.25 Td (Property and casualty insurance is highly competitive. Our businesses each compete against a dif) Tj ET Q q 0 0 0 rg BT 462.04 122.25 Td (ferent subset of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (companies. In general terms, we compete in one or more of our businesses with most of the lar) Tj ET Q q 0 0 0 rg BT 428.88 110.25 Td (ge multi-line insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.25 Td (companies, such as ) Tj ET Q q 0 0 0 rg BT 128.87 98.25 Td (ACE, ) Tj ET Q q 0 0 0 rg BT 153.32 98.25 Td (AIG, Chubb Group, CNA, Liberty Mutual, ) Tj ET Q q 0 0 0 rg BT 327.57 98.25 Td (T) Tj ET Q q 0 0 0 rg BT 333.33 98.25 Td (ravelers and Zurich Insurance Group. ) Tj ET Q q 0 0 0 rg BT 485.30 98.25 Td (W) Tj ET Q q 0 0 0 rg BT 493.94 98.25 Td (e also compete ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.25 Td (with most of the specialty companies, such as ) Tj ET Q q 0 0 0 rg BT 234.69 86.25 Td (Allied ) Tj ET Q q 0 0 0 rg BT 262.00 86.25 Td (W) Tj ET Q q 0 0 0 rg BT 270.64 86.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 288.70 86.25 Td (Assurance Company) Tj ET Q q 0 0 0 rg BT 371.08 86.25 Td (, HCC Insurance Holdings,Inc., IronshoreInc., ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.25 Td (Markel Corporation, RLI Corp. and ) Tj ET Q q 0 0 0 rg BT 195.07 74.25 Td (W) Tj ET Q q 0 0 0 rg BT 203.59 74.25 Td (.R. Berkley Corporation. Lastly) Tj ET Q q 0 0 0 rg BT 329.58 74.25 Td (, we compete in certain of our businesses with various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (local and regional insurance companies.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The more significant competitive factors for most insurance products we of) Tj ET Q q 0 0 0 rg BT 375.39 742.10 Td (fer are price, product terms and conditions, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (agency and broker relationships, and claims service. Our underwriting principles and dedication to independent distribution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (partners are unlikely to make us the low-cost provider in most markets. ) Tj ET Q q 0 0 0 rg BT 337.25 718.10 Td (While it is often dif) Tj ET Q q 0 0 0 rg BT 415.38 718.10 Td (ficult for insurance companies to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 706.10 Td (ferentiate their products, we believe that providing superior specialty products to satisfy market needs and relying on agents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and brokers who value our tar) Tj ET Q q 0 0 0 rg BT 169.50 694.10 Td (geted expertise, superior claims service, and disciplined underwriting, establishes a competitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (advantage. ) Tj ET Q q 0 0 0 rg BT 95.35 682.10 Td (The continued existence of carriers operating with lower cost structures places ongoing pressure on our pricing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (terms and conditions, which may impact our ability to compete.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 643.25 Td (Claims Management) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 623.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 83.26 623.25 Td (fective claims management is a critical factor in achieving satisfactory underwriting results. ) Tj ET Q q 0 0 0 rg BT 452.66 623.25 Td (W) Tj ET Q q 0 0 0 rg BT 461.30 623.25 Td (e maintain an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td (experienced staf) Tj ET Q q 0 0 0 rg BT 115.06 611.25 Td (f of appraisers, medical specialists, managers and field adjusters strategically located throughout our operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (territories. ) Tj ET Q q 0 0 0 rg BT 93.69 599.25 Td (W) Tj ET Q q 0 0 0 rg BT 102.33 599.25 Td (e also maintain a special investigative unit designed to detect insurance fraud and abuse and support ef) Tj ET Q q 0 0 0 rg BT 512.57 599.25 Td (forts by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (regulatory bodies and trade associations to curtail fraud.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 567.25 Td (Claims operations are or) Tj ET Q q 0 0 0 rg BT 171.85 567.25 Td (ganized into ongoing claims and run-of) Tj ET Q q 0 0 0 rg BT 329.13 567.25 Td (f claims, with specific claims resources supporting the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 555.25 Td (respective operations. ) Tj ET Q q 0 0 0 rg BT 139.51 555.25 Td (This approach allows us to better identify and manage claims handling costs. In addition, a shared claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (service unit manages costs related to all claims staf) Tj ET Q q 0 0 0 rg BT 254.19 543.25 Td (f and vendors. ) Tj ET Q q 0 0 0 rg BT 313.44 543.25 Td (W) Tj ET Q q 0 0 0 rg BT 322.08 543.25 Td (e have adopted a total claims cost management approach ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 531.25 Td (that gives equal importance to controlling claims handling expenses, legal expenses and claims payments, enabling us to lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (the sum of the three. ) Tj ET Q q 0 0 0 rg BT 134.24 519.25 Td (This approach requires the utilization of a considerable number of conventional metrics to monitor the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 507.25 Td (fectiveness of various programs implemented to lower total loss costs. ) Tj ET Q q 0 0 0 rg BT 340.96 507.25 Td (W) Tj ET Q q 0 0 0 rg BT 349.59 507.25 Td (e utilize the metrics to guard against implementation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (of expense containment programs that will cost us more than we expect to save.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 475.25 Td (Our claims department utilizes a claims workstation to record reserves, payments and adjuster activity and, with support ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.25 Td (from expert tools, assists each claim handler in identifying recovery potential, estimating property damage, evaluating claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (and identifying fraud. Our commitment and performance in fighting insurance fraud has reduced claim costs and aided law ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (enforcement investigations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (Catastr) Tj ET Q q 0 0 0 rg BT 82.03 412.25 Td (ophe Risk Management and Reinsurance Pr) Tj ET Q q 0 0 0 rg BT 270.46 412.25 Td (otection) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 392.25 Td (In the normal course of our business, we purchase reinsurance from high-quality) Tj ET Q q 0 0 0 rg BT 395.47 392.25 Td (, highly rated, third-party reinsurers in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (order to minimize loss from lar) Tj ET Q q 0 0 0 rg BT 174.51 380.25 Td (ge losses or catastrophic events.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 360.25 Td (The timing and size of catastrophe losses are unpredictable and the level of losses experienced in any year could be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (material to our operating results and financial position. Examples of catastrophes include losses caused by earthquakes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.25 Td (wildfires, hurricanes and other types of storms and terrorist acts. ) Tj ET Q q 0 0 0 rg BT 309.75 336.25 Td (The extent of losses caused by catastrophes is a function of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.25 Td (amount and type of insured exposure in the area af) Tj ET Q q 0 0 0 rg BT 252.25 324.25 Td (fected by the event as well as the severity of the event. ) Tj ET Q q 0 0 0 rg BT 472.81 324.25 Td (W) Tj ET Q q 0 0 0 rg BT 481.45 324.25 Td (e use models ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.25 Td (\(primarily ) Tj ET Q q 0 0 0 rg BT 92.49 312.25 Td (AIR ) Tj ET Q q 0 0 0 rg BT 112.03 312.25 Td (W) Tj ET Q q 0 0 0 rg BT 120.67 312.25 Td (orldwide \(AIR\) version 12\) to estimate the probability of the occurrence of a catastrophic event as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.25 Td (potential losses under various scenarios. ) Tj ET Q q 0 0 0 rg BT 213.12 300.25 Td (W) Tj ET Q q 0 0 0 rg BT 221.75 300.25 Td (e use this model output in conjunction with other data to manage our exposure to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.25 Td (catastrophe losses through individual risk selection and by limiting our concentration of insurance written in catastrophe-prone ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.25 Td (areas such as coastal regions. In addition, we impose wind deductibles on existing coastal windstorm exposures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 256.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 256.25 Td (e seek to further reduce our potential loss from catastrophe exposures through the purchase of catastrophe reinsurance. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 59.26 244.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.96 244.25 Td (May1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.79 244.25 Td (, we renewed our property catastrophe reinsurance program through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.57 244.25 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.18 244.25 Td (. ) Tj ET Q q 0 0 0 rg BT 477.00 244.25 Td (The program ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (provides coverage for our property business as well as certain acts of terrorism. Under the program, the first ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.30 232.25 Td ($25.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.19 232.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (losses resulting from any single catastrophe are retained and the next ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.96 220.25 Td ($155.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.86 220.25 Td ( of losses resulting from the catastrophe are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (reinsured in three layers, although we retain a co-participation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.84 208.25 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.17 208.25 Td ( of losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.83 208.25 Td ($25.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.72 208.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 208.25 Td ($40.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.39 208.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.39 208.25 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.72 208.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 196.25 Td ($40.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.22 196.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.00 196.25 Td ($80.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.89 196.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.83 196.25 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.16 196.25 Td ( of losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.82 196.25 Td ($80.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.71 196.25 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.49 196.25 Td ($180.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.38 196.25 Td (. ) Tj ET Q q 0 0 0 rg BT 450.83 196.25 Td (Any loss above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.99 196.25 Td ($180.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 184.25 Td ( would be retained in full. In the event of a catastrophe, our property catastrophe reinsurance program is reinstated for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 172.25 Td (the remainder of the original contract term by paying a reinstatement premium that is based on the percentage of coverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.25 Td (reinstated and the original property catastrophe coverage premium. ) Tj ET Q q 0 0 0 rg BT 320.55 160.25 Td (W) Tj ET Q q 0 0 0 rg BT 329.18 160.25 Td (e anticipate that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.70 160.25 Td ($180.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.59 160.25 Td ( limit is suf) Tj ET Q q 0 0 0 rg BT 513.70 160.25 Td (ficient to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (cover Northeast windstorm losses with a modeled 0.4% probability of occurrence \(1-in-250-year event\). ) Tj ET Q q 0 0 0 rg BT 469.41 148.25 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.69 148.25 Td ($180.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.58 148.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (limit was reduced from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.24 136.25 Td ($225.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.14 136.25 Td ( limit that our previous catastrophe reinsurance program provided, as a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (lower catastrophe exposure as a specialty-focused company) Tj ET Q q 0 0 0 rg BT 288.14 124.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 104.25 Td (In addition to the corporate catastrophe reinsurance protection that we secure, we may also purchase dedicated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (reinsurance protection for specific businesses. In 2012, we purchased insurance to protect our collector car and boat business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (from catastrophic losses. ) Tj ET Q q 0 0 0 rg BT 151.46 80.25 Td (This treaty covered losses in excess of $2.5 million up to $25 million in two layers. ) Tj ET Q q 0 0 0 rg BT 486.78 80.25 Td (The first layer) Tj ET Q q 0 0 0 rg BT 543.02 80.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td ($2.5 million in excess of $2.5 million carried a 5% co-participation. ) Tj ET Q q 0 0 0 rg BT 323.64 68.25 Td (The company held a 20% co-participation on the second ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (layer) Tj ET Q q 0 0 0 rg BT 69.58 742.10 Td (, $20 million in excess of $5 million. Catastrophe losses above $25 million are retained by the company in full. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Reinstatement premiums are paid if the coverage is attached. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 710.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 710.10 Td (e also purchase a per occurrence treaty for IMU that protects against lar) Tj ET Q q 0 0 0 rg BT 367.49 710.10 Td (ge occurrences, whether a single lar) Tj ET Q q 0 0 0 rg BT 510.57 710.10 Td (ge claim or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (a catastrophe. ) Tj ET Q q 0 0 0 rg BT 107.29 698.10 Td (The IMU treaty attaches at $2 million per occurrence. Coverage is provided up to $60 million. ) Tj ET Q q 0 0 0 rg BT 487.00 698.10 Td (The first layer of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (the marine treaty is $5 million in excess of $2 million, with an annual aggregate deductible of $1.5 million for lar) Tj ET Q q 0 0 0 rg BT 503.04 686.10 Td (ge losses and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td ($5 million for catastrophes losses. For losses in the layer $10 million excess of $50 million, the company retains half of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 70.38 662.10 Td (The portion of loss above $60 million is retained in full by the company) Tj ET Q q 0 0 0 rg BT 357.73 662.10 Td (. Reinstatement premiums are paid in full or in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (part depending on the layer and the occurrence if the coverage is attached. Losses retained under both the collector car and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (marine reinsurance treaties are subject to the corporate catastrophe treaty) Tj ET Q q 0 0 0 rg BT 341.15 638.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 618.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 618.10 Td (e also purchase property-per) Tj ET Q q 0 0 0 rg BT 196.00 618.10 Td (-risk reinsurance coverage to reduce lar) Tj ET Q q 0 0 0 rg BT 353.79 618.10 Td (ge loss volatility) Tj ET Q q 0 0 0 rg BT 419.24 618.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.06 618.10 Td (The property-per) Tj ET Q q 0 0 0 rg BT 491.89 618.10 Td (-risk reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (program reinsures losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.07 606.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.97 606.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.24 606.10 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.14 606.10 Td (. Individual risk facultative reinsurance may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (purchased above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.41 594.10 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.31 594.10 Td ( where we deem it appropriate. Under the property-per) Tj ET Q q 0 0 0 rg BT 396.62 594.10 Td (-risk program, we retain a co-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (participation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.87 582.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.20 582.10 Td ( for losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.96 582.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.85 582.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.13 582.10 Td ($50.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.02 582.10 Td ( and a co-participation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.03 582.10 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.36 582.10 Td ( for losses in excess ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 570.10 Td ($50.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.72 570.10 Td (. ) Tj ET Q q 0 0 0 rg BT 119.54 570.10 Td (The property-per) Tj ET Q q 0 0 0 rg BT 187.36 570.10 Td (-risk program also provides one limit of reinsurance protection for losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.16 570.10 Td ($10.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 558.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.17 558.10 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.06 558.10 Td ( on an individual risk basis for foreign terrorism losses. However) Tj ET Q q 0 0 0 rg BT 422.89 558.10 Td (, any nuclear events, or biological, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (chemical or radiological terrorist attacks are not covered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 526.10 Td (e also maintain a casualty reinsurance program that provides protection for individual policies involving general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 514.10 Td (, automobile liability) Tj ET Q q 0 0 0 rg BT 163.41 514.10 Td (, professional liability or umbrella liability) Tj ET Q q 0 0 0 rg BT 332.72 514.10 Td (. Our healthcare professional liability treaty covers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.10 502.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.99 502.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.27 502.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.16 502.10 Td ( in two layers. ) Tj ET Q q 0 0 0 rg BT 313.13 502.10 Td (The first layer) Tj ET Q q 0 0 0 rg BT 369.38 502.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.38 502.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.27 502.10 Td ( excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.20 502.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.09 502.10 Td ( has a 20% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (co-participation. ) Tj ET Q q 0 0 0 rg BT 117.75 490.10 Td (All other casualty business is covered in a separate treaty covering losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.37 490.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.26 490.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.54 490.10 Td ($21.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 83.71 478.10 Td (This treaty has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.02 478.10 Td (22.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.85 478.10 Td ( co-participation in the first layer \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.58 478.10 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.47 478.10 Td ( excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.40 478.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.29 478.10 Td (\) and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.00 478.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.33 478.10 Td ( co-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (participation in the second layer of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.62 466.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.51 466.10 Td ( excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.44 466.10 Td ($1) Tj ET Q q 0 0 0 rg BT 297.07 466.10 Td (1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.96 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 345.78 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 354.41 466.10 Td (e purchase a treaty to protect against lar) Tj ET Q q 0 0 0 rg BT 513.33 466.10 Td (ge workers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (compensation losses that covers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.53 454.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.86 454.10 Td ( of the loss in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.67 454.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.56 454.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.84 454.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.73 454.10 Td ( per person. In addition, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (casualty losses involving more than one insured, we maintain a dedicated treaty that covers up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.17 442.10 Td ($40.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.06 442.10 Td ( in excess of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 430.10 Td ( retention. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 410.10 Td (Our property catastrophe reinsurance program does not cover property losses resulting from any nuclear events or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (biological, chemical or radiological terrorist attacks or losses resulting from acts of terrorism as defined under the ) Tj ET Q q 0 0 0 rg BT 506.89 398.10 Td (T) Tj ET Q q 0 0 0 rg BT 512.30 398.10 Td (errorism ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (Risk Insurance ) Tj ET Q q 0 0 0 rg BT 111.66 386.10 Td (Act of 2002 \(the ) Tj ET Q q 0 0 0 rg BT 179.79 386.10 Td (T) Tj ET Q q 0 0 0 rg BT 185.20 386.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 221.03 386.10 Td (Act, or ) Tj ET Q q 0 0 0 rg BT 251.11 386.10 Td (TRIA\), as amended, committed by an individual or individuals acting on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (behalf of any foreign person or foreign interest, as well as domestic acts of terrorism. See "BusinessT) Tj ET Q q 0 0 0 rg BT 464.94 374.10 Td (errorism" below) Tj ET Q q 0 0 0 rg BT 529.18 374.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 354.10 Td (Reinsurance contracts do not relieve us of our obligation to our policyholders. ) Tj ET Q q 0 0 0 rg BT 388.46 354.10 Td (Therefore, collectibility of balances due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (from reinsurers is critical to our financial strength. See Note4"Third-Party Reinsurance" of the accompanying consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 303.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.75 303.25 Td (err) Tj ET Q q 0 0 0 rg BT 68.89 303.25 Td (orism) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 283.25 Td (Since the terrorist attacks of September1) Tj ET Q q 0 0 0 rg BT 238.58 283.25 Td (1, 2001, we have sought to mitigate the risk associated with any future terrorist ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (attacks by limiting the aggregate insured value of policies in geographic areas with exposure to losses from terrorist attacks. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (This is accomplished by either limiting the total insured values exposed, or) Tj ET Q q 0 0 0 rg BT 349.54 259.25 Td (, where applicable, through the use of terrorism ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (exclusions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 227.25 Td (In December 2007, the U.S. government extended the ) Tj ET Q q 0 0 0 rg BT 291.81 227.25 Td (T) Tj ET Q q 0 0 0 rg BT 297.22 227.25 Td (errorism ) Tj ET Q q 0 0 0 rg BT 333.04 227.25 Td (Act until December31, 2014. ) Tj ET Q q 0 0 0 rg BT 454.22 227.25 Td (The ) Tj ET Q q 0 0 0 rg BT 472.09 227.25 Td (T) Tj ET Q q 0 0 0 rg BT 477.50 227.25 Td (errorism ) Tj ET Q q 0 0 0 rg BT 513.32 227.25 Td (Act ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (established a federal "backstop" for commercial property and casualty losses, including workers compensation, resulting from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (acts of terrorism by or on behalf of any foreign person or foreign interest. ) Tj ET Q q 0 0 0 rg BT 345.74 203.25 Td (As extended, the law now also covers domestic acts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (of terrorism. ) Tj ET Q q 0 0 0 rg BT 102.30 191.25 Td (The law limits the industry's aggregate liability by requiring the federal government to share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.00 191.25 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.33 191.25 Td ( of certified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (losses once a company meets a specific retention or deductible as determined by its prior year's direct written premiums and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (limits the aggregate liability to be paid by the government and industry without further action by Congress at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.24 167.25 Td ($100 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.85 167.25 Td (. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (exchange for this "backstop," primary insurers are required to make coverage available to commercial insureds for losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (acts of terrorism as specified in the ) Tj ET Q q 0 0 0 rg BT 192.27 143.25 Td (T) Tj ET Q q 0 0 0 rg BT 197.68 143.25 Td (errorism ) Tj ET Q q 0 0 0 rg BT 233.51 143.25 Td (Act. ) Tj ET Q q 0 0 0 rg BT 252.76 143.25 Td (The following types of coverage are excluded from the program: commercial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (automobile, bur) Tj ET Q q 0 0 0 rg BT 113.14 131.25 Td (glary and theft, surety) Tj ET Q q 0 0 0 rg BT 200.24 131.25 Td (, farmowners multi-peril and all professional liability coverage except directors and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 119.25 Td (ficers coverage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 99.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 99.25 Td (e estimate our individual retention level for commercial policies subject to the ) Tj ET Q q 0 0 0 rg BT 397.35 99.25 Td (T) Tj ET Q q 0 0 0 rg BT 402.76 99.25 Td (errorism ) Tj ET Q q 0 0 0 rg BT 438.59 99.25 Td (Act to be approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.00 99.25 Td ($100 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 87.25 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.67 87.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.67 87.25 Td (. ) Tj ET Q q 0 0 0 rg BT 116.49 87.25 Td (The federal government will pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.05 87.25 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.38 87.25 Td ( of covered terrorism losses that exceed our or the industry's retention ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.25 Td (levels in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.10 75.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.10 75.25 Td (, up to a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.92 75.25 Td ($100 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.54 75.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Our current property and casualty catastrophe reinsurance programs provide coverage for both "certified" and "non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (certified" events as defined under the ) Tj ET Q q 0 0 0 rg BT 201.06 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 206.47 730.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 242.29 730.10 Td (Act provided such losses are not the result of a nuclear) Tj ET Q q 0 0 0 rg BT 460.71 730.10 Td (, biological, chemical or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (radiological terrorist attack, or for "certified" acts committed by an individual or individuals acting on behalf of any foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (person or foreign interest. See "BusinessCatastrophe Risk Management and Reinsurance Protection" above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 686.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 686.10 Td (e closely monitor and manage our concentration of risk by geographic area. Our guideline is to control our exposures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (so that our total maximum expected loss from a likely terrorism event within any half-mile radius in a metropolitan area or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (around a tar) Tj ET Q q 0 0 0 rg BT 97.57 662.10 Td (get risk will not exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.38 662.10 Td ($200 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.77 662.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.60 662.10 Td ($300 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.99 662.10 Td ( in all other areas before considering the ) Tj ET Q q 0 0 0 rg BT 475.08 662.10 Td (T) Tj ET Q q 0 0 0 rg BT 480.49 662.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 516.31 662.10 Td (Act. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (Reports monitoring our terrorism exposures are generated quarterly) Tj ET Q q 0 0 0 rg BT 319.54 650.10 Td (, and the exposure of potential new business located in areas ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (of existing concentration or that individually present significant exposure is evaluated during the underwriting process. ) Tj ET Q q 0 0 0 rg BT 527.66 638.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (result, we believe that we have taken appropriate actions to limit our exposure to losses from terrorist attacks and will continue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (to monitor our terrorism exposure in the future. Nonetheless, risks insured by us, including those covered by the ) Tj ET Q q 0 0 0 rg BT 500.56 614.10 Td (T) Tj ET Q q 0 0 0 rg BT 505.97 614.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 541.80 614.10 Td (Act, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (remain exposed to terrorist attacks and the possibility remains that losses resulting from future terrorist attacks could prove to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (be material.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (Loss and LAE Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 714.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 714.25 Td (e establish loss and LAE reserves that are estimates of amounts needed to pay claims and related expenses in the future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td (for insured events that have already occurred. ) Tj ET Q q 0 0 0 rg BT 234.74 702.25 Td (The process of estimating reserves involves a considerable degree of judgment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (by management and, as of any given date, is inherently uncertain. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 459.11 690.25 Td (Analysis of Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (Condition and Results of OperationsCritical ) Tj ET Q q 0 0 0 rg BT 238.04 678.25 Td (Accounting Estimates.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 658.25 Td (The following table summarizes our loss and LAE reserve activities for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.22 658.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.80 658.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.80 658.25 Td (201) Tj ET Q q 0 0 0 rg BT 525.43 658.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.43 658.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 646.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 596.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 596.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 596.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 596.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 596.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 566.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 566.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 566.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 566.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 566.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 536.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 536.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 536.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 536.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 536.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 506.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 506.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 506.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 506.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 506.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 476.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 476.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 476.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 476.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 476.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 446.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 446.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 446.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 446.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 446.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 416.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 416.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 416.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 416.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 416.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 386.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 386.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 386.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 386.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 356.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 356.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 356.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 356.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 356.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 356.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 356.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 81.50 326.75 256.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 326.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 326.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 326.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 622.75 m 401.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 622.75 m 465.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 622.75 m 529.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 622.75 m 401.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 609.75 m 401.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 622.75 m 465.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 609.75 m 465.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 622.75 m 529.5 622.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 609.75 m 529.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 566.75 m 401.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 566.75 m 401.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 551.75 m 401.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 566.75 m 465.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 551.75 m 465.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 566.75 m 529.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 551.75 m 529.5 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 506.75 m 401.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 506.75 m 465.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 506.75 m 529.5 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 446.75 m 401.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 431.75 m 401.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 446.75 m 465.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 431.75 m 465.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 446.75 m 529.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 431.75 m 529.5 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 386.75 m 401.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 386.75 m 465.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 386.75 m 529.5 386.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 341.75 m 401.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 341.75 m 465.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 341.75 m 529.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 311.75 m 465.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 311.75 m 401.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 297.75 m 401.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 295.75 m 401.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 311.75 m 465.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 297.75 m 465.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 295.75 m 465.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 311.75 m 529.5 311.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 297.75 m 529.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 295.75 m 529.5 295.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 391.60 626.98 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.00 613.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.20 613.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.00 613.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 84.00 600.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.40 600.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 586.42 Td (Gross beginning loss and LAE reserve) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 586.42 Td (3,358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 586.42 Td (3,295.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 586.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 586.42 Td (3,934.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 571.42 Td (Less beginning reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.30 571.47 Td (\(2,167.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 571.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.30 571.47 Td (\(1,893.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 571.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.30 571.47 Td (\(2,192.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 571.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 556.42 Td (Net beginning loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 556.42 Td (1,191.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 556.42 Td (1,402.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 556.42 Td (1,741.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 541.42 Td (Loss and LAE incurred relating to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 541.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 541.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 541.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 526.42 Td (Current year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 526.42 Td (657.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 526.42 Td (578.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 526.42 Td (721.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 511.42 Td (Prior year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.80 511.47 Td (\(7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 511.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.80 511.47 Td (\(29.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 511.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.80 511.47 Td (\(36.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 511.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 496.42 Td (Total incurred loss and LAE from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 496.42 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 496.42 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 496.42 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 481.42 Td (Loss and LAE paid relating to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 481.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 481.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 481.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 466.42 Td (Current year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 466.47 Td (\(224.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 466.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.80 466.47 Td (\(216.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 466.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 466.47 Td (\(285.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 466.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 451.42 Td (Prior year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 451.47 Td (\(340.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 451.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.80 451.47 Td (\(306.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 451.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 451.47 Td (\(369.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 451.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 436.42 Td (Total loss and LAE payments from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 436.47 Td (\(565.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 436.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.80 436.47 Td (\(523.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 436.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 436.47 Td (\(654.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 436.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 421.42 Td (Net loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 421.42 Td (1,276.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 421.42 Td (1,427.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 421.42 Td (1,772.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 406.42 Td (Total incurred loss and LAE from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 406.42 Td (48.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 406.42 Td (89.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 406.42 Td (244.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 391.42 Td (Total loss and LAE payments from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 391.47 Td (\(220.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 391.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.80 391.47 Td (\(261.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 391.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 391.47 Td (\(384.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 391.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 376.42 Td (Net loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 376.42 Td (1,103.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 376.42 Td (1,255.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 376.42 Td (1,633.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 361.42 Td (Net loss and LAE reserves reclassified to held for sale) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 300.87 365.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.80 361.47 Td (\(147.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 361.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.80 361.47 Td (\(64.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 361.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.65 361.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 346.42 Td (Net loss and LAE reserves sold) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 209.81 350.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.80 346.47 Td (\(63.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 346.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.65 346.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.80 346.47 Td (\(231.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 346.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 331.42 Td (Net ending loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 331.42 Td (892.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 331.42 Td (1,191.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 331.42 Td (1,402.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.00 316.42 Td (Plus ending reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 316.42 Td (107.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 316.42 Td (2,167.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 316.42 Td (1,893.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.00 301.42 Td (Gross ending loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 301.42 Td (1,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 301.42 Td (3,358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.00 301.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 301.42 Td (3,295.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 287.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 113.00 277.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 272.65 Td (During the year ended December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.71 272.65 Td ($21) Tj ET Q q 0 0 0 rg BT 316.34 272.65 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.24 272.65 Td ( of net loss and LAE reserves related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 260.65 Td (Runof) Tj ET Q q 0 0 0 rg BT 151.32 260.65 Td (f Business were reclassified to held for sale and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.31 260.65 Td ($64.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.20 260.65 Td ( of net loss and LAE reserves related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 248.65 Td (the ) Tj ET Q q 0 0 0 rg BT 140.67 248.65 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 179.64 248.65 Td (T) Tj ET Q q 0 0 0 rg BT 185.40 248.65 Td (ransaction were reclassified from held for sale. In the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.53 248.65 Td (201) Tj ET Q q 0 0 0 rg BT 520.16 248.65 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.16 248.65 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.16 248.65 Td ($64.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 236.65 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.39 236.65 Td ( of net loss and LAE reserves related to the ) Tj ET Q q 0 0 0 rg BT 329.78 236.65 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 368.76 236.65 Td (T) Tj ET Q q 0 0 0 rg BT 374.52 236.65 Td (ransaction were reclassified to held for sale. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 113.00 221.18 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 216.65 Td (During the year ended December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.71 216.65 Td ($63.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.61 216.65 Td ( of net loss and LAE reserves related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 204.65 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 165.48 204.65 Td (T) Tj ET Q q 0 0 0 rg BT 171.24 204.65 Td (ransaction were sold. During the year ended December31, 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.64 204.65 Td ($231.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.54 204.65 Td ( of net loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 192.65 Td (LAE reserves related to the Personal Lines ) Tj ET Q q 0 0 0 rg BT 299.87 192.65 Td (T) Tj ET Q q 0 0 0 rg BT 305.63 192.65 Td (ransaction \(as defined in Item 7"Management's Discussion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 180.65 Td (and ) Tj ET Q q 0 0 0 rg BT 142.89 180.65 Td (Analysis of Financial Condition and Results of OperationsOverviewSignificant ) Tj ET Q q 0 0 0 rg BT 482.66 180.65 Td (T) Tj ET Q q 0 0 0 rg BT 488.41 180.65 Td (ransactions"\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 168.65 Td (were sold.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The following information presents \(1\)our reserve development over the preceding 10years and \(2\)a reconciliation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reserves on a regulatory basis to reserves determined in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 367.94 730.10 Td (, as prescribed by Securities ) Tj ET Q q 0 0 0 rg BT 481.80 730.10 Td (Act Industry Guide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (No.6.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 698.10 Td (SectionI of the 10-year table shows the estimated liability that was recorded at the end of each of the indicated years for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (all current and prior accident year unpaid loss and LAE. ) Tj ET Q q 0 0 0 rg BT 276.68 686.10 Td (The liability represents the estimated amount of loss and LAE for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (claims that were unpaid at the balance sheet date, including incurred but not reported, or IBNR, reserves. ) Tj ET Q q 0 0 0 rg BT 472.17 674.10 Td (The liability for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (unpaid loss and LAE is recorded in the balance sheet gross of the ef) Tj ET Q q 0 0 0 rg BT 321.12 662.10 Td (fects of reinsurance with an estimate of reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (recoverables arising from reinsurance contracts reported separately as an asset. ) Tj ET Q q 0 0 0 rg BT 367.73 650.10 Td (The net balance represents the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (amount of unpaid loss and LAE outstanding as of the balance sheet date, reduced by estimates of amounts recoverable under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (reinsurance contracts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 606.10 Td (SectionII shows the cumulative amount of net loss and LAE paid relating to recorded liabilities as of the end of each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (succeeding year) Tj ET Q q 0 0 0 rg BT 113.58 594.10 Td (. SectionIII shows the re-estimated amount of the previously recorded net liability as of the end of each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (succeeding year) Tj ET Q q 0 0 0 rg BT 113.58 582.10 Td (. Estimates of the liability for unpaid loss and LAE are increased or decreased as payments are made and more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (information regarding individual claims and trends, such as overall frequency \(the average number of claims submitted per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (policy during a given period of time\) and severity \(the average value of claims submitted per policy during a given period of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (time\) patterns, becomes known. SectionIV) Tj ET Q q 0 0 0 rg BT 222.83 546.10 Td ( shows the cumulative net \(deficiency\)/redundancy representing the aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (change in the liability from original balance sheet dates and the re-estimated liability through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.88 534.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.46 534.10 Td (. Section) Tj ET Q q 0 0 0 rg BT 540.78 534.10 Td (V) Tj ET Q q 0 0 0 rg BT 547.82 534.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (shows the re-estimated gross liability and re-estimated reinsurance recoverables through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.43 522.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.02 522.10 Td (. Section) Tj ET Q q 0 0 0 rg BT 521.33 522.10 Td (VI shows ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (the cumulative gross \(deficiency\)/redundancy representing the aggregate change in the liability from original balance sheet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (dates and the re-estimated liability through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.84 498.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.42 498.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 706.50 104.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 706.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 675.50 104.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 675.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 644.50 104.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 644.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 613.50 104.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 613.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 589.50 104.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 589.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 565.50 104.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 565.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 541.50 104.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 541.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 517.50 104.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 517.50 37.00 -12.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 265.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 469.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 445.50 104.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 445.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 421.50 104.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 421.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 421.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 421.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 421.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 421.50 37.00 -12.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 413.00 373.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 373.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 373.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 373.50 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 349.50 104.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 349.50 37.00 -33.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 297.50 104.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 297.50 37.00 -19.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 259.50 104.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 228.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 259.50 37.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 524.00 259.50 37.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 730.5 m 191 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 730.5 m 228 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 730.5 m 265 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 730.5 m 302 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 730.5 m 339 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 730.5 m 376 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 730.5 m 413 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 730.5 m 450 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 730.5 m 487 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 730.5 m 524 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 730.5 m 561 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 730.5 m 191 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 718.5 m 191 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 730.5 m 228 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 718.5 m 228 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 730.5 m 265 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 718.5 m 265 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 730.5 m 302 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 718.5 m 302 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 730.5 m 339 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 718.5 m 339 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 730.5 m 376 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 718.5 m 376 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 730.5 m 413 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 718.5 m 413 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 730.5 m 450 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 718.5 m 450 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 730.5 m 487 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 718.5 m 487 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 730.5 m 524 730.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 718.5 m 524 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 718.5 m 561 718.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 656.5 m 191 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 656.5 m 228 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 656.5 m 265 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 656.5 m 302 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 656.5 m 339 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 656.5 m 376 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 656.5 m 413 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 656.5 m 450 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 656.5 m 487 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 656.5 m 524 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 524 656.5 m 561 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 278.5 m 228 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 278.5 m 265 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 278.5 m 302 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 278.5 m 339 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 278.5 m 376 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 278.5 m 413 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 278.5 m 450 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 278.5 m 487 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 278.5 m 524 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 154 278.5 m 191 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 191 278.5 m 228 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228 278.5 m 265 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 278.5 m 302 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 278.5 m 339 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 278.5 m 376 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 278.5 m 413 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 278.5 m 450 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 450 278.5 m 487 278.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 278.5 m 524 278.5 l s BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 734.56 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.15 741.26 Td (Loss and LAE) Tj ET Q BT /F3 7.00 Tf ET BT /F3 4.55 Tf ET q 0 0 0 rg BT 371.95 744.43 Td (\(1\), \(2\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 319.00 734.26 Td (Y) Tj ET Q q 0 0 0 rg BT 323.28 734.26 Td (ear) Tj ET Q q 0 0 0 rg BT 332.87 734.26 Td ( ended December) Tj ET Q q 0 0 0 rg BT 384.45 734.26 Td (31,) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 722.56 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 165.00 722.56 Td (2002) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 202.00 722.56 Td (2003) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 239.00 722.56 Td (2004) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 276.00 722.56 Td (2005) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 313.00 722.56 Td (2006) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 350.00 722.56 Td (2007) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 387.00 722.56 Td (2008) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 424.00 722.56 Td (2009) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 461.00 722.56 Td (2010) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 498.15 722.56 Td (2011) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 535.00 722.56 Td (2012) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 52.50 710.56 Td () Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 336.35 710.56 Td (\($ in millions\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 698.55 Td (I. Liability for unpaid loss and) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 691.55 Td (LAE:) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 526.50 691.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 679.55 Td (Gross balance) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 679.55 Td (78.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.85 679.55 Td (130.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 679.55 Td (211.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 679.55 Td (376.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 679.55 Td (436.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 679.55 Td (480.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 679.55 Td (627.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 679.55 Td (702.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 679.55 Td (835.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.85 679.55 Td (868.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 537.10 679.55 Td (1,000.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 667.55 Td (Less reinsurance recoverable on) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 660.55 Td (unpaid loss and LAE) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 170.05 660.55 Td (\(12.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 184.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 207.05 660.55 Td (\(15.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.05 660.55 Td (\(14.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 281.05 660.55 Td (\(46.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.05 660.60 Td (\(30.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.05 660.60 Td (\(24.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.05 660.60 Td (\(49.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.05 660.60 Td (\(43.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.05 660.60 Td (\(53.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 503.05 660.60 Td (\(61.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.65 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 540.05 660.60 Td (\(107.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 558.15 660.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 648.55 Td (Net balance) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 648.55 Td (66.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.85 648.55 Td (114.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 648.55 Td (196.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 648.55 Td (329.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 648.55 Td (405.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 648.55 Td (455.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 648.55 Td (577.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 648.55 Td (658.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 648.55 Td (781.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.85 648.55 Td (806.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 542.40 648.55 Td (892.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 636.55 Td (II. Cumulative amount of net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 629.55 Td (liability paid through:) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 526.50 629.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 617.55 Td (1year later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 617.55 Td (32.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 617.55 Td (48.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.40 617.55 Td (58.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 617.55 Td (126.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.40 617.55 Td (96.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.40 617.55 Td (97.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 617.55 Td (154.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 617.55 Td (219.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 617.55 Td (306.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.85 617.55 Td (339.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 617.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 605.55 Td (2years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 605.55 Td (49.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 605.55 Td (62.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.40 605.55 Td (76.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 605.55 Td (168.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 605.55 Td (132.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 605.55 Td (159.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 605.55 Td (235.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 605.55 Td (357.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 605.55 Td (474.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 605.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 593.55 Td (3years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 593.55 Td (55.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 593.55 Td (74.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.40 593.55 Td (95.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 593.55 Td (185.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 593.55 Td (167.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 593.55 Td (197.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 593.55 Td (294.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 593.55 Td (436.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 593.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 581.55 Td (4years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 581.55 Td (61.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 581.55 Td (81.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 581.55 Td (101.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 581.55 Td (205.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 581.55 Td (183.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 581.55 Td (230.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 581.55 Td (331.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 581.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 569.55 Td (5years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 569.55 Td (64.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 569.55 Td (82.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 569.55 Td (105.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 569.55 Td (214.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 569.55 Td (195.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 569.55 Td (244.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 569.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 557.55 Td (6years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 557.55 Td (65.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 557.55 Td (84.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 557.55 Td (106.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 557.55 Td (218.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 557.55 Td (199.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 557.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 545.55 Td (7years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 545.55 Td (65.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 545.55 Td (84.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 545.55 Td (106.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 545.55 Td (221.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 545.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 533.55 Td (8years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 533.55 Td (66.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 533.55 Td (84.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 533.55 Td (108.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 533.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 521.55 Td (9years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 521.55 Td (66.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 521.55 Td (82.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 521.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 509.55 Td (10years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 509.55 Td (64.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 509.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 497.55 Td (III. Net liability re-estimated as of:) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 526.50 497.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 485.55 Td (1year later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 485.55 Td (74.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.85 485.55 Td (109.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 485.55 Td (179.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 485.55 Td (325.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 485.55 Td (308.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 485.55 Td (391.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 485.55 Td (492.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 485.55 Td (630.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 485.55 Td (751.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.85 485.55 Td (799.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 485.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 473.55 Td (2years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 473.55 Td (67.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.85 473.55 Td (102.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 473.55 Td (152.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 473.55 Td (269.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 473.55 Td (267.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 473.55 Td (335.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 473.55 Td (459.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 473.55 Td (595.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 473.55 Td (743.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 473.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 461.55 Td (3years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 461.55 Td (69.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.85 461.55 Td (100.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 461.55 Td (128.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 461.55 Td (243.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 461.55 Td (243.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 461.55 Td (318.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 461.55 Td (416.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 461.55 Td (589.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 461.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 449.55 Td (4years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 449.55 Td (69.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 449.55 Td (91.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 449.55 Td (119.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 449.55 Td (238.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 449.55 Td (227.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 449.55 Td (297.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 449.55 Td (413.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 449.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 437.55 Td (5years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 437.55 Td (68.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 437.55 Td (87.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 437.55 Td (118.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 437.55 Td (228.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 437.55 Td (224.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 437.55 Td (294.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 437.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 425.55 Td (6years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 425.55 Td (67.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 425.55 Td (86.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 425.55 Td (111.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 425.55 Td (229.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 425.55 Td (221.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 425.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 413.55 Td (7years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 413.55 Td (67.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 413.55 Td (86.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 413.55 Td (110.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 413.55 Td (230.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 413.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 401.55 Td (8years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 401.55 Td (67.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 401.55 Td (86.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 401.55 Td (111.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 401.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 389.55 Td (9years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 389.55 Td (66.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 389.55 Td (84.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 389.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 377.55 Td (10years later) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 377.55 Td (65.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 377.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 365.55 Td (IV) Tj ET Q q 0 0 0 rg BT 58.98 365.55 Td (. Cumulative net redundancy) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 175.90 365.55 Td (1.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 365.55 Td (30.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.40 365.55 Td (85.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.40 365.55 Td (99.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 365.55 Td (183.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 365.55 Td (161.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 365.55 Td (164.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 431.40 365.55 Td (68.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.40 365.55 Td (37.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 365.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 508.90 365.55 Td (7.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 365.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 353.55 Td (Percent redundant) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 175.90 353.55 Td (2.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 184.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 353.55 Td (26.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.40 353.55 Td (43.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.40 353.55 Td (30.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.40 353.55 Td (45.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.40 353.55 Td (35.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 394.40 353.55 Td (28.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 431.40 353.55 Td (10.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 471.90 353.55 Td (4.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 508.90 353.55 Td (0.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.65 353.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 353.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 341.55 Td (V. Reconciliation of net liability) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 334.55 Td (re-estimated as of the end of the) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 327.55 Td (latest re-estimation period \(see III) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 320.55 Td (above\):) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 526.50 320.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 308.55 Td (Gross unpaid loss and LAE latest) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 301.55 Td (re-estimate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 301.55 Td (71.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 205.85 301.55 Td (107.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 301.55 Td (130.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 301.55 Td (305.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 301.55 Td (251.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 301.55 Td (328.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 301.55 Td (458.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 301.55 Td (629.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 301.55 Td (787.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 301.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.85 301.55 Td (843.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 301.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 289.55 Td (Reinsurance recoverable latest re-) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 282.55 Td (estimate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 173.55 282.55 Td (\(5.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 184.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 207.05 282.55 Td (\(23.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 244.05 282.55 Td (\(19.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 281.05 282.55 Td (\(75.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 318.05 282.60 Td (\(29.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 355.05 282.60 Td (\(34.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 392.05 282.60 Td (\(45.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 429.05 282.60 Td (\(39.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 466.05 282.60 Td (\(43.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 503.05 282.60 Td (\(44.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.65 282.55 Td (\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 282.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 270.55 Td (Net unpaid loss and LAE latest re-) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 263.55 Td (estimate) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 172.40 263.55 Td (65.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 263.55 Td (84.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 242.85 263.55 Td (111.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 279.85 263.55 Td (230.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 263.55 Td (221.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 263.55 Td (294.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 263.55 Td (413.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 427.85 263.55 Td (589.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 464.85 263.55 Td (743.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 263.55 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 501.85 263.55 Td (799.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 263.55 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 252.15 Td (VI. Cumulative gross redundancy) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 156.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 175.90 252.15 Td (7.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 193.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 252.15 Td (22.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 230.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.40 252.15 Td (80.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 267.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.40 252.15 Td (71.0) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 304.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 316.85 252.15 Td (184.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 341.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 353.85 252.15 Td (151.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 378.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 390.85 252.15 Td (168.5) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 415.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 431.40 252.15 Td (72.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 452.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 468.40 252.15 Td (47.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 489.50 252.15 Td ($) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 505.40 252.15 Td (24.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 252.15 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 52.50 240.55 Td (Percent redundant) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 175.90 240.55 Td (9.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 184.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 209.40 240.55 Td (17.2) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 221.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 246.40 240.55 Td (38.1) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 258.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.40 240.55 Td (18.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 295.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 320.40 240.55 Td (42.4) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 332.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 357.40 240.55 Td (31.6) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 369.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 394.40 240.55 Td (26.9) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 406.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 431.40 240.55 Td (10.3) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 443.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 471.90 240.55 Td (5.7) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 480.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 508.90 240.55 Td (2.8) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 517.65 240.55 Td (%) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 557.50 240.55 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 227.40 Td (_______________________________________________________________________________) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 50.00 218.42 Td (\(1\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 214.80 Td (The 10-year table is reflective of activity related to our loss and LAE reserves from Specialty Products and Specialty Industries and excludes the purchase ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 205.20 Td (accounting adjustments for the OneBeacon ) Tj ET Q q 0 0 0 rg BT 202.79 205.20 Td (Acquisition or the ef) Tj ET Q q 0 0 0 rg BT 268.63 205.20 Td (fect of any reserve activity from the af) Tj ET Q q 0 0 0 rg BT 391.32 205.20 Td (filiate quota share agreements. ) Tj ET Q q 0 0 0 rg BT 490.61 205.20 Td (Af) Tj ET Q q 0 0 0 rg BT 498.91 205.20 Td (filiate quota shares ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 195.60 Td (refer to two quota share reinsurance agreements we entered into with subsidiaries of ) Tj ET Q q 0 0 0 rg BT 334.59 195.60 Td (White Mountains primarily for ) Tj ET Q q 0 0 0 rg BT 435.31 195.60 Td (White Mountains' capital management ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 186.00 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 95.80 186.00 Td (These agreements were commuted in the fourth quarter of 2006 in connection with our initial public of) Tj ET Q q 0 0 0 rg BT 424.89 186.00 Td (fering. ) Tj ET Q q 0 0 0 rg BT 447.84 186.00 Td (The 10-year table also excludes the ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 176.40 Td (Runof) Tj ET Q q 0 0 0 rg BT 83.36 176.40 Td (f Business and ) Tj ET Q q 0 0 0 rg BT 131.58 176.40 Td (AutoOne, which have been presented as discontinued operations in the statements of operations for all periods presented. For ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 166.80 Td (purposes of the 10-year table, loss and LAE reserves, and the related reinsurance recoverable on unpaid loss and LAE, related to the Runof) Tj ET Q q 0 0 0 rg BT 508.31 166.80 Td (f Business and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 157.20 Td (AutoOne have been excluded for all periods presented to conform to the presentation of assets and liabilities associated with the Runof) Tj ET Q q 0 0 0 rg BT 495.23 157.20 Td (f Business and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 147.60 Td (AutoOne, which are presented as held for sale in the consolidated balance sheets as of December31, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.60 147.60 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.60 147.60 Td ( and 201) Tj ET Q q 0 0 0 rg BT 430.86 147.60 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 476.98 147.60 Td (.) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 50.00 138.63 Td (\(2\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 135.00 Td (The 10-year table also excludes loss and LAE reserves related to the Personal Lines ) Tj ET Q q 0 0 0 rg BT 333.48 135.00 Td (T) Tj ET Q q 0 0 0 rg BT 338.09 135.00 Td (ransaction \(as defined in Item 7"Management's Discussion and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 125.40 Td (Analysis of Financial Condition and Results of OperationsOverviewSignificant ) Tj ET Q q 0 0 0 rg BT 335.32 125.40 Td (T) Tj ET Q q 0 0 0 rg BT 339.92 125.40 Td (ransactions"\). ) Tj ET Q q 0 0 0 rg BT 385.70 125.40 Td (The net reserves related to this business for the years ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 115.80 Td (2002 through 2009 were as follows: $697.1 million, $627.8 million, $518.3 million, $434.4 million, $386.6 million, $322.5 million, $333.5 million and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.50 106.20 Td ($315.4 million, respectively) Tj ET Q q 0 0 0 rg BT 152.74 106.20 Td (. ) Tj ET Q q 0 0 0 rg BT 156.60 106.20 Td (This business was sold in 2010 and therefore, there were no net reserves as of December 31, 2010, 201) Tj ET Q q 0 0 0 rg BT 485.76 106.20 Td (1 or 2012.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table reconciles loss and LAE reserves, excluding the impact of purchase accounting adjustments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (determined on a statutory basis to loss and LAE reserves determined in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 431.74 730.10 Td ( at December31, as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 674.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 674.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 674.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 674.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 674.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 674.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 674.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 645.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 645.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 645.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 645.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 645.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 645.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 645.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 617.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 617.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 617.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 617.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 617.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 617.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 617.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 698.6 m 378.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 698.6 m 382.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 698.6 m 432.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 698.6 m 436.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 698.6 m 486.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 698.6 m 378.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 686.6 m 378.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 698.6 m 382.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 698.6 m 432.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 686.6 m 432.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 698.6 m 436.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 698.6 m 486.5 698.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 686.6 m 486.5 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 603.6 m 378.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 603.6 m 378.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 590.6 m 378.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 588.6 m 378.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 603.6 m 432.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 590.6 m 432.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 588.6 m 432.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 603.6 m 486.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 590.6 m 486.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 588.6 m 486.5 588.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 702.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 702.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 690.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.00 690.68 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 690.68 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 690.68 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 678.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.40 678.68 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 665.17 Td (Statutory reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 665.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.60 665.17 Td (2,299.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 665.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 665.17 Td (2,604.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 665.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.60 665.17 Td (2,681.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 650.27 Td (Reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 294.16 654.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 650.27 Td (107.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 650.27 Td (61.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 650.27 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 636.17 Td (Runof) Tj ET Q q 0 0 0 rg BT 151.82 636.17 Td (f Business) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 193.21 640.70 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.30 636.17 Td (\(1,406.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 636.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.30 636.22 Td (\(1,717.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 636.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 636.22 Td (\(1,800.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 636.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 622.17 Td (AutoOne) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 163.66 626.70 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 622.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.80 622.22 Td (\(64.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 622.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 622.22 Td (\(77.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 622.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 608.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 149.77 612.70 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 608.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.80 608.22 Td (\(15.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 608.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 608.22 Td (\(22.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 608.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 594.17 Td (GAAP reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 594.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.60 594.17 Td (1,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 594.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 594.17 Td (868.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 594.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 594.17 Td (835.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 580.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 570.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 565.50 Td (Represents adjustments made to add back reinsurance recoverables on unpaid losses related to ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 553.50 Td (specialty business included with the presentation of reserves under statutory accounting.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 543.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 538.50 Td (Represents loss and LAE reserves related to the Runof) Tj ET Q q 0 0 0 rg BT 358.09 538.50 Td (f Business which are presented as liabilities held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 526.50 Td (for sale in the December31, 2012 balance sheet and have been excluded from this table for the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 514.50 Td (periods presented to conform to the current presentation. ) Tj ET Q q 0 0 0 rg BT 368.54 514.50 Td (Also includes adjustments made for certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 502.50 Td (reinsurance recoverables on unpaid losses that have a dif) Tj ET Q q 0 0 0 rg BT 366.95 502.50 Td (ferent presentation for statutory than for GAAP) Tj ET Q q 0 0 0 rg BT 555.79 502.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 492.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 487.50 Td (Represents loss and LAE reserves related to ) Tj ET Q q 0 0 0 rg BT 318.00 487.50 Td (AutoOne which are presented as liabilities held for sale in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 475.50 Td (the December31, 201) Tj ET Q q 0 0 0 rg BT 227.93 475.50 Td (1 balance sheet and have been excluded from the 10-year table for all periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 463.50 Td (presented. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 453.03 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 448.50 Td (Amounts as of December 31, 201) Tj ET Q q 0 0 0 rg BT 274.04 448.50 Td (1 and 2010 represent long-term workers compensation loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 436.50 Td (reserve discount in excess of statutorily defined discount. ) Tj ET Q q 0 0 0 rg BT 371.33 436.50 Td (As of December 31, 2012, the GAAP) Tj ET Q q 0 0 0 rg BT 520.93 436.50 Td ( discount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 424.50 Td (on long-term workers compensation loss and LAE reserves was equal to the statutorily defined discount.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 390.25 Td (Investing, Financing and Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 370.25 Td (Investing, Financing and Corporate primarily consists of investing and financing activities, as well as other assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (liabilities, and general and administrative expenses and interest expense incurred at the holding company level. ) Tj ET Q q 0 0 0 rg BT 498.75 358.25 Td (Also included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (in this segment for 2010 are the operations associated with personal lines business that we sold in 2010. See Item 7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td ("Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 187.26 334.25 Td (Analysis of Financial Condition and Results of OperationsOverviewSignificant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 322.25 Td (ransactions.") Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (Investing) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 262.25 Td (Invested assets are not allocated to our Specialty Products or Specialty Industries reportable segments since we do not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (manage our assets by segment. Invested assets, net investment income, and net realized and change in unrealized investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.25 Td (gains \(losses\) related to our Specialty Products and Specialty Industries segments are included in the Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Corporate segment since these assets are available for payment of losses and expenses for all segments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 206.25 Td (Our traditional investment philosophy is to maximize our after tax risk-adjusted return while taking prudent levels of risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (and maintaining a diversified portfolio. Under this approach, each dollar of after) Tj ET Q q 0 0 0 rg BT 371.07 194.25 Td (-tax investment income and realized and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (unrealized gains and losses is valued equally) Tj ET Q q 0 0 0 rg BT 228.19 182.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 162.25 Td (Our investment portfolios are managed under agreements with ) Tj ET Q q 0 0 0 rg BT 326.52 162.25 Td (White Mountains ) Tj ET Q q 0 0 0 rg BT 398.18 162.25 Td (AdvisorsLLC \(WM ) Tj ET Q q 0 0 0 rg BT 481.79 162.25 Td (Advisors\), a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 150.25 Td (registered investment advisor that is owned by ) Tj ET Q q 0 0 0 rg BT 238.39 150.25 Td (White Mountains, and Prospector Partners,LLC \(Prospector\), a primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.25 Td (registered investment advisor) Tj ET Q q 0 0 0 rg BT 167.19 138.25 Td (. See Note15"Related Party Disclosures" of the accompanying consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.25 Td (statements. Our investment portfolio mix as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.86 126.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.44 126.25 Td ( consisted in lar) Tj ET Q q 0 0 0 rg BT 380.30 126.25 Td (ge part of high quality) Tj ET Q q 0 0 0 rg BT 468.52 126.25 Td (, short duration fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.25 Td (maturity investments and short-term investments, as well as equity investments which are comprised of common stock, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.25 Td (convertible fixed maturity securities and other investments such as hedge funds and private equity funds. Our management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.25 Td (believes that prudent levels of investments in common equity securities, convertible fixed maturity securities, and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.25 Td (investments within our investment portfolio are likely to enhance long-term after tax total returns without significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.25 Td (increasing the risk profile of the portfolio.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Fixed Income and Other Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 94.28 722.10 Td (Advisors, along with any sub-advisors they may engage, manages our fixed income portfolio, which includes both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (fixed maturity and short-term investments, and our other investments portfolio which primarily consists of hedge funds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (private equity funds. ) Tj ET Q q 0 0 0 rg BT 134.80 698.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 155.08 698.10 Td (Advisors' overall fixed maturity investment strategy is to purchase securities that are attractively ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (priced in relation to their investment risks. ) Tj ET Q q 0 0 0 rg BT 222.00 686.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 242.28 686.10 Td (Advisors generally manages the interest rate risk associated with holding fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (maturity investments by actively maintaining the average duration of the portfolio to achieve an adequate after tax total return ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (without subjecting the portfolio to an unreasonable level of interest rate risk.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (Common Equity Securities and Convertible Fixed Maturity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 622.10 Td (Prospector is the primary manager of our common equity securities and convertible fixed maturity securities portfolios. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (Prospector's investment strategy is to maximize risk-adjusted absolute return through investments in a variety of equity) Tj ET Q q 0 0 0 rg BT 525.77 610.10 Td (, equity-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (related and convertible fixed maturity instruments. Prospector invests in the United States and other developed markets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Prospector's philosophy is to utilize a bottom-up, value investing approach. Preservation of capital is of the utmost importance.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (Financing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 546.10 Td (Debt and the related interest expense on debt also are not allocated to or managed by segment and are included in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (Investing, Financing and Corporate segment.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (2012 Senior Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 494.10 Td (In November 2012, OneBeacon U.S. Holdings,Inc. \(OBH\), an intermediate holding company of OneBeacon, issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td ($275.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 482.10 Td ( face value of senior unsecured debt through a public of) Tj ET Q q 0 0 0 rg BT 331.41 482.10 Td (fering, at an issue price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.75 482.10 Td (99.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.58 482.10 Td ( \(2012 Senior Notes\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (The net proceeds from the issuance of the 2012 Senior Notes were used to repurchase OBH's existing outstanding senior notes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (the 2003 Senior Notes \(as defined below\). ) Tj ET Q q 0 0 0 rg BT 220.89 458.10 Td (The 2012 Senior Notes bear an annual interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.92 458.10 Td (4.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.75 458.10 Td (, payable semi-annually ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (in arrears on May9 and November9 until maturity on November 9, 2022. OneBeacon Insurance Group, Ltd. provides an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (irrevocable and unconditional guarantee as to the payment of principal and interest on the 2012 Senior Notes.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (2003 Senior Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 394.10 Td (In May 2003, OBH issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.77 394.10 Td ($700.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.67 394.10 Td ( face value of senior unsecured debt \(2003 Senior Notes\) through a public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 382.10 Td (fering, at an issue price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.50 382.10 Td (99.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.33 382.10 Td (. ) Tj ET Q q 0 0 0 rg BT 195.15 382.10 Td (The 2003 Senior Notes had an annual interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.41 382.10 Td (5.875%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.24 382.10 Td (, payable semi-annually in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (arrears on May15 and November15, and were scheduled to mature on May15, 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 350.10 Td (From 2008 through 201) Tj ET Q q 0 0 0 rg BT 168.91 350.10 Td (1, OneBeacon repurchased and retired a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.43 350.10 Td ($430.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.32 350.10 Td ( of the face value of its 2003 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (Senior Notes through various transactions. In the fourth quarter of 2012, in connection with the issuance of the 2012 Senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (Notes, OBH purchased and retired the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.27 326.10 Td ($269.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.16 326.10 Td ( aggregate principal amount of outstanding 2003 Senior Notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.16 314.10 Td ($275.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.05 314.10 Td (, which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.92 314.10 Td ($6.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.82 314.10 Td ( re) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 251.08 321.03 32.21 -9.09 re f /GS0 gs q 0 0 0 rg BT 251.08 314.10 Td (lated to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.30 314.10 Td (a make-whole premium. ) Tj ET Q q 0 0 0 rg BT 383.08 314.10 Td (White Mountains had provided an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (irrevocable and unconditional guarantee as to the payment of principal and interest on the 2003 Senior Notes. ) Tj ET Q q 0 0 0 rg BT 490.24 302.10 Td (This obligation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (was cancelled as a result of the full retirement of the notes in the fourth quarter 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 270.10 Td (See Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 254.02 270.10 Td (Analysis of Financial Condition and Results of OperationsFinancing.") Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Capital Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 230.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 143.04 230.10 Td (1, OneBeacon Insurance Company \(OBIC\), a wholly-owned insurance operating subsidiary) Tj ET Q q 0 0 0 rg BT 509.24 230.10 Td (, sold the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (majority of its fixed assets and capitalized software to OneBeacon ServicesLLC \(OB Services\), an indirect wholly-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 157.39 206.10 Td (. ) Tj ET Q q 0 0 0 rg BT 162.21 206.10 Td (The fixed assets and capitalized software were sold at a cost equal to book value with no gain or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (loss recorded on the sale. Subsequent to purchasing the fixed assets and capitalized software from OBIC, OB Services entered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (into lease financing arrangements with US Bancorp Equipment Finance,Inc. \(US Bancorp\) and Fifth ) Tj ET Q q 0 0 0 rg BT 456.94 182.10 Td (Third Equipment Finance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (Company \(Fifth ) Tj ET Q q 0 0 0 rg BT 116.48 170.10 Td (Third\) whereby OB Services sold its furniture and equipment and its capitalized software, respectively) Tj ET Q q 0 0 0 rg BT 526.26 170.10 Td (, to US ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (Bancorp and Fifth ) Tj ET Q q 0 0 0 rg BT 125.08 158.10 Td (Third. ) Tj ET Q q 0 0 0 rg BT 152.12 158.10 Td (The assets were sold at a cost equal to net book value. OB Services then leased the assets back from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (US Bancorp for a lease term of five years and leased the capitalized software back from Fifth ) Tj ET Q q 0 0 0 rg BT 425.50 146.10 Td (Third for a lease term of four ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (years. OBIC recorded the sale of the assets with no gain or loss recognized while OB Services has recorded a capital lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (obligation. See Note16"Commitments and Contingencies" of the accompanying consolidated financial statements.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 82.10 Td (Our Corporate operations consists of the activities of OneBeacon Insurance Group,Ltd. and our intermediate subsidiary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (holding companies which include OneBeacon U.S. Enterprises Holdings,Inc. \(OBEH\) and OBH, both U.S.-domiciled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (companies, as well as various intermediate holding companies domiciled in the United States, Gibraltar) Tj ET Q q 0 0 0 rg BT 463.66 58.10 Td (, Luxembour) Tj ET Q q 0 0 0 rg BT 515.13 58.10 Td (g and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (Bermuda. ) Tj ET Q q 0 0 0 rg BT 91.47 46.10 Td (The primary purpose of these entities is to ef) Tj ET Q q 0 0 0 rg BT 270.13 46.10 Td (ficiently manage the group's various capital and financing activities.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (Regulatory Matters) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 714.25 Td (General) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 694.25 Td (Our insurance operations are subject to regulation and supervision in each of the jurisdictions where they are domiciled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (and licensed to conduct business. Generally) Tj ET Q q 0 0 0 rg BT 224.30 682.25 Td (, state regulatory authorities have broad supervisory and administrative powers over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (such matters as licenses, standards of solvency) Tj ET Q q 0 0 0 rg BT 236.25 670.25 Td (, premium rates, policy forms, investments, security deposits, methods of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (accounting, form and content of the consolidated financial statements, reserves for unpaid loss and LAE, reinsurance, minimum ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (capital and surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (report filings. In general, such regulation is for the protection of policyholders rather than shareholders.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (State ) Tj ET Q q 0 0 0 rg BT 72.31 614.25 Td (Accr) Tj ET Q q 0 0 0 rg BT 90.82 614.25 Td (editation and Monitoring) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 594.25 Td (Most states have laws that establish standards for current, as well as continued, state accreditation. In addition, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.25 Td (National ) Tj ET Q q 0 0 0 rg BT 86.38 582.25 Td (Association of Insurance Commissioners \(NAIC\) has risk-based capital \(RBC\) standards for property and casualty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.25 Td (companies, which are designed to determine minimum capital requirements and to raise the level of protection that statutory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.25 Td (surplus provides for policyholder obligations. ) Tj ET Q q 0 0 0 rg BT 234.79 558.25 Td (The RBC formula for property and casualty insurance companies measures three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.25 Td (major areas of risk facing property and casualty insurers: underwriting, which encompasses the risk of adverse loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.25 Td (developments and inadequate pricing; declines in asset values arising from market and/or credit risk; and of) Tj ET Q q 0 0 0 rg BT 480.52 534.25 Td (f-balance sheet risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.25 Td (arising from adverse experience from non-controlled assets, guarantees for af) Tj ET Q q 0 0 0 rg BT 359.14 522.25 Td (filiates or other contingent liabilities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.25 Td (excessive premium growth. Under laws adopted by individual states, insurers having less total adjusted capital than that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.25 Td (required by the RBC calculation will be subject to varying degrees of regulatory action, depending on the level of capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.25 Td (inadequacy) Tj ET Q q 0 0 0 rg BT 94.88 486.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 466.25 Td (The NAIC has a set of financial relationships or tests known as the Insurance Regulatory Information System \(IRIS\) to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (assist state regulators in monitoring the financial condition of insurance companies and identifying companies that require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (special attention or action by insurance regulatory authorities. Insurance companies generally submit data annually to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (NAIC, which in turn analyzes the data using prescribed financial data ratios \(IRIS ratios\), each with defined "usual ranges." ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 88.77 418.25 Td (, regulators will begin to investigate or monitor an insurance company if its IRIS ratios fall outside the usual ranges ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (for four or more of the ratios. If an insurance company has insuf) Tj ET Q q 0 0 0 rg BT 306.68 406.25 Td (ficient capital, regulators may act to reduce the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (insurance it can issue or) Tj ET Q q 0 0 0 rg BT 145.68 394.25 Td (, in severe situations, assume control of the company) Tj ET Q q 0 0 0 rg BT 356.65 394.25 Td (. ) Tj ET Q q 0 0 0 rg BT 361.46 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 370.10 394.25 Td (e are not aware that any of our insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (companies are currently subject to regulatory investigation based on these ratios.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 362.25 Td (State insurance laws require us to analyze the adequacy of our reserves annually) Tj ET Q q 0 0 0 rg BT 394.33 362.25 Td (. Our actuaries must submit an opinion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (that our reserves, when considered in light of the assets we hold with respect to those reserves, make adequate provision for our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (contractual obligations and related expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 318.25 Td (The NAIC's ) Tj ET Q q 0 0 0 rg BT 124.13 318.25 Td (Annual Financial Reporting Model Regulation, or the Model ) Tj ET Q q 0 0 0 rg BT 369.37 318.25 Td (Audit Rule \(MAR\), includes provisions that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (similar to Sarbanes-Oxley requirements for public companies and requires certain insurance companies to appoint audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (committees to oversee accounting and financial reporting processes as well as the audit of the financial statements of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (insurer) Tj ET Q q 0 0 0 rg BT 77.22 282.25 Td (. ) Tj ET Q q 0 0 0 rg BT 81.67 282.25 Td (Audit committees also are required to appoint independent auditors, among other things. ) Tj ET Q q 0 0 0 rg BT 438.07 282.25 Td (The designated audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.25 Td (committee must receive reports regarding significant deficiencies, material weaknesses and solvency concerns at the insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (company level. Certain insurance companies, including OneBeacon, are also required to file an annual management report on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (internal control over financial reporting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 226.25 Td (Many states have laws and regulations that limit an insurer's ability to exit a market. For example, certain states prohibit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.25 Td (an insurer from withdrawing from one or more lines of insurance business in the state without the state regulator's approval. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (State regulators may refuse to approve withdrawal plans on the grounds that they could lead to market disruption, or for other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (reasons, including political and tax related reasons.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (Mandatory Shar) Tj ET Q q 0 0 0 rg BT 115.46 170.25 Td (ed Market Mechanisms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 150.25 Td (As a condition of our license to do business in certain states, we are required to participate in mandatory shared market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.25 Td (mechanisms. Each state dictates the types of insurance and the level of coverage that must be provided. ) Tj ET Q q 0 0 0 rg BT 465.51 138.25 Td (The most common type ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.25 Td (of shared market mechanism in which we are required to participate is an assigned risk plan. Many states operate assigned risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.25 Td (plans. ) Tj ET Q q 0 0 0 rg BT 75.93 114.25 Td (These plans require insurers licensed within the applicable state to accept the applications for insurance policies of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.25 Td (customers who are unable to obtain insurance in the voluntary market. ) Tj ET Q q 0 0 0 rg BT 333.62 102.25 Td (The total number of such policies an insurer is required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.25 Td (to accept is based on its market share of voluntary business in the state. Underwriting results related to assigned risk plans are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.25 Td (typically adverse. ) Tj ET Q q 0 0 0 rg BT 122.48 78.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 171.81 78.25 Td (, we may be required to underwrite policies with a higher risk of loss than we would otherwise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.25 Td (accept.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Reinsurance facilities are another type of shared market mechanism. Reinsurance facilities require an insurance company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (to accept all applications submitted by certain state designated agents. ) Tj ET Q q 0 0 0 rg BT 332.23 730.10 Td (The reinsurance facility then allows the insurer to cede ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (some of its business to the reinsurance facility so that the facility will reimburse the insurer for claims paid on ceded business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 706.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 86.97 706.10 Td (, however) Tj ET Q q 0 0 0 rg BT 126.00 706.10 Td (, reinsurance facilities operate at a deficit, which is funded through assessments against the same insurers. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (As a result, we could be required to underwrite policies with a higher risk of loss than we would otherwise voluntarily accept.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (Pricing, Investment and Dividends) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 654.10 Td (Nearly all states have insurance laws requiring property and casualty insurance companies to file price schedules, policy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (or coverage forms, and other information with the state's regulatory authority) Tj ET Q q 0 0 0 rg BT 358.00 642.10 Td (. In most cases, such price schedules and/or policy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (forms must be approved prior to use. ) Tj ET Q q 0 0 0 rg BT 199.79 630.10 Td (While pricing laws vary from state to state, their objectives are generally to ensure that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (prices are adequate, not excessive and not discriminatory) Tj ET Q q 0 0 0 rg BT 277.60 618.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 598.10 Td (e are subject to state laws and regulations that require investment portfolio diversification and that limit the amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (investment in certain categories. Non-compliance may cause non-conforming investments to be non-admitted in measuring ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (statutory surplus and, in some instances, may require divestiture. Our investment portfolio at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.26 574.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.84 574.10 Td ( complied with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (such laws and regulations in all material respects.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 542.10 Td (One of the primary sources of cash inflows for us and certain of our intermediary holding companies is dividends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (received from our operating subsidiaries. Under the insurance laws of the jurisdictions under which our insurance subsidiaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (are domiciled, an insurer is restricted with respect to the timing or the amount of dividends it may pay without prior approval ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (by regulatory authorities. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.94 506.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.52 506.10 Td (, we, through our top tier regulated operating subsidiaries, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (distributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.27 494.10 Td ($173.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.17 494.10 Td ( to OneBeacon Insurance Group LLC \(OneBeacon LLC\). Included in this amount, and as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (internal capital restructuring transactions described in Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 430.22 482.10 Td (Analysis of Financial Condition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (and Results of OperationsOverviewSignificant ) Tj ET Q q 0 0 0 rg BT 259.22 470.10 Td (T) Tj ET Q q 0 0 0 rg BT 264.98 470.10 Td (ransactions," were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.98 470.10 Td ($1) Tj ET Q q 0 0 0 rg BT 350.61 470.10 Td (14.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.50 470.10 Td ( of dividends, which included the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (distribution of a regulated insurance subsidiary with a value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.71 458.10 Td ($34.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.60 458.10 Td (, and a return of capital to OneBeacon LLC of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td ($58.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 446.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (Holding Company Structur) Tj ET Q q 0 0 0 rg BT 158.52 426.10 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 406.10 Td (e are subject to regulation under certain state insurance holding company acts. ) Tj ET Q q 0 0 0 rg BT 397.62 406.10 Td (These regulations contain reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (requirements relating to our capital structure, ownership, financial condition and general business operations. ) Tj ET Q q 0 0 0 rg BT 489.13 394.10 Td (These regulations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (also contain special reporting and prior approval requirements with respect to certain transactions among af) Tj ET Q q 0 0 0 rg BT 479.67 382.10 Td (filiates. Since we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (are an insurance holding company) Tj ET Q q 0 0 0 rg BT 186.52 370.10 Td (, the domiciliary states of our insurance subsidiaries impose regulatory application and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (approval requirements on acquisitions of common shares which may be deemed to confer control over those subsidiaries, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (that concept is defined under the applicable state laws. ) Tj ET Q q 0 0 0 rg BT 269.92 346.10 Td (Acquisition of as little as 10% of our common shares may be deemed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (confer control under the insurance laws of some jurisdictions, and the application process for approval can be extensive and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (time consuming.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (Legislation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 282.10 Td (The insurance industry is highly regulated at the state level. ) Tj ET Q q 0 0 0 rg BT 314.58 282.10 Td (While the federal government does not directly regulate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (insurance business, federal legislation and administrative policies af) Tj ET Q q 0 0 0 rg BT 321.96 270.10 Td (fect the insurance industry) Tj ET Q q 0 0 0 rg BT 427.10 270.10 Td (. In addition, legislation has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (introduced from time to time in recent years that, if enacted, could result in the federal government assuming a more direct role ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (in the regulation of the insurance industry) Tj ET Q q 0 0 0 rg BT 216.53 246.10 Td (. For example, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 342.71 246.10 Td (W) Tj ET Q q 0 0 0 rg BT 351.35 246.10 Td (all Street Reform and Consumer Protection ) Tj ET Q q 0 0 0 rg BT 526.31 246.10 Td (Act \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 100.83 234.10 Td (Act\) created the Federal Insurance Of) Tj ET Q q 0 0 0 rg BT 251.40 234.10 Td (fice \(FIO\) within the ) Tj ET Q q 0 0 0 rg BT 336.75 234.10 Td (T) Tj ET Q q 0 0 0 rg BT 342.51 234.10 Td (reasury Department, which is responsible for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (gathering information and monitoring the insurance industry to identify gaps in the regulation of insurers that could contribute ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (to a systemic crisis in the insurance industry or U.S. financial system. In addition, the FIO can recommend changes to state ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (insurance laws and regulations. ) Tj ET Q q 0 0 0 rg BT 177.47 198.10 Td (Although the deadline was in January 2012, the FIO's "Study and Report on the Regulation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (Insurance" in the United States has not yet been released. ) Tj ET Q q 0 0 0 rg BT 281.32 186.10 Td (W) Tj ET Q q 0 0 0 rg BT 289.96 186.10 Td (e cannot predict whether the FIO will recommend any changes or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (whether states will adopt any such changes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 154.10 Td (In addition, the ) Tj ET Q q 0 0 0 rg BT 137.14 154.10 Td (T) Tj ET Q q 0 0 0 rg BT 142.55 154.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 178.38 154.10 Td (Act established a federal "backstop" for commercial property and casualty losses, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (workers compensation, resulting from acts of terrorism by or on behalf of any foreign person or foreign interest. ) Tj ET Q q 0 0 0 rg BT 500.43 142.10 Td (As extended in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (December 2007, the law also covers domestic acts of terrorism. See "BusinessCatastrophe Management and Reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Protection" and "T) Tj ET Q q 0 0 0 rg BT 134.12 118.10 Td (errorism". ) Tj ET Q q 0 0 0 rg BT 176.89 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 185.53 118.10 Td (e are actively complying with the requirements of the ) Tj ET Q q 0 0 0 rg BT 401.67 118.10 Td (T) Tj ET Q q 0 0 0 rg BT 407.08 118.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 442.90 118.10 Td (Act in order to ensure our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (ability to be reimbursed by the federal government for any losses we may incur as a result of future terrorist acts. ) Tj ET Q q 0 0 0 rg BT 506.62 106.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 94.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 91.24 94.10 Td (Act expires in 2014, and there can be no assurance that it will be extended. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 74.10 Td (The NAIC's 2010 amendment to the Model Insurance Company Holding Company System Regulatory ) Tj ET Q q 0 0 0 rg BT 487.69 74.10 Td (Act \(the Model ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (Law\) enhances the authority of state insurance regulators in the adopting state to regulate insurers as well as their af) Tj ET Q q 0 0 0 rg BT 513.27 62.10 Td (filiated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (entities, on an enterprise risk basis. ) Tj ET Q q 0 0 0 rg BT 192.56 50.10 Td (The amendment to the Model Law requires the ultimate controlling person in an insurer's ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (holding company structure to identify and report to state insurance regulators material risks within the structure that could pose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (enterprise risk to the insurer) Tj ET Q q 0 0 0 rg BT 161.64 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.46 730.10 Td (The amendment to the Model Law will need to be adopted by individual state legislatures before ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (they become binding on any given state. States may also deviate from these Model Law revisions as states dif) Tj ET Q q 0 0 0 rg BT 488.88 718.10 Td (fer in their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (approaches on several requirements. ) Tj ET Q q 0 0 0 rg BT 197.81 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 206.45 706.10 Td (e cannot predict whether states will adopt the amendment to the Model Law) Tj ET Q q 0 0 0 rg BT 509.59 706.10 Td (, or if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (adopted, whether the amendment will dif) Tj ET Q q 0 0 0 rg BT 214.21 694.10 Td (fer from the Model Law) Tj ET Q q 0 0 0 rg BT 310.20 694.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (Envir) Tj ET Q q 0 0 0 rg BT 71.85 674.10 Td (onmental) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 654.10 Td (Environmental cleanup of polluted waste sites is subject to both federal and state regulations. Superfund and comparable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (state statutes govern the cleanup and restoration of waste sites by potentially responsible parties \(PRPs\). ) Tj ET Q q 0 0 0 rg BT 468.61 642.10 Td (These laws can impose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (liability for the entire cost of cleanup upon any PRP) Tj ET Q q 0 0 0 rg BT 256.90 630.10 Td (, regardless of fault. ) Tj ET Q q 0 0 0 rg BT 338.92 630.10 Td (The insurance industry in general is involved in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (extensive litigation regarding coverage issues arising out of the cleanup of such sites by insured PRPs and as a result has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (disputed many such claims. From time to time, comprehensive Superfund reform proposals are introduced in Congress, but ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (none has yet been enacted. ) Tj ET Q q 0 0 0 rg BT 158.84 594.10 Td (At this time, it remains unclear as to whether Superfund reform legislation will be enacted or that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (any such legislation will provide for a fair) Tj ET Q q 0 0 0 rg BT 217.61 582.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 230.20 582.10 Td (fective and cost-ef) Tj ET Q q 0 0 0 rg BT 303.86 582.10 Td (ficient system for settlement of Superfund related claims. ) Tj ET Q q 0 0 0 rg BT 535.56 582.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (NICO Cover includes coverage for such exposures at our company) Tj ET Q q 0 0 0 rg BT 317.32 570.10 Td (, however) Tj ET Q q 0 0 0 rg BT 356.35 570.10 Td (, there can be no assurance that the coverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (provided under the NICO Cover \(as defined in Item 1A"Risk Factors"\) will ultimately prove to be adequate for our incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (environmental losses. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Bermuda Law) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 506.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 506.10 Td (e are an exempted company or) Tj ET Q q 0 0 0 rg BT 204.90 506.10 Td (ganized under the Companies ) Tj ET Q q 0 0 0 rg BT 325.42 506.10 Td (Act 1981 of Bermuda \(Companies ) Tj ET Q q 0 0 0 rg BT 465.12 506.10 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 487.33 506.10 Td (As a result, we are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (required to comply with the provisions of the Companies ) Tj ET Q q 0 0 0 rg BT 280.24 494.10 Td (Act regulating the payment of dividends and making of distributions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (from contributed surplus. ) Tj ET Q q 0 0 0 rg BT 153.32 482.10 Td (A) Tj ET Q q 0 0 0 rg BT 159.99 482.10 Td ( company is prohibited from declaring or paying a dividend, or making a distribution out of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (contributed surplus, if there are reasonable grounds for believing that:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 450.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 450.10 Td (the company is, or would after the payment be, unable to pay its liabilities as they become due; or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 430.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 430.10 Td (the realizable value of the company's assets would thereby be less than its liabilities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 410.10 Td (Under our bye-laws, each common share is entitled to dividends if, and when, dividends are declared by our board of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (directors \(the Board\), subject to any preferred dividend rights of the holders of any preference shares. Issued share capital is the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (aggregate par value of the company's issued shares, and the share premium account is the aggregate amount paid for issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (shares over and above their par value. Share premium accounts may be reduced in certain limited circumstances. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (the Companies ) Tj ET Q q 0 0 0 rg BT 111.66 362.10 Td (Act regulates return of capital, reduction of capital and any purchase or redemption of shares by OneBeacon.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 342.10 Td (Although we are incorporated in Bermuda, we have been designated as a non-resident of Bermuda for exchange control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (purposes by the Bermuda Monetary ) Tj ET Q q 0 0 0 rg BT 195.25 330.10 Td (Authority) Tj ET Q q 0 0 0 rg BT 233.49 330.10 Td (, or the BMA. Pursuant to our non-resident status, we may hold any currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (other than Bermuda dollars and convert that currency into any other currency) Tj ET Q q 0 0 0 rg BT 358.40 318.10 Td (, other than Bermuda dollars, without restriction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 298.10 Td (Shares may be of) Tj ET Q q 0 0 0 rg BT 142.96 298.10 Td (fered or sold in Bermuda only in compliance with the provisions of the Investment Business ) Tj ET Q q 0 0 0 rg BT 513.74 298.10 Td (Act 2003 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (and the Exchange Control ) Tj ET Q q 0 0 0 rg BT 156.08 286.10 Td (Act 1972, and related regulations of Bermuda which regulate the sale of securities in Bermuda. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (addition, specific permission is required from the BMA) Tj ET Q q 0 0 0 rg BT 271.63 274.10 Td ( pursuant to the provisions of the Exchange Control ) Tj ET Q q 0 0 0 rg BT 480.21 274.10 Td (Act 1972 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (related regulations, for all issuances and transfers of securities of Bermuda companies, other than in cases where the BMA) Tj ET Q q 0 0 0 rg BT 539.29 262.10 Td ( has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (granted a general permission. ) Tj ET Q q 0 0 0 rg BT 170.05 250.10 Td (The BMA) Tj ET Q q 0 0 0 rg BT 210.33 250.10 Td ( in its policy dated June1, 2005 provides that where any equity securities, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (our common shares, of a Bermuda company are listed on an appointed stock exchange, general permission is given for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (issue and subsequent transfer of any securities of a company from and/or to a non-resident, for as long as any equity securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (of such company remain so listed. ) Tj ET Q q 0 0 0 rg BT 188.96 214.10 Td (The New ) Tj ET Q q 0 0 0 rg BT 228.01 214.10 Td (Y) Tj ET Q q 0 0 0 rg BT 234.23 214.10 Td (ork Stock Exchange is deemed to be an appointed stock exchange under Bermuda ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (law) Tj ET Q q 0 0 0 rg BT 63.79 202.10 Td (. Notwithstanding the above general permission, the BMA) Tj ET Q q 0 0 0 rg BT 296.81 202.10 Td ( has granted us permission to, subject to our common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (being listed on an appointed stock exchange, \(a\)issue and transfer our shares, up to the amount of our authorized capital from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (time to time, to persons resident and non-resident of Bermuda for exchange control purposes; \(b\)issue and transfer our options, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (warrants, depositary receipts, rights, and other securities; and \(c\)issue and transfer our loan notes and other debt instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (and options, warrants, receipts, rights over loan notes and other debt instruments to persons resident and non-resident of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Bermuda for exchange control purposes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 122.10 Td (Under Bermuda law) Tj ET Q q 0 0 0 rg BT 154.43 122.10 Td (, exempted companies are companies formed for the purpose of conducting business outside ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (Bermuda from a principal place in Bermuda. ) Tj ET Q q 0 0 0 rg BT 231.05 110.10 Td (As an exempted company) Tj ET Q q 0 0 0 rg BT 333.98 110.10 Td (, we may not, without the express authorization of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (Bermuda legislature or under a license granted by the Bermuda Minister of Finance, participate in various specified business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (transactions, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 66.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 66.10 Td (the acquisition or holding of land in Bermuda, except land held by way of lease or tenancy agreement which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 54.10 Td (is required for our business and held for a term not exceeding 50years, or which is used to provide ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 742.10 Td (accommodation or recreational facilities for our of) Tj ET Q q 0 0 0 rg BT 323.95 742.10 Td (ficers and employees and held with the consent of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 730.10 Td (Bermuda Minister of Finance, for a term not exceeding 21years;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 710.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 710.10 Td (the taking of mortgages on land in Bermuda in excess of $50,000;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 690.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 690.10 Td (the acquisition of any bonds or debentures secured by any land in Bermuda, other than certain types of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 678.10 Td (Bermuda government or public authority securities; or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 658.10 Td (subject to some exceptions, the carrying on of business of any kind in Bermuda for which we are not licensed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 646.10 Td (in Bermuda.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 626.10 Td (Under Bermuda law) Tj ET Q q 0 0 0 rg BT 154.43 626.10 Td (, non-Bermudians \(other than spouses of Bermudians\) may not engage in any gainful occupation in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (Bermuda without an appropriate governmental work permit. ) Tj ET Q q 0 0 0 rg BT 293.64 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.28 614.10 Td (ork permits may be granted or extended by the Bermuda ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (government upon showing that, after proper public advertisement in most cases, no Bermudian \(or spouse of a Bermudian\) is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (available who meets the minimum standard requirements for the advertised position. ) Tj ET Q q 0 0 0 rg BT 390.84 590.10 Td (The Bermuda government's policy limits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (the duration of work permits to six years, with certain exemptions for key employees.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (Ratings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 531.25 Td (Insurance companies are evaluated by various rating agencies in order to measure each company's financial strength. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 519.25 Td (Higher ratings generally indicate financial stability and a stronger ability to pay claims. ) Tj ET Q q 0 0 0 rg BT 401.38 519.25 Td (W) Tj ET Q q 0 0 0 rg BT 410.01 519.25 Td (e believe that strong ratings are an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 507.25 Td (important factor in the marketing of insurance products and services to distribution partners and customers. ) Tj ET Q q 0 0 0 rg BT 481.37 507.25 Td (These financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 495.25 Td (strength ratings do not refer to our ability to meet non-insurance obligations and are not a recommendation to purchase or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 483.25 Td (discontinue any policy or contract issued by us or to buy) Tj ET Q q 0 0 0 rg BT 275.42 483.25 Td (, hold, or sell our securities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 463.25 Td (The following table presents the financial strength ratings assigned to our principal insurance operating subsidiaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (which support our ongoing specialty insurance operations \(Ongoing Subsidiaries\) as well as our Runof) Tj ET Q q 0 0 0 rg BT 461.13 451.25 Td (f Subsidiaries, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (February28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.60 439.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 415.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 415.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 415.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 415.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 415.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 415.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 387.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 387.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 387.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 387.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 387.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 387.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 359.75 135.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 359.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 359.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 359.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 359.75 81.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.00 331.75 135.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 203.00 331.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 331.75 81.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 331.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 331.75 81.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 331.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 331.75 81.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 331.75 4.00 -26.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 331.75 81.00 -26.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 415.75 m 288 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 415.75 m 373 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 415.75 m 458 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 415.75 m 543 415.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.50 419.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 205.50 419.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 226.95 419.98 Td (A.M. Best) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 260.94 423.61 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.50 419.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 296.70 419.98 Td (Standard& Poor's) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 361.15 423.61 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 375.50 419.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.30 419.98 Td (Moody's) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 428.64 423.61 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.50 419.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 490.05 419.98 Td (Fitch) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 507.82 423.61 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 406.32 Td (Ongoing Subsidiaries:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 392.32 Td (Ratings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.50 392.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.80 392.32 Td ("A" \(Excellent\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.50 392.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.70 392.32 Td ("A-" \(Strong\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.50 392.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.10 392.32 Td ("A2" \(Good\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 392.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.35 392.32 Td ("A" \(Strong\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 378.32 Td (Outlook) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.50 378.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.50 378.32 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.50 378.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.50 378.32 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.50 378.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 378.32 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.50 378.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.50 378.32 Td (Stable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 350.32 Td (Runof) Tj ET Q q 0 0 0 rg BT 95.32 350.32 Td (f Subsidiaries:) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 152.81 354.85 Td (\(5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 336.32 Td (Ratings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.80 336.32 Td ("A" \(Excellent\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.85 336.32 Td (Unrated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.10 336.32 Td ("A2" \(Good\)) Tj ET Q BT /F2 1.00 Tf ET q 0 0 0 rg BT 460.50 342.56 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.35 336.32 Td ("A" \(Strong\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 322.32 Td (Outlook) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.05 322.32 Td (Under Review -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.95 312.32 Td (Negative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.65 322.32 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.95 322.32 Td (Negative) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.90 322.32 Td (Rating Watch -) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.95 312.32 Td (Negative) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 296.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 68.00 286.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 281.65 Td ("A" is the third highest of sixteen financial strength ratings assigned by ) Tj ET Q q 0 0 0 rg BT 368.50 281.65 Td (A.M. Best Company \(A.M. Best\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 68.00 271.18 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 266.65 Td ("A-" is the seventh highest of twenty-one financial strength ratings assigned by Standard & Poor's Financial Services, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 254.65 Td (LLC \(Standard & Poor's\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 68.00 244.18 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 239.65 Td ("A2" is the sixth highest of twenty-one financial strength ratings assigned by Moody's Investor Service \(Moody's\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 68.00 229.18 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 224.65 Td ("A" is the sixth highest of nineteen international financial strength ratings assigned by Fitch Ratings \(Fitch\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 68.00 214.18 Td (\(5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 209.65 Td (Following OneBeacon's announcement of the Runof) Tj ET Q q 0 0 0 rg BT 291.13 209.65 Td (f transaction, ) Tj ET Q q 0 0 0 rg BT 345.28 209.65 Td (A.M. Best, Fitch, Moody's and Standard & Poor's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 197.65 Td (each issued a press release regarding the ratings implications. ) Tj ET Q q 0 0 0 rg BT 329.20 197.65 Td (A.M. Best placed the Runof) Tj ET Q q 0 0 0 rg BT 441.22 197.65 Td (f Subsidiaries under review ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 185.65 Td (with negative implications; Fitch placed the Runof) Tj ET Q q 0 0 0 rg BT 284.05 185.65 Td (f Subsidiaries on credit watch negative; and Moody's assigned a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 173.65 Td (negative outlook. Standard & Poor's downgraded and subsequently) Tj ET Q q 0 0 0 rg BT 349.27 173.65 Td (, at the request of OneBeacon, withdrew its rating on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 161.65 Td (the Runof) Tj ET Q q 0 0 0 rg BT 121.04 161.65 Td (f Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 180.20 161.65 Td (All four ratings agencies af) Tj ET Q q 0 0 0 rg BT 288.87 161.65 Td (firmed the ratings of the Ongoing Subsidiaries with stable Outlook. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 149.65 Td (The above table summarizes the ratings related to the entities supporting the Ongoing Subsidiaries and, separately the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 137.65 Td (Runof) Tj ET Q q 0 0 0 rg BT 106.32 137.65 Td (f Subsidiaries. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (Employees) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 83.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.44 83.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.03 83.25 Td (, we employed approximately 1,200 persons. ) Tj ET Q q 0 0 0 rg BT 358.75 83.25 Td (W) Tj ET Q q 0 0 0 rg BT 367.39 83.25 Td (e believe that we have satisfactory relations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (with our employees.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (A) Tj ET Q q 0 0 0 rg BT 55.93 734.25 Td (V) Tj ET Q q 0 0 0 rg BT 61.87 734.25 Td (AILABLE INFORMA) Tj ET Q q 0 0 0 rg BT 157.52 734.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 714.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 714.25 Td (e are subject to the informational reporting requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 419.74 714.25 Td (Act of 1934. In accordance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td (therewith, we file reports, proxy statements and other information with the Securities and Exchange Commission \(SEC\). ) Tj ET Q q 0 0 0 rg BT 534.43 702.25 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (documents are available free of char) Tj ET Q q 0 0 0 rg BT 195.01 690.25 Td (ge at www) Tj ET Q q 0 0 0 rg BT 237.69 690.25 Td (.onebeacon.com as soon as reasonably practicable after such material is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (electronically filed with or furnished to the SEC. In addition, our Code of Business Conduct as well as the charters of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.25 Td (Board Committees are available free of char) Tj ET Q q 0 0 0 rg BT 226.96 666.25 Td (ge at www) Tj ET Q q 0 0 0 rg BT 269.63 666.25 Td (.onebeacon.com.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 646.25 Td (e will provide to any shareholder) Tj ET Q q 0 0 0 rg BT 214.14 646.25 Td (, upon request and without char) Tj ET Q q 0 0 0 rg BT 340.04 646.25 Td (ge, copies of these documents \(excluding any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (applicable exhibits unless specifically requested\). ) Tj ET Q q 0 0 0 rg BT 250.31 634.25 Td (W) Tj ET Q q 0 0 0 rg BT 259.35 634.25 Td (ritten or telephone requests should be directed to Investor Relations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (OneBeacon Insurance Group,Ltd., 601 Carlson Parkway) Tj ET Q q 0 0 0 rg BT 277.90 622.25 Td (, Minnetonka, MN55305, \(877\)248-8765. ) Tj ET Q q 0 0 0 rg BT 451.78 622.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 501.68 622.25 Td (, all such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (documents are physically available at our registered of) Tj ET Q q 0 0 0 rg BT 268.34 610.25 Td (fice at Clarendon House, 2 Church Street, Hamilton, HM 1) Tj ET Q q 0 0 0 rg BT 504.03 610.25 Td (1 Bermuda.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 583.25 Td (ITEM 1A.RISK F) Tj ET Q q 0 0 0 rg BT 136.21 583.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 157.14 583.25 Td (ORS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 563.25 Td (Our business is subject to various risks and uncertainties. ) Tj ET Q q 0 0 0 rg BT 303.02 563.25 Td (Any of the risks described below could materially adversely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 551.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 551.25 Td (fect our business, financial condition, and results of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 531.25 Td (Risks Relating to Our) Tj ET Q q 0 0 0 rg BT 142.88 531.25 Td ( Business) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 511.25 Td (Our loss and loss adjustment expense reserves may be inadequate to cover our ultimate liability for losses and as a ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (result our financial results could be adversely af) Tj ET Q q 0 0 0 rg BT 248.43 499.25 Td (fected. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 479.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 479.25 Td (e are required to maintain adequate reserves to cover our estimated ultimate liabilities for loss and LAE. Loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (reserves are typically comprised of \(1\)case reserves for claims reported and \(2\)reserves for losses that have occurred but for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (which claims have not yet been reported, referred to as IBNR reserves, which include a provision for expected future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (development on case reserves. ) Tj ET Q q 0 0 0 rg BT 173.94 443.25 Td (These reserves are estimates based on actuarial, claims and underwriting assessments of what ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (we believe the settlement and administration of claims will cost based on facts and circumstances then known to us. Because of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (the uncertainties that surround estimating loss and LAE reserves, we cannot be certain that our reserves are adequate and actual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (claims and claim expenses paid might exceed our reserves due to the uncertainties that surround estimating loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (reserves. For example, we have a lar) Tj ET Q q 0 0 0 rg BT 195.86 395.25 Td (ge number of workers' compensation permanent disability claims. ) Tj ET Q q 0 0 0 rg BT 461.58 395.25 Td (These claims involve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (medical payments that will be made far into the future and therefore the impact of medical inflation including increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (utilization could have a material adverse impact on the ultimate amount of losses paid.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 351.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 351.25 Td (e had established gross loss and LAE reserves of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.09 351.25 Td ($1.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.20 351.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.64 351.25 Td ($3.4 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.75 351.25 Td ( as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.91 351.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 351.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.94 351.25 Td (201) Tj ET Q q 0 0 0 rg BT 528.57 351.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.57 351.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 339.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 339.25 Td (. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.75 339.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.33 339.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.33 339.25 Td (201) Tj ET Q q 0 0 0 rg BT 281.96 339.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.96 339.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.40 339.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.40 339.25 Td (, we recorded favorable loss reserve development of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.70 339.25 Td ($7.4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 327.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 327.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.89 327.25 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.78 327.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.22 327.25 Td ($36.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.11 327.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 263.77 327.25 Td (, net of reinsurance, related to the re-estimation of previously established ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 315.25 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 87.21 315.25 Td (As of December 31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.23 315.25 Td ($2.1 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.35 315.25 Td ( of gross loss reserves were reclassified to liabilities held for sale on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 303.25 Td (consolidated balance sheet, which are not reflected in the amounts above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 283.25 Td (Our reserves are intended to cover future payments, which could be impacted by future changes in calendar year inflation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 271.25 Td (e have modeled the impact of future inflation on our reserve portfolio, and we estimate that our current reserves would be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 259.25 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 259.25 Td (ficient to cover adverse development to the 80thpercentile of all inflation scenarios. Our principal risk management tools ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.25 Td (for reserve volatility are to \(1\)maintain a conservative provision for the loss and loss expense liabilities, \(2\)test reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (adequacy on a quarterly basis, and \(3\)purchase excess of loss reinsurance annually to limit potential adverse development on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 223.25 Td (individual claims to our retentions. However) Tj ET Q q 0 0 0 rg BT 228.45 223.25 Td (, our models could turn out to be inaccurate predictors of inflation, and our risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 211.25 Td (management tools could be inef) Tj ET Q q 0 0 0 rg BT 177.56 211.25 Td (fective, with the result that our reserves are inadequate to of) Tj ET Q q 0 0 0 rg BT 417.00 211.25 Td (fset inflation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 191.25 Td (If in the future we determine that our reserves are insuf) Tj ET Q q 0 0 0 rg BT 294.28 191.25 Td (ficient to cover our actual loss and LAE, we would have to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (strengthen our reserves, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 303.60 179.25 Td (fect on our results of operations and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 159.25 Td (For additional information relating to loss and LAE reserve requirements, see "BusinessRegulatory Matters." For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.25 Td (further discussion of our loss and LAE reserves, including our asbestos and environmental \(A&E\) reserves, see "Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.25 Td (Loss and LAE Reserves" and "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 297.14 135.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 81.94 123.25 Td (Accounting Estimates.") Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 103.25 Td (Exposure to asbestos or environmental claims could materially adversely af) Tj ET Q q 0 0 0 rg BT 384.09 103.25 Td (fect our results of operations and financial ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (condition. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 71.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 71.25 Td (e have exposure to ) Tj ET Q q 0 0 0 rg BT 159.28 71.25 Td (A&E claims, substantially all of which relate to the Runof) Tj ET Q q 0 0 0 rg BT 391.82 71.25 Td (f Business and are included in liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (held for sale on the December 31, 2012 consolidated balance sheet, which may be dif) Tj ET Q q 0 0 0 rg BT 391.37 59.25 Td (ficult to estimate. ) Tj ET Q q 0 0 0 rg BT 463.39 59.25 Td (T) Tj ET Q q 0 0 0 rg BT 468.80 59.25 Td (o help protect against ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 86.94 47.25 Td (A&E claims relating to the period prior to 2001, we have a reinsurance contract from National Indemnity Company ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (\(NICO\), rated "A++" \(Superior) Tj ET Q q 0 0 0 rg BT 175.12 742.10 Td (, the highest of sixteen financial strength ratings\) by) Tj ET Q q 0 0 0 rg BT 385.07 742.10 Td (A.M. Best and "AA+" \(V) Tj ET Q q 0 0 0 rg BT 486.09 742.10 Td (ery Strong, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (second highest of twenty-one financial strength ratings\) by Standard& Poor's. ) Tj ET Q q 0 0 0 rg BT 365.44 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 374.08 730.10 Td (e refer to this reinsurance contract as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (NICO Cover) Tj ET Q q 0 0 0 rg BT 100.83 718.10 Td (. Under the NICO Cover) Tj ET Q q 0 0 0 rg BT 199.02 718.10 Td (, we are entitled to recover up to $2.5billion from NICO for \(1\)all asbestos claims arising ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (from business written by us in 1992 and prior) Tj ET Q q 0 0 0 rg BT 231.80 706.10 Td (, \(2\)all environmental claims arising from business written by us in 1987 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (prior) Tj ET Q q 0 0 0 rg BT 69.04 694.10 Td (, and \(3\)certain other latent exposures. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 674.10 Td (In September 201) Tj ET Q q 0 0 0 rg BT 143.22 674.10 Td (1, we completed a study of our ) Tj ET Q q 0 0 0 rg BT 268.75 674.10 Td (A&E exposures based on experience through 2010. Reasonable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (estimates of potential adverse scenarios continue to be within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.70 662.10 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.81 662.10 Td ( cover issued by NICO. Based on the study) Tj ET Q q 0 0 0 rg BT 530.64 662.10 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (increased the point estimate of incurred losses ceded to NICO, net of underlying reinsurance, by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.38 650.10 Td ($121.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.27 650.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.05 650.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.16 650.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (As of December31, 2012, we have ceded estimated incurred losses of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.50 638.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.61 638.10 Td ( to the NICO Cover) Tj ET Q q 0 0 0 rg BT 518.09 638.10 Td (, leaving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (remaining protection under the NICO Cover of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.78 626.10 Td ($198.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.67 626.10 Td (. Net losses paid totaled $1.5billion as of December31, 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (Due to exclusions in policy language and changes in coverages provided, we do not believe that we have significant exposure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (to asbestos claims arising from business we wrote after 1992 or to environmental claims arising from business we wrote after ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (1987. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 570.10 Td (As of December31, 2012, we had established gross loss and LAE reserves for asbestos claims of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.29 570.10 Td ($929.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.19 570.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (Approximately 99% of these loss and LAE reserves are covered under reinsurance arrangements. Our net loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (reserves for asbestos claims after giving ef) Tj ET Q q 0 0 0 rg BT 220.31 546.10 Td (fect to third-party reinsurance other than the NICO Cover were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.21 546.10 Td ($602.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.11 546.10 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (December31, 2012. Our net loss and LAE reserves for asbestos claims after giving ef) Tj ET Q q 0 0 0 rg BT 393.60 534.10 Td (fect to both third-party reinsurance and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (the NICO Cover were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.53 522.10 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.42 522.10 Td ( at December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 502.10 Td (As of December31, 2012, we had established gross loss and LAE reserves for environmental claims of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.72 502.10 Td ($233.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.61 502.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (Approximately 98% of these loss and LAE reserves are covered under reinsurance arrangements. Our net loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (reserves for environmental claims after giving ef) Tj ET Q q 0 0 0 rg BT 244.74 478.10 Td (fect to third-party reinsurance other than the NICO Cover were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.64 478.10 Td ($125.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.54 478.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (at December31, 2012. Our net loss and LAE reserves for environmental claims after giving ef) Tj ET Q q 0 0 0 rg BT 427.75 466.10 Td (fect to both third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (reinsurance and the NICO Cover were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.05 454.10 Td ($6.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.94 454.10 Td ( as of December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 434.10 Td (Estimating our exposure to ) Tj ET Q q 0 0 0 rg BT 183.99 434.10 Td (A&E claims is subject to a high degree of uncertainty and final ultimate loss and LAE could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (exceed the coverage available under our reinsurance arrangements or our net loss and LAE reserves. Policyholders continue to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (assert new theories of recovery) Tj ET Q q 0 0 0 rg BT 173.74 410.10 Td (. From time to time, there is proposed state and federal legislation regarding ) Tj ET Q q 0 0 0 rg BT 479.49 410.10 Td (A&E liability) Tj ET Q q 0 0 0 rg BT 533.56 410.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (which would also af) Tj ET Q q 0 0 0 rg BT 130.63 398.10 Td (fect our exposure. ) Tj ET Q q 0 0 0 rg BT 204.50 398.10 Td (Although we expect the number of our ) Tj ET Q q 0 0 0 rg BT 361.40 398.10 Td (A&E related claims to decrease over time, there ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (is no assurance that these or other factors may not impact our liability or increase our claims. If we do not have adequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (reinsurance protection and if we have not established adequate loss and LAE reserves to cover future claims, our results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (operations and financial condition could be materially adversely af) Tj ET Q q 0 0 0 rg BT 316.94 362.10 Td (fected. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 342.10 Td ( Unpredictable catastrophic events could adversely af) Tj ET Q q 0 0 0 rg BT 292.67 342.10 Td (fect our results of operations and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 322.10 Td (e write insurance policies that cover catastrophic events. Our policies cover unpredictable natural and other disasters, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (such as hurricanes, windstorms, earthquakes, floods, fires, explosions and severe winter weather) Tj ET Q q 0 0 0 rg BT 434.89 310.10 Td (. Recent event frequency) Tj ET Q q 0 0 0 rg BT 533.64 310.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (particularly severe storms, has been high relative to historic standards. Our exposure to hurricanes and earthquakes is the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 286.10 Td (gest natural catastrophe risk to our business. Exposure to damage resulting from a hurricane in the northeastern United States ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (has historically been and remains the lar) Tj ET Q q 0 0 0 rg BT 210.87 274.10 Td (gest natural catastrophe exposure for us. ) Tj ET Q q 0 0 0 rg BT 374.25 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 382.89 274.10 Td (e also have exposure to windstorm damage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (in the United States ) Tj ET Q q 0 0 0 rg BT 130.55 262.10 Td (Atlantic Coast \(i.e.,Massachusetts to Florida\) and the United States Gulf Coast region \(i.e.,Florida to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 250.10 Td (exas\), as well as a major earthquake in California. In addition, we are exposed to losses from terrorist attacks, such as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (attacks on the United States on September1) Tj ET Q q 0 0 0 rg BT 225.98 238.10 Td (1, 2001.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 218.10 Td (The extent of losses from a catastrophe is a function of both the total amount of insured exposure in the area af) Tj ET Q q 0 0 0 rg BT 516.73 218.10 Td (fected by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (the event and the severity of the event. Increases in the value and concentrations of insured property or insured employees, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 194.10 Td (fects of inflation, and changes in cyclical weather patterns may increase the frequency and severity of claims from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (catastrophic events in the future. Claims from catastrophic events could reduce our earnings and cause substantial volatility in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (our results of operations for any fiscal quarter or year and adversely af) Tj ET Q q 0 0 0 rg BT 331.37 170.10 Td (fect our financial condition. Our ability to write new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (insurance policies could also be impacted as a result of corresponding reductions in our surplus levels.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 138.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 138.10 Td (e seek to manage our exposure to catastrophic losses by tracking our aggregate exposure in high hazard zones, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (underwriting and pricing our policies to reflect the costs of concentrations, by estimating our PML) Tj ET Q q 0 0 0 rg BT 443.70 126.10 Td ( for many dif) Tj ET Q q 0 0 0 rg BT 496.01 126.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (catastrophe scenarios and by buying reinsurance. ) Tj ET Q q 0 0 0 rg BT 248.36 114.10 Td (T) Tj ET Q q 0 0 0 rg BT 253.77 114.10 Td (o manage and analyze aggregate insured values and PML, we use a variety ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (of tools, including catastrophe modeling software packages. Our estimates of PML) Tj ET Q q 0 0 0 rg BT 381.22 102.10 Td ( are dependent on many variables, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (assumptions about the demand sur) Tj ET Q q 0 0 0 rg BT 187.58 90.10 Td (ge and storm sur) Tj ET Q q 0 0 0 rg BT 253.77 90.10 Td (ge, loss adjustment expenses, insurance-to-value and storm intensity in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (aftermath of weather) Tj ET Q q 0 0 0 rg BT 133.09 78.10 Td (-related catastrophes utilized to model the event and the relationship of the actual event to the modeled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (event. ) Tj ET Q q 0 0 0 rg BT 76.10 66.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 125.44 66.10 Td (, if our assumptions about these variables are incorrect, the losses we might incur from an actual catastrophe ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (could be materially higher than our expectation of losses generated from modeled catastrophe scenarios, and our results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (operations and financial condition could be materially adversely af) Tj ET Q q 0 0 0 rg BT 316.94 730.10 Td (fected.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 710.10 Td (Future insurance and reinsurance coverage for terrorist acts is uncertain, and we may in the future have substantial ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (exposure to such acts. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 678.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 678.10 Td (e are unable to predict the extent to which our future insurance contracts will cover terrorist acts. ) Tj ET Q q 0 0 0 rg BT 471.75 678.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.39 678.10 Td (e also are unsure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (how terrorist acts will be defined in our future contracts. ) Tj ET Q q 0 0 0 rg BT 277.80 666.10 Td (The ) Tj ET Q q 0 0 0 rg BT 295.67 666.10 Td (T) Tj ET Q q 0 0 0 rg BT 301.08 666.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 336.90 666.10 Td (Act, which has been modified and extended through the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (end of 2014, requires primary commercial insurers to make terrorism coverage available and provides Federal protection for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (certain losses above both individual company retention and industry retention levels. ) Tj ET Q q 0 0 0 rg BT 391.40 642.10 Td (While we know of no reason that the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 630.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 91.24 630.10 Td (Act will not be extended for an additional period of time, there is no assurance that it will be extended or of the terms ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (of any such extension. ) Tj ET Q q 0 0 0 rg BT 141.74 618.10 Td (The following types of coverage are excluded from the program: commercial automobile, bur) Tj ET Q q 0 0 0 rg BT 516.15 618.10 Td (glary and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (theft, surety) Tj ET Q q 0 0 0 rg BT 97.11 606.10 Td (, farmowners multi-peril and all professional liability coverages except directors and of) Tj ET Q q 0 0 0 rg BT 445.70 606.10 Td (ficers coverage. ) Tj ET Q q 0 0 0 rg BT 511.31 606.10 Td (W) Tj ET Q q 0 0 0 rg BT 519.95 606.10 Td (e manage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (our exposure to losses resulting from acts of terrorism by limiting our concentration of risk by geographic area. ) Tj ET Q q 0 0 0 rg BT 497.20 594.10 Td (W) Tj ET Q q 0 0 0 rg BT 505.84 594.10 Td (e estimate our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (PML) Tj ET Q q 0 0 0 rg BT 70.19 582.10 Td ( for dif) Tj ET Q q 0 0 0 rg BT 97.78 582.10 Td (ferent scenarios using computer models in conjunction with other data. ) Tj ET Q q 0 0 0 rg BT 383.91 582.10 Td (W) Tj ET Q q 0 0 0 rg BT 392.55 582.10 Td (e also manage our terrorism exposures by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (purchasing reinsurance. Our current property and casualty catastrophe reinsurance programs provide coverage for us for "non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (certified" events as defined under the ) Tj ET Q q 0 0 0 rg BT 201.06 558.10 Td (T) Tj ET Q q 0 0 0 rg BT 206.47 558.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 242.29 558.10 Td (Act, provided such losses are not the result of a nuclear) Tj ET Q q 0 0 0 rg BT 463.21 558.10 Td (, biological, chemical or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (radiological terrorist attack. Nonetheless, risks insured by us, including those covered by the ) Tj ET Q q 0 0 0 rg BT 421.95 546.10 Td (T) Tj ET Q q 0 0 0 rg BT 427.36 546.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 463.18 546.10 Td (Act, remain exposed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (terrorist attacks and the possibility remains that losses resulting from future terrorist attacks could prove to be material to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (results of operations and financial condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 502.10 Td (Our investment portfolio may suf) Tj ET Q q 0 0 0 rg BT 210.49 502.10 Td (fer reduced returns or losses which could adversely af) Tj ET Q q 0 0 0 rg BT 431.97 502.10 Td (fect our results of operations ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (and financial condition. ) Tj ET Q q 0 0 0 rg BT 151.31 490.10 Td (Adverse changes in interest rates, equity markets, debt markets or market volatility could result in ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (significant losses to the fair value of our investment portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 458.10 Td (Our investment portfolio consists of fixed maturity securities, convertible fixed maturity securities, short-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (investments, common equity securities and other investments such as hedge funds and private equity funds. ) Tj ET Q q 0 0 0 rg BT 482.78 446.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.42 446.10 Td (e invest to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (maximize after tax total risk-adjusted return over the long term subject to our investment guidelines and various regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (restrictions. However) Tj ET Q q 0 0 0 rg BT 135.68 422.10 Td (, investing entails substantial risks. ) Tj ET Q q 0 0 0 rg BT 277.44 422.10 Td (W) Tj ET Q q 0 0 0 rg BT 286.07 422.10 Td (e cannot assure you that we will achieve our investment objectives, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (and our investment performance may vary substantially over time. Investment returns are an important part of our strategy to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (grow book value, and fluctuations in the fixed income or equity markets could impair our results of operations and financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (condition. Investments generate both income, consisting primarily of interest earned on fixed maturity investments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (dividends earned on equity securities, and realized and unrealized investment gains or losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 354.10 Td (Both the investment income we generate and the fair market value of our investment portfolio are af) Tj ET Q q 0 0 0 rg BT 474.79 354.10 Td (fected by general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (economic and market conditions, including fluctuations in interest rates, debt market levels, equity market levels and market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 85.46 330.10 Td (. Interest rates are highly sensitive to many factors, including governmental monetary policies, domestic and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (international economic and political conditions and other factors beyond our control. ) Tj ET Q q 0 0 0 rg BT 391.02 318.10 Td (Although we attempt to manage the risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (of changes in interest rates, we may not be able to do so. In particular) Tj ET Q q 0 0 0 rg BT 327.29 306.10 Td (, a significant increase in interest rates could result in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (significant losses in the fair value of our investment portfolio, and consequently) Tj ET Q q 0 0 0 rg BT 368.72 294.10 Td (, could have an adverse ef) Tj ET Q q 0 0 0 rg BT 472.38 294.10 Td (fect on our results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (operations and financial condition. ) Tj ET Q q 0 0 0 rg BT 191.17 282.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.80 282.10 Td (e are exposed to changes in equity markets. ) Tj ET Q q 0 0 0 rg BT 375.95 282.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.59 282.10 Td (e are also exposed to changes in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (volatility levels of various investment markets. ) Tj ET Q q 0 0 0 rg BT 240.06 270.10 Td (The underlying conditions are outside of our control and could adversely af) Tj ET Q q 0 0 0 rg BT 541.73 270.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (the value of our investments and our results of operations and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 238.10 Td (e are highly dependent on ) Tj ET Q q 0 0 0 rg BT 188.25 238.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 208.53 238.10 Td (Advisors, which is owned by ) Tj ET Q q 0 0 0 rg BT 327.23 238.10 Td (White Mountains, and Prospector) Tj ET Q q 0 0 0 rg BT 461.25 238.10 Td (, in connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (management of our investment portfolio. ) Tj ET Q q 0 0 0 rg BT 216.45 226.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 236.72 226.10 Td (Advisors supervises and directs the fixed income and other investments portion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (of our investment portfolio, and Prospector is the primary supervisor and director of the publicly-traded common equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (securities and convertible fixed maturity securities portion of our investment portfolio. ) Tj ET Q q 0 0 0 rg BT 398.62 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 407.26 202.10 Td (e entered into a new investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (management agreement with ) Tj ET Q q 0 0 0 rg BT 167.83 190.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 188.11 190.10 Td (Advisors ef) Tj ET Q q 0 0 0 rg BT 234.31 190.10 Td (fective October1, 2010 which replaced the November 2006 agreement and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (remains in full force and ef) Tj ET Q q 0 0 0 rg BT 158.38 178.10 Td (fect until terminated by either party upon sixty \(60\)days' prior written notice. ) Tj ET Q q 0 0 0 rg BT 471.03 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 479.67 178.10 Td (e entered into a new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (investment management agreement with Prospector ef) Tj ET Q q 0 0 0 rg BT 267.25 166.10 Td (fective March1, 201) Tj ET Q q 0 0 0 rg BT 350.18 166.10 Td (1 which replaced the 2006 agreement with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (substantially the same terms and conditions as the 2006 agreement, including an initial fixed term of three years which may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (extended for an additional two year term. If we lose our investment relationship with either of ) Tj ET Q q 0 0 0 rg BT 427.76 142.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 448.04 142.10 Td (Advisors or Prospector) Tj ET Q q 0 0 0 rg BT 539.85 142.10 Td (, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (may not be able to secure an investment advisor or advisors who will produce returns on our investments similar to these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (produced by ) Tj ET Q q 0 0 0 rg BT 102.03 118.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 122.30 118.10 Td (Advisors and Prospector in the past, or any positive returns at all. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 98.10 Td (The property and casualty insurance industry is highly competitive and cyclical, and we may not be able to compete ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 86.10 Td (fectively in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 66.10 Td (The property and casualty insurance industry is highly competitive and has historically been cyclical, experiencing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (periods of severe price competition and less selective underwriting standards \(soft markets\) followed by periods of relatively ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (high prices and more selective underwriting standards \(hard markets\). Our businesses each compete against a dif) Tj ET Q q 0 0 0 rg BT 500.78 742.10 Td (ferent subset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of companies. In general terms, we compete in one or more of our businesses with most of the lar) Tj ET Q q 0 0 0 rg BT 439.71 730.10 Td (ge multi-line insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (companies, such as ) Tj ET Q q 0 0 0 rg BT 128.87 718.10 Td (ACE, ) Tj ET Q q 0 0 0 rg BT 153.32 718.10 Td (AIG, Chubb Group, CNA, Liberty Mutual, ) Tj ET Q q 0 0 0 rg BT 327.57 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 333.33 718.10 Td (ravelers and Zurich Insurance Group. ) Tj ET Q q 0 0 0 rg BT 485.30 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 493.94 718.10 Td (e also compete ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (with most of the specialty companies, such as ) Tj ET Q q 0 0 0 rg BT 234.69 706.10 Td (Allied ) Tj ET Q q 0 0 0 rg BT 262.00 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 270.64 706.10 Td (orld ) Tj ET Q q 0 0 0 rg BT 288.70 706.10 Td (Assurance Company) Tj ET Q q 0 0 0 rg BT 371.08 706.10 Td (, HCC Insurance Holdings,Inc., IronshoreInc., ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Markel Corporation, RLI Corp. and ) Tj ET Q q 0 0 0 rg BT 195.07 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 203.59 694.10 Td (.R. Berkley Corporation. Lastly) Tj ET Q q 0 0 0 rg BT 329.58 694.10 Td (, we compete in certain of our businesses with various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (local and regional insurance companies. Many of our competitors have greater resources than we do and have established long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (term and continuing business relationships throughout the insurance industry) Tj ET Q q 0 0 0 rg BT 357.08 670.10 Td (, which can be a significant competitive advantage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (for them.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 638.10 Td (e of) Tj ET Q q 0 0 0 rg BT 97.73 638.10 Td (fer our products through a network of independent agents, regional and national brokers, wholesalers and MGAs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 626.10 Td (e selectively appoint our distribution partners based upon their knowledge of our tar) Tj ET Q q 0 0 0 rg BT 394.48 626.10 Td (get markets, and our specialized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (capabilities as well as their geographic profiles. ) Tj ET Q q 0 0 0 rg BT 242.53 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.17 614.10 Td (e sometimes pay higher commissions and incur higher expenses to align with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (these distribution partners, however) Tj ET Q q 0 0 0 rg BT 192.90 602.10 Td (, we believe that they add value to our business with their specialized knowledge. ) Tj ET Q q 0 0 0 rg BT 520.95 602.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (agents, brokers, MGAs and wholesalers are sometimes able to of) Tj ET Q q 0 0 0 rg BT 309.47 590.10 Td (fer substantial discounts in pricing through their other markets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (as compared to our insurance products. If our distribution partners experience increased competition from other writers of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (insurance, we in turn could be adversely af) Tj ET Q q 0 0 0 rg BT 221.42 566.10 Td (fected if they are unable to maintain our competitive position in their respective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (markets. If we are unable to maintain our competitive position throughout soft and hard market cycles, our results of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (and financial condition may be adversely af) Tj ET Q q 0 0 0 rg BT 224.75 542.10 Td (fected.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 522.10 Td (The current pricing market is highly competitive and soft, however) Tj ET Q q 0 0 0 rg BT 341.85 522.10 Td (, we have maintained underwriting and pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (discipline. ) Tj ET Q q 0 0 0 rg BT 93.33 510.10 Td (Any significant decrease in the rates we can char) Tj ET Q q 0 0 0 rg BT 288.61 510.10 Td (ge for property and casualty insurance would adversely af) Tj ET Q q 0 0 0 rg BT 520.01 510.10 Td (fect our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (results. ) Tj ET Q q 0 0 0 rg BT 80.93 498.10 Td (W) Tj ET Q q 0 0 0 rg BT 89.57 498.10 Td (e expect to continue to experience the ef) Tj ET Q q 0 0 0 rg BT 250.69 498.10 Td (fects of this cyclicality which, during down periods, could materially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 98.40 486.10 Td (fect our results of operations and financial condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 466.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 466.10 Td (e may not maintain favorable financial strength or creditworthiness ratings, which could adversely af) Tj ET Q q 0 0 0 rg BT 499.22 466.10 Td (fect our ability ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (to conduct business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 434.10 Td (Third-party rating agencies assess and rate the financial strength, including claims-paying ability) Tj ET Q q 0 0 0 rg BT 460.45 434.10 Td (, of insurers and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (reinsurers. ) Tj ET Q q 0 0 0 rg BT 94.25 422.10 Td (These ratings are based upon criteria established by the rating agencies and are subject to revision at any time at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (sole discretion of the agencies. Some of the criteria relate to general economic conditions and other circumstances outside the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (rated company's control. ) Tj ET Q q 0 0 0 rg BT 150.48 398.10 Td (These financial strength ratings are used by policyholders, agents and brokers as an important means ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (of assessing the suitability of insurers as business counterparties and have become an increasingly important factor in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (establishing the competitive position of insurance companies. ) Tj ET Q q 0 0 0 rg BT 298.65 374.10 Td (These financial strength ratings do not refer to our ability to meet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (non-insurance obligations and are not a recommendation to purchase or discontinue any policy or contract issued by us or to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (buy) Tj ET Q q 0 0 0 rg BT 64.35 350.10 Td (, hold or sell our securities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 330.10 Td (Rating agencies periodically evaluate us to confirm that we continue to meet the criteria of the ratings previously assigned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (to us. Our current financial strength ratings for our operating subsidiaries which are not being transferred as part of the Runof) Tj ET Q q 0 0 0 rg BT 551.61 318.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 306.10 Td (ransaction \(Ongoing Subsidiaries\) are A \(Excellent, third highest of sixteen ratings\) by ) Tj ET Q q 0 0 0 rg BT 422.59 306.10 Td (A. M. Best, A- \(Strong, seventh ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (highest of twenty-one ratings\) by Standard & Poor's, A2 \(Good, sixth highest of twenty-one ratings\) by Moody's and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (A \(Strong, sixth highest of nineteen ratings\) by Fitch. For our Ongoing Subsidiaries, we currently have a Stable outlook ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (from each of ) Tj ET Q q 0 0 0 rg BT 103.03 270.10 Td (A.M. Best, Standard & Poor's, Fitch and Moody's. ) Tj ET Q q 0 0 0 rg BT 306.36 270.10 Td (A) Tj ET Q q 0 0 0 rg BT 313.03 270.10 Td ( downgrade, withdrawal or negative watch/outlook of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (financial strength ratings could severely limit or prevent our insurance subsidiaries from writing new insurance policies or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (renewing existing insurance policies, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 356.65 246.10 Td (fect on our results of operations and financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (condition. See Risk Factors -- Brokers, agents or policyholders may react negatively to the Runof) Tj ET Q q 0 0 0 rg BT 444.17 234.10 Td (f ) Tj ET Q q 0 0 0 rg BT 449.81 234.10 Td (T) Tj ET Q q 0 0 0 rg BT 455.57 234.10 Td (ransaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 214.10 Td (General creditworthiness ratings are used by existing or potential investors to assess the likelihood of repayment on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (particular debt issue. ) Tj ET Q q 0 0 0 rg BT 135.35 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.98 202.10 Td (e believe that strong creditworthiness ratings are important factors that provide better financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (flexibility when issuing new debt or restructuring existing debt. ) Tj ET Q q 0 0 0 rg BT 306.07 190.10 Td (A) Tj ET Q q 0 0 0 rg BT 312.74 190.10 Td ( downgrade, withdrawal or negative watch/outlook of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (creditworthiness ratings could limit our ability to raise new debt or make new debt more costly and/or have more restrictive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (conditions. Following OneBeacon's announcement of the Runof) Tj ET Q q 0 0 0 rg BT 306.30 166.10 Td (f ) Tj ET Q q 0 0 0 rg BT 311.95 166.10 Td (T) Tj ET Q q 0 0 0 rg BT 317.71 166.10 Td (ransaction, ) Tj ET Q q 0 0 0 rg BT 363.25 166.10 Td (A.M. Best, Fitch, Moody's and Standard & ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Poor's each issued a press release regarding the ratings implications. ) Tj ET Q q 0 0 0 rg BT 324.78 154.10 Td (A.M. Best placed the Runof) Tj ET Q q 0 0 0 rg BT 436.80 154.10 Td (f Subsidiaries under review ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (with negative implications; Fitch placed the Runof) Tj ET Q q 0 0 0 rg BT 252.55 142.10 Td (f Subsidiaries on credit watch negative; and Moody's assigned a negative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (outlook. Standard & Poor's downgraded and subsequently) Tj ET Q q 0 0 0 rg BT 281.40 130.10 Td (, at the request of OneBeacon, withdrew its rating on the Runof) Tj ET Q q 0 0 0 rg BT 534.77 130.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 103.33 118.10 Td (All four ratings agencies af) Tj ET Q q 0 0 0 rg BT 212.00 118.10 Td (firmed the ratings of the Ongoing Subsidiaries with stable Outlook. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 98.10 Td (Our debt and related service obligations could adversely af) Tj ET Q q 0 0 0 rg BT 314.90 98.10 Td (fect our business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 78.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.44 78.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.03 78.10 Td (, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.13 78.10 Td ($275.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.02 78.10 Td ( face value of indebtedness. See "BusinessInvesting, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (Corporate2012 Senior Notes." Our ability to meet our debt and related service obligations, as well as our ability to pay a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (dividend on our common shares, will depend on our future performance, which will be af) Tj ET Q q 0 0 0 rg BT 407.50 54.10 Td (fected by financial, business, ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (economic, regulatory and other factors, many of which are beyond our control. If the Company or OBH defaults under a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (separate credit agreement, mortgage, or similar debt agreement with a principal amount greater than $75million, and such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (default results in the acceleration of such debt, there is a default under the 2012 Senior Notes which would permit the holders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (of 25% or more of the 2012 Senior Notes to declare an event of default under the indenture documents resulting in a required ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (repayment of the 2012 Senior Notes. ) Tj ET Q q 0 0 0 rg BT 199.51 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 208.14 694.10 Td (e cannot be certain that our earnings will be suf) Tj ET Q q 0 0 0 rg BT 397.62 694.10 Td (ficient to allow us to pay the principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (and interest on our debt and meet our other obligations, or to repay any accelerated indebtedness as a result of the trigger of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (cross acceleration provisions in the indentures of the 2012 Senior Notes. If we do not have enough cash, we may be required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (refinance all or part of our existing debt, sell assets, borrow more cash or sell equity) Tj ET Q q 0 0 0 rg BT 385.08 658.10 Td (. ) Tj ET Q q 0 0 0 rg BT 389.90 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.54 658.10 Td (e cannot make assurances that we will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (be able to accomplish any of these alternatives on terms acceptable to us, if at all. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 522.41 646.10 Td (Analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (of Financial Condition and Results of OperationsFinancing".) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 614.10 Td (e could incur additional indebtedness or issue preferred stock, or other hybrid instruments, in the future. ) Tj ET Q q 0 0 0 rg BT 500.40 614.10 Td (T) Tj ET Q q 0 0 0 rg BT 505.81 614.10 Td (o the extent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (new debt, preferred stock, hybrid instrument, or other obligations are added to our current debt levels, the risks described in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (previous paragraph would increase.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 570.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 570.10 Td (e may not be able to successfully alleviate risk through reinsurance arrangements. ) Tj ET Q q 0 0 0 rg BT 423.17 570.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 473.37 570.10 Td (, we may be unable ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (to collect all amounts due from our reinsurers under our existing reinsurance arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 538.10 Td (e attempt to limit our risk of loss through reinsurance arrangements. ) Tj ET Q q 0 0 0 rg BT 356.83 538.10 Td (The availability and cost of reinsurance protection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (is subject to market conditions, which are outside of our control. In addition, the coverage under our reinsurance contracts may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (be inadequate to cover our future liabilities. ) Tj ET Q q 0 0 0 rg BT 226.61 514.10 Td (As a result, we may not be able to successfully alleviate risk through these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (arrangements, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 264.72 502.10 Td (fect on our results of operations and financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 482.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 482.10 Td (e are not relieved of our obligations to our policyholders by purchasing reinsurance. ) Tj ET Q q 0 0 0 rg BT 420.69 482.10 Td (W) Tj ET Q q 0 0 0 rg BT 429.33 482.10 Td (e may be unable to recover ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (amounts due under our reinsurance arrangements if our reinsurers choose to withhold payment due to a dispute or other factors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (beyond our control. ) Tj ET Q q 0 0 0 rg BT 130.91 458.10 Td (W) Tj ET Q q 0 0 0 rg BT 139.55 458.10 Td (e are also subject to credit risk with respect to our reinsurance in the event that a reinsurer is unable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (pay amounts owed to us as a result of a deterioration in its financial condition. ) Tj ET Q q 0 0 0 rg BT 364.93 446.10 Td (A) Tj ET Q q 0 0 0 rg BT 371.60 446.10 Td ( number of reinsurers experienced such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (deterioration in the aftermath of the 2001 terrorist attacks and the active 2005 hurricane season. ) Tj ET Q q 0 0 0 rg BT 434.12 434.10 Td (T) Tj ET Q q 0 0 0 rg BT 439.53 434.10 Td (o mitigate this risk, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (annually review and periodically monitor our reinsurers' financial condition and require at the time of purchase of reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (that each of our reinsurers holds a rating of at least "A-" \(Excellent, the fourth highest of sixteen financial strength ratings\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (by) Tj ET Q q 0 0 0 rg BT 61.95 398.10 Td (A.M. Best or the equivalent. ) Tj ET Q q 0 0 0 rg BT 177.86 398.10 Td (While we believe that our reinsurers' financial condition is strong, it is possible that one or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (more of our reinsurers will be significantly adversely af) Tj ET Q q 0 0 0 rg BT 272.52 386.10 Td (fected by future significant loss or economic events, causing them to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (unable to pay amounts owed to us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 354.10 Td (Many of our reinsurers are non-U.S. companies and as such are subject to foreign regulations, including Solvency II ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (which regulates insurance firms that operate in the European Union. Solvency II was enacted to reduce the risk that insurers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (would not be able to pay claims to policyholders as well as promote financial stability through minimum capital and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (requirements for the governance, risk management and supervision of insurers. ) Tj ET Q q 0 0 0 rg BT 368.61 318.10 Td (W) Tj ET Q q 0 0 0 rg BT 377.25 318.10 Td (e cannot predict what regulations will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (adopted to implement Solvency II nor the impact of such regulation upon our non-U.S. reinsurers, which could af) Tj ET Q q 0 0 0 rg BT 504.16 306.10 Td (fect our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (ability to obtain reinsurance on terms acceptable to us, or at all.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 274.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 274.10 Td (e are a holding company with no direct operations, and our insurance subsidiaries' ability to pay dividends to us is ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (restricted by law) Tj ET Q q 0 0 0 rg BT 116.84 262.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 242.10 Td (As a holding company with no direct operations, we rely on net investment income and dividends and other permitted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (payments from our subsidiaries to pay our expenses. Our subsidiaries may not be able to generate cash flow suf) Tj ET Q q 0 0 0 rg BT 496.09 230.10 Td (ficient to pay a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (dividend or distribute funds to us. In addition, under the insurance laws of the jurisdictions in which our insurance subsidiaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (are domiciled, an insurer is restricted with respect to the timing or the amount of dividends it may pay without the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (approval of regulatory authorities. Generally) Tj ET Q q 0 0 0 rg BT 227.90 194.10 Td (, our regulated operating subsidiaries have the ability to pay dividends during any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (12-month period without the prior approval of regulatory authorities in an amount set by formula based on the greater of prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (year statutory net income or 10% of prior year statutory surplus, subject to the availability of unassigned funds. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (fourth quarter of 2012, we executed various intercompany reinsurance agreements which, along with other internal capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (transactions among our insurance operating subsidiaries, resulted in ) Tj ET Q q 0 0 0 rg BT 322.99 146.10 Td (Atlantic Specialty Insurance Company \(ASIC\) becoming ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (the lead insurance company for the ongoing specialty business and OBIC becoming the lead insurance company for the Runof) Tj ET Q q 0 0 0 rg BT 555.23 134.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (Business. Notwithstanding these restructuring transactions, we continue to manage our statutory capital on a combined basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (Although OBIC remains a top tier regulated insurance operating subsidiary and maintains suf) Tj ET Q q 0 0 0 rg BT 423.62 110.10 Td (ficient statutory capital to support ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (the Runof) Tj ET Q q 0 0 0 rg BT 89.54 98.10 Td (f Business, the majority of the group's statutory capital is now included in ) Tj ET Q q 0 0 0 rg BT 386.29 98.10 Td (ASIC to support the ongoing specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (business. Since ) Tj ET Q q 0 0 0 rg BT 113.06 86.10 Td (ASIC is a second tier) Tj ET Q q 0 0 0 rg BT 197.64 86.10 Td (, wholly-owned subsidiary of OBIC, OBIC's ability to pay dividends in 2013 may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (dependent on receipt of dividends from ) Tj ET Q q 0 0 0 rg BT 209.40 74.10 Td (ASIC. ) Tj ET Q q 0 0 0 rg BT 236.63 74.10 Td (ASIC) Tj ET Q q 0 0 0 rg BT 262.19 74.10 Td (s dividend capacity is impacted by a dif) Tj ET Q q 0 0 0 rg BT 420.58 74.10 Td (ferent formula than the calculation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (described above and will likely require prior approval by its regulatory authority) Tj ET Q q 0 0 0 rg BT 371.20 62.10 Td (, which operates in a dif) Tj ET Q q 0 0 0 rg BT 467.09 62.10 Td (ferent jurisdiction than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (OBIC. ) Tj ET Q q 0 0 0 rg BT 78.34 50.10 Td (At December 31, 2012, ) Tj ET Q q 0 0 0 rg BT 173.87 50.10 Td (ASIC had negative earned surplus and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.94 50.10 Td ($0.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.05 50.10 Td ( of statutory surplus. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.50 742.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.08 742.10 Td (, OBIC had approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.67 742.10 Td ($0.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.79 742.10 Td ( of unassigned funds. ) Tj ET Q q 0 0 0 rg BT 406.72 742.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.22 742.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.81 742.10 Td (, OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (had approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.20 730.10 Td ($272 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.59 730.10 Td ( of net unrestricted cash, short-term investments and fixed maturity investments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 718.10 Td ($33 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.65 718.10 Td ( of common equity securities and convertible fixed maturity investments outside of its regulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (insurance operating subsidiaries. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 686.10 Td ( Management believes that our cash balances, cash flows from operations and cash flows from investments are adequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (to meet expected cash requirements for the foreseeable future on both a holding company and operating subsidiary level. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 662.10 Td (, if our insurance subsidiaries cannot pay dividends in future periods, we may have dif) Tj ET Q q 0 0 0 rg BT 430.98 662.10 Td (ficulty servicing our debt, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (paying dividends on our common shares and meeting our holding company expenses. For additional information relating to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (insurance regulations governing our operations, see Business--"Regulatory Matters." ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 618.10 Td (In addition, our current shareholder dividend practices are subject to change for reasons that may include decisions on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (whether) Tj ET Q q 0 0 0 rg BT 81.81 606.10 Td (, when and in which amounts to make any future distributions, which remain at all times entirely at the discretion of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (Board of Directors, which reserves the right to change or suspend our dividend practices at any time and for any reason. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (common shareholders should be aware that they have no contractual or other legal right to dividends.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 562.10 Td (e may suf) Tj ET Q q 0 0 0 rg BT 121.41 562.10 Td (fer losses from unfavorable outcomes from litigation and other legal proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 542.10 Td (In the ordinary course of business, we are subject to litigation and other legal proceedings as part of the claims process, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (the outcomes of which are uncertain. ) Tj ET Q q 0 0 0 rg BT 200.04 530.10 Td (W) Tj ET Q q 0 0 0 rg BT 208.68 530.10 Td (e maintain reserves for these legal proceedings as part of our loss and LAE reserves. ) Tj ET Q q 0 0 0 rg BT 548.37 530.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.01 530.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (do not believe that the ultimate outcome of such matters will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 399.41 518.10 Td (fect on our financial condition. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 506.10 Td (, adverse outcomes are possible and could negatively impact our financial condition. In addition, we also maintain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (separate reserves for legal proceedings that are not related to the claims process. In the event of an unfavorable outcome in one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (or more legal matters, our ultimate liability may be in excess of amounts we have currently reserved for and such additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (amounts may be material to our results of operations and financial condition. Except as disclosed in "Legal Proceedings" and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (Note16 to our financial statements, as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.90 458.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.48 458.10 Td (, we had no material pending non-claims legal proceedings.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 438.10 Td (As industry practices and legal, judicial, social and other conditions change, unexpected and unintended issues related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (claims and coverage may emer) Tj ET Q q 0 0 0 rg BT 173.65 426.10 Td (ge. ) Tj ET Q q 0 0 0 rg BT 187.91 426.10 Td (These issues may adversely af) Tj ET Q q 0 0 0 rg BT 308.79 426.10 Td (fect our results of operations and financial condition by either ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (extending coverage beyond our underwriting intent or by increasing the number and size of claims. In some instances, these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (changes may not become apparent until sometime after we have issued insurance contracts that are af) Tj ET Q q 0 0 0 rg BT 455.49 402.10 Td (fected by the changes.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 382.10 Td (Our profitability may be adversely impacted by legislative actions and judicial decisions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 362.10 Td (Legislative actions and judicial decisions continue to broaden liability and policy definitions and to increase the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (severity of claim payments, such as described above with respect to ) Tj ET Q q 0 0 0 rg BT 322.70 350.10 Td (A&E claims. ) Tj ET Q q 0 0 0 rg BT 377.23 350.10 Td (T) Tj ET Q q 0 0 0 rg BT 382.64 350.10 Td (o the extent these legislative actions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (judicial decisions cause claim costs to increase above reserves established for these claims, we will be required to increase our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (loss and LAE reserves with a corresponding reduction in our net income in the period in which the deficiency is identified.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 306.10 Td (Regulation may restrict our ability to operate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 286.10 Td (The insurance industry is subject to extensive regulation under U.S. and state laws. Governmental agencies have broad ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (administrative power to regulate many aspects of the insurance business, which include premium rates, marketing practices, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (advertising, policy forms and capital adequacy) Tj ET Q q 0 0 0 rg BT 235.95 262.10 Td (. ) Tj ET Q q 0 0 0 rg BT 240.77 262.10 Td (These governmental agencies are concerned primarily with the protection of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (policyholders rather than shareholders. Insurance laws and regulations impose restrictions on the amount and type of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (investments, prescribe solvency standards that must be met and maintained and require the maintenance of reserves. Premium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (rate regulation may make it dif) Tj ET Q q 0 0 0 rg BT 173.38 226.10 Td (ficult for us to increase premiums to adequately reflect the cost of providing insurance coverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (to our policyholders. In our underwriting, we rely heavily upon information gathered from third parties such as credit report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (agencies and other data aggregators. ) Tj ET Q q 0 0 0 rg BT 197.53 202.10 Td (The use of this information is also highly regulated and any changes to the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (regulatory structure could materially af) Tj ET Q q 0 0 0 rg BT 206.42 190.10 Td (fect how we underwrite and price premiums.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 170.10 Td (Changes in federal or state laws and regulations may restrict our ability to operate and/or have an adverse ef) Tj ET Q q 0 0 0 rg BT 505.88 170.10 Td (fect upon the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (profitability of our business within a given jurisdiction, and could have an ef) Tj ET Q q 0 0 0 rg BT 356.14 158.10 Td (fect on our business, results of operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (financial condition. For example, the Dodd-Frank ) Tj ET Q q 0 0 0 rg BT 251.06 146.10 Td (Act, which was enacted in 2010, created the FIO within the ) Tj ET Q q 0 0 0 rg BT 491.09 146.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.85 146.10 Td (reasury ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (Department. ) Tj ET Q q 0 0 0 rg BT 102.02 134.10 Td (The FIO is responsible for gathering information and monitoring the insurance industry to identify gaps in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (regulation of insurers that could contribute to a systemic crisis in the insurance industry or U.S. financial system. ) Tj ET Q q 0 0 0 rg BT 503.89 122.10 Td (The FIO also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (has the authority to recommend changes to state insurance laws and regulations. ) Tj ET Q q 0 0 0 rg BT 372.41 110.10 Td (Although the deadline was in January 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (the FIO's "Study and Report on the Regulation of Insurance" in the United States has not yet been released. ) Tj ET Q q 0 0 0 rg BT 481.35 98.10 Td (W) Tj ET Q q 0 0 0 rg BT 489.99 98.10 Td (e cannot predict ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (whether the FIO will recommend any such changes, whether any states will adopt any such changes, or what ef) Tj ET Q q 0 0 0 rg BT 495.24 86.10 Td (fect such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (changes may have on our insurance operations. ) Tj ET Q q 0 0 0 rg BT 241.05 74.10 Td (As another example, it is possible that the NAIC could adopt part or all of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (Solvency II including minimum capital requirements that could be in excess of our current minimum capital requirements ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (established by state regulations. If the NAIC adopted Solvency II including additional capital requirements, our business and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (results of operations could be materially impacted.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 710.10 Td (Mandated market mechanisms may require us to underwrite policies with a higher risk of loss, and assessments and ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (other surcharges for guaranty funds and second-injury funds may reduce our profitability) Tj ET Q q 0 0 0 rg BT 420.51 698.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 678.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 678.10 Td (e are often required to participate directly or indirectly in mandatory shared market mechanisms as a condition of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (licenses to do business in certain states. ) Tj ET Q q 0 0 0 rg BT 210.34 666.10 Td (These markets, which are commonly referred to as "residual" or "involuntary" markets, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (generally consist of risks considered to be undesirable from a standard or routine underwriting perspective. Underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (performance related to assigned risk plans, a form of mandated market mechanism, is typically adverse and, as a result, we are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (required to underwrite some policies with a higher risk of loss than we would normally accept. Our participation in assigned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (risk plans may result in greater liabilities than we anticipate and could materially adversely af) Tj ET Q q 0 0 0 rg BT 424.13 618.10 Td (fect our results of operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (financial condition.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 586.10 Td (In addition, virtually all states require insurers licensed to do business in their state to bear a portion of the loss suf) Tj ET Q q 0 0 0 rg BT 531.50 586.10 Td (fered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (by some insureds as the result of impaired or insolvent insurance companies. ) Tj ET Q q 0 0 0 rg BT 359.47 574.10 Td (These guaranty funds are funded by assessments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (that are expected to increase in the future as a result of recent insolvencies. Many states also have laws that established second-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (injury funds to provide compensation to injured employees for aggravation of a prior condition or injury which are funded by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (either assessments based on paid losses or premium surchar) Tj ET Q q 0 0 0 rg BT 288.65 538.10 Td (ge mechanisms. ) Tj ET Q q 0 0 0 rg BT 354.84 538.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 380.48 538.10 Td (fect of these assessments and surchar) Tj ET Q q 0 0 0 rg BT 528.86 538.10 Td (ges or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (changes in them could reduce our profitability in any given period or limit our ability to grow our business.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 506.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 506.10 Td (e may need additional capital in the future, which may not be available to us or available to us on favorable terms. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (Raising additional capital could dilute your ownership in our company and may cause the market price of our common ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (shares to fall.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 462.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 462.10 Td (e may need to raise additional funds through public or private debt or equity financings in order to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 442.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 442.10 Td (fund liquidity needs;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 422.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 422.10 Td (replace capital lost in the event of a catastrophe or adverse reserve development or investment losses;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 402.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 402.10 Td (repay $275.0million aggregate principal amount of our 2012 Senior Notes;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 382.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 382.10 Td (satisfy letter of credit or guarantee bond requirements that may be imposed by our clients or by regulators;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 362.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 362.10 Td (acquire new businesses or invest in existing businesses;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 342.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 342.10 Td (expand our business into new regions and countries; or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 322.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 322.10 Td (otherwise respond to competitive pressures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 302.10 Td (Any additional capital raised through the sale of equity will dilute an existing shareholders' ownership percentage in our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (company and may decrease the market price of our common shares. Furthermore, the securities may have rights, preferences ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (and privileges that are senior or otherwise superior to those of our common shares. ) Tj ET Q q 0 0 0 rg BT 382.97 278.10 Td (Any additional financing we may need may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (not be available on terms favorable to us, or at all.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 246.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 246.10 Td (e depend on our key personnel to manage our business ef) Tj ET Q q 0 0 0 rg BT 318.09 246.10 Td (fectively and they may be dif) Tj ET Q q 0 0 0 rg BT 434.81 246.10 Td (ficult to replace.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 226.10 Td (Our performance substantially depends on the ef) Tj ET Q q 0 0 0 rg BT 268.20 226.10 Td (forts and abilities of our management team and other executive of) Tj ET Q q 0 0 0 rg BT 531.26 226.10 Td (ficers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (and key employees, including our experienced teams of specialty underwriters. Furthermore, much of our competitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (advantage is based on the expertise, experience and know-how of our key management personnel and underwriting teams. ) Tj ET Q q 0 0 0 rg BT 541.60 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 550.23 202.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (do not have fixed term employment agreements with any of our key employees nor key man life insurance, and the loss of one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (or more of these key employees could adversely af) Tj ET Q q 0 0 0 rg BT 253.08 178.10 Td (fect our business, results of operations and financial condition. Our success ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (also depends on the ability to hire and retain additional key personnel including underwriting teams. Dif) Tj ET Q q 0 0 0 rg BT 466.38 166.10 Td (ficulty in hiring or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (retaining key personnel could adversely af) Tj ET Q q 0 0 0 rg BT 219.48 154.10 Td (fect our results of operation and financial condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 134.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 134.10 Td (e may not be successful in developing our specialty businesses which could cause us to underestimate reserves, ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (incur additional expenses, and fail to fully realize our investments in these businesses, which could materially af) Tj ET Q q 0 0 0 rg BT 512.08 122.10 Td (fect our ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (business and results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 90.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 90.10 Td (e have recently entered into new specialty business lines, including surety and programs lines. ) Tj ET Q q 0 0 0 rg BT 461.24 90.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.88 90.10 Td (e intend to continue to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (look for appropriate opportunities to diversify our business portfolio by adding new specialty lines of insurance coverage. ) Tj ET Q q 0 0 0 rg BT 539.14 78.10 Td (W) Tj ET Q q 0 0 0 rg BT 547.78 78.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (also intend to continue to grow our existing specialty business lines. Due to our limited history in new business lines, there ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (could be limited financial information available to us to help us estimate suf) Tj ET Q q 0 0 0 rg BT 354.18 54.10 Td (ficient loss reserves for these lines and to help ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (evaluate whether we will be able to successfully develop these lines or estimate the likely ultimate losses and expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (associated with these lines. ) Tj ET Q q 0 0 0 rg BT 160.25 730.10 Td (Also, we may have less experience than some of our competitors in managing certain of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (business lines. ) Tj ET Q q 0 0 0 rg BT 110.10 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.74 718.10 Td (e may also incur expenses related to these business lines that may be dif) Tj ET Q q 0 0 0 rg BT 406.53 718.10 Td (ficult to manage in addition to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (existing expense structure. ) Tj ET Q q 0 0 0 rg BT 158.31 706.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 207.64 706.10 Td (, we may fail to fully realize the benefits and profits from some or all of our new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (specialty lines businesses relative to the resources that we invest in them. ) Tj ET Q q 0 0 0 rg BT 344.65 694.10 Td (Also, these business lines may fail to perform at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (levels we anticipate. ) Tj ET Q q 0 0 0 rg BT 133.30 682.10 Td (Although we have a conservative approach to adding new businesses to our portfolio, including stringent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (management oversight of, among other areas, underwriting, product and pricing development, and financial performance, there ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (is no assurance that we will be able to realize profitability from some or all of these new specialty businesses, which could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (materially adversely af) Tj ET Q q 0 0 0 rg BT 141.44 646.10 Td (fect our results of operations and financial condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 626.10 Td (e may be unable to adequately maintain our systems and safeguard the security of our data which may adversely ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (impact our ability to operate our business and cause reputational harm and financial loss. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 594.10 Td (Our business and operations rely on secure and ef) Tj ET Q q 0 0 0 rg BT 272.65 594.10 Td (ficient processing, storage and transmission of customer and company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (data, including personally identifiable information \(PII\) such as a name together with a social security number) Tj ET Q q 0 0 0 rg BT 490.58 582.10 Td (, bank account ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (number) Tj ET Q q 0 0 0 rg BT 80.15 570.10 Td (, driver's license number) Tj ET Q q 0 0 0 rg BT 177.63 570.10 Td (, passport number) Tj ET Q q 0 0 0 rg BT 248.60 570.10 Td (, birthday or other identifying information. Our ability to ef) Tj ET Q q 0 0 0 rg BT 485.87 570.10 Td (fectively operate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (our business depends upon our ability and the ability of certain third parties including vendors and business partners to access ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (our computer systems to perform necessary business functions such as providing quotes and product pricing, billing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (processing premiums, administering claims, and reporting our financial results. Our business and operations also depend upon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (our ability to safeguard PII and other confidential and proprietary information belonging to us, our employees, our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (policyholders and our business partners as well as ) Tj ET Q q 0 0 0 rg BT 252.00 510.10 Td (T) Tj ET Q q 0 0 0 rg BT 257.41 510.10 Td (ower's policyholders as a result of the ) Tj ET Q q 0 0 0 rg BT 410.38 510.10 Td (TSA) Tj ET Q q 0 0 0 rg BT 428.72 510.10 Td ( entered into in connection with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (the Personal Lines ) Tj ET Q q 0 0 0 rg BT 126.19 498.10 Td (T) Tj ET Q q 0 0 0 rg BT 131.95 498.10 Td (ransaction \(as defined in Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 395.55 498.10 Td (Analysis of Financial Condition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (Results of OperationsOverviewSignificant ) Tj ET Q q 0 0 0 rg BT 242.29 486.10 Td (T) Tj ET Q q 0 0 0 rg BT 248.04 486.10 Td (ransactions"\). Our systems may be vulnerable to unauthorized access and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (hackers, computer viruses, and other scenarios in which our data may be vulnerable to a breach. Specifically) Tj ET Q q 0 0 0 rg BT 483.35 474.10 Td (, we could be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (exposed to data breach risk from lost or stolen laptops, other portable media or prohibited disclosure containing PII.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 442.10 Td (Data incidents could result in financial loss and reputational harm to us, which could af) Tj ET Q q 0 0 0 rg BT 422.89 442.10 Td (fect our business and results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (operations. Nearly every state has enacted data breach laws and regulations that require, among other things, notification to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 418.10 Td (fected persons and state regulatory agencies of a data breach that involves PII. Some U.S. state and federal laws also require ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (us to implement measures to safeguard PII. For example, new Massachusetts regulations require our employees to encrypt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (information stored on laptops and other portable devices and transmitted through electronic media, and take reasonable steps to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (verify that our third-party vendors utilize security procedures to protect PII.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 362.10 Td (Although we have taken measures to safeguard our information and that of policyholders and other third parties, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (could be exposed to data loss. ) Tj ET Q q 0 0 0 rg BT 171.37 350.10 Td (As a result, our ability to conduct our business may be af) Tj ET Q q 0 0 0 rg BT 398.92 350.10 Td (fected, and impact our results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (operations, financial condition and reputation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (Risks Relating to the Runoff ) Tj ET Q q 0 0 0 rg BT 173.44 318.10 Td (T) Tj ET Q q 0 0 0 rg BT 179.37 318.10 Td (ransaction) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.50 298.10 Td (There is no certainty that the Runof) Tj ET Q q 0 0 0 rg BT 220.11 298.10 Td (f T) Tj ET Q q 0 0 0 rg BT 231.68 298.10 Td (ransaction will close.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 278.10 Td (Consummation of the sale of the Company's Runof) Tj ET Q q 0 0 0 rg BT 277.15 278.10 Td (f Business pursuant to the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 446.30 278.10 Td (Agreement is subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (conditions, primarily regulatory approval, that are outside of the control of the parties. ) Tj ET Q q 0 0 0 rg BT 396.94 266.10 Td (There can be no assurance as to whether ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (or when such conditions may be satisfied and a closing would occur) Tj ET Q q 0 0 0 rg BT 321.88 254.10 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 72.50 234.10 Td (Brokers, agents or policyholders may react negatively to the Runof) Tj ET Q q 0 0 0 rg BT 346.75 234.10 Td (f T) Tj ET Q q 0 0 0 rg BT 358.32 234.10 Td (ransaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 214.10 Td (Following OneBeacon's announcement of the Runof) Tj ET Q q 0 0 0 rg BT 282.13 214.10 Td (f ) Tj ET Q q 0 0 0 rg BT 287.78 214.10 Td (T) Tj ET Q q 0 0 0 rg BT 293.54 214.10 Td (ransaction, ) Tj ET Q q 0 0 0 rg BT 339.08 214.10 Td (A.M. Best, Fitch, Moody's and Standard & Poor's each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (issued a press release regarding the ratings implications. ) Tj ET Q q 0 0 0 rg BT 276.88 202.10 Td (A.M. Best placed the subsidiaries being sold in the Runof) Tj ET Q q 0 0 0 rg BT 507.50 202.10 Td (f ) Tj ET Q q 0 0 0 rg BT 513.15 202.10 Td (T) Tj ET Q q 0 0 0 rg BT 518.91 202.10 Td (ransaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (\(the Runof) Tj ET Q q 0 0 0 rg BT 92.87 190.10 Td (f Subsidiaries\) under review with negative implications; Fitch placed the Runof) Tj ET Q q 0 0 0 rg BT 410.94 190.10 Td (f Subsidiaries on credit watch ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (negative; and Moody's assigned a negative outlook. Standard & Poor's downgraded and subsequently) Tj ET Q q 0 0 0 rg BT 454.82 178.10 Td (, at the request of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (OneBeacon, withdrew its rating on the Runof) Tj ET Q q 0 0 0 rg BT 231.72 166.10 Td (f Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 290.89 166.10 Td (All four ratings agencies af) Tj ET Q q 0 0 0 rg BT 399.56 166.10 Td (firmed the ratings of the Ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (Subsidiaries with stable Outlook.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 134.10 Td (The Runof) Tj ET Q q 0 0 0 rg BT 115.37 134.10 Td (f Subsidiaries have been underwriting specialty policies, and they will continue to do so on a limited basis up ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (until the closing of the Runof) Tj ET Q q 0 0 0 rg BT 167.30 122.10 Td (f ) Tj ET Q q 0 0 0 rg BT 172.95 122.10 Td (T) Tj ET Q q 0 0 0 rg BT 178.71 122.10 Td (ransaction and for a limited time following the closing through a fronting and reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (agreement with ) Tj ET Q q 0 0 0 rg BT 113.87 110.10 Td (Armour) Tj ET Q q 0 0 0 rg BT 144.98 110.10 Td (. It is possible that certain brokers, agents or policyholders dealing with specialty policies underwritten ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (by the Runof) Tj ET Q q 0 0 0 rg BT 102.04 98.10 Td (f Subsidiaries could determine that the Runof) Tj ET Q q 0 0 0 rg BT 283.48 98.10 Td (f Subsidiaries no longer meet their placement standards and could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (cease placing business with the Runof) Tj ET Q q 0 0 0 rg BT 202.29 86.10 Td (f Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 261.82 86.10 Td (While the Company believes that the Runof) Tj ET Q q 0 0 0 rg BT 437.15 86.10 Td (f Subsidiaries' financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (strength is robust notwithstanding the Runof) Tj ET Q q 0 0 0 rg BT 227.87 74.10 Td (f ) Tj ET Q q 0 0 0 rg BT 233.52 74.10 Td (T) Tj ET Q q 0 0 0 rg BT 239.27 74.10 Td (ransaction, it has taken various steps to provide assurances to the Runof) Tj ET Q q 0 0 0 rg BT 526.25 74.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (Subsidiaries' brokers, agents and policyholders. However) Tj ET Q q 0 0 0 rg BT 278.85 62.10 Td (, there is no assurance that the Runof) Tj ET Q q 0 0 0 rg BT 426.40 62.10 Td (f Subsidiaries will be successful ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (in continuing to underwrite the specialty business on an interim basis, which may have an adverse impact on the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (results of operations or financial condition.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (Risks Relating to Our) Tj ET Q q 0 0 0 rg BT 142.88 710.10 Td ( Relationship with ) Tj ET Q q 0 0 0 rg BT 222.99 710.10 Td (White Mountains) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 690.10 Td (Control of us by ) Tj ET Q q 0 0 0 rg BT 142.72 690.10 Td (White Mountains and the holding of ) Tj ET Q q 0 0 0 rg BT 295.36 690.10 Td (White Mountains shares by some of our directors and of) Tj ET Q q 0 0 0 rg BT 527.16 690.10 Td (ficers ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (may result in conflicts of interest.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 658.10 Td (White Mountains beneficially owns all of our ClassB common shares, representing 96.8% of the voting power of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (voting securities and 75.2% of our total equity as of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.26 646.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.26 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 342.71 646.10 Td (As long as ) Tj ET Q q 0 0 0 rg BT 387.25 646.10 Td (White Mountains owns our common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (representing more than 50% of the voting power of our outstanding voting securities, ) Tj ET Q q 0 0 0 rg BT 393.08 634.10 Td (White Mountains will generally be able to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (determine the outcome of all corporate actions requiring shareholder approval, including the election of directors. Furthermore, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (we are relying on the "controlled company" exemption under the rules of the New ) Tj ET Q q 0 0 0 rg BT 380.46 610.10 Td (Y) Tj ET Q q 0 0 0 rg BT 386.68 610.10 Td (ork Stock Exchange, and are therefore not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (required to have a majority of independent directors on our Board. Of the ten directors that we have on our Board, six are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (current or former employees, directors or of) Tj ET Q q 0 0 0 rg BT 225.58 586.10 Td (ficers of ) Tj ET Q q 0 0 0 rg BT 260.94 586.10 Td (White Mountains, and one is a portfolio manager at Prospector) Tj ET Q q 0 0 0 rg BT 511.99 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 516.81 586.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (Mountains also has control over the adoption or amendment of provisions in our memorandum of association or bye-laws and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (the approval of amalgamations, mer) Tj ET Q q 0 0 0 rg BT 193.94 562.10 Td (gers, and other significant corporate transactions. Furthermore, ) Tj ET Q q 0 0 0 rg BT 448.12 562.10 Td (White Mountains will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (continue to be able to exercise this control as long as its economic equity ownership in us is at least 20%. ) Tj ET Q q 0 0 0 rg BT 473.06 550.10 Td (These factors also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (may delay or prevent a change in the management or voting control of us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 518.10 Td (Also, at some time in the future, ) Tj ET Q q 0 0 0 rg BT 205.18 518.10 Td (White Mountains may sell all or a portion of its ownership interest in us or may make a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (tax-free distribution to its shareholders of all or a portion of that interest.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 486.10 Td (Questions relating to conflicts of interest may arise between us and ) Tj ET Q q 0 0 0 rg BT 344.58 486.10 Td (White Mountains in a number of areas relating to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (past and ongoing relationships. Certain of our directors and executive of) Tj ET Q q 0 0 0 rg BT 338.91 474.10 Td (ficers may own substantial amounts of ) Tj ET Q q 0 0 0 rg BT 495.36 474.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (Mountains stock and may also be directors or of) Tj ET Q q 0 0 0 rg BT 242.55 462.10 Td (ficers of ) Tj ET Q q 0 0 0 rg BT 277.91 462.10 Td (White Mountains from time to time. ) Tj ET Q q 0 0 0 rg BT 425.21 462.10 Td (Their ownership of ) Tj ET Q q 0 0 0 rg BT 504.17 462.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (Mountains stock and these other relationships could create, or appear to create, potential conflicts of interest when these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (individuals are faced with decisions that could have dif) Tj ET Q q 0 0 0 rg BT 270.31 438.10 Td (ferent implications for us and ) Tj ET Q q 0 0 0 rg BT 390.37 438.10 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 464.90 438.10 Td (These potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (conflicts could arise, for example, over matters such as the desirability of an acquisition opportunity) Tj ET Q q 0 0 0 rg BT 449.79 426.10 Td (, employee retention or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (recruiting, or our dividend policy) Tj ET Q q 0 0 0 rg BT 182.37 414.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 394.10 Td (White Mountains may compete with us and the involvement of those individuals who are directors and of) Tj ET Q q 0 0 0 rg BT 506.08 394.10 Td (ficers of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (White Mountains and directors of ours in resolving matters relating to such competition will not constitute a breach of ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (fiduciary duty to us.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 350.10 Td (Our bye-laws provide that ) Tj ET Q q 0 0 0 rg BT 181.01 350.10 Td (White Mountains will have no obligation to refrain from:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 330.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 330.10 Td (engaging in the same or similar business activities or lines of business as we do; or) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.00 310.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 310.10 Td (doing business with any of our clients or customers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 290.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 109.63 290.10 Td (White Mountains may currently or in the future engage in the same activities in which we engage, we may be in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (direct competition with ) Tj ET Q q 0 0 0 rg BT 145.63 278.10 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 220.16 278.10 Td (While ) Tj ET Q q 0 0 0 rg BT 246.91 278.10 Td (White Mountains has indicated to us that its current expectation is to manage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (its activities such that opportunities to acquire specialty businesses will be pursued through OneBeacon, ) Tj ET Q q 0 0 0 rg BT 468.34 266.10 Td (White Mountains is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (not legally obligated to do so and could in the future manage its activities in a dif) Tj ET Q q 0 0 0 rg BT 374.18 254.10 Td (ferent way) Tj ET Q q 0 0 0 rg BT 416.01 254.10 Td (. Due to the resources of ) Tj ET Q q 0 0 0 rg BT 516.07 254.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (Mountains, including financial resources, name recognition and knowledge of our strengths, weaknesses and business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (practices, ) Tj ET Q q 0 0 0 rg BT 90.35 230.10 Td (White Mountains could have a competitive advantage over us should it decide to engage in the type of business we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (conduct, which may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 237.51 218.10 Td (fect on our operations and financial condition. ) Tj ET Q q 0 0 0 rg BT 424.49 218.10 Td (The corporate opportunity policy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (included in our bye-laws addresses potential conflicts of interest between us, on the one hand, and ) Tj ET Q q 0 0 0 rg BT 444.71 206.10 Td (White Mountains and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 194.10 Td (ficers and directors who are also our directors, on the other hand. ) Tj ET Q q 0 0 0 rg BT 320.65 194.10 Td (These provisions are designed to resolve conflicts between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (us and ) Tj ET Q q 0 0 0 rg BT 78.15 182.10 Td (White Mountains. Under our bye-laws, it is not a breach of fiduciary duty on the part of any of our of) Tj ET Q q 0 0 0 rg BT 483.41 182.10 Td (ficers and directors ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (by reason of their participation in any of the above described activities.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 150.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.74 150.10 Td (ransitional and other arrangements with ) Tj ET Q q 0 0 0 rg BT 249.33 150.10 Td (White Mountains may not be on arm's length terms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 130.10 Td (In connection with the initial public of) Tj ET Q q 0 0 0 rg BT 227.67 130.10 Td (fering, we entered into certain contractual arrangements with ) Tj ET Q q 0 0 0 rg BT 473.77 130.10 Td (White Mountains and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (its af) Tj ET Q q 0 0 0 rg BT 69.54 118.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 101.57 118.10 Td (These agreements were made in the context of a parent-subsidiary relationship. For example, some of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (investments are managed pursuant to an investment management agreement on a discretionary basis by a registered investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (advisor which is owned by ) Tj ET Q q 0 0 0 rg BT 159.53 94.10 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 234.06 94.10 Td (W) Tj ET Q q 0 0 0 rg BT 242.70 94.10 Td (e have a multi-year investment management contract with this advisor) Tj ET Q q 0 0 0 rg BT 522.89 94.10 Td (. ) Tj ET Q q 0 0 0 rg BT 527.71 94.10 Td (While ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (we are satisfied with the terms of such arrangement, we cannot confirm that such terms are as favorable to us as they might ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (have been had we contracted with an independent advisor) Tj ET Q q 0 0 0 rg BT 280.47 70.10 Td (. On the other hand, after the expiration of this agreement, we may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (not be able to replace these investment services in a timely manner or on terms and conditions, including cost, that are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (comparable to those we receive from ) Tj ET Q q 0 0 0 rg BT 200.31 46.10 Td (White Mountains, and we may have to pay higher prices for similar services from ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (unaf) Tj ET Q q 0 0 0 rg BT 67.59 742.10 Td (filiated third parties. For more information on these and other arrangements with ) Tj ET Q q 0 0 0 rg BT 392.59 742.10 Td (White Mountains, see Note15"Related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Party Disclosures" of the accompanying consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (Risks ) Tj ET Q q 0 0 0 rg BT 75.66 710.10 Td (That Relate to ) Tj ET Q q 0 0 0 rg BT 139.08 710.10 Td (T) Tj ET Q q 0 0 0 rg BT 144.83 710.10 Td (axes ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 690.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.15 690.10 Td (e may become subject to taxes in Bermuda after 2035.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 670.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 670.10 Td (e have received a standard assurance from the Bermuda Minister of Finance, under Bermuda's Exempted Undertakings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 658.10 Td (ax Protection ) Tj ET Q q 0 0 0 rg BT 110.40 658.10 Td (Act 1966, that if any legislation is enacted in Bermuda that would impose tax computed on profits or income, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (computed on any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance tax, then the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (imposition of any such tax will not be applicable to us or to any of our operations or our shares, debentures or other obligations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (until March31, 2035. Given the limited duration of the Minister of Finance's assurance, we cannot be certain that we will not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (be subject to any Bermuda tax after March31, 2035. In the event that we become subject to any Bermuda tax after such date, it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 178.92 598.10 Td (fect on our results of operations and financial condition.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 74.00 578.10 Td (Changes in tax laws or tax treaties may cause more of the income of certain non-U.S. companies in our group to ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (become subject to taxes in the United States.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 546.10 Td (The taxable income of our U.S. subsidiaries is subject to U.S. federal, state and local income tax and other taxes. ) Tj ET Q q 0 0 0 rg BT 527.02 546.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (income of the non-U.S. companies in our group is generally not subject to tax in the United States other than withholding taxes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (on interest and dividends. Certain of our non-U.S. companies are eligible for the benefits of tax treaties between the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (States and other countries. ) Tj ET Q q 0 0 0 rg BT 157.85 510.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.48 510.10 Td (e believe our non-U.S. companies will continue to be eligible for treaty benefits. However) Tj ET Q q 0 0 0 rg BT 526.53 510.10 Td (, it is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (possible that factual changes or changes to U.S. tax laws or changes to tax treaties that presently apply to our non-U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (companies could increase income, or the tax rate on income, subject to tax in the United States. Similarly) Tj ET Q q 0 0 0 rg BT 470.34 486.10 Td (, changes to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (applicable tax laws, treaties or regulations of other countries could subject the income of members of our group to higher rates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (of tax outside the United States.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 435.25 Td (ITEM 1B.UNRESOL) Tj ET Q q 0 0 0 rg BT 150.77 435.25 Td (VED ST) Tj ET Q q 0 0 0 rg BT 185.87 435.25 Td (AFF) Tj ET Q q 0 0 0 rg BT 204.94 435.25 Td ( COMMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 415.25 Td (As of the date of this report, we had no unresolved written comments from the Commission staf) Tj ET Q q 0 0 0 rg BT 457.35 415.25 Td (f regarding our periodic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (or current reports under the Exchange ) Tj ET Q q 0 0 0 rg BT 203.27 403.25 Td (Act.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (ITEM 2.PROPER) Tj ET Q q 0 0 0 rg BT 137.43 376.25 Td (TIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 356.25 Td (Our headquarters are located at 14 ) Tj ET Q q 0 0 0 rg BT 213.75 356.25 Td (W) Tj ET Q q 0 0 0 rg BT 222.39 356.25 Td (esley Street, 5thFloor) Tj ET Q q 0 0 0 rg BT 310.31 356.25 Td (, Hamilton HM 1) Tj ET Q q 0 0 0 rg BT 378.82 356.25 Td (1, Bermuda. Our U.S. corporate headquarters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (are located at 601 Carlson Parkway) Tj ET Q q 0 0 0 rg BT 191.25 344.25 Td (, Minnetonka, Minnesota 55305 and our registered of) Tj ET Q q 0 0 0 rg BT 404.63 344.25 Td (fice is located at Clarendon House, 2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (Church Street, Hamilton HM 1) Tj ET Q q 0 0 0 rg BT 173.78 332.25 Td (1, Bermuda. ) Tj ET Q q 0 0 0 rg BT 225.25 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 233.89 332.25 Td (e also maintain branch of) Tj ET Q q 0 0 0 rg BT 334.79 332.25 Td (fices in various cities throughout the United States. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.25 Td (headquarters, U.S. corporate headquarters and our branch of) Tj ET Q q 0 0 0 rg BT 290.83 320.25 Td (fices are leased. ) Tj ET Q q 0 0 0 rg BT 356.72 320.25 Td (W) Tj ET Q q 0 0 0 rg BT 365.36 320.25 Td (e also own a building in Canton, Massachusetts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.25 Td (that houses certain limited corporate functions, as well as field and business operations personnel. In November 201) Tj ET Q q 0 0 0 rg BT 513.95 308.25 Td (1, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (entered into a lease for most of our Canton building. ) Tj ET Q q 0 0 0 rg BT 261.71 296.25 Td (The lease began in June 2012. ) Tj ET Q q 0 0 0 rg BT 384.55 296.25 Td (W) Tj ET Q q 0 0 0 rg BT 393.19 296.25 Td (e will retain a portion of the building to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (house certain limited corporate functions, as well as field and business operations personnel. Management considers our of) Tj ET Q q 0 0 0 rg BT 541.35 284.25 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (facilities suitable and adequate for our current level of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (ITEM 3.LEGAL) Tj ET Q q 0 0 0 rg BT 131.13 245.25 Td ( PROCEEDINGS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 225.25 Td (The Company from time to time is involved in various routine legal proceedings. ) Tj ET Q q 0 0 0 rg BT 400.97 225.25 Td (W) Tj ET Q q 0 0 0 rg BT 409.61 225.25 Td (e believe that the outcome of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 213.25 Td (proceedings, even if determined adversely) Tj ET Q q 0 0 0 rg BT 218.45 213.25 Td (, would not have a material adverse ef) Tj ET Q q 0 0 0 rg BT 370.42 213.25 Td (fect on our business, financial condition and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.25 Td (results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (Deutsche Bank Litigation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 161.25 Td (In June 201) Tj ET Q q 0 0 0 rg BT 120.29 161.25 Td (1, Deutsche Bank ) Tj ET Q q 0 0 0 rg BT 193.42 161.25 Td (T) Tj ET Q q 0 0 0 rg BT 199.18 161.25 Td (rust Company ) Tj ET Q q 0 0 0 rg BT 257.52 161.25 Td (Americas, Law Debenture Company of New ) Tj ET Q q 0 0 0 rg BT 438.47 161.25 Td (Y) Tj ET Q q 0 0 0 rg BT 444.69 161.25 Td (ork and ) Tj ET Q q 0 0 0 rg BT 477.28 161.25 Td (W) Tj ET Q q 0 0 0 rg BT 486.32 161.25 Td (ilmington ) Tj ET Q q 0 0 0 rg BT 527.53 161.25 Td (T) Tj ET Q q 0 0 0 rg BT 533.29 161.25 Td (rust ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (Company \(collectively referred to as Plaintif) Tj ET Q q 0 0 0 rg BT 232.81 149.25 Td (fs\), in their capacity as trustees for certain senior notes issued by the ) Tj ET Q q 0 0 0 rg BT 512.53 149.25 Td (T) Tj ET Q q 0 0 0 rg BT 518.29 149.25 Td (ribune ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (Company \(T) Tj ET Q q 0 0 0 rg BT 104.91 137.25 Td (ribune\), filed lawsuits in various jurisdictions \(the Noteholder ) Tj ET Q q 0 0 0 rg BT 362.91 137.25 Td (Actions\) against numerous defendants including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (OneBeacon, OBIC-sponsored benefit plans and other af) Tj ET Q q 0 0 0 rg BT 273.36 125.25 Td (filiates of ) Tj ET Q q 0 0 0 rg BT 313.73 125.25 Td (White Mountains in their capacity as former shareholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 113.25 Td (ribune seeking recovery of the proceeds from the sale of common stock of ) Tj ET Q q 0 0 0 rg BT 355.20 113.25 Td (T) Tj ET Q q 0 0 0 rg BT 360.95 113.25 Td (ribune in connection with ) Tj ET Q q 0 0 0 rg BT 465.75 113.25 Td (T) Tj ET Q q 0 0 0 rg BT 471.50 113.25 Td (ribune's leveraged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (buyout in 2007 \(the LBO\). ) Tj ET Q q 0 0 0 rg BT 168.13 101.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.89 101.25 Td (ribune filed for bankruptcy in 2008 in the Delaware bankruptcy court \(the Bankruptcy Court\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 89.25 Td (The Bankruptcy Court granted Plaintif) Tj ET Q q 0 0 0 rg BT 204.23 89.25 Td (fs permission to commence these LBO-related actions. Plaintif) Tj ET Q q 0 0 0 rg BT 455.09 89.25 Td (fs seek recovery of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (proceeds received by the former ) Tj ET Q q 0 0 0 rg BT 181.14 77.25 Td (T) Tj ET Q q 0 0 0 rg BT 186.90 77.25 Td (ribune shareholders on a theory of constructive fraudulent transfer asserting that ) Tj ET Q q 0 0 0 rg BT 509.66 77.25 Td (T) Tj ET Q q 0 0 0 rg BT 515.42 77.25 Td (ribune ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (purchased or repurchased its common shares without receiving fair consideration at a time when it was, or as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 53.25 Td (purchases of shares, was rendered, insolvent. OneBeacon has entered into a joint defense agreement with other af) Tj ET Q q 0 0 0 rg BT 503.26 53.25 Td (filiates of ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (White Mountains that are defendants in the action. OneBeacon and OBIC-sponsored benefit plans received approximately $32 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (million for ) Tj ET Q q 0 0 0 rg BT 95.37 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.13 730.10 Td (ribune common stock tendered in connection with the LBO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 710.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 143.04 710.10 Td (1, the Judicial Panel on Multidistrict Litigation granted a motion to consolidate all of the Noteholder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (Actions for pretrial matters and transfer all such proceedings to the United States District Court for the Southern District of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 686.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 686.10 Td (ork.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 666.10 Td (In addition, OneBeacon, OBIC-sponsored benefit plans and other af) Tj ET Q q 0 0 0 rg BT 344.97 666.10 Td (filiates of ) Tj ET Q q 0 0 0 rg BT 385.33 666.10 Td (White Mountains in their capacity as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (former shareholders of ) Tj ET Q q 0 0 0 rg BT 143.39 654.10 Td (T) Tj ET Q q 0 0 0 rg BT 149.15 654.10 Td (ribune, along with thousands of former ) Tj ET Q q 0 0 0 rg BT 307.55 654.10 Td (T) Tj ET Q q 0 0 0 rg BT 313.31 654.10 Td (ribune shareholders, have been named as defendants in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (adversary proceeding brought by the Of) Tj ET Q q 0 0 0 rg BT 209.49 642.10 Td (ficial Committee of Unsecured Creditors of the ) Tj ET Q q 0 0 0 rg BT 400.64 642.10 Td (T) Tj ET Q q 0 0 0 rg BT 406.40 642.10 Td (ribune Company) Tj ET Q q 0 0 0 rg BT 472.68 642.10 Td (, on behalf of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 630.10 Td (ribune Company) Tj ET Q q 0 0 0 rg BT 122.04 630.10 Td (, which seeks to avoid the repurchase of shares by ) Tj ET Q q 0 0 0 rg BT 324.30 630.10 Td (T) Tj ET Q q 0 0 0 rg BT 330.05 630.10 Td (ribune in the LBO on a theory of intentional fraudulent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (transfer \(the Committee ) Tj ET Q q 0 0 0 rg BT 151.91 618.10 Td (Action\). ) Tj ET Q q 0 0 0 rg BT 191.71 618.10 Td (T) Tj ET Q q 0 0 0 rg BT 197.47 618.10 Td (ribune emer) Tj ET Q q 0 0 0 rg BT 245.32 618.10 Td (ged from bankruptcy in 2012, and the Committee ) Tj ET Q q 0 0 0 rg BT 445.00 618.10 Td (Action has since been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (consolidated with the Noteholder ) Tj ET Q q 0 0 0 rg BT 184.97 606.10 Td (Actions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 586.10 Td (In September 2012, a case management order was entered in the consolidated cases, setting forth, among other things, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (briefing schedule for an omnibus motion to dismiss in the Noteholder ) Tj ET Q q 0 0 0 rg BT 330.24 574.10 Td (Actions. ) Tj ET Q q 0 0 0 rg BT 366.17 574.10 Td (The court is expected to hear oral ar) Tj ET Q q 0 0 0 rg BT 510.08 574.10 Td (gument on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (that motion in March 2013. Discovery and other motion practice \(other than motions to amend the complaints\) in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 96.39 550.10 Td (Action and the Noteholder ) Tj ET Q q 0 0 0 rg BT 204.69 550.10 Td (Actions is stayed until further order of the court.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (Ace ) Tj ET Q q 0 0 0 rg BT 67.30 530.10 Td (American Insurance Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 510.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 510.10 Td ( subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 189.06 510.10 Td (, OBH, was sued in Federal Court in the Eastern District of Pennsylvania on ) Tj ET Q q 0 0 0 rg BT 495.68 510.10 Td (August 17, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (2012 by ) Tj ET Q q 0 0 0 rg BT 84.45 498.10 Td (Ace ) Tj ET Q q 0 0 0 rg BT 102.50 498.10 Td (American Insurance Company \(Ace\). ) Tj ET Q q 0 0 0 rg BT 263.63 498.10 Td (The complaint alleges that OBH, through a professional recruiting firm, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (improperly hired a group of ) Tj ET Q q 0 0 0 rg BT 163.03 486.10 Td (Ace employees from ) Tj ET Q q 0 0 0 rg BT 248.28 486.10 Td (Ace's surety division. ) Tj ET Q q 0 0 0 rg BT 336.55 486.10 Td (The complaint sought injunctive relief and unspecified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (damages. ) Tj ET Q q 0 0 0 rg BT 89.43 474.10 Td (After court-ordered expedited discovery was completed, the claims for injunctive relief were resolved pursuant to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (confidential agreement. ) Tj ET Q q 0 0 0 rg BT 146.72 462.10 Td (The remaining claim against OBH is for damages only and is scheduled to be heard in ) Tj ET Q q 0 0 0 rg BT 493.30 462.10 Td (April. ) Tj ET Q q 0 0 0 rg BT 518.85 462.10 Td (After the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (claims against OBH for injunctive relief were resolved, ) Tj ET Q q 0 0 0 rg BT 273.54 450.10 Td (Ace filed a Demand for ) Tj ET Q q 0 0 0 rg BT 369.89 450.10 Td (Arbitration against five of the former ) Tj ET Q q 0 0 0 rg BT 520.40 450.10 Td (Ace ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (surety employees hired by OneBeacon, alleging breach of their duty of loyalty to ) Tj ET Q q 0 0 0 rg BT 376.02 438.10 Td (Ace and misappropriation of ) Tj ET Q q 0 0 0 rg BT 492.65 438.10 Td (Ace trade ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (secrets. OneBeacon believes that ) Tj ET Q q 0 0 0 rg BT 183.56 426.10 Td (Ace's damages claim against OBH and the claims against the individual employees are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (without merit and intends to vigorously defend both.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 387.25 Td (ITEM 4.MINE SAFETY) Tj ET Q q 0 0 0 rg BT 165.47 387.25 Td ( DISCLOSURE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 367.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (31) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 715.25 Td (ITEM 5.MARKET) Tj ET Q q 0 0 0 rg BT 141.49 715.25 Td ( FOR ) Tj ET Q q 0 0 0 rg BT 167.42 715.25 Td (THE COMP) Tj ET Q q 0 0 0 rg BT 220.84 715.25 Td (ANY'S COMMON EQUITY) Tj ET Q q 0 0 0 rg BT 343.26 715.25 Td (, RELA) Tj ET Q q 0 0 0 rg BT 375.30 715.25 Td (TED SHAREHOLDER MA) Tj ET Q q 0 0 0 rg BT 494.57 715.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 529.31 715.25 Td (AND ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 703.25 Td (ISSUER PURCHASES OF) Tj ET Q q 0 0 0 rg BT 165.21 703.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 206.79 703.25 Td ( SECURITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 683.25 Td (The Class ) Tj ET Q q 0 0 0 rg BT 115.67 683.25 Td (A) Tj ET Q q 0 0 0 rg BT 122.33 683.25 Td ( common shares of OneBeacon are listed and traded on the New ) Tj ET Q q 0 0 0 rg BT 381.32 683.25 Td (Y) Tj ET Q q 0 0 0 rg BT 387.54 683.25 Td (ork Stock Exchange \(Symbol: OB\). Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 671.25 Td (Class) Tj ET Q q 0 0 0 rg BT 73.62 671.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 671.25 Td ( common shares began trading on November9, 2006. Prior to such date, there was no established public trading market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 659.25 Td (for our common shares. ) Tj ET Q q 0 0 0 rg BT 147.29 659.25 Td (W) Tj ET Q q 0 0 0 rg BT 155.93 659.25 Td (e also have ClassB common shares that are not listed for trading, all of which are held by ) Tj ET Q q 0 0 0 rg BT 517.32 659.25 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 647.25 Td (Mountains. ) Tj ET Q q 0 0 0 rg BT 97.60 647.25 Td (There is no public market for this class of securities. ) Tj ET Q q 0 0 0 rg BT 309.30 647.25 Td (The closing price per share of the Class) Tj ET Q q 0 0 0 rg BT 469.25 647.25 Td (A) Tj ET Q q 0 0 0 rg BT 475.92 647.25 Td ( common shares on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 635.25 Td (the New ) Tj ET Q q 0 0 0 rg BT 85.73 635.25 Td (Y) Tj ET Q q 0 0 0 rg BT 91.95 635.25 Td (ork Stock Exchange on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.48 635.25 Td (February25, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.08 635.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.63 635.25 Td ($13.27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.13 635.25 Td (. ) Tj ET Q q 0 0 0 rg BT 313.58 635.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.02 635.25 Td (February25, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.62 635.25 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.34 635.25 Td (23,631,441) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.34 635.25 Td ( outstanding Class) Tj ET Q q 0 0 0 rg BT 551.62 635.25 Td (A) Tj ET Q q 0 0 0 rg BT 558.29 635.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 623.25 Td (common shares were held by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.13 623.25 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.13 623.25 Td (holders of record. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.77 623.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.77 623.25 Td (, we paid a quarterly dividend of $0.21 per common share, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 611.25 Td ($80.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 611.25 Td ( total. On ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.89 611.25 Td (February27, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.49 611.25 Td (, the Board declared an ordinary dividend of $0.21 per common share, payable on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 599.25 Td (March29, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.60 599.25 Td ( to shareholders of record on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.78 599.25 Td (March15, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.38 599.25 Td (. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 443.57 599.25 Td (Analysis of Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 587.25 Td (Condition and Results of OperationsLiquidity and Capital ResourcesDividend Capacity" and Note 1) Tj ET Q q 0 0 0 rg BT 470.59 587.25 Td (1"Statutory Capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (and Surplus" in the accompanying consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 555.25 Td (The following table presents the range of share prices for our Class) Tj ET Q q 0 0 0 rg BT 344.47 555.25 Td (A) Tj ET Q q 0 0 0 rg BT 351.14 555.25 Td ( common shares for the periods indicated, and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (quarterly dividends declared per share:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 113.00 507.75 141.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 507.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 507.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 507.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 507.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 507.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.00 479.75 141.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 479.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 479.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 479.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 479.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 479.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.00 451.75 141.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 451.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 451.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 451.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 451.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.00 423.75 141.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 423.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 423.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 423.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 423.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.00 395.75 141.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 395.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 395.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 395.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 395.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.00 367.75 141.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 367.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 367.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 367.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 367.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 367.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.00 367.75 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 367.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.00 367.75 57.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 519.75 m 315 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 519.75 m 319 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 519.75 m 376 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 519.75 m 380 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 519.75 m 437 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 519.75 m 441 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 519.75 m 498 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 507.75 m 315 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 507.75 m 376 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 507.75 m 437 507.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 507.75 m 498 507.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.50 523.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.45 523.98 Td (Three months ended,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 115.50 511.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.50 511.83 Td (March31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.75 511.83 Td (June30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.60 511.83 Td (September30,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.75 511.83 Td (December31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.50 498.43 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 498.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 498.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 498.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 498.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.50 484.32 Td (Common share price:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 484.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 484.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 484.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 484.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 470.32 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 470.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.65 470.32 Td (16.46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 470.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 470.32 Td (15.41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 470.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 470.32 Td (13.64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 470.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 470.32 Td (13.90) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 456.32 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 456.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.65 456.32 Td (14.96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 456.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 456.32 Td (12.73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 456.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 456.32 Td (12.23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 456.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 456.32 Td (12.78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.50 442.32 Td (Dividends declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 442.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 442.32 Td (0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 442.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 442.32 Td (0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 442.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 442.32 Td (0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 442.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 442.32 Td (0.21) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 115.50 414.43 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 414.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 414.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 414.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 414.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.50 400.32 Td (Common share price:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 400.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 400.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 400.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 400.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 386.32 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 386.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.65 386.32 Td (15.43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 386.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 386.32 Td (15.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 386.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 386.32 Td (14.15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 386.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 386.32 Td (15.91) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 372.32 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 372.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.65 372.32 Td (12.80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 372.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 372.32 Td (12.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 372.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 372.32 Td (12.37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 372.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 372.32 Td (13.19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.50 358.32 Td (Dividends declared) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 358.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.65 358.32 Td (0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.50 358.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.65 358.32 Td (1.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.50 358.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 358.32 Td (0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 358.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 358.32 Td (0.21) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 326.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 326.25 Td (e were acquired by ) Tj ET Q q 0 0 0 rg BT 160.75 326.25 Td (White Mountains from ) Tj ET Q q 0 0 0 rg BT 254.35 326.25 Td (A) Tj ET Q q 0 0 0 rg BT 260.83 326.25 Td (viva in 2001. ) Tj ET Q q 0 0 0 rg BT 315.64 326.25 Td (White Mountains is a holding company whose businesses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (provide property and casualty insurance, reinsurance and certain other products. During the fourth quarter of 2006, ) Tj ET Q q 0 0 0 rg BT 511.60 314.25 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (Mountains sold 27.6million or 27.6% of our Class) Tj ET Q q 0 0 0 rg BT 255.28 302.25 Td (A) Tj ET Q q 0 0 0 rg BT 261.95 302.25 Td ( common shares in an initial public of) Tj ET Q q 0 0 0 rg BT 413.13 302.25 Td (fering. Prior to the initial public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 290.25 Td (fering, we were a wholly-owned subsidiary of ) Tj ET Q q 0 0 0 rg BT 244.58 290.25 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 318.74 290.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.18 290.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.77 290.25 Td (, ) Tj ET Q q 0 0 0 rg BT 426.59 290.25 Td (White Mountains owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.96 290.25 Td (75.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.79 290.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (of our common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 258.25 Td (For information on securities authorized for issuance under our equity compensation plans, see "Item12Security ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.93 226.25 Td (chases of Equity Securities by the Issuer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 206.25 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 206.25 Td (August22, 2007, the Board authorized us to repurchase up to $200.0million of our Class) Tj ET Q q 0 0 0 rg BT 447.84 206.25 Td (A) Tj ET Q q 0 0 0 rg BT 454.51 206.25 Td ( common shares from time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 102.58 182.25 Td (This program does not have a stated expiration date. During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.71 182.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.29 182.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.73 182.25 Td (201) Tj ET Q q 0 0 0 rg BT 522.36 182.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.36 182.25 Td (, no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (shares were repurchased. During the year ended December31, 2010, 0.7million of our Class) Tj ET Q q 0 0 0 rg BT 424.61 170.25 Td (A) Tj ET Q q 0 0 0 rg BT 431.28 170.25 Td ( common shares under this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (program were repurchased for $10.5million and retired. ) Tj ET Q q 0 0 0 rg BT 277.14 158.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.59 158.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.17 158.25 Td (, 5.6million Class) Tj ET Q q 0 0 0 rg BT 455.18 158.25 Td (A) Tj ET Q q 0 0 0 rg BT 461.85 158.25 Td ( common shares under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (this program were repurchased for $1) Tj ET Q q 0 0 0 rg BT 199.85 146.25 Td (12.3million and retired.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Stock Performance Graph) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.25 Td (The following chart compares the total return on a cumulative basis of $100 invested in our Class) Tj ET Q q 0 0 0 rg BT 465.85 722.25 Td (A) Tj ET Q q 0 0 0 rg BT 472.52 722.25 Td ( common shares on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (December 31, 2007 to the Standard& Poor's 500 Stock Index and the Standard& Poor's Property and Casualty Insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.25 Td (Index. ) Tj ET Q q 0 0 0 rg BT 77.59 698.25 Td (The following chart includes reinvestment of dividends.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.90 678.25 Td (Comparison of Five ) Tj ET Q q 0 0 0 rg BT 284.47 678.25 Td (Y) Tj ET Q q 0 0 0 rg BT 290.58 678.25 Td (ear) Tj ET Q q 0 0 0 rg BT 304.28 678.25 Td ( Cumulative ) Tj ET Q q 0 0 0 rg BT 359.10 678.25 Td (T) Tj ET Q q 0 0 0 rg BT 364.85 678.25 Td (otal Return) Tj ET Q /GS0 gs q 460.00 0 0 370.00 76.00 300.25 cm /I18 Do Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM 6.SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 208.64 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 224.84 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 230.77 742.25 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.25 Td (The following tables set forth our selected consolidated financial information for the dates indicated. ) Tj ET Q q 0 0 0 rg BT 478.97 722.25 Td (W) Tj ET Q q 0 0 0 rg BT 487.60 722.25 Td (e have derived the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (selected consolidated financial information presented below as of and for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 508.35 710.25 Td (1, 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.25 Td (2009 and 2008 from our consolidated financial statements. Prior periods have been reclassified to conform to the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.25 Td (presentation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 627.75 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 627.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 627.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 627.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 627.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 627.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 627.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 627.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 627.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 627.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 627.75 48.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 598.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 598.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 598.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 598.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 598.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 598.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 598.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 598.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 598.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 598.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 598.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 568.75 252.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 568.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 568.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 568.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 568.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 568.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 568.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 568.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 568.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 568.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 568.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 528.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 528.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 528.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 528.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 528.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 528.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 498.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 498.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 498.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 498.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 498.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 498.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 498.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 498.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 498.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 498.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 498.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 468.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 468.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 468.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 468.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 468.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 468.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 438.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 438.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 438.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 438.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 438.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 438.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 408.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 408.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 408.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 408.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 408.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 408.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 378.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 378.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 378.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 378.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 378.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 378.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 378.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 378.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 378.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 378.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 378.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 348.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 348.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 348.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 348.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 348.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 348.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 318.75 252.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 318.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 318.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 318.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 318.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 318.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 318.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 318.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 318.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 318.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 318.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 279.75 252.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 279.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 279.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 279.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 279.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 279.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 279.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 279.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 279.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 279.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 279.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 240.75 252.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 240.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 240.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 240.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 240.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 240.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 240.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 240.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 240.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 240.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 240.75 48.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 201.75 252.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 201.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 201.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 201.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 201.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 201.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 201.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 201.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 201.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 201.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 201.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 151.75 252.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 151.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 151.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 151.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 151.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 151.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 151.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 151.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 151.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 151.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 151.75 48.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 112.75 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 112.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 112.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 112.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 112.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 112.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 112.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 112.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 112.75 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.50 112.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 112.75 48.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 653.75 m 353.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 653.75 m 357.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 653.75 m 405.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 653.75 m 409.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 653.75 m 457.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 653.75 m 461.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 653.75 m 509.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 653.75 m 513.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 653.75 m 561.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 640.75 m 353.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 640.75 m 405.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 640.75 m 457.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 640.75 m 509.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 640.75 m 561.5 640.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 613.75 m 353.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 613.75 m 405.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 613.75 m 457.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 613.75 m 353.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 613.75 m 405.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 613.75 m 457.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 613.75 m 509.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 613.75 m 561.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 528.75 m 353.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 528.75 m 405.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 528.75 m 457.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 528.75 m 509.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 528.75 m 561.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 528.75 m 353.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 513.75 m 353.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 528.75 m 405.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 513.75 m 405.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 528.75 m 457.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 513.75 m 457.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 528.75 m 509.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 513.75 m 509.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 528.75 m 561.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 513.75 m 561.5 513.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 438.75 m 353.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 438.75 m 405.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 438.75 m 457.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 438.75 m 509.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 438.75 m 561.5 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 423.75 m 353.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 423.75 m 405.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 423.75 m 457.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 423.75 m 509.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 423.75 m 561.5 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 393.75 m 353.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 393.75 m 405.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 393.75 m 457.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 393.75 m 509.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 393.75 m 561.5 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 348.75 m 353.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 348.75 m 405.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 348.75 m 457.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 348.75 m 509.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 348.75 m 561.5 348.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 318.75 m 353.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 318.75 m 405.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 318.75 m 457.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 318.75 m 509.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 279.75 m 353.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 256.75 m 353.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 254.75 m 353.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 279.75 m 405.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 256.75 m 405.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 254.75 m 405.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 279.75 m 457.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 256.75 m 457.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 254.75 m 457.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 279.75 m 509.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 256.75 m 509.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 254.75 m 509.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 279.75 m 561.5 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 256.75 m 561.5 256.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 254.75 m 561.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 151.75 m 353.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 127.75 m 353.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 125.75 m 353.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 151.75 m 405.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 127.75 m 405.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 125.75 m 405.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 151.75 m 457.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 127.75 m 457.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 125.75 m 457.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 151.75 m 509.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 127.75 m 509.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 125.75 m 509.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 151.75 m 561.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 127.75 m 561.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 125.75 m 561.5 125.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 98.75 m 353.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 96.75 m 353.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 98.75 m 405.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 96.75 m 405.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 98.75 m 457.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 96.75 m 457.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 98.75 m 509.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 96.75 m 509.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 98.75 m 561.5 98.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 96.75 m 561.5 96.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 658.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.60 657.98 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 644.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.00 644.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.20 644.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.00 644.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.00 644.98 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 529.00 644.98 Td (2008) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 631.48 Td (Summary Income Statement Data:) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.90 631.98 Td (\(in millions, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 618.32 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 618.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 618.32 Td (1,179.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 618.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.60 618.32 Td (1,062.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 618.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 618.32 Td (1,167.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 618.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.60 618.32 Td (1,366.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 618.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.60 618.32 Td (1,336.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 603.43 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 603.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 603.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 603.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 603.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 603.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 588.42 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 588.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 588.42 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 588.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.60 588.42 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 588.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 588.42 Td (1,181.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 588.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.60 588.42 Td (1,385.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 588.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.60 588.42 Td (1,248.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 573.42 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 573.42 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 573.42 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 573.42 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 573.42 Td (125.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 573.42 Td (164.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 558.42 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 548.42 Td (\(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 548.42 Td (55.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 548.42 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 548.42 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 548.42 Td (248.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 548.47 Td (\(763.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 548.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 533.42 Td (Net other revenues \(expenses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 533.47 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 533.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 533.47 Td (\(12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 533.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.80 533.47 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 533.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.80 533.47 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 533.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 533.42 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 518.42 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 518.42 Td (1,240.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.60 518.42 Td (1,081.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 518.42 Td (1,351.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.60 518.42 Td (1,759.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 518.42 Td (653.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 503.43 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 503.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 488.42 Td (Loss and loss adjustment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 488.42 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 488.42 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 488.42 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 488.42 Td (716.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 488.42 Td (660.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 473.42 Td (Policy acquisition and other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 473.42 Td (454.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 473.42 Td (383.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 473.42 Td (448.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 473.42 Td (498.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 473.42 Td (431.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 458.42 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 458.42 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 458.42 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 458.42 Td (12.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 458.42 Td (13.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 458.42 Td (15.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 443.42 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 443.42 Td (16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 443.42 Td (20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 443.42 Td (29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 443.42 Td (39.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 443.42 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 428.42 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.60 428.42 Td (1,134.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 428.42 Td (962.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 428.42 Td (1,176.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.60 428.42 Td (1,267.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.60 428.42 Td (1,186.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 413.43 Td (Pre-tax income \(loss\) from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 413.42 Td (105.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 413.42 Td (119.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 413.42 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 413.42 Td (491.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 413.47 Td (\(533.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 413.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 398.42 Td (Income tax \(expense\) benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 398.47 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 398.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 398.47 Td (\(14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 398.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 398.47 Td (\(25.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 398.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.80 398.47 Td (\(125.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 398.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 398.42 Td (196.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 383.43 Td (Net income \(loss\) from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 383.42 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 383.42 Td (104.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 383.42 Td (150.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 383.42 Td (366.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 383.47 Td (\(337.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 383.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 368.42 Td (Loss \(income\) from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 368.47 Td (\(24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 368.47 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 368.47 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.80 368.47 Td (\(22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 368.47 Td (\(43.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 368.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 353.42 Td (Loss from sale of discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 353.47 Td (\(91.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 353.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 353.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 353.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 353.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 353.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 353.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 338.43 Td (Net income \(loss\) including noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 338.47 Td (\(17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 338.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 338.42 Td (56.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 338.42 Td (119.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 338.42 Td (344.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 338.47 Td (\(381.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 338.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 323.42 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 323.47 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 323.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 323.47 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 323.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.80 323.47 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 323.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.80 323.47 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 323.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 323.47 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 323.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 309.43 Td (Net income \(loss\) attributable to OneBeacon's common) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 299.43 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 299.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 299.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 299.42 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 299.42 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 299.42 Td (342.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 299.47 Td (\(382.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 299.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 284.42 Td (Change in other comprehensive income \(loss\) items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.80 284.47 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 284.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 284.47 Td (\(11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 284.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 284.42 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 284.42 Td (18.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 284.47 Td (\(25.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 284.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 270.43 Td (Comprehensive income \(loss\) attributable to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 260.43 Td (OneBeacon's common shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 260.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 260.47 Td (\(22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 260.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 260.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 260.42 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 260.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 260.42 Td (124.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 260.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 260.42 Td (360.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 260.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 260.47 Td (\(408.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 260.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 231.43 Td (Basic and diluted earnings \(loss\) per share attributable to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 221.43 Td (OneBeacon's common shareholders:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 221.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 221.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 221.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 221.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 221.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 206.42 Td (Net income \(loss\) from continuing operations per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 206.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 206.42 Td (1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 206.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 206.42 Td (1.08) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 206.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 206.42 Td (1.57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 206.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 206.42 Td (3.83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 206.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 206.47 Td (\(3.53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 206.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 191.42 Td (Loss \(income\) from discontinued operations, net of tax, per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 181.42 Td (share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 181.47 Td (\(0.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 181.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 181.47 Td (\(0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 181.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 181.47 Td (\(0.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.65 181.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.80 181.47 Td (\(0.23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 181.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 181.47 Td (\(0.46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 181.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 166.42 Td (Loss from sale of discontinued operations, net of tax, per) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 156.42 Td (share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 156.47 Td (\(0.96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 156.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 156.47 Td (\(0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 156.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 156.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 156.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 156.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 141.42 Td (Net income \(loss\) attributable to OneBeacon's common) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 131.42 Td (shareholders per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.00 131.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 131.47 Td (\(0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 131.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.00 131.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 131.42 Td (0.58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 131.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 131.42 Td (1.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 131.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 131.42 Td (3.60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.00 131.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 131.47 Td (\(3.99) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 131.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 102.42 Td (W) Tj ET Q q 0 0 0 rg BT 60.64 102.42 Td (eighted average number of common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 281.68 106.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 102.42 Td (94.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 102.42 Td (94.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 102.42 Td (94.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 102.42 Td (95.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 102.42 Td (95.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 88.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 73.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 68.65 Td (W) Tj ET Q q 0 0 0 rg BT 72.14 68.65 Td (eighted average common shares outstanding includes the impact of unvested restricted shares as well as the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 56.65 Td (repurchases of Class) Tj ET Q q 0 0 0 rg BT 147.65 56.65 Td (A) Tj ET Q q 0 0 0 rg BT 154.32 56.65 Td ( common shares made under the Company's share repurchase authorization.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 708.50 226.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 708.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 708.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 708.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 708.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 708.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 708.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 708.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 708.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 708.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 708.50 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 680.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 680.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 680.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 680.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 680.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 680.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 654.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 654.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 654.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 654.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 654.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 654.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 628.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 628.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 628.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 628.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 628.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 628.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 628.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 628.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 628.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 628.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 628.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 602.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 602.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 602.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 602.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 602.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 602.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 602.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 602.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 602.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 602.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 602.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 576.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 576.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 576.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 576.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 576.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 576.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 576.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 576.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 576.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 576.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 576.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 550.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 550.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 550.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 550.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 550.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 550.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 550.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 550.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 550.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 550.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 550.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 524.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 524.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 524.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 524.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 524.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 524.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 524.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 524.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 524.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 524.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 524.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 498.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 498.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 498.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 498.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 498.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 498.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 498.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 498.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 498.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 498.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 498.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 472.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 472.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 472.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 472.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 472.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 472.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 472.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 472.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 472.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 472.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 472.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 446.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 446.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 446.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 446.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 446.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 446.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 446.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 446.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 446.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 446.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 446.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 420.50 226.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 420.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 420.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 420.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 420.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 420.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 420.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 420.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 420.50 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 420.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 420.50 50.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 734.5 m 337.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 734.5 m 341.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 734.5 m 391.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 734.5 m 395.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 734.5 m 445.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 734.5 m 449.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 734.5 m 499.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 734.5 m 503.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 734.5 m 553.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 721.5 m 337.5 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 734.5 m 391.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 721.5 m 391.5 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 734.5 m 395.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 734.5 m 445.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 721.5 m 445.5 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 734.5 m 449.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 734.5 m 499.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 721.5 m 499.5 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 734.5 m 503.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 734.5 m 553.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 721.5 m 553.5 721.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 654.5 m 445.5 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 654.5 m 337.5 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 642.5 m 337.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 640.5 m 337.5 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 654.5 m 391.5 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 642.5 m 391.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 640.5 m 391.5 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 654.5 m 445.5 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 642.5 m 445.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 640.5 m 445.5 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 654.5 m 499.5 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 642.5 m 499.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 640.5 m 499.5 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 654.5 m 553.5 654.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 642.5 m 553.5 642.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 640.5 m 553.5 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 589.5 m 337.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 577.5 m 337.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 575.5 m 337.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 589.5 m 391.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 577.5 m 391.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 575.5 m 391.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 589.5 m 445.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 577.5 m 445.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 575.5 m 445.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 589.5 m 499.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 577.5 m 499.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 575.5 m 499.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 589.5 m 553.5 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 577.5 m 553.5 577.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 575.5 m 553.5 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 524.5 m 337.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 512.5 m 337.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 510.5 m 337.5 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 524.5 m 391.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 512.5 m 391.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 510.5 m 391.5 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 524.5 m 445.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 512.5 m 445.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 510.5 m 445.5 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 524.5 m 499.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 512.5 m 499.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 510.5 m 499.5 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 524.5 m 553.5 524.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 512.5 m 553.5 512.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 510.5 m 553.5 510.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 739.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.60 738.73 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 60.00 725.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.00 725.73 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.20 725.73 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.00 725.73 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.00 725.73 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.00 725.73 Td (2008) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 60.00 712.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.40 712.73 Td (\(in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 698.18 Td (Underwriting Ratios:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 698.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 698.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 698.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 698.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 698.17 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 684.23 Td (Consolidated Insurance Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 684.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 684.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 684.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 684.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 684.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 671.07 Td (Loss and LAE ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 150.59 675.60 Td (\(1\)\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 671.07 Td (57.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 671.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 671.07 Td (54.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 671.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 671.07 Td (58.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 671.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 671.07 Td (51.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 671.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 671.07 Td (52.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 671.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 658.07 Td (Expense ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.70 662.60 Td (\(1\)\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 658.07 Td (40.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 658.07 Td (37.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 658.07 Td (38.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 658.07 Td (36.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 658.07 Td (34.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 645.07 Td (Combined ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.49 649.60 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 142.07 649.60 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 645.07 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 645.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 645.07 Td (92.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 645.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 645.07 Td (96.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 645.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 645.07 Td (87.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 645.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 645.07 Td (87.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 645.07 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 619.23 Td (Specialty Products) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 619.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 619.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 619.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 619.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 619.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 606.07 Td (Loss and LAE ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 150.59 610.60 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 606.07 Td (57.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 606.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 606.07 Td (51.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 606.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 606.07 Td (50.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 606.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 606.07 Td (39.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 606.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 606.07 Td (42.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 606.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 593.07 Td (Expense ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.70 597.60 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 593.07 Td (40.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 593.07 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 593.07 Td (35.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 593.07 Td (36.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 593.07 Td (33.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 580.07 Td (Combined ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.49 584.60 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 580.07 Td (97.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 580.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 580.07 Td (88.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 580.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 580.07 Td (86.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 580.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 580.07 Td (76.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 580.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 580.07 Td (75.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 580.07 Td (%) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 66.00 554.23 Td (Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 554.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 554.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 554.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 554.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 554.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 541.07 Td (Loss and LAE ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 150.59 545.60 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 541.07 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 541.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 541.07 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 541.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 541.07 Td (61.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 541.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 541.07 Td (49.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 541.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 541.07 Td (53.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 541.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 528.07 Td (Expense ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.70 532.60 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 528.07 Td (39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 528.07 Td (38.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 528.07 Td (41.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 528.07 Td (41.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 528.07 Td (39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 515.07 Td (Combined ratio) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.49 519.60 Td (\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 515.07 Td (97.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.65 515.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 515.07 Td (96.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 515.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.15 515.07 Td (102.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 515.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 515.07 Td (90.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 515.07 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 515.07 Td (92.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 515.07 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.00 489.23 Td (Summary Balance Sheet Data:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 489.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 489.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 489.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 489.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 489.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 476.07 Td (Total cash and investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 476.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.60 476.07 Td (2,335.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.00 476.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.60 476.07 Td (2,762.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.00 476.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 476.07 Td (3,299.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.00 476.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 476.07 Td (4,087.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.00 476.07 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.60 476.07 Td (3,864.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 463.07 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.60 463.07 Td (5,401.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.60 463.07 Td (5,821.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 463.07 Td (6,166.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 463.07 Td (7,532.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.60 463.07 Td (7,940.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 450.07 Td (Loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.60 450.07 Td (1,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.60 450.07 Td (3,358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 450.07 Td (3,295.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 450.07 Td (3,934.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.60 450.07 Td (4,294.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 437.07 Td (Unearned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.15 437.07 Td (573.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 437.07 Td (528.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.15 437.07 Td (627.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 437.07 Td (1,018.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.60 437.07 Td (1,088.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 424.07 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.15 424.07 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.15 424.07 Td (269.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.15 424.07 Td (419.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 424.07 Td (620.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.15 424.07 Td (731.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 411.07 Td (OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.60 411.07 Td (1,014.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.60 411.07 Td (1,099.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 411.07 Td (1,229.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 411.07 Td (1,429.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.60 411.07 Td (1,155.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 398.07 Td (OneBeacon's common shareholders' equity and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.00 388.12 Td (noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.60 390.17 Td (1,017.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.60 390.17 Td (1,113.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.60 390.17 Td (1,248.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 390.17 Td (1,448.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.60 390.17 Td (1,172.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 376.40 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 59.00 365.93 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 361.40 Td (The consolidated loss and LAE, expense and combined ratios for the years ended December 31, 2010, 2009 and 2008 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 349.40 Td (include the results from personal lines that were sold in 2010, which are included in the Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 337.40 Td (Corporate segment. See Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 333.33 337.40 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 325.40 Td (OperationsSignificant ) Tj ET Q q 0 0 0 rg BT 172.58 325.40 Td (T) Tj ET Q q 0 0 0 rg BT 178.33 325.40 Td (ransactionsDispositions.") Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 59.00 314.93 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 310.40 Td (The loss and LAE ratio is calculated by dividing loss and LAE by earned premiums.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 59.00 299.93 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 295.40 Td (The expense ratio is calculated by dividing policy acquisition and other underwriting expenses by earned premiums.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 59.00 284.93 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 280.40 Td (The combined ratio is the sum of the loss and LAE ratio and the expense ratio. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (ITEM 7.MANAGEMENT'S DISCUSSION ) Tj ET Q q 0 0 0 rg BT 246.14 734.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 269.76 734.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 297.17 734.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 335.42 734.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 394.04 734.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 457.39 734.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 513.98 734.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 542.23 734.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 722.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 722.25 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 702.25 Td (The following discussion contains "forwar) Tj ET Q q 0 0 0 rg BT 239.40 702.25 Td (d-looking statements." Statements that ar) Tj ET Q q 0 0 0 rg BT 404.04 702.25 Td (e not historical in natur) Tj ET Q q 0 0 0 rg BT 498.67 702.25 Td (e ar) Tj ET Q q 0 0 0 rg BT 514.13 702.25 Td (e forwar) Tj ET Q q 0 0 0 rg BT 547.93 702.25 Td (d-) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (looking statements. OneBeacon cannot pr) Tj ET Q q 0 0 0 rg BT 217.09 690.25 Td (omise that its expectations in such forwar) Tj ET Q q 0 0 0 rg BT 383.38 690.25 Td (d-looking statements will turn out to be ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (corr) Tj ET Q q 0 0 0 rg BT 66.85 678.25 Td (ect. OneBeacon's actual r) Tj ET Q q 0 0 0 rg BT 169.70 678.25 Td (esults could be materially differ) Tj ET Q q 0 0 0 rg BT 296.53 678.25 Td (ent fr) Tj ET Q q 0 0 0 rg BT 317.54 678.25 Td (om and worse than its expectations. See "Forwar) Tj ET Q q 0 0 0 rg BT 514.13 678.25 Td (d-Looking ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 666.25 Td (Statements" on page77 for specific important factors that could cause actual r) Tj ET Q q 0 0 0 rg BT 365.46 666.25 Td (esults to differ materially fr) Tj ET Q q 0 0 0 rg BT 475.08 666.25 Td (om those contained ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 654.25 Td (in forwar) Tj ET Q q 0 0 0 rg BT 87.14 654.25 Td (d-looking statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 627.25 Td (Book ) Tj ET Q q 0 0 0 rg BT 74.55 627.25 Td (V) Tj ET Q q 0 0 0 rg BT 80.85 627.25 Td (alue Per) Tj ET Q q 0 0 0 rg BT 115.94 627.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 138.82 627.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 607.25 Td (The following table presents our book value per share:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 540.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 540.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 540.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 540.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 510.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 510.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 510.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 510.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 480.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 480.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 480.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 480.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 450.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 450.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 450.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 450.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 574.75 m 378.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 574.75 m 382.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 574.75 m 432.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 574.75 m 436.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 574.75 m 486.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 574.75 m 378.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 560.75 m 378.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 574.75 m 382.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 574.75 m 432.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 560.75 m 432.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 574.75 m 436.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 574.75 m 486.5 574.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 560.75 m 486.5 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 480.75 m 378.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 466.75 m 378.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 464.75 m 378.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 480.75 m 432.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 466.75 m 432.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 464.75 m 432.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 480.75 m 486.5 480.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 466.75 m 486.5 466.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 464.75 m 486.5 464.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 436.75 m 378.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 434.75 m 378.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 436.75 m 432.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 434.75 m 432.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 436.75 m 486.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 434.75 m 486.5 434.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 579.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 578.98 Td (December 31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 565.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.00 564.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 564.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 564.98 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 545.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.90 552.83 Td (\(in millions except per) Tj ET Q q 0 0 0 rg BT 434.52 552.83 Td ( shar) Tj ET Q q 0 0 0 rg BT 451.49 552.83 Td (e) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.95 544.83 Td (amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 530.43 Td (Numerator) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 530.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 530.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 530.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 515.42 Td (OneBeacon's common shareholders' equity) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.00 515.43 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 344.60 515.43 Td (1,014.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 515.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.60 515.42 Td (1,099.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 515.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.60 515.42 Td (1,229.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 500.43 Td (Denominator) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 500.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 500.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 500.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 485.42 Td (Common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 240.88 489.95 Td (\(1\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.15 485.43 Td (95.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 485.42 Td (95.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 485.42 Td (94.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 470.43 Td (Book value per share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.00 470.43 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 352.15 470.43 Td (10.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 470.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 470.42 Td (11.56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 470.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 470.42 Td (13.02) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 440.43 Td (Dividends paid per share) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 331.00 440.43 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.15 440.43 Td (0.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 440.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 440.42 Td (1.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 440.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 440.42 Td (3.34) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 426.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 411.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 406.65 Td (Common shares outstanding includes the impact of unvested restricted shares and also the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 394.65 Td (repurchases of Class) Tj ET Q q 0 0 0 rg BT 224.15 394.65 Td (A) Tj ET Q q 0 0 0 rg BT 230.82 394.65 Td ( common shares made under the Company's share repurchase authorization.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 366.65 Td (Book ) Tj ET Q q 0 0 0 rg BT 94.55 366.65 Td (V) Tj ET Q q 0 0 0 rg BT 100.85 366.65 Td (alue Per) Tj ET Q q 0 0 0 rg BT 135.94 366.65 Td ( Shar) Tj ET Q q 0 0 0 rg BT 158.82 366.65 Td (eDecember) Tj ET Q q 0 0 0 rg BT 216.38 366.65 Td (31, 2012 versus December) Tj ET Q q 0 0 0 rg BT 329.23 366.65 Td (31, 201) Tj ET Q q 0 0 0 rg BT 361.18 366.65 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 346.65 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 346.65 Td (e ended the full year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.76 346.65 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.76 346.65 Td ( with a book value per share of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.83 346.65 Td ($10.63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.33 346.65 Td (, reflecting a decrease of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.83 346.65 Td (0.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.66 346.65 Td (, including dividends \(a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.65 Td (quarterly dividend of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.92 334.65 Td ($0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.42 334.65 Td ( per share\), on an internal rate of return basis for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.83 334.65 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.83 334.65 Td (. ) Tj ET Q q 0 0 0 rg BT 499.65 334.65 Td (The change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.65 Td (book value per share includes a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.29 322.65 Td (4.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.12 322.65 Td ( total return on invested assets. ) Tj ET Q q 0 0 0 rg BT 324.74 322.65 Td (The decrease in book value was driven by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.17 322.65 Td ($91.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.06 322.65 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.65 Td (estimated after tax loss from sale of discontinued operations and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.87 310.65 Td ($24.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.76 310.65 Td ( loss from discontinued operations \(including a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.65 Td ($9.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 298.65 Td ( after tax char) Tj ET Q q 0 0 0 rg BT 153.95 298.65 Td (ge related to an adjustment to the discount rate applied to the workers compensation loss reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.65 Td (being transferred as part of the Runof) Tj ET Q q 0 0 0 rg BT 199.77 286.65 Td (f ) Tj ET Q q 0 0 0 rg BT 205.42 286.65 Td (T) Tj ET Q q 0 0 0 rg BT 211.17 286.65 Td (ransaction\). ) Tj ET Q q 0 0 0 rg BT 260.42 286.65 Td (This negative impact to book value per share was partially of) Tj ET Q q 0 0 0 rg BT 504.60 286.65 Td (fset by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.04 286.65 Td ($97.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.65 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 274.65 Td ( of net income from continuing operations and also a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.72 274.65 Td ($13.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.62 274.65 Td ( increase in capital, net of transaction costs, as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.65 Td (result of the sale of OneBeacon Holdings \(Luxembour) Tj ET Q q 0 0 0 rg BT 267.26 262.65 Td (g\) S. r) Tj ET Q q 0 0 0 rg BT 295.87 262.65 Td (.l. \(OB Lux\) to a subsidiary of ) Tj ET Q q 0 0 0 rg BT 419.28 262.65 Td (White Mountains Insurance Group, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.65 Td (Ltd. \(White Mountains\). ) Tj ET Q q 0 0 0 rg BT 150.08 250.65 Td (W) Tj ET Q q 0 0 0 rg BT 158.72 250.65 Td (e reported comprehensive loss attributable to OneBeacon) Tj ET Q q 0 0 0 rg BT 390.30 250.65 Td (s common shareholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.06 250.65 Td ($22.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.95 250.65 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.65 Td (in the year ended December 31, 2012, compared to comprehensive income attributable to OneBeacon) Tj ET Q q 0 0 0 rg BT 459.57 238.65 Td (s common shareholders ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.65 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 226.65 Td ($43.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.72 226.65 Td ( in the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 261.51 226.65 Td (1. ) Tj ET Q q 0 0 0 rg BT 271.33 226.65 Td (The change in net income \(loss\) in the year ended December 31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.65 Td (compared to the prior year was primarily due to char) Tj ET Q q 0 0 0 rg BT 260.57 214.65 Td (ges associated with the Runof) Tj ET Q q 0 0 0 rg BT 379.81 214.65 Td (f ) Tj ET Q q 0 0 0 rg BT 385.46 214.65 Td (T) Tj ET Q q 0 0 0 rg BT 391.22 214.65 Td (ransaction and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.75 214.65 Td ($28.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.64 214.65 Td ( of after tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.65 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.33 202.65 Td ($43.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.22 202.65 Td ( pre-tax\) catastrophe losses and reinstatement premiums resulting from the impact of hurricane Sandy) Tj ET Q q 0 0 0 rg BT 513.39 202.65 Td (, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.65 Td (made landfall in the mid-Atlantic and northeastern regions of the United States in October 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 170.65 Td (Our combined ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.86 170.65 Td (97.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.69 170.65 Td ( for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.74 170.65 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.74 170.65 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.94 170.65 Td (92.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.77 170.65 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.65 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 158.65 Td (1. ) Tj ET Q q 0 0 0 rg BT 133.03 158.65 Td (The increase in the combined ratio for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.63 158.65 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.63 158.65 Td ( was primarily due to the impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.65 Td (of hurricane Sandy in the year ended December 31, 2012. Favorable loss reserve development for our consolidated insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.65 Td (operations was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.21 134.65 Td ($7.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.10 134.65 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.93 134.65 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.43 134.65 Td ( points, in 2012 compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.36 134.65 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.25 134.65 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.08 134.65 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.58 134.65 Td ( points, for the prior year) Tj ET Q q 0 0 0 rg BT 488.00 134.65 Td (. ) Tj ET Q q 0 0 0 rg BT 492.82 134.65 Td (The favorable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.65 Td (reserve development for the year ended December 31, 2012 was primarily in the workers' compensation, multiple peril liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.65 Td (and general liability lines. ) Tj ET Q q 0 0 0 rg BT 156.18 110.65 Td (This favorable development was of) Tj ET Q q 0 0 0 rg BT 297.06 110.65 Td (fset somewhat by adverse development on a few excess property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.65 Td (claims. Catastrophe losses were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.69 98.65 Td ($47.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.58 98.65 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.41 98.65 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.91 98.65 Td ( points, for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.40 98.65 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.40 98.65 Td (, due primarily to the impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.65 Td (of hurricane Sandy) Tj ET Q q 0 0 0 rg BT 125.43 86.65 Td (. ) Tj ET Q q 0 0 0 rg BT 130.25 86.65 Td (The year ended December31, 201) Tj ET Q q 0 0 0 rg BT 267.60 86.65 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.03 86.65 Td ($36.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.92 86.65 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.75 86.65 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.25 86.65 Td ( points, of catastrophe losses primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.65 Td (related to hurricane Irene, tornados in the southeastern and midwestern United States as well as storms and freezing weather in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.65 Td (the northeastern and southwestern United States. ) Tj ET Q q 0 0 0 rg BT 247.27 62.65 Td (T) Tj ET Q q 0 0 0 rg BT 252.68 62.65 Td (otal net written premiums increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.47 62.65 Td (1) Tj ET Q q 0 0 0 rg BT 403.10 62.65 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.93 62.65 Td ( in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.65 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 50.65 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.78 50.65 Td ($1,179.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.17 50.65 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.37 50.65 Td ($1,062.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.76 50.65 Td ( for the prior year) Tj ET Q q 0 0 0 rg BT 342.89 50.65 Td (, due to the growth from both our Specialty Products ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and Specialty Industries segments. ) Tj ET Q q 0 0 0 rg BT 190.63 742.10 Td (The expense ratio increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.46 742.10 Td (2.2 points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.91 742.10 Td (, primarily due to our investment in new businesses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and costs associated with actions taken to migrate certain corporate functions to Minnesota in the year ended December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2012.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 698.10 Td (Book ) Tj ET Q q 0 0 0 rg BT 94.55 698.10 Td (V) Tj ET Q q 0 0 0 rg BT 100.85 698.10 Td (alue Per) Tj ET Q q 0 0 0 rg BT 135.94 698.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 158.82 698.10 Td (eDecember) Tj ET Q q 0 0 0 rg BT 216.38 698.10 Td (31, 201) Tj ET Q q 0 0 0 rg BT 248.33 698.10 Td (1 versus December) Tj ET Q q 0 0 0 rg BT 328.68 698.10 Td (31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 678.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 678.10 Td (e ended the full year 201) Tj ET Q q 0 0 0 rg BT 181.39 678.10 Td (1 with a book value per share of $1) Tj ET Q q 0 0 0 rg BT 322.09 678.10 Td (1.56, reflecting an increase of 3.1%, including dividends \(a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (quarterly dividend of $0.21 per share and a special dividend of $1.00 per share paid in June 201) Tj ET Q q 0 0 0 rg BT 432.57 666.10 Td (1\), on an internal rate of return ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (basis, for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 223.17 654.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 232.99 654.10 Td (The increase includes a 3.0% total return on invested assets for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 642.10 Td (1. Results for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 313.33 642.10 Td (1 were adversely impacted by investment results in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (pension plan, the debt tender completed in ) Tj ET Q q 0 0 0 rg BT 221.62 630.10 Td (April, the shares of restricted stock granted in May) Tj ET Q q 0 0 0 rg BT 424.52 630.10 Td (, as well as the estimated loss on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (sale of ) Tj ET Q q 0 0 0 rg BT 78.33 618.10 Td (AutoOne. Results for ) Tj ET Q q 0 0 0 rg BT 165.54 618.10 Td (AutoOne and the estimated loss on sale are reported as discontinued operations. ) Tj ET Q q 0 0 0 rg BT 487.22 618.10 Td (W) Tj ET Q q 0 0 0 rg BT 495.85 618.10 Td (e reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (comprehensive income attributable to OneBeacon's common shareholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.48 606.10 Td ($43.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.37 606.10 Td ( in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 594.10 Td (1, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.83 594.10 Td ($124.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.72 594.10 Td ( in the year ended December31, 2010. Our 201) Tj ET Q q 0 0 0 rg BT 375.57 594.10 Td (1 results include a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.55 594.10 Td ($19.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.44 594.10 Td ( after tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.33 582.10 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.22 582.10 Td ( pre-tax\) estimated loss on the sale of ) Tj ET Q q 0 0 0 rg BT 258.29 582.10 Td (AutoOne, as well as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.27 582.10 Td ($7.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.16 582.10 Td ( after tax \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.52 582.10 Td ($12.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.41 582.10 Td ( pre-tax\) loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (related to the purchase of a portion of the 2003 Senior Notes. Change in other comprehensive income and loss items in the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (ended December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 558.10 Td (1 includes the impact of an $1) Tj ET Q q 0 0 0 rg BT 269.74 558.10 Td (1.2 million after tax decrease in our pension plans primarily related to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (decrease in the over) Tj ET Q q 0 0 0 rg BT 129.48 546.10 Td (-funded status of our qualified pension plan driven by a decline in value of the investment assets in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (Our combined ratio for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 302.98 514.10 Td (1 decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.68 514.10 Td (92.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.51 514.10 Td ( from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.95 514.10 Td (96.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.78 514.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (December31, 2010. ) Tj ET Q q 0 0 0 rg BT 133.40 502.10 Td (The loss and LAE ratio decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.63 502.10 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.13 502.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.85 502.10 Td (54.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.68 502.10 Td ( while the expense ratio decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.56 502.10 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.06 502.10 Td ( points ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.28 490.10 Td (37.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.11 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.93 490.10 Td (The decrease in the loss and LAE ratio was primarily due to a decrease in current accident year non-catastrophe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 78.71 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.35 478.10 Td (e experienced a number of lar) Tj ET Q q 0 0 0 rg BT 206.27 478.10 Td (ge losses in our property and inland marine business within Specialty Industries during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 194.20 466.10 Td (The year ended December31, 201) Tj ET Q q 0 0 0 rg BT 331.55 466.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.98 466.10 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.87 466.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.20 466.10 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.70 466.10 Td ( points of favorable loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (reserve development, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.05 454.10 Td ($36.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.94 454.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.27 454.10 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.77 454.10 Td ( points of favorable loss reserve development in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (December31, 2010. During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 298.43 442.10 Td (1, the favorable loss reserve development in continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (operations was primarily related to lower than expected severity on non-catastrophe losses related to professional liability lines, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (multiple peril liability lines and other general liability lines. Catastrophe losses were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.64 418.10 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.14 418.10 Td ( points higher than the prior year) Tj ET Q q 0 0 0 rg BT 532.66 418.10 Td (. ) Tj ET Q q 0 0 0 rg BT 537.48 418.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (year ended December31, 201) Tj ET Q q 0 0 0 rg BT 169.30 406.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.73 406.10 Td ($36.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.62 406.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.95 406.10 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.45 406.10 Td ( points of catastrophe losses, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.69 406.10 Td ($35.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.58 406.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.91 406.10 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.41 406.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (points of catastrophe losses in the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 316.68 394.10 Td (The slight decrease in the expense ratio reflects lower other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (underwriting expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 327.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 327.25 Td (e are an exempted Bermuda limited liability company) Tj ET Q q 0 0 0 rg BT 297.19 327.25 Td (. Our operating companies are U.S.-based property and casualty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 315.25 Td (insurance writers, most of which operate in a multi-company pool. Pooling arrangements permit the participating companies to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 303.25 Td (rely on the capacity of the entire pool's capital and surplus rather than just on its own capital and surplus. Under such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 291.25 Td (arrangements, the members share substantially all insurance business that is written, and allocate the combined premiums, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 279.25 Td (losses and expenses. During the fourth quarter of 2012, we restructured our internal pooling arrangement as part of the Runof) Tj ET Q q 0 0 0 rg BT 551.62 279.25 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 267.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 267.25 Td (ransaction, as further described below) Tj ET Q q 0 0 0 rg BT 206.99 267.25 Td (. ) Tj ET Q q 0 0 0 rg BT 211.81 267.25 Td (The internal pool restructuring did not have an ef) Tj ET Q q 0 0 0 rg BT 408.23 267.25 Td (fect on our consolidated results. ) Tj ET Q q 0 0 0 rg BT 538.02 267.25 Td (W) Tj ET Q q 0 0 0 rg BT 546.66 267.25 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 255.25 Td (provide a wide range of specialty insurance products and services through independent agencies, regional and national brokers, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 243.25 Td (wholesalers and managing general agencies. In the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.14 243.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.14 243.25 Td (, our net written premiums totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.72 243.25 Td ($1.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.25 Td (billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.11 231.25 Td ( and we had total assets of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.84 231.25 Td ($5.4 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.96 231.25 Td ( and total OneBeacon's common shareholders' equity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.17 231.25 Td ($1.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.28 231.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 219.25 Td (at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.72 219.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.30 219.25 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 199.25 Td (Our Segments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 179.25 Td (Our reportable segments are Specialty Products, Specialty Industries, and Investing, Financing and Corporate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 159.25 Td (The Specialty Products segment is comprised of seven underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.25 Td (based on those that of) Tj ET Q q 0 0 0 rg BT 137.02 147.25 Td (fer distinct products and tailored coverages and services to a broad customer base across the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 78.71 135.25 Td (The Specialty Industries segment is comprised of six underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.25 Td (based on those that focus on solving the unique needs of a particular customer or industry group. ) Tj ET Q q 0 0 0 rg BT 439.17 123.25 Td (The Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.25 Td (Corporate segment includes the investing and financing activities for OneBeacon on a consolidated basis, and certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.25 Td (activities conducted through the Company and our intermediate subsidiaries, as well as operations associated with personal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.25 Td (lines business that we sold in 2010 \(see Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 373.06 87.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.25 Td (OperationsOverview"\). ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Previously) Tj ET Q q 0 0 0 rg BT 116.13 742.10 Td (, we reported our insurance operations through a Specialty Insurance Operations segment and an Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Insurance Operations segment. ) Tj ET Q q 0 0 0 rg BT 175.89 730.10 Td (The former Specialty Insurance Operations segment was comprised of twelve underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (operating segments that were aggregated into a single reportable segment, with supplemental disclosures of three major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (underwriting units for financial reporting: MGA) Tj ET Q q 0 0 0 rg BT 242.46 706.10 Td ( Business, Specialty Industries and Specialty Products. ) Tj ET Q q 0 0 0 rg BT 463.64 706.10 Td (The former Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Insurance Operations segment consisted of substantially all operations classified as discontinued operations as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2012, including ) Tj ET Q q 0 0 0 rg BT 114.72 682.10 Td (AutoOne, other run-of) Tj ET Q q 0 0 0 rg BT 204.24 682.10 Td (f business, and certain purchase accounting adjustments relating to the run-of) Tj ET Q q 0 0 0 rg BT 513.13 682.10 Td (f business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and the OneBeacon ) Tj ET Q q 0 0 0 rg BT 130.25 670.10 Td (Acquisition. Prior periods have been reclassified to conform to the current presentation. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 650.10 Td (Significant T) Tj ET Q q 0 0 0 rg BT 123.80 650.10 Td (ransactions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 630.10 Td (See Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 254.02 630.10 Td (Analysis of Financial Condition and Results of OperationsSignificant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 618.10 Td (ransactionsDispositions" below) Tj ET Q q 0 0 0 rg BT 191.12 618.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 598.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 120.56 598.10 Td (, we have of) Tj ET Q q 0 0 0 rg BT 169.25 598.10 Td (fered a range of specialty) Tj ET Q q 0 0 0 rg BT 269.65 598.10 Td (, commercial and personal products and services, however) Tj ET Q q 0 0 0 rg BT 502.78 598.10 Td (, as a result of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (recent transactions we are now focused exclusively on specialty business. In addition, the transactions freed up significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (capital, increased our financial flexibility and reduced our catastrophe exposure.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 554.10 Td (Runoff Business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.17 554.10 Td ( On October 17, 2012, one of OneBeacon's indirect wholly-owned subsidiaries, OneBeacon Insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (Group LLC, entered into a definitive agreement \(the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 325.19 542.10 Td (Agreement\) with ) Tj ET Q q 0 0 0 rg BT 395.54 542.10 Td (T) Tj ET Q q 0 0 0 rg BT 401.30 542.10 Td (rebuchet US Holdings, Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 59.09 530.10 Td (rebuchet\), a wholly-owned subsidiary of ) Tj ET Q q 0 0 0 rg BT 222.93 530.10 Td (Armour Group Holdings Limited \(together with ) Tj ET Q q 0 0 0 rg BT 417.17 530.10 Td (T) Tj ET Q q 0 0 0 rg BT 422.92 530.10 Td (rebuchet, ) Tj ET Q q 0 0 0 rg BT 461.80 530.10 Td (Armour\), to sell its run-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 518.10 Td (f business. OneBeacon's run-of) Tj ET Q q 0 0 0 rg BT 182.52 518.10 Td (f business includes the results of OneBeacon's remaining non-specialty commercial lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (business and certain other run-of) Tj ET Q q 0 0 0 rg BT 180.89 506.10 Td (f business, including the vast majority of asbestos and environmental reserves, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (certain purchase accounting adjustments related to the OneBeacon ) Tj ET Q q 0 0 0 rg BT 317.68 494.10 Td (Acquisition \(the Runof) Tj ET Q q 0 0 0 rg BT 409.71 494.10 Td (f Business, the sale of which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (referred to as the Runof) Tj ET Q q 0 0 0 rg BT 144.78 482.10 Td (f ) Tj ET Q q 0 0 0 rg BT 150.43 482.10 Td (T) Tj ET Q q 0 0 0 rg BT 156.19 482.10 Td (ransaction\). During 2012, OneBeacon recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 482.10 Td ($91.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.89 482.10 Td ( after tax estimated loss on sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (Runof) Tj ET Q q 0 0 0 rg BT 74.82 470.10 Td (f Business and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.65 470.10 Td ($24.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.54 470.10 Td ( in after tax losses from discontinued operations, which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.31 470.10 Td ($9.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.20 470.10 Td ( of after tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (incurred loss and loss adjustment expenses relating to an adjustment to the workers compensation discount rate applied to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (loss reserves being transferred, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.72 446.10 Td ($6.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.61 446.10 Td ( of after tax underwriting losses primarily related to adverse prior year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (loss reserve development related to a legacy assumed reinsurance treaty) Tj ET Q q 0 0 0 rg BT 336.73 434.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 414.10 Td (AutoOne.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.55 414.10 Td (On ) Tj ET Q q 0 0 0 rg BT 134.72 414.10 Td (August30, 201) Tj ET Q q 0 0 0 rg BT 195.74 414.10 Td (1, we entered into the ) Tj ET Q q 0 0 0 rg BT 284.04 414.10 Td (AutoOne Purchase ) Tj ET Q q 0 0 0 rg BT 361.25 414.10 Td (Agreement to sell ) Tj ET Q q 0 0 0 rg BT 434.29 414.10 Td (AutoOne to Interboro. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (AutoOne of) Tj ET Q q 0 0 0 rg BT 97.31 402.10 Td (fers products and services to assigned risk markets primarily in New ) Tj ET Q q 0 0 0 rg BT 373.26 402.10 Td (Y) Tj ET Q q 0 0 0 rg BT 379.48 402.10 Td (ork and New Jersey) Tj ET Q q 0 0 0 rg BT 457.97 402.10 Td (. ) Tj ET Q q 0 0 0 rg BT 462.42 402.10 Td (AutoOne has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (presented as discontinued operations in the statements of operations with the prior periods reclassified to conform to the current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (presentation. Pursuant to the terms of the ) Tj ET Q q 0 0 0 rg BT 216.08 378.10 Td (AutoOne Purchase ) Tj ET Q q 0 0 0 rg BT 293.29 378.10 Td (Agreement, at closing OneBeacon transferred to Interboro all of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (the issued and outstanding shares of common stock of ) Tj ET Q q 0 0 0 rg BT 268.02 366.10 Td (AutoOne Insurance Company \(AOIC\) and ) Tj ET Q q 0 0 0 rg BT 439.93 366.10 Td (AutoOne Select Insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (Company \(AOSIC\), through which substantially all of the ) Tj ET Q q 0 0 0 rg BT 284.14 354.10 Td (AutoOne business is written on a direct basis. ) Tj ET Q q 0 0 0 rg BT 468.84 354.10 Td (At closing, OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (transferred the assets, liabilities \(including loss reserves and unearned premiums\) and capital of the business as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (substantially all of the ) Tj ET Q q 0 0 0 rg BT 140.54 330.10 Td (AutoOne infrastructure including systems and of) Tj ET Q q 0 0 0 rg BT 335.60 330.10 Td (fice space as well as certain staf) Tj ET Q q 0 0 0 rg BT 463.13 330.10 Td (f. ) Tj ET Q q 0 0 0 rg BT 471.27 330.10 Td (The ) Tj ET Q q 0 0 0 rg BT 488.77 330.10 Td (AutoOne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 318.10 Td (ransaction included the execution of a reinsurance agreement with certain subsidiaries of the Company pursuant to which we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (cede, on a 100% quota share basis, ) Tj ET Q q 0 0 0 rg BT 191.35 306.10 Td (AutoOne business not directly written by ) Tj ET Q q 0 0 0 rg BT 357.99 306.10 Td (AOIC and ) Tj ET Q q 0 0 0 rg BT 401.32 306.10 Td (AOSIC. ) Tj ET Q q 0 0 0 rg BT 436.15 306.10 Td (The ) Tj ET Q q 0 0 0 rg BT 453.64 306.10 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 492.62 306.10 Td (T) Tj ET Q q 0 0 0 rg BT 498.38 306.10 Td (ransaction, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (which was subject to regulatory approvals, closed in 2012 and we recorded post-closing adjustments, which resulted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (recording an after tax net char) Tj ET Q q 0 0 0 rg BT 170.03 282.10 Td (ge of $0.3 million relating to underwriting activity and an after tax net gain of $0.5 million to true ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (up the estimated loss on sale. During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 333.99 270.10 Td (1, we recorded an after tax net char) Tj ET Q q 0 0 0 rg BT 474.84 270.10 Td (ge of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td ($19.2million reflecting the estimated loss on sale of the ) Tj ET Q q 0 0 0 rg BT 276.34 258.10 Td (AutoOne business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 238.10 Td (Personal lines.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 238.10 Td (On July1, 2010, we completed the sale of our traditional personal lines business \(the Personal Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 226.10 Td (ransaction\) to ) Tj ET Q q 0 0 0 rg BT 112.78 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 118.19 226.10 Td (ower Group,Inc. \(T) Tj ET Q q 0 0 0 rg BT 197.74 226.10 Td (ower\). ) Tj ET Q q 0 0 0 rg BT 225.88 226.10 Td (The Personal Lines ) Tj ET Q q 0 0 0 rg BT 305.40 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 311.16 226.10 Td (ransaction included two insurance companies through which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (the majority of the traditional personal lines business was written on a direct basis, two attorneys-in-fact managing the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (reciprocals that wrote the traditional personal lines business in New ) Tj ET Q q 0 0 0 rg BT 322.89 202.10 Td (Y) Tj ET Q q 0 0 0 rg BT 329.11 202.10 Td (ork and New Jersey) Tj ET Q q 0 0 0 rg BT 407.60 202.10 Td (, the surplus notes issued by the New ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 190.10 Td (ork and New Jersey reciprocals and the remaining renewal rights to certain other traditional personal lines insurance policies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (In addition, the Personal Lines ) Tj ET Q q 0 0 0 rg BT 174.79 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.55 178.10 Td (ransaction included the execution of reinsurance agreements with certain subsidiaries of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (Company pursuant to which we cede, on a 100% quota share basis, traditional personal lines business not directly written by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (companies included in the sale and assume, on a 100% quota share basis, certain specialty lines business written directly by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 142.10 Td (ork Insurance Company of Maine \(Y) Tj ET Q q 0 0 0 rg BT 203.23 142.10 Td (ork\). OneBeacon and ) Tj ET Q q 0 0 0 rg BT 290.80 142.10 Td (T) Tj ET Q q 0 0 0 rg BT 296.21 142.10 Td (ower also entered into a ) Tj ET Q q 0 0 0 rg BT 394.04 142.10 Td (TSA, pursuant to which we provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (certain services to ) Tj ET Q q 0 0 0 rg BT 124.51 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 129.92 130.10 Td (ower during the three-year term of the ) Tj ET Q q 0 0 0 rg BT 284.95 130.10 Td (TSA. ) Tj ET Q q 0 0 0 rg BT 308.66 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 314.07 130.10 Td (ower reimburses us for all of our expenses incurred to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (provide these services. Reimbursement for these services is netted against the expense incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 98.10 Td (As consideration, based upon the carrying value of the traditional personal lines business as of July1, 2010, we received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td ($166.6million. ) Tj ET Q q 0 0 0 rg BT 113.71 86.10 Td (The consideration represented the statutory surplus in the reciprocals \(as consideration for surplus notes issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (by the reciprocals\), the combined GAAP) Tj ET Q q 0 0 0 rg BT 212.92 74.10 Td ( equity in the insurance companies and attorneys-in-fact being sold, plus $32.5million. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (During the year ended December31, 2010, we recorded a total after tax net gain on the sale of $24.6million that is comprised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (of $8.5million included in net other revenues and $16.1million included in the tax provision. During the second quarter of ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 742.10 Td (1, OneBeacon and ) Tj ET Q q 0 0 0 rg BT 140.53 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.94 742.10 Td (ower reached agreement on post-closing adjustments resulting in no material change to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ($24.6million after tax net gain on sale that OneBeacon had recorded during 2010.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 710.10 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 690.10 Td (Premiums written are recognized as revenues and are earned ratably over the term of the related policy) Tj ET Q q 0 0 0 rg BT 484.28 690.10 Td (. Unearned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td (premiums represent the portion of premiums written that are applicable to future insurance coverage provided by policies.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 658.10 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 108.78 658.10 Td (Acquisition Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 638.10 Td (Deferred acquisition costs represent commissions, premium taxes, brokerage expenses and other costs that are directly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (attributable to and vary with the production of business. ) Tj ET Q q 0 0 0 rg BT 275.88 626.10 Td (These costs are deferred and amortized over the applicable premium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (recognition period. Deferred acquisition costs are limited to the amount expected to be recovered from future earned premiums ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (and anticipated investment income. ) Tj ET Q q 0 0 0 rg BT 193.94 602.10 Td (This limitation is referred to as a premium deficiency) Tj ET Q q 0 0 0 rg BT 406.55 602.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.00 602.10 Td (A) Tj ET Q q 0 0 0 rg BT 417.67 602.10 Td ( premium deficiency is recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (if the sum of expected loss and LAE, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (and anticipated investment income. ) Tj ET Q q 0 0 0 rg BT 193.57 578.10 Td (A) Tj ET Q q 0 0 0 rg BT 200.24 578.10 Td ( premium deficiency is recognized by char) Tj ET Q q 0 0 0 rg BT 370.54 578.10 Td (ging any unamortized acquisition costs to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (expense to the extent required in order to eliminate the deficiency) Tj ET Q q 0 0 0 rg BT 312.02 566.10 Td (. On January1, 2012, we adopted ) Tj ET Q q 0 0 0 rg BT 448.11 566.10 Td (Accounting Standards ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (Update \(ASU\)2010-26, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 148.87 554.10 Td (Accounting for Costs ) Tj ET Q q 0 0 0 rg BT 235.63 554.10 Td (Associated with ) Tj ET Q q 0 0 0 rg BT 301.01 554.10 Td (Acquiring or Renewing Insurance Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.76 554.10 Td (, codified within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (ASC 944. ) Tj ET Q q 0 0 0 rg BT 91.40 542.10 Td (ASU2010-26 is ef) Tj ET Q q 0 0 0 rg BT 166.49 542.10 Td (fective for interim periods and annual fiscal years beginning after December15, 201) Tj ET Q q 0 0 0 rg BT 504.05 542.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 513.87 542.10 Td (W) Tj ET Q q 0 0 0 rg BT 522.50 542.10 Td (e have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (elected to adopt ) Tj ET Q q 0 0 0 rg BT 115.25 530.10 Td (ASU 2010-26 on a prospective basis. Under the new guidance, deferrable acquisition costs are limited to costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (related to successful contract acquisitions. ) Tj ET Q q 0 0 0 rg BT 220.50 518.10 Td (Acquisition costs that are not eligible for deferral are to be char) Tj ET Q q 0 0 0 rg BT 473.83 518.10 Td (ged to expense in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (period incurred. See Note1"Nature of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 376.22 506.10 Td (Accounting Policies" of the accompanying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (consolidated financial statements.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 474.10 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 130.47 474.10 Td (Adjustment Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 454.10 Td (Loss and loss adjustment expense \(LAE\) are char) Tj ET Q q 0 0 0 rg BT 271.81 454.10 Td (ged against income as incurred. Unpaid loss and LAE reserves are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (based on estimates \(generally determined by claims adjusters, legal counsel, and actuarial staf) Tj ET Q q 0 0 0 rg BT 425.24 442.10 Td (f\) of the ultimate costs of settling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (claims, including the ef) Tj ET Q q 0 0 0 rg BT 143.68 430.10 Td (fects of inflation and other societal and economic factors. Unpaid loss and LAE reserves represent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (management's best estimate of ultimate loss and LAE, net of estimated salvage and subrogation recoveries, if applicable. Such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (estimates are reviewed and updated on a quarterly basis and any adjustments resulting therefrom are reflected in current ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.47 394.10 Td (The process of estimating loss and LAE involves a considerable degree of judgment by management and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (ultimate amount of expense to be incurred could be considerably greater than or less than the amounts currently reflected in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (consolidated financial statements.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 350.10 Td (Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 330.10 Td (Our insurance subsidiaries enter into ceded reinsurance contracts from time to time to protect their businesses from losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (due to concentration of risk and to limit losses arising from catastrophic events. ) Tj ET Q q 0 0 0 rg BT 370.30 318.10 Td (The majority of such reinsurance contracts are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (executed through excess-of-loss treaties and catastrophe contracts under which a third-party reinsurer indemnifies our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (insurance subsidiaries for a specified part or all of certain types of losses over stipulated amounts arising from any one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (occurrence or event. ) Tj ET Q q 0 0 0 rg BT 133.66 282.10 Td (W) Tj ET Q q 0 0 0 rg BT 142.29 282.10 Td (e also have entered into quota share treaties with reinsurers under which all risks meeting prescribed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (criteria are ceded to third-party reinsurers on a pro rata basis. ) Tj ET Q q 0 0 0 rg BT 296.38 270.10 Td (The amount of each risk ceded by us is subject to maximum limits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (that vary by line of business and type of coverage. ) Tj ET Q q 0 0 0 rg BT 253.00 258.10 Td (Amounts related to reinsurance contracts are recorded in our consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (financial statements in accordance with ) Tj ET Q q 0 0 0 rg BT 209.66 246.10 Td (ASC 944, as applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 226.10 Td (Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (reinsured policies. Our ability to collect our reinsurance recoverables is subject to the solvency of the reinsurers with whom we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (have entered into reinsurance contracts. ) Tj ET Q q 0 0 0 rg BT 210.85 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 219.49 202.10 Td (e are selective in regard to our reinsurers, principally placing reinsurance with those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (reinsurers with strong financial condition, reputation, industry ratings and underwriting ability) Tj ET Q q 0 0 0 rg BT 426.49 190.10 Td (. Management monitors the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (financial condition and ratings of our reinsurers on an ongoing basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 158.10 Td (Reinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (contracts. Premiums ceded to other companies are reported as a reduction of premiums written. Expense allowances received in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (connection with reinsurance ceded have been accounted for as a reduction of the related policy acquisition costs.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 102.10 Td (Share-Based Compensation) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 82.10 Td (Compensation Philosophy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 62.10 Td (Our executive compensation policies are designed with one goal in mind, namely) Tj ET Q q 0 0 0 rg BT 398.81 62.10 Td (, the maximization of shareholder value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (over long periods of time. ) Tj ET Q q 0 0 0 rg BT 155.91 50.10 Td (W) Tj ET Q q 0 0 0 rg BT 164.55 50.10 Td (e believe that this goal is best pursued by utilizing a pay-for) Tj ET Q q 0 0 0 rg BT 403.45 50.10 Td (-performance program that serves to ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (attract and retain superior executive talent and provide management with performance-based incentives to maximize ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (shareholder value. ) Tj ET Q q 0 0 0 rg BT 125.62 730.10 Td (Through this compensation program, we seek to maximize shareholder value by aligning closely the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (financial interests of management with those of our shareholders.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 698.10 Td (Compensation of our senior management team, including our named executive of) Tj ET Q q 0 0 0 rg BT 400.11 698.10 Td (ficers, consists primarily of three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (components: base salary) Tj ET Q q 0 0 0 rg BT 147.10 686.10 Td (, annual bonus and long-term incentive awards. Base salaries have been capped at $500,000. ) Tj ET Q q 0 0 0 rg BT 518.65 686.10 Td (Annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (bonus tar) Tj ET Q q 0 0 0 rg BT 86.76 674.10 Td (gets for all senior executives are 50%, with the exception of the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 421.18 674.10 Td (ficer at 75%, of base salary) Tj ET Q q 0 0 0 rg BT 529.37 674.10 Td (. Long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (term incentives for senior executives have in the past been comprised of performance shares and/or performance units. Under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (these instruments, payouts are explicitly tied to OneBeacon's performance over a three-year period and are highly variable \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (actual number of shares/units paid out at the end of the cycle will range from 0% to 200% of tar) Tj ET Q q 0 0 0 rg BT 433.31 638.10 Td (get depending on performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (against established goals\). See Note9"Employee Share-Based Incentive Compensation Plans" of the accompanying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 187.18 614.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 237.08 614.10 Td (, in recognition that the 2007-2009 and 2008-2010 performance share cycles, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (described below) Tj ET Q q 0 0 0 rg BT 114.60 602.10 Td (, were projected to payout at or close to zero, creating a significant retention risk over the next years the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (OneBeacon Compensation Committee of the Board \(the Compensation Committee\) in February 2009 approved cash retention ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (awards for the executive of) Tj ET Q q 0 0 0 rg BT 158.66 578.10 Td (ficers and certain members of senior management. ) Tj ET Q q 0 0 0 rg BT 362.84 578.10 Td (The Compensation Committee also approved a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (pool of money for senior management to make retention awards to certain other key personnel.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 546.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 88.52 546.10 Td (e-Based Compensation Recognition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 526.10 Td (Our share-based compensation plans consist of performance shares which are typically settled in cash, stock options ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (which were granted in connection with our initial public of) Tj ET Q q 0 0 0 rg BT 285.59 514.10 Td (fering, restricted stock units and restricted shares. ) Tj ET Q q 0 0 0 rg BT 486.17 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 494.81 514.10 Td (e account for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (these share-based compensation plans in accordance with ) Tj ET Q q 0 0 0 rg BT 281.86 502.10 Td (ASC 718. Compensation cost is measured and recognized based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (the current market price of the underlying common shares and on the number of shares that are expected to vest.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 470.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 88.52 470.10 Td (e-Based Compensation Plans) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 70 448.7669921875 m 151.5576171875 448.7669921875 l s q 0 0 0 rg BT 70.00 450.10 Td (Performance Shar) Tj ET Q q 0 0 0 rg BT 143.23 450.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 430.10 Td (In February 2007, the Compensation Committee approved the principal performance share goal of the OneBeacon Long-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 418.10 Td (erm Incentive Plan to be growth in its intrinsic business value per share \(GIBVPS\), which was defined by the Compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Committee with respect to each award cycle. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 386.10 Td (2008-2010 Performance Shar) Tj ET Q q 0 0 0 rg BT 189.06 386.10 Td (e Plan. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.88 386.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.88 386.10 Td (In February 2008, the Compensation Committee defined GIBVPS for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (2008-2010 performance cycle to be a weighted measure comprised of growth in adjusted book value per share and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (underwriting return on equity) Tj ET Q q 0 0 0 rg BT 167.38 362.10 Td (. In the 2008-2010 performance cycle, a total of 929,849 performance shares were earned based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (upon a performance factor of 68.5%.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 330.10 Td (2009-201) Tj ET Q q 0 0 0 rg BT 107.59 330.10 Td (1 Performance Shar) Tj ET Q q 0 0 0 rg BT 188.32 330.10 Td (e Plan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.14 330.10 Td (In February 2009, the Compensation Committee defined GIBVPS for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (2009-201) Tj ET Q q 0 0 0 rg BT 87.96 318.10 Td (1 performance cycle to be a weighted measure comprised of growth in adjusted book value per share and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (underwriting return on equity) Tj ET Q q 0 0 0 rg BT 167.38 306.10 Td (. In the 2009-201) Tj ET Q q 0 0 0 rg BT 235.88 306.10 Td (1 performance cycle, a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.54 306.10 Td (256,751) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.04 306.10 Td ( performance shares were earned based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (upon a performance factor of 138.6%.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 274.10 Td (2010-2012 Performance Shar) Tj ET Q q 0 0 0 rg BT 189.06 274.10 Td (e Plan. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.38 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.88 274.10 Td (In February 2010, the Compensation Committee granted performance shares with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (goal of growth in book value per share for the 2010-2012 performance cycle. ) Tj ET Q q 0 0 0 rg BT 360.45 262.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.89 262.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.48 262.10 Td (, 238,658 performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (shares were outstanding with respect to the 2010-2012 performance cycle.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 230.10 Td (201) Tj ET Q q 0 0 0 rg BT 84.26 230.10 Td (1-2013 Performance Shar) Tj ET Q q 0 0 0 rg BT 188.32 230.10 Td (e Plan. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 221.64 230.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.14 230.10 Td (In February 201) Tj ET Q q 0 0 0 rg BT 288.20 230.10 Td (1, the Compensation Committee granted performance shares with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (goal of growth in book value per share for the 201) Tj ET Q q 0 0 0 rg BT 250.68 218.10 Td (1-2013 performance cycle. ) Tj ET Q q 0 0 0 rg BT 360.08 218.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.52 218.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.11 218.10 Td (, 151,563 performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (shares were outstanding with respect to the 201) Tj ET Q q 0 0 0 rg BT 239.30 206.10 Td (1-2013 performance cycle.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 186.10 Td (2012-2014 Performance Shar) Tj ET Q q 0 0 0 rg BT 189.06 186.10 Td (e Plan. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 222.38 186.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.88 186.10 Td (In February 2012, the Compensation Committee granted performance shares with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (goal of growth in book value per share for the 2012-2014 performance cycle. ) Tj ET Q q 0 0 0 rg BT 360.45 174.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.89 174.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.48 174.10 Td (, 181,290 performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (shares were outstanding with respect to the 2012-2014 performance cycle.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 142.10 Td (As a result of the sale of the renewal rights to our non-specialty commercial lines business in 2009 \(the Commercial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Lines ) Tj ET Q q 0 0 0 rg BT 74.54 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 80.29 130.10 Td (ransaction\) and the Personal Lines ) Tj ET Q q 0 0 0 rg BT 220.35 130.10 Td (T) Tj ET Q q 0 0 0 rg BT 226.10 130.10 Td (ransaction, payments were made in the year ended December 31, 2010 to certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (former employees of OneBeacon prior to the end of the performance cycle on a pro rata basis. Performance shares earned and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (paid for the 2008-2010, 2009-201) Tj ET Q q 0 0 0 rg BT 184.88 106.10 Td (1 and 2010-2012 performance cycles were based upon a performance factor of 100%.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 70 84.76699218750002 m 158.8671875 84.76699218750002 l s q 0 0 0 rg BT 70.00 86.10 Td (Restricted Stock Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 66.10 Td (In connection with OneBeacon's initial public of) Tj ET Q q 0 0 0 rg BT 267.79 66.10 Td (fering, options were issued to certain key employees as a one-time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (incentive. ) Tj ET Q q 0 0 0 rg BT 91.47 54.10 Td (The options did not include a mechanism to reflect the contribution to total return from the regular quarterly ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (dividend. ) Tj ET Q q 0 0 0 rg BT 89.44 742.10 Td (As a result, in February 2008, the Compensation Committee approved a grant of restricted stock units as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (supplement to the initial public of) Tj ET Q q 0 0 0 rg BT 185.07 730.10 Td (fering stock grant. ) Tj ET Q q 0 0 0 rg BT 260.42 730.10 Td (The RSUs were scheduled to vest one-third on each of November9, 2009, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2010 and 201) Tj ET Q q 0 0 0 rg BT 104.07 718.10 Td (1 subject to growth in adjusted book value per share from January1, 2008 through the end of the calendar year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (immediately following the applicable vesting date. ) Tj ET Q q 0 0 0 rg BT 254.67 706.10 Td (All three tranches of RSUs vested and were mandatorily deferred into our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (deferred compensation plan and distributed in May 2012.) Tj ET Q BT /F4 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 70 672.7669921875 m 139.892578125 672.7669921875 l s q 0 0 0 rg BT 70.00 674.10 Td (Restricted Shar) Tj ET Q q 0 0 0 rg BT 131.56 674.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 654.10 Td (On March 1, 2012, OneBeacon issued 300,000 shares of restricted stock to certain employees that vest in equal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (installments on February 28, 2014 and 2015. On May25, 201) Tj ET Q q 0 0 0 rg BT 296.55 642.10 Td (1, OneBeacon issued 630,000 shares of restricted stock to its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (CEO that vest in equal installments on February22, 2014, 2015, 2016 and 2017. Concurrently with the 201) Tj ET Q q 0 0 0 rg BT 479.29 630.10 Td (1 grant of restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (stock, 35,000 performance shares issued to the CEO for the 201) Tj ET Q q 0 0 0 rg BT 305.12 618.10 Td (1-2013 performance share cycle were forfeited. Performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (share awards to the CEO for each of the next five years are being reduced by 35,000 shares. ) Tj ET Q q 0 0 0 rg BT 419.68 606.10 Td (The restricted shares contain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (dividend participation features, and therefore, are considered participating securities. ) Tj ET Q q 0 0 0 rg BT 390.97 594.10 Td (At December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 516.12 594.10 Td (1, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (Company had unvested restricted shares outstanding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.56 582.10 Td (927,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.06 582.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.50 582.10 Td (630,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 582.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 410.66 582.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 562.10 Td (Income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 542.10 Td (The income tax expense related to pre-tax income from continuing operations for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.94 542.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.94 542.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 530.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 530.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.07 530.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 530.10 Td ( represented net ef) Tj ET Q q 0 0 0 rg BT 182.46 530.10 Td (fective tax rates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.08 530.10 Td (7.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.91 530.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.91 530.10 Td (12.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.74 530.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.18 530.10 Td (14.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.01 530.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 408.67 530.10 Td (. Our ef) Tj ET Q q 0 0 0 rg BT 439.31 530.10 Td (fective tax rate for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (ended December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 189.03 518.10 Td (1 were lower than the U.S. statutory rate of 35% due to income generated in jurisdictions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (other than the United States, principally representing interest income taxed in a jurisdiction with a lower ef) Tj ET Q q 0 0 0 rg BT 477.19 506.10 Td (fective tax rate. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 494.10 Td (fective tax rate for the year ended December31, 2010 was lower than the U.S. statutory rate of 35% due to income generated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (in jurisdictions other than the United States, principally representing interest income taxed in a jurisdiction with a lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 470.10 Td (fective tax rate, and recognition of a deferred tax asset for a higher tax basis and deconsolidation of the companies sold as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (part of the Personal Lines ) Tj ET Q q 0 0 0 rg BT 155.07 458.10 Td (T) Tj ET Q q 0 0 0 rg BT 160.83 458.10 Td (ransaction, partially of) Tj ET Q q 0 0 0 rg BT 250.89 458.10 Td (fset by an increase in the valuation allowance for insurance reciprocals. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.28 446.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.28 446.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.28 446.10 Td (201) Tj ET Q q 0 0 0 rg BT 212.91 446.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.91 446.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.34 446.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.34 446.10 Td (, the ef) Tj ET Q q 0 0 0 rg BT 284.65 446.10 Td (fective tax rate on non-U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 446.10 Td (0.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.48 446.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.48 446.10 Td (0.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.31 446.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.75 446.10 Td (0.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.58 446.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 434.10 Td (, and the ef) Tj ET Q q 0 0 0 rg BT 141.90 434.10 Td (fective rate on U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.86 434.10 Td (26.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.69 434.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.69 434.10 Td (31.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.52 434.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.96 434.10 Td (25.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.79 434.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 426.45 434.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 98.44 407.25 Td (T) Tj ET Q q 0 0 0 rg BT 104.37 407.25 Td (ransactions) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 387.25 Td (Debt Issuance and Refinancing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 370.25 Td (In November 2012, OneBeacon U.S. Holdings,Inc. issued $275.0 million face value of senior unsecured debt through a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (public of) Tj ET Q q 0 0 0 rg BT 85.64 358.25 Td (fering, at an issue price of 99.9% \(2012 Senior Notes\), which bear an annual interest rate of 4.60%. ) Tj ET Q q 0 0 0 rg BT 485.06 358.25 Td (The net proceeds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.25 Td (from the issuance of the 2012 Senior Notes were used to repurchase the outstanding balance on OBH's senior unsecured debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (issued in May 2003, which had an annual interest rate of 5.875%. OneBeacon Insurance Group, Ltd provides an irrevocable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (and unconditional guarantee as to the payment of principal and interest on the 2012 Senior Notes. See Note6"Debt" of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (accompanying consolidated financial statements. In conjunction with the repurchase of the 2003 Senior Notes, we recognized a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (loss of $6.3 million.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (Dispositions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 258.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.76 258.25 Td (fective January 1, 2013, OneBeacon completed the sale of Essentia Insurance Company \(Essentia\), an indirect wholly-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (owned subsidiary which wrote the collector car and boat business, to Markel Corporation. Concurrently therewith, OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 234.25 Td (and Hagerty Insurance ) Tj ET Q q 0 0 0 rg BT 142.46 234.25 Td (Agency \(Hagerty\) terminated their underwriting arrangement with respect to the collector car and boat ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 222.25 Td (business. OneBeacon anticipates recognizing a pre-tax gain on sale of approximately $23.0 million \($15.0 million after tax\) in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 210.25 Td (the first quarter of 2013. ) Tj ET Q q 0 0 0 rg BT 149.79 210.25 Td (The business associated with this agreement generated net written premiums of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.68 210.25 Td ($179.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 198.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.72 198.25 Td (15.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.55 198.25 Td ( of consolidated written premiums, for the year ended December 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 178.25 Td (On October17, 2012, we entered into the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 304.11 178.25 Td (Agreement with respect to the sale of our Runof) Tj ET Q q 0 0 0 rg BT 496.65 178.25 Td (f Business to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Armour) Tj ET Q q 0 0 0 rg BT 81.11 166.25 Td (. Pursuant to the terms of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 262.19 166.25 Td (Agreement, at closing, OneBeacon will transfer to ) Tj ET Q q 0 0 0 rg BT 465.19 166.25 Td (Armour all of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (issued and outstanding shares of common stock of certain legal entities that will contain the assets, liabilities \(including gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (and ceded loss reserves\) and capital supporting the Runof) Tj ET Q q 0 0 0 rg BT 280.31 142.25 Td (f Business as well as certain elements of the Runof) Tj ET Q q 0 0 0 rg BT 483.69 142.25 Td (f Business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.25 Td (infrastructure, including staf) Tj ET Q q 0 0 0 rg BT 163.39 130.25 Td (f and of) Tj ET Q q 0 0 0 rg BT 194.31 130.25 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 238.45 130.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 288.35 130.25 Td (, as part of the Runof) Tj ET Q q 0 0 0 rg BT 372.60 130.25 Td (f ) Tj ET Q q 0 0 0 rg BT 378.25 130.25 Td (T) Tj ET Q q 0 0 0 rg BT 384.00 130.25 Td (ransaction, OneBeacon may provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.25 Td (financing in the form of surplus notes. ) Tj ET Q q 0 0 0 rg BT 205.35 118.25 Td (The Runof) Tj ET Q q 0 0 0 rg BT 248.21 118.25 Td (f ) Tj ET Q q 0 0 0 rg BT 253.86 118.25 Td (T) Tj ET Q q 0 0 0 rg BT 259.62 118.25 Td (ransaction is expected to close in the second half of 2013. During 2012, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.25 Td (recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.41 106.25 Td ($91.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.31 106.25 Td ( after tax estimated loss on sale of the Runof) Tj ET Q q 0 0 0 rg BT 326.13 106.25 Td (f Business and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.96 106.25 Td ($24.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.85 106.25 Td ( in after tax losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (discontinued operations, which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.13 94.25 Td ($9.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.02 94.25 Td ( of after tax incurred loss and loss adjustment expenses relating to an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.25 Td (adjustment to the workers compensation discount rate applied to the loss reserves being transferred, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 82.25 Td ($6.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.54 82.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.25 Td (after tax underwriting losses primarily related to adverse prior year loss reserve development related to a legacy assumed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.25 Td (reinsurance treaty) Tj ET Q q 0 0 0 rg BT 120.70 58.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The assets and liabilities associated with the Runof) Tj ET Q q 0 0 0 rg BT 276.44 742.10 Td (f Business as of December31, 2012 have been presented in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (balance sheet as held for sale assuming the investing and financing steps required to ef) Tj ET Q q 0 0 0 rg BT 396.38 730.10 Td (fect the sale were completed as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (current balance sheet date. ) Tj ET Q q 0 0 0 rg BT 158.37 718.10 Td (The prior year balance sheet has not been reclassified to conform to the current period's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 103.69 706.10 Td (The Runof) Tj ET Q q 0 0 0 rg BT 146.56 706.10 Td (f Business has been presented as discontinued operations in the consolidated statements of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (and cash flows, with the prior periods reclassified to conform to the current period's presentation. ) Tj ET Q q 0 0 0 rg BT 441.23 694.10 Td (The Runof) Tj ET Q q 0 0 0 rg BT 484.10 694.10 Td (f Business disposal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (group excludes investing and financing activities from amounts classified as discontinued operations. OneBeacon's investing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and financing operations are conducted on an overall consolidated level and, accordingly) Tj ET Q q 0 0 0 rg BT 405.33 670.10 Td (, there are no separately identifiable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (investing or financing cash flows associated with the Runof) Tj ET Q q 0 0 0 rg BT 288.66 658.10 Td (f Business. Pursuant to the terms of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 511.13 658.10 Td (Agreement, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (the legal entities included in the sale and expected to be transferred to ) Tj ET Q q 0 0 0 rg BT 330.73 646.10 Td (Armour will hold an agreed upon level of invested assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (and capital at closing. See Note 2"Acquisitions and Dispositions" of the accompanying consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 614.10 Td (In anticipation of the Runof) Tj ET Q q 0 0 0 rg BT 183.40 614.10 Td (f ) Tj ET Q q 0 0 0 rg BT 189.05 614.10 Td (T) Tj ET Q q 0 0 0 rg BT 194.81 614.10 Td (ransaction, and as means to separate the Runof) Tj ET Q q 0 0 0 rg BT 381.79 614.10 Td (f Business from the ongoing specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (business, we sought and received various regulatory approvals to terminate, incept or amend various intercompany reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (agreements which took ef) Tj ET Q q 0 0 0 rg BT 152.84 590.10 Td (fect on October 1, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 570.10 Td (The Runof) Tj ET Q q 0 0 0 rg BT 115.37 570.10 Td (f ) Tj ET Q q 0 0 0 rg BT 121.02 570.10 Td (T) Tj ET Q q 0 0 0 rg BT 126.77 570.10 Td (ransaction is subject to various closing conditions, primarily the receipt of regulatory approvals. ) Tj ET Q q 0 0 0 rg BT 512.51 570.10 Td (At closing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (Armour and/or OneBeacon Insurance Company \(OBIC\) and certain legal entities within the ongoing OneBeacon structure will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (enter into various ancillary agreements, including the amendment of existing reinsurance agreements and administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (services agreements, to support the separation of the Runof) Tj ET Q q 0 0 0 rg BT 286.69 534.10 Td (f Business and subsequent transfer to ) Tj ET Q q 0 0 0 rg BT 437.23 534.10 Td (Armour) Tj ET Q q 0 0 0 rg BT 468.33 534.10 Td (. ) Tj ET Q q 0 0 0 rg BT 472.78 534.10 Td (Also as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (Runof) Tj ET Q q 0 0 0 rg BT 74.82 522.10 Td (f ) Tj ET Q q 0 0 0 rg BT 80.47 522.10 Td (T) Tj ET Q q 0 0 0 rg BT 86.23 522.10 Td (ransaction, at closing, OneBeacon and ) Tj ET Q q 0 0 0 rg BT 241.46 522.10 Td (Armour will enter into a ) Tj ET Q q 0 0 0 rg BT 340.97 522.10 Td (T) Tj ET Q q 0 0 0 rg BT 346.73 522.10 Td (ransition Services ) Tj ET Q q 0 0 0 rg BT 420.05 522.10 Td (Agreement \(TSA\), pursuant to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (which OneBeacon will provide certain transition services to ) Tj ET Q q 0 0 0 rg BT 291.60 510.10 Td (Armour during the term of the ) Tj ET Q q 0 0 0 rg BT 415.27 510.10 Td (TSA, which has an initial term of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (one year) Tj ET Q q 0 0 0 rg BT 83.59 498.10 Td (. OneBeacon has concluded that continuing involvement after the closing of the transaction is insignificant relative to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (the business being sold. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 466.10 Td (On February 22, 2012, OneBeacon completed the sale of its ) Tj ET Q q 0 0 0 rg BT 314.11 466.10 Td (AutoOne Insurance business \(AutoOne\) to Interboro ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (Holdings, Inc. \(Interboro\) \(the ) Tj ET Q q 0 0 0 rg BT 173.30 454.10 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 212.28 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 218.04 454.10 Td (ransaction\). ) Tj ET Q q 0 0 0 rg BT 266.91 454.10 Td (AutoOne had of) Tj ET Q q 0 0 0 rg BT 331.16 454.10 Td (fered products and services to assigned risk markets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (primarily in New ) Tj ET Q q 0 0 0 rg BT 121.00 442.10 Td (Y) Tj ET Q q 0 0 0 rg BT 127.22 442.10 Td (ork and New Jersey) Tj ET Q q 0 0 0 rg BT 205.71 442.10 Td (. ) Tj ET Q q 0 0 0 rg BT 210.16 442.10 Td (AutoOne has been presented as discontinued operations in the statements of operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (and cash flows with the prior periods reclassified to conform to the current presentation. ) Tj ET Q q 0 0 0 rg BT 404.99 430.10 Td (The ) Tj ET Q q 0 0 0 rg BT 422.49 430.10 Td (AutoOne disposal group excludes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (investing and financing activities from amounts classified as discontinued operations. OneBeacon's investing and financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (operations are conducted on an overall consolidated level and, accordingly) Tj ET Q q 0 0 0 rg BT 348.13 406.10 Td (, there are no separately identifiable investing or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (financing cash flows associated with ) Tj ET Q q 0 0 0 rg BT 198.57 394.10 Td (AutoOne. Pursuant to the terms of the ) Tj ET Q q 0 0 0 rg BT 352.44 394.10 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 391.42 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 397.18 394.10 Td (ransaction, at closing, the legal entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (included in the sale held an agreed upon level of invested assets and capital. ) Tj ET Q q 0 0 0 rg BT 356.10 382.10 Td (The assets and liabilities associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (AutoOne business as of December 31, 201) Tj ET Q q 0 0 0 rg BT 220.42 370.10 Td (1 have been presented in the balance sheet as held for sale assuming the investing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (and financing steps required to ef) Tj ET Q q 0 0 0 rg BT 183.38 358.10 Td (fect the sale were completed as of December 31, 201) Tj ET Q q 0 0 0 rg BT 394.58 358.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Results of Operations) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 715.25 Td (Review of Consolidated Results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 695.25 Td (Certain amounts in the prior period consolidated results have been reclassified to conform to the current presentation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 675.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 675.25 Td ( summary of our consolidated financial results for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 445.74 675.25 Td (1 and 2010, is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 624.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 624.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 624.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 624.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 624.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 624.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 624.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 594.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 594.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 594.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 594.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 594.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 594.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 594.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 564.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 564.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 564.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 564.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 564.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 564.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 564.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 534.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 534.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 534.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 534.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 534.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 534.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 534.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 504.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 504.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 504.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 504.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 504.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 504.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 504.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 474.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 474.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 474.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 474.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 474.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 474.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 474.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 444.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 444.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 444.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 444.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 444.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 414.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 414.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 414.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 414.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 384.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 384.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 384.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 384.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 354.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 354.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 354.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 354.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 354.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 354.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 354.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 324.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 324.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 324.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 324.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 324.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 324.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 324.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 294.75 326.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 294.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 294.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 294.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 294.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 61.50 264.75 326.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 264.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 264.75 50.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 264.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 264.75 50.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 264.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 264.75 50.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 650.75 m 441.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 650.75 m 445.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 650.75 m 495.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 650.75 m 499.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 650.75 m 549.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 650.75 m 441.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 637.75 m 441.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 650.75 m 445.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 650.75 m 495.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 637.75 m 495.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 650.75 m 499.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 650.75 m 549.5 650.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 637.75 m 549.5 637.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 609.75 m 441.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 609.75 m 495.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 609.75 m 549.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 609.75 m 441.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 609.75 m 495.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 609.75 m 549.5 609.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 534.75 m 441.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 534.75 m 495.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 534.75 m 549.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 519.75 m 441.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 519.75 m 495.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 519.75 m 549.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 429.75 m 441.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 429.75 m 495.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 429.75 m 549.5 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 414.75 m 441.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 414.75 m 495.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 414.75 m 549.5 414.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 384.75 m 441.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 384.75 m 495.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 384.75 m 549.5 384.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 339.75 m 441.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 339.75 m 495.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 339.75 m 549.5 339.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 309.75 m 441.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 309.75 m 495.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 309.75 m 549.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 264.75 m 441.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 241.75 m 441.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 239.75 m 441.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 264.75 m 495.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 241.75 m 495.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 239.75 m 495.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 264.75 m 549.5 264.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 241.75 m 549.5 241.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 239.75 m 549.5 239.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 655.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.60 654.98 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.00 641.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.00 641.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.20 641.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.00 641.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 64.00 628.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 446.40 628.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.00 614.42 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 614.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 614.42 Td (1,179.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 614.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.60 614.42 Td (1,062.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 614.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.60 614.42 Td (1,167.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 599.43 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 599.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 599.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 599.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 584.42 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 584.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 584.42 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 584.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.60 584.42 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 584.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.60 584.42 Td (1,181.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 569.42 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 569.42 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 569.42 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 569.42 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 554.42 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 554.42 Td (55.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 554.42 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 554.42 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 539.42 Td (Net other revenues \(expenses\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 539.47 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 539.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 539.47 Td (\(12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 539.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.80 539.47 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 539.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 524.42 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 524.42 Td (1,240.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.60 524.42 Td (1,081.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.60 524.42 Td (1,351.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 509.43 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 509.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 509.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 509.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 494.42 Td (Loss and loss adjustment expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 494.42 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 494.42 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 494.42 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 479.42 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 479.42 Td (249.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 479.42 Td (221.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 479.42 Td (252.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 464.42 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 464.42 Td (205.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 464.42 Td (162.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 464.42 Td (196.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 449.42 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 449.42 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 449.42 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 449.42 Td (12.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 434.42 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 434.42 Td (16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 434.42 Td (20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 434.42 Td (29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 419.42 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 419.42 Td (1,134.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 419.42 Td (962.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.60 419.42 Td (1,176.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 404.43 Td (Pre-tax income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.15 404.42 Td (105.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 404.42 Td (119.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 404.42 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 389.42 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 389.47 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 389.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 389.47 Td (\(14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 389.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.80 389.47 Td (\(25.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 389.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 374.43 Td (Net income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.15 374.42 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 374.42 Td (104.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 374.42 Td (150.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 359.42 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 359.47 Td (\(24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 359.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 359.47 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 359.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.80 359.47 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 359.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 344.42 Td (Loss from sale of discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 344.47 Td (\(91.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 344.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 344.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 344.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 344.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 329.43 Td (Net income \(loss\) including noncontr) Tj ET Q q 0 0 0 rg BT 220.49 329.43 Td (olling inter) Tj ET Q q 0 0 0 rg BT 267.25 329.43 Td (ests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 329.47 Td (\(17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 329.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 329.42 Td (56.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 329.42 Td (119.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 314.42 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 314.47 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 314.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.80 314.47 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 314.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.80 314.47 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 314.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 299.43 Td (Net income \(loss\) attributable to OneBeacon's common shar) Tj ET Q q 0 0 0 rg BT 319.63 299.43 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 299.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 299.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 299.42 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 299.42 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 284.42 Td (Change in foreign currency translation, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 284.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 284.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 284.42 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 269.42 Td (Net change in benefit plan assets and obligations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.80 269.47 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 269.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 269.47 Td (\(11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 269.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 269.42 Td (5.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 255.43 Td (Compr) Tj ET Q q 0 0 0 rg BT 94.37 255.43 Td (ehensive \(loss\) income attributable to OneBeacon's common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 64.00 245.43 Td (shar) Tj ET Q q 0 0 0 rg BT 82.71 245.43 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.00 245.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.80 245.47 Td (\(22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 245.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.00 245.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 245.42 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 245.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 245.42 Td (124.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table provides our consolidated underwriting ratios for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 517.12 742.10 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 692.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 662.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 662.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 662.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 662.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 705.6 m 391 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 705.6 m 395 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 705.6 m 445 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 705.6 m 449 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 705.6 m 499 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 692.6 m 391 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 692.6 m 445 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 692.6 m 499 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 647.6 m 499 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 647.6 m 391 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 633.6 m 391 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 631.6 m 391 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 647.6 m 445 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 633.6 m 445 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 631.6 m 445 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 647.6 m 499 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 633.6 m 499 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 631.6 m 499 631.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.50 710.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.10 709.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.50 696.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.50 696.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.70 696.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.45 696.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 478.45 700.46 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 682.27 Td (Underwriting ratios:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.50 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.50 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.50 667.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 667.27 Td (57.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 667.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 667.27 Td (54.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 667.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 667.27 Td (58.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 667.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.50 652.27 Td (Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 652.27 Td (40.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 652.27 Td (37.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 652.27 Td (38.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 637.27 Td (T) Tj ET Q q 0 0 0 rg BT 137.91 637.27 Td (otal combined ratio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 637.27 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 637.27 Td (92.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 637.27 Td (96.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 623.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 113.00 608.03 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.58 603.50 Td ( ) Tj ET Q q 0 0 0 rg BT 122.90 603.50 Td (The amount for 2010 includes operations associated with personal lines business that we sold in 2010. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 591.50 Td (Excluding results from the personal lines business which would have increased \(decreased\) the loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 579.50 Td (LAE, expense and combined ratios presented above by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.93 579.50 Td (\(2.9\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.09 579.50 Td ( points, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.04 579.50 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.54 579.50 Td ( points and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.92 579.50 Td (\(2.5\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.08 579.50 Td ( points, respectively) Tj ET Q q 0 0 0 rg BT 557.69 579.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 551.50 Td (The impact of certain items to our underwriting ratios was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 515.00 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 515.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 515.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 515.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 515.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 515.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 515.00 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 487.00 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 487.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 487.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 487.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 487.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 487.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 487.00 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 528 m 391 528 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 528 m 395 528 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 528 m 445 528 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 528 m 449 528 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 528 m 499 528 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 515 m 391 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 515 m 445 515 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 515 m 499 515 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.05 532.23 Td (\(Favorable\) unfavorable impact) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.50 519.23 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.70 519.23 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.50 519.23 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 505.57 Td (Impact on loss and LAE ratio and combined ratio:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 491.57 Td (Catastrophe losses, net of reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 491.57 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 491.57 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 491.57 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 476.67 Td (Prior year loss reserve development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 476.72 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 476.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.30 476.72 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 476.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.30 476.72 Td (\(3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 476.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 444.50 Td (Consolidated ResultsY) Tj ET Q q 0 0 0 rg BT 175.85 444.50 Td (ear) Tj ET Q q 0 0 0 rg BT 189.55 444.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 263.23 444.50 Td (31, 2012 versus year) Tj ET Q q 0 0 0 rg BT 351.65 444.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 425.34 444.50 Td (31, 201) Tj ET Q q 0 0 0 rg BT 457.29 444.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 424.50 Td (Our comprehensive loss attributable to OneBeacon's common shareholders was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.88 424.50 Td ($22.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.78 424.50 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.50 Td (December31, 2012, compared to comprehensive income attributable to OneBeacon's common shareholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.27 412.50 Td ($43.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.16 412.50 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.50 Td (the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 184.01 400.50 Td (1. Net loss attributable to OneBeacon's common shareholders was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.75 400.50 Td ($19.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.64 400.50 Td ( for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.50 Td (ended December31, 2012, compared to net income attributable to OneBeacon's common shareholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.33 388.50 Td ($55.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.22 388.50 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.50 Td (year ended December31, 201) Tj ET Q q 0 0 0 rg BT 169.30 376.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 179.12 376.50 Td (The decrease in results for the year ended December 31, 2012 as compared to the prior year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.50 Td (was primarily due to char) Tj ET Q q 0 0 0 rg BT 152.01 364.50 Td (ges associated with the Runof) Tj ET Q q 0 0 0 rg BT 271.25 364.50 Td (f ) Tj ET Q q 0 0 0 rg BT 276.89 364.50 Td (T) Tj ET Q q 0 0 0 rg BT 282.65 364.50 Td (ransaction and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.18 364.50 Td ($28.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.08 364.50 Td ( after) Tj ET Q q 0 0 0 rg BT 417.69 364.50 Td (-tax of \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.90 364.50 Td ($43.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.79 364.50 Td ( pre-tax\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.50 Td (catastrophe losses and reinstatement premiums resulting from the impact of hurricane Sandy) Tj ET Q q 0 0 0 rg BT 419.52 352.50 Td (, which made landfall in the mid-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.50 Td (Atlantic and northeastern regions of the United States in October 2012. Change in other comprehensive income \(loss\) items in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.50 Td (the year ended December31, 2012 included the impact of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.02 328.50 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.91 328.50 Td ( after tax decrease in the over) Tj ET Q q 0 0 0 rg BT 457.42 328.50 Td (-funded status of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.50 Td (qualified pension primarily related to an increase in the plan's projected benefit obligation, as compared to an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.43 316.50 Td ($1) Tj ET Q q 0 0 0 rg BT 499.06 316.50 Td (1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.95 316.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.50 Td (after tax decrease in our pension plans in the prior year driven by a decline in the value of the investment results. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 284.50 Td (Our total revenues increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.62 284.50 Td (14.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.45 284.50 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.22 284.50 Td ($1,240.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.62 284.50 Td ( in the year ended December31, 2012, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.98 284.50 Td ($1,081.8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.50 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 272.50 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 225.68 272.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 235.50 272.50 Td (The increase was primarily due to an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.72 272.50 Td (1) Tj ET Q q 0 0 0 rg BT 390.35 272.50 Td (1.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.18 272.50 Td ( increase in earned premiums ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.50 Td (resulting from growth in both our Specialty Products and Specialty Industries segments. Net realized and change in unrealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 248.50 Td (investment gains increased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.52 248.50 Td ($55.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.41 248.50 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.62 248.50 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.51 248.50 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 482.30 248.50 Td (1. Net investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.50 Td (income decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.13 236.50 Td ($53.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.02 236.50 Td ( in the year ended December31, 2012, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.38 236.50 Td ($71.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.27 236.50 Td ( in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.50 Td (December 31, 201) Tj ET Q q 0 0 0 rg BT 123.21 224.50 Td (1, primarily due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.08 224.50 Td (13.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.91 224.50 Td ( decline in average invested assets, including invested assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.56 224.50 Td ($338.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.45 224.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.50 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 212.50 Td ($1) Tj ET Q q 0 0 0 rg BT 76.57 212.50 Td (1) Tj ET Q q 0 0 0 rg BT 81.20 212.50 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.09 212.50 Td ( reclassified to assets held for sale as of December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 397.96 212.50 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 455.63 212.50 Td (. ) Tj ET Q q 0 0 0 rg BT 460.44 212.50 Td (The decline in average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.50 Td (invested assets since December31, 201) Tj ET Q q 0 0 0 rg BT 207.92 200.50 Td (1 was driven by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.01 200.50 Td ($220.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.91 200.50 Td ( of losses paid related to the Runof) Tj ET Q q 0 0 0 rg BT 471.86 200.50 Td (f Business, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 188.50 Td (the closing of ) Tj ET Q q 0 0 0 rg BT 106.38 188.50 Td (AutoOne and return of capital to shareholders. Net other revenues \(expenses\) improved ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.76 188.50 Td ($1) Tj ET Q q 0 0 0 rg BT 468.39 188.50 Td (1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.28 188.50 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.06 188.50 Td ($\(0.5\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 176.50 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 176.50 Td ( in the year ended December31, 2012, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.26 176.50 Td ($\(12.4\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.81 176.50 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 495.60 176.50 Td (1. Included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.50 Td (net other revenues \(expenses\) for the year ended December31, 2012 was a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.09 164.50 Td ($6.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.99 164.50 Td ( pre-tax loss related to the repurchase of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.50 Td (our 2003 Senior Notes, of) Tj ET Q q 0 0 0 rg BT 153.42 152.50 Td (fset in part by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.12 152.50 Td ($4.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.01 152.50 Td ( pre-tax gain on the sale of a shell company) Tj ET Q q 0 0 0 rg BT 440.47 152.50 Td (, Pennsylvania General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.50 Td (Insurance Company \(PGIC\). ) Tj ET Q q 0 0 0 rg BT 167.02 140.50 Td (The year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 304.36 140.50 Td (1 included a $12.0million other expense related to the partial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.50 Td (redemption of a portion of our 2003 Senior Notes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 108.50 Td (Our full year 2012 expenses increased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.78 108.50 Td ($1,134.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.17 108.50 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.37 108.50 Td ($962.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.26 108.50 Td (in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.50 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 96.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 74.45 96.50 Td (The net loss and LAE increase of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.23 96.50 Td (18.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.06 96.50 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.84 96.50 Td ($650.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.73 96.50 Td ( in the year ended December31, 2012 exceeded the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.81 96.50 Td (1) Tj ET Q q 0 0 0 rg BT 521.44 96.50 Td (1.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.27 96.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.50 Td (increase in earned premiums due to a decrease in favorable loss reserve development as well as increases in catastrophe losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.50 Td (driven by hurricane Sandy) Tj ET Q q 0 0 0 rg BT 155.15 72.50 Td (, and non-catastrophe losses. Catastrophe losses from hurricane Sandy were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.62 72.50 Td ($43.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.51 72.50 Td ( pre-tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.50 Td (\() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.33 60.50 Td ($28.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.22 60.50 Td ( after tax\). ) Tj ET Q q 0 0 0 rg BT 150.90 60.50 Td (The pre-tax loss was comprised of gross incurred losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.51 60.50 Td ($103.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.41 60.50 Td ( less reinsurance recoveries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 48.50 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 48.50 Td ($68.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.72 48.50 Td (, plus reinstatement premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.58 48.50 Td ($8.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.48 48.50 Td (. Policy acquisition expenses increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.77 48.50 Td (12.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.60 48.50 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.38 48.50 Td ($249.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.27 48.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and other underwriting expenses increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.99 742.10 Td (26.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.82 742.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.60 742.10 Td ($205.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.49 742.10 Td ( in the year ended December31, 2012, compared to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (prior year period, as a result of our investment in new businesses and costs associated with actions taken to migrate certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (corporate functions to Minnesota in the year ended December 31, 2012. ) Tj ET Q q 0 0 0 rg BT 339.45 718.10 Td (These were somewhat of) Tj ET Q q 0 0 0 rg BT 438.95 718.10 Td (fset by depreciation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (property leased to a tenant included in general and administration expense in the year ended December 31, 2012 that, in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 169.30 694.10 Td (1, was part of our insurance operations and recognized in other underwriting expense, which also ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (resulted in the significant change in general and administrative expenses, which increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.82 682.10 Td (36.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 682.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.42 682.10 Td ($13.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.32 682.10 Td (. Interest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (expense decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.62 670.10 Td (17.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.45 670.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.23 670.10 Td ($16.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.12 670.10 Td ( in the year ended December31, 2012, reflective of actions taken to reduce ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (outstanding debt. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 638.10 Td (Our income tax expense related to pre-tax income from continuing operations for the years ended December31, 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 626.10 Td (1 represented net ef) Tj ET Q q 0 0 0 rg BT 143.02 626.10 Td (fective tax rates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.64 626.10 Td (7.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.47 626.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.91 626.10 Td (12.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.74 626.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 338.40 626.10 Td (. ) Tj ET Q q 0 0 0 rg BT 343.22 626.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 368.86 626.10 Td (fective tax rates for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 162.65 614.10 Td (1 were lower than the U.S. statutory rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.88 614.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.21 614.10 Td ( due to income generated in jurisdictions other than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (the United States, principally representing interest income taxed in a jurisdiction with a lower ef) Tj ET Q q 0 0 0 rg BT 434.43 602.10 Td (fective tax rate. For the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (ended December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 189.03 590.10 Td (1, the ef) Tj ET Q q 0 0 0 rg BT 221.33 590.10 Td (fective tax rate on non-U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.34 590.10 Td (0.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.17 590.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.60 590.10 Td (0.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.43 590.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.10 590.10 Td (, and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 578.10 Td (fective rate on U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.54 578.10 Td (26.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.37 578.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.81 578.10 Td (31.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.64 578.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 311.30 578.10 Td (. See Note7"Income ) Tj ET Q q 0 0 0 rg BT 406.57 578.10 Td (T) Tj ET Q q 0 0 0 rg BT 411.98 578.10 Td (axes" of the accompanying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 546.10 Td (Our combined ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.86 546.10 Td (97.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.69 546.10 Td ( for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.74 546.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.74 546.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.94 546.10 Td (92.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.77 546.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 534.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 133.03 534.10 Td (The increase in the combined ratio for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.63 534.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.63 534.10 Td ( was primarily due to the impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (of hurricane Sandy in the year ended December 31, 2012, as well as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.56 522.10 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.06 522.10 Td ( point decrease in favorable loss reserve development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (compared to the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 236.22 510.10 Td (1. Favorable loss reserve development for our consolidated insurance operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.05 498.10 Td ($7.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.94 498.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.77 498.10 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.27 498.10 Td ( points, in 2012 compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.20 498.10 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.09 498.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.92 498.10 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.42 498.10 Td ( points, for the prior year period. ) Tj ET Q q 0 0 0 rg BT 477.26 498.10 Td (The favorable loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (reserve development for the year ended December 31, 2012 was primarily in the workers' compensation, multiple peril liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (and general liability lines. ) Tj ET Q q 0 0 0 rg BT 156.18 474.10 Td (This favorable development was of) Tj ET Q q 0 0 0 rg BT 297.06 474.10 Td (fset somewhat by adverse loss reserve development on a few ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (excess property claims. Catastrophe losses were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.66 462.10 Td ($47.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.55 462.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.38 462.10 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.88 462.10 Td (, points for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.38 462.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.38 462.10 Td (, due ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (primarily to the impact of hurricane Sandy) Tj ET Q q 0 0 0 rg BT 219.85 450.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.67 450.10 Td (The year ended December31, 201) Tj ET Q q 0 0 0 rg BT 362.02 450.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.45 450.10 Td ($36.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.34 450.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.34 450.10 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.84 450.10 Td ( points, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (catastrophe losses primarily related to hurricane Irene, tornados in the southeastern and midwestern United States as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (storms and freezing weather in the northeastern and southwestern United States. ) Tj ET Q q 0 0 0 rg BT 373.06 426.10 Td (T) Tj ET Q q 0 0 0 rg BT 378.47 426.10 Td (otal net written premiums increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.25 426.10 Td (1) Tj ET Q q 0 0 0 rg BT 528.88 426.10 Td (1.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.71 426.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.38 414.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.38 414.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.16 414.10 Td ($1,179.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.55 414.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.76 414.10 Td ($1,062.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 414.10 Td ( for the prior year) Tj ET Q q 0 0 0 rg BT 462.27 414.10 Td (, due to the growth from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (both our Specialty Products and Specialty Industries segments. ) Tj ET Q q 0 0 0 rg BT 303.95 402.10 Td (The expense ratio increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.78 402.10 Td (2.2 points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.23 402.10 Td (, primarily due to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (investment in new businesses and costs associated with actions taken to migrate certain corporate functions to Minnesota in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (year ended December 31, 2012.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 358.10 Td (Reinsurance pr) Tj ET Q q 0 0 0 rg BT 135.01 358.10 Td (otection.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.72 358.10 Td () Tj ET Q q 0 0 0 rg BT 179.54 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 188.17 358.10 Td (e purchase reinsurance in order to minimize loss from lar) Tj ET Q q 0 0 0 rg BT 416.52 358.10 Td (ge risks or catastrophic events. ) Tj ET Q q 0 0 0 rg BT 541.86 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 550.50 358.10 Td (e ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (also purchase individual property reinsurance coverage for certain risks to reduce lar) Tj ET Q q 0 0 0 rg BT 388.29 346.10 Td (ge loss volatility through property-per) Tj ET Q q 0 0 0 rg BT 540.28 346.10 Td (-risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (excess of loss reinsurance programs and individual risk facultative reinsurance. ) Tj ET Q q 0 0 0 rg BT 369.43 334.10 Td (W) Tj ET Q q 0 0 0 rg BT 378.07 334.10 Td (e also maintain excess of loss casualty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (reinsurance programs that provide protection for individual risk or catastrophe losses involving workers compensation, general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (liability) Tj ET Q q 0 0 0 rg BT 80.46 310.10 Td (, automobile liability) Tj ET Q q 0 0 0 rg BT 163.41 310.10 Td (, professional liability or umbrella liability) Tj ET Q q 0 0 0 rg BT 332.72 310.10 Td (. ) Tj ET Q q 0 0 0 rg BT 337.54 310.10 Td (The availability and cost of reinsurance protection is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (subject to market conditions, which are outside of our control. Limiting our risk of loss through reinsurance arrangements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (serves to mitigate the impact of lar) Tj ET Q q 0 0 0 rg BT 188.66 286.10 Td (ge losses; however) Tj ET Q q 0 0 0 rg BT 263.80 286.10 Td (, the cost of this protection in an individual period may exceed the benefit. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 266.10 Td (For the year ended December31, 2012, our net combined ratio was lower than our gross combined ratio by 0.8 points, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (primarily due to the significant amount of reinsurance cessions related to hurricane Sandy) Tj ET Q q 0 0 0 rg BT 408.68 254.10 Td (, which were partially of) Tj ET Q q 0 0 0 rg BT 506.52 254.10 Td (f-set by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (impact of the cost of facultative reinsurance and property reinsurance, and also the cost of catastrophe reinsurance and marine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (reinsurance. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 206.10 Td (Consolidated ResultsY) Tj ET Q q 0 0 0 rg BT 175.85 206.10 Td (ear) Tj ET Q q 0 0 0 rg BT 189.55 206.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 263.23 206.10 Td (31, 201) Tj ET Q q 0 0 0 rg BT 295.18 206.10 Td (1 versus year) Tj ET Q q 0 0 0 rg BT 351.10 206.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 424.79 206.10 Td (31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 186.10 Td (Our comprehensive income attributable to OneBeacon's common shareholders was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.76 186.10 Td ($43.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 186.10 Td ( in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 174.10 Td (1, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.42 174.10 Td ($124.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.31 174.10 Td ( in the year ended December31, 2010. Change in other comprehensive income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (and loss items in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 253.46 162.10 Td (1 included the impact of an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.09 162.10 Td ($1) Tj ET Q q 0 0 0 rg BT 374.72 162.10 Td (1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.61 162.10 Td ( after tax decrease in our pension ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (plans primarily related to a decrease in the over) Tj ET Q q 0 0 0 rg BT 239.72 150.10 Td (-funded status of our qualified pension plan driven by a decline in the value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (the investment results, as compared to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.18 138.10 Td ($5.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.07 138.10 Td ( after tax increase in our pension plans in 2010 also driven by investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (assets in the plan. Net income attributable to OneBeacon's common shareholders was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 126.10 Td ($55.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.54 126.10 Td ( in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 114.10 Td (1, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.42 114.10 Td ($1) Tj ET Q q 0 0 0 rg BT 195.04 114.10 Td (18.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.94 114.10 Td ( in the year ended December31, 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 94.10 Td (Our total revenues decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.28 94.10 Td (20.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.11 94.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.88 94.10 Td ($1,081.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.28 94.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 444.07 94.10 Td (1, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.27 94.10 Td ($1,351.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 82.10 Td ( in the year ended December31, 2010, due primarily to decreases in earned premiums, as well as decreases in net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (realized and change in unrealized investment gains and net investment income. Earned premiums decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.00 70.10 Td ($168.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.89 70.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (primarily due to a decrease in earned premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.53 58.10 Td ($201.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.42 58.10 Td ( resulting from the Personal Lines ) Tj ET Q q 0 0 0 rg BT 450.55 58.10 Td (T) Tj ET Q q 0 0 0 rg BT 456.30 58.10 Td (ransaction. Net realized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (and change in unrealized investment gains decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.08 46.10 Td (85.8%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.91 46.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.69 46.10 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.58 46.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.78 46.10 Td ($74.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.67 46.10 Td ( in the year ended ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (December31, 2010. Net investment income decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.75 742.10 Td (26.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.58 742.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.36 742.10 Td ($71.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.25 742.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 510.04 742.10 Td (1, primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (due to an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.16 730.10 Td (18.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.99 730.10 Td ( decline in average invested assets, including invested assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.63 730.10 Td ($1) Tj ET Q q 0 0 0 rg BT 379.26 730.10 Td (1) Tj ET Q q 0 0 0 rg BT 383.89 730.10 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.78 730.10 Td ( reclassified to assets held for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (sale as of December 31, 201) Tj ET Q q 0 0 0 rg BT 162.92 718.10 Td (1 as part of the ) Tj ET Q q 0 0 0 rg BT 224.29 718.10 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 263.27 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 269.03 718.10 Td (ransaction. ) Tj ET Q q 0 0 0 rg BT 314.94 718.10 Td (The decline in average invested assets since December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (2010 was driven by the Personal Lines ) Tj ET Q q 0 0 0 rg BT 207.29 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 213.05 706.10 Td (ransaction, return of capital to shareholders and repurchases of debt and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Commercial Lines ) Tj ET Q q 0 0 0 rg BT 126.46 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 132.22 694.10 Td (ransaction, including the impact of claim payments related to non-specialty commercial lines reserves. Net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (other revenues \(expenses\) increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.60 682.10 Td ($1) Tj ET Q q 0 0 0 rg BT 206.23 682.10 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.12 682.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 682.10 Td ($\(12.4\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.45 682.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 470.24 682.10 Td (1, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.44 682.10 Td ($\(0.6\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 670.10 Td ( in the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 235.87 670.10 Td (The year ended December31, 201) Tj ET Q q 0 0 0 rg BT 373.22 670.10 Td (1 included a $12.0million loss related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (purchase of a portion of our 2003 Senior Notes, whereas the year ended December31, 2010 included a $10.8million loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (related to the purchase of a portion of our 2003 Senior Notes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 626.10 Td (Our total expenses decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.84 626.10 Td (18.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.67 626.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 365.46 626.10 Td (1 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.24 626.10 Td ($962.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.13 626.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.33 626.10 Td ($1,176.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 614.10 Td ( in the year ended December31, 2010. Loss and LAE decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.24 614.10 Td (20.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.07 614.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.85 614.10 Td ($548.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.74 614.10 Td ( in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 602.10 Td (1, reflective of the decrease in our book of business resulting from the Personal Lines ) Tj ET Q q 0 0 0 rg BT 467.38 602.10 Td (T) Tj ET Q q 0 0 0 rg BT 473.13 602.10 Td (ransaction, partially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 590.10 Td (fset by favorable loss reserve development in our specialty businesses. Policy acquisition expenses decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.74 590.10 Td (12.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.57 590.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td ($221.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 578.10 Td ( and other underwriting expenses decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.04 578.10 Td (17.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.88 578.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.65 578.10 Td ($162.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.54 578.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 530.34 578.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (reflective of the shrink in our book of business resulting from the Personal Lines ) Tj ET Q q 0 0 0 rg BT 374.75 566.10 Td (T) Tj ET Q q 0 0 0 rg BT 380.51 566.10 Td (ransaction. Interest expense decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.71 566.10 Td (30.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.54 566.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.28 554.10 Td ($20.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.17 554.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 260.96 554.10 Td (1, reflective of actions taken to reduce outstanding debt. General and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (administrative expenses decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.22 542.10 Td (24.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.05 542.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.83 542.10 Td ($9.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.72 542.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 522.10 Td (Our income tax expense related to pre-tax income from continuing operations for the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 551.57 522.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (and 2010 represented net ef) Tj ET Q q 0 0 0 rg BT 160.33 510.10 Td (fective tax rates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.95 510.10 Td (12.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.78 510.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.22 510.10 Td (14.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.05 510.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 360.71 510.10 Td (. ) Tj ET Q q 0 0 0 rg BT 365.53 510.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 391.17 510.10 Td (fective tax rate for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 498.10 Td (1 was lower than the U.S. statutory rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.56 498.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.89 498.10 Td ( due to income generated in jurisdictions other than the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (United States, principally representing interest income taxed in a jurisdiction with a lower ef) Tj ET Q q 0 0 0 rg BT 419.71 486.10 Td (fective tax rate. ) Tj ET Q q 0 0 0 rg BT 483.94 486.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 509.57 486.10 Td (fective tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (rate for the year ended December31, 2010 was lower than the U.S. statutory rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.38 474.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.71 474.10 Td ( due to income generated in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (jurisdictions other than the United States, principally representing interest income taxed in a jurisdiction with a lower ef) Tj ET Q q 0 0 0 rg BT 529.14 462.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (tax rate, and recognition of a deferred tax asset for a higher tax basis and deconsolidation of the companies sold as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (Personal Lines ) Tj ET Q q 0 0 0 rg BT 111.47 438.10 Td (T) Tj ET Q q 0 0 0 rg BT 117.23 438.10 Td (ransaction, partially of) Tj ET Q q 0 0 0 rg BT 207.29 438.10 Td (fset by an increase in the valuation allowance for insurance reciprocals. For the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (ended December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 426.10 Td (1 and 2010, the ef) Tj ET Q q 0 0 0 rg BT 221.33 426.10 Td (fective tax rate on non-U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.34 426.10 Td (0.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.17 426.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.60 426.10 Td (0.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.43 426.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 498.10 426.10 Td (, and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 414.10 Td (fective rate on U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.54 414.10 Td (31.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.37 414.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.81 414.10 Td (25.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.64 414.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 311.30 414.10 Td (. See Note7"Income ) Tj ET Q q 0 0 0 rg BT 406.57 414.10 Td (T) Tj ET Q q 0 0 0 rg BT 411.98 414.10 Td (axes" of the accompanying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 382.10 Td (Our combined ratio for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 302.98 382.10 Td (1 decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.68 382.10 Td (92.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.51 382.10 Td ( from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.95 382.10 Td (96.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.78 382.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (December31, 2010. ) Tj ET Q q 0 0 0 rg BT 133.40 370.10 Td (The loss and LAE ratio decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.63 370.10 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.13 370.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.85 370.10 Td (54.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.68 370.10 Td ( while the expense ratio decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.56 370.10 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.06 370.10 Td ( points ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.28 358.10 Td (37.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.11 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 90.93 358.10 Td (The decrease in the loss and LAE ratio was primarily due to a decrease in current accident year non-catastrophe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (losses. ) Tj ET Q q 0 0 0 rg BT 78.71 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.35 346.10 Td (e experienced a number of lar) Tj ET Q q 0 0 0 rg BT 206.27 346.10 Td (ge losses in our property and inland marine business within Specialty Industries during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 194.20 334.10 Td (The year ended December31, 201) Tj ET Q q 0 0 0 rg BT 331.55 334.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.98 334.10 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.87 334.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.20 334.10 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.70 334.10 Td ( points of favorable loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (reserve development, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.05 322.10 Td ($36.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.94 322.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.27 322.10 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.77 322.10 Td ( points of favorable loss reserve development in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (December31, 2010. During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 298.43 310.10 Td (1, the favorable loss reserve development in continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (operations was primarily related to lower than expected severity on non-catastrophe losses related to professional liability lines, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (multiple peril liability lines and other general liability lines. Catastrophe losses were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.64 286.10 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.14 286.10 Td ( points higher than the prior year) Tj ET Q q 0 0 0 rg BT 532.66 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 537.48 286.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (year ended December31, 201) Tj ET Q q 0 0 0 rg BT 169.30 274.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.73 274.10 Td ($36.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.62 274.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.95 274.10 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.45 274.10 Td ( points of catastrophe losses, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.69 274.10 Td ($35.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.58 274.10 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.91 274.10 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.41 274.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (points of catastrophe losses in the year ended December31, 2010.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 242.10 Td (Reinsurance pr) Tj ET Q q 0 0 0 rg BT 135.01 242.10 Td (otection.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.72 242.10 Td (For the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 330.12 242.10 Td (1, our net combined ratio was higher than our gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (combined ratio by 3.5 points, primarily due to the impact of the cost of facultative reinsurance and property reinsurance, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (also the cost of catastrophe reinsurance and marine reinsurance. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (Summary of Operations By Segment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 167.25 Td (Our reportable segments are Specialty Products, Specialty Industries, and Investing, Financing and Corporate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 147.25 Td (The Specialty Products segment is comprised of seven underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.25 Td (based on those that of) Tj ET Q q 0 0 0 rg BT 137.02 135.25 Td (fer distinct products and tailored coverages and services to a broad customer base across the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 78.71 123.25 Td (The Specialty Industries segment is comprised of six underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.25 Td (based on those that focus on solving the unique needs of a particular customer or industry group. ) Tj ET Q q 0 0 0 rg BT 439.17 111.25 Td (The Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.25 Td (Corporate segment includes the investing and financing activities for OneBeacon on a consolidated basis, and certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.25 Td (activities conducted through the Company and our intermediate subsidiaries, as well as operations associated with personal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.25 Td (lines business that we sold in 2010 \(see Item 7"Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 373.06 75.25 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 63.25 Td (OperationsOverview"\). ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Previously) Tj ET Q q 0 0 0 rg BT 116.13 742.10 Td (, we reported our insurance operations through a Specialty Insurance Operations segment and an Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Insurance Operations segment. ) Tj ET Q q 0 0 0 rg BT 175.89 730.10 Td (The former Specialty Insurance Operations segment was comprised of twelve underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (operating segments that were aggregated into a single reportable segment, with supplemental disclosures of three major ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (underwriting units for financial reporting: MGA) Tj ET Q q 0 0 0 rg BT 242.46 706.10 Td ( Business, Specialty Industries and Specialty Products. ) Tj ET Q q 0 0 0 rg BT 463.64 706.10 Td (The former Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Insurance Operations segment consisted of substantially all operations classified as discontinued operations as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2012, including ) Tj ET Q q 0 0 0 rg BT 114.72 682.10 Td (AutoOne, other run-of) Tj ET Q q 0 0 0 rg BT 204.24 682.10 Td (f business, and certain purchase accounting adjustments relating to the run-of) Tj ET Q q 0 0 0 rg BT 513.13 682.10 Td (f business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and the OneBeacon ) Tj ET Q q 0 0 0 rg BT 130.25 670.10 Td (Acquisition. Prior periods have been reclassified to conform to the current presentation.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 98.78 634.10 Td (oducts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 614.10 Td (Financial results for our Specialty Products reportable segment for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 505.45 614.10 Td (1 and 2010 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 543.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 543.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 543.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 543.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 513.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 513.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 513.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 513.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 483.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 483.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 483.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 483.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 453.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 453.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 453.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 453.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 569.6 m 378.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 569.6 m 382.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 569.6 m 432.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 569.6 m 436.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 569.6 m 486.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 556.6 m 378.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 556.6 m 432.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 556.6 m 486.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 528.6 m 378.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 528.6 m 432.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 528.6 m 486.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 468.6 m 378.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 468.6 m 432.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 468.6 m 486.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 438.6 m 378.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 438.6 m 432.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 438.6 m 486.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 424.6 m 378.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 422.6 m 378.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 424.6 m 432.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 422.6 m 432.5 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 424.6 m 486.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 422.6 m 486.5 422.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 574.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 573.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 560.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.00 560.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 560.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 560.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 547.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 547.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 533.27 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 533.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 533.27 Td (630.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 533.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 533.27 Td (571.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 533.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 533.27 Td (556.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 518.27 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 518.27 Td (604.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 518.27 Td (549.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 518.27 Td (557.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 503.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 503.27 Td (\(345.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 503.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.80 503.32 Td (\(281.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 503.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 503.32 Td (\(282.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 503.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 488.27 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 488.27 Td (\(150.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 488.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.80 488.32 Td (\(129.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 488.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 488.32 Td (\(124.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 488.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 473.27 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 473.27 Td (\(96.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 473.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.80 473.32 Td (\(77.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 473.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 473.32 Td (\(76.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 473.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 458.27 Td (T) Tj ET Q q 0 0 0 rg BT 132.41 458.27 Td (otal underwriting income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 458.27 Td (11.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 458.27 Td (61.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 458.27 Td (75.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 443.27 Td (Net other revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.15 443.27 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 443.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 443.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 428.27 Td (Pre-tax income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 428.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 428.27 Td (12.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 428.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 428.27 Td (61.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 428.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 428.27 Td (75.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 400.10 Td (The following table provides underwriting ratios for Specialty Products for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 539.62 400.10 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 350.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 350.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 350.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 350.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 320.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 320.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 320.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 320.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 363.6 m 391 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 363.6 m 395 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 363.6 m 445 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 363.6 m 449 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 363.6 m 499 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 350.6 m 391 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 350.6 m 445 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 350.6 m 499 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 305.6 m 391 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 291.6 m 391 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 289.6 m 391 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 305.6 m 445 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 291.6 m 445 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 289.6 m 445 289.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 305.6 m 499 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 291.6 m 499 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 289.6 m 499 289.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.50 368.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.10 367.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.50 354.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.50 354.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.70 354.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.50 354.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 340.27 Td (Underwriting ratios:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.50 340.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 340.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.50 340.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.50 325.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 325.27 Td (57.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 325.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 325.27 Td (51.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 325.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 325.27 Td (50.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 325.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.50 310.27 Td (Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 310.27 Td (40.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 310.27 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 310.27 Td (35.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 295.27 Td (T) Tj ET Q q 0 0 0 rg BT 137.91 295.27 Td (otal combined ratio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 295.27 Td (97.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 295.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 295.27 Td (88.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 295.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 295.27 Td (86.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 295.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 271.10 Td (The impact of certain items to our underwriting ratios was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 234.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 234.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 234.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 234.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 234.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 234.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 234.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 206.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 206.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 206.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 206.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 247.60000000000002 m 391 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 247.60000000000002 m 395 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 247.60000000000002 m 445 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 247.60000000000002 m 449 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 247.60000000000002 m 499 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 234.60000000000002 m 391 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 234.60000000000002 m 445 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 234.60000000000002 m 499 234.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.05 251.83 Td (\(Favorable\) unfavorable impact) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.50 238.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.70 238.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.50 238.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 225.17 Td (Impact on loss and LAE ratio and combined ratio:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 211.17 Td (Catastrophe losses, net of reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 211.17 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 211.17 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 211.17 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 196.27 Td (Prior year loss reserve development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 196.32 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 196.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.30 196.32 Td (\(3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 196.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.30 196.32 Td (\(5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.15 196.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 148.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 121.75 148.10 Td (oductsY) Tj ET Q q 0 0 0 rg BT 165.65 148.10 Td (ear) Tj ET Q q 0 0 0 rg BT 179.35 148.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 253.03 148.10 Td (31, 2012 versus year) Tj ET Q q 0 0 0 rg BT 341.45 148.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 415.14 148.10 Td (31, 201) Tj ET Q q 0 0 0 rg BT 447.08 148.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 128.10 Td (Net written premiums for Specialty Products increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.88 128.10 Td (10.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.71 128.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.49 128.10 Td ($630.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.38 128.10 Td (million in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (2012 from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.44 116.10 Td ($571.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.33 116.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 300.12 116.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 309.94 116.10 Td (The increase was due to increases in net written premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td ($25.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 104.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 128.33 104.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 137.96 104.10 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.01 104.10 Td ( primarily related to the management liability line, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.11 104.10 Td ($13.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.00 104.10 Td ( from C) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 510.11 104.10 Td (ollector ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (Cars and Boats) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.23 92.10 Td ( driven by growth in new business as well as retention, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.86 92.10 Td ($9.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.75 92.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 407.19 92.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 455.97 92.10 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.51 92.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.51 92.10 Td ($5.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.41 92.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (Excess and Surplus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.77 80.10 Td ( which we began writing in 201) Tj ET Q q 0 0 0 rg BT 254.04 80.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.04 80.10 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.93 80.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 337.37 80.10 Td (T) Tj ET Q q 0 0 0 rg BT 342.38 80.10 Td (uition Reimbursement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.42 80.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.42 80.10 Td ($1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.31 80.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 508.75 80.10 Td (Sur) Tj ET Q q 0 0 0 rg BT 522.27 80.10 Td (ety) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.93 80.10 Td ( which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (we began writing in 2012, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.14 68.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.03 68.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 247.47 68.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 257.10 68.10 Td (ograms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.10 68.10 Td ( which we began writing in 2012.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The Specialty Products combined ratio for the year ended December31, 2012 increased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.59 742.10 Td (97.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.42 742.10 Td ( from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.86 742.10 Td (88.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.69 742.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (year ended December31, 201) Tj ET Q q 0 0 0 rg BT 169.30 730.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 179.12 730.10 Td (The loss and LAE ratio increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.68 730.10 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.18 730.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.91 730.10 Td (57.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.74 730.10 Td ( while the expense ratio increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 718.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.23 718.10 Td (40.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.06 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.88 718.10 Td (The increase in the loss and LAE ratio was primarily due to lower favorable loss reserve development as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (well as higher catastrophe losses. ) Tj ET Q q 0 0 0 rg BT 185.34 706.10 Td (The year ended December31, 2012 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.49 706.10 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.99 706.10 Td ( points of favorable loss reserve development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (primarily related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.69 694.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 139.32 694.10 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.37 694.10 Td ( of) Tj ET Q q 0 0 0 rg BT 233.02 694.10 Td (fset in part by adverse loss reserve development for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 441.56 694.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 490.34 694.10 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.88 694.10 Td (, compared ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.28 682.10 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.78 682.10 Td ( points of favorable loss reserve development primarily related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 336.58 682.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 346.21 682.10 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.26 682.10 Td ( in the prior year) Tj ET Q q 0 0 0 rg BT 495.35 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 500.17 682.10 Td (The year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (December31, 2012 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.02 670.10 Td (3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.52 670.10 Td ( points of catastrophe losses, primarily related to hurricane Sandy impacting primarily ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 98.78 658.10 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.33 658.10 Td (, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.33 658.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 138.96 658.10 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.00 658.10 Td (, and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 243.94 658.10 Td (Collector Cars and Boats) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.45 658.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 658.10 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 658.10 Td ( points of catastrophe losses in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 646.10 Td (1, primarily related to tornados in the southeastern and midwestern United States. ) Tj ET Q q 0 0 0 rg BT 392.89 646.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 442.79 646.10 Td (, current accident year non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (catastrophe losses increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.68 634.10 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.18 634.10 Td ( points, compared with the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 405.34 634.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 415.16 634.10 Td (The increase in the expense ratio ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (was primarily due to increased policy acquisition expenses, mainly related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 360.46 622.10 Td (Collector Cars and Boats ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.47 622.10 Td (and an assumed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (reinsurance program at ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 144.68 610.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 154.31 610.10 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.35 610.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 586.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 121.75 586.10 Td (oductsY) Tj ET Q q 0 0 0 rg BT 165.65 586.10 Td (ear) Tj ET Q q 0 0 0 rg BT 179.35 586.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 253.03 586.10 Td (31, 201) Tj ET Q q 0 0 0 rg BT 284.98 586.10 Td (1 versus year) Tj ET Q q 0 0 0 rg BT 340.90 586.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 414.58 586.10 Td (31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 566.10 Td (Net written premiums for Specialty Products increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.88 566.10 Td (2.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.71 566.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.49 566.10 Td ($571.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.38 566.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 535.18 566.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.94 554.10 Td ($556.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.83 554.10 Td ( in the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 287.81 554.10 Td (The increase was primarily due to increases in net written premiums ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 542.10 Td ($13.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.72 542.10 Td ( from our C) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 161.66 542.10 Td (ollector Cars and Boats) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.50 542.10 Td ( underwriting operating segment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.74 542.10 Td ($3.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.63 542.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 466.07 542.10 Td (Excess and Surplus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.84 542.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (which we began writing in 201) Tj ET Q q 0 0 0 rg BT 173.77 530.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.77 530.10 Td ($2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.66 530.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 257.10 530.10 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 305.88 530.10 Td (operty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.43 530.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.36 530.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.26 530.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 426.69 530.10 Td (T) Tj ET Q q 0 0 0 rg BT 431.70 530.10 Td (uition Reimbursement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.75 530.10 Td (, partially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 518.10 Td (fset by a decrease in net written premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.59 518.10 Td ($5.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.48 518.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 313.92 518.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 323.54 518.10 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.59 518.10 Td ( primarily related to the medical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (excess line.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 486.10 Td (The Specialty Products combined ratio for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 380.19 486.10 Td (1 increased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.22 486.10 Td (88.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.05 486.10 Td ( from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.49 486.10 Td (86.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.32 486.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 179.49 474.10 Td (The loss and LAE ratio increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.05 474.10 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.55 474.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.28 474.10 Td (51.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.11 474.10 Td ( while the expense ratio increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 462.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.23 462.10 Td (37.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.06 462.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.88 462.10 Td (The increase in the loss and LAE ratio was primarily due to lower favorable loss reserve development. ) Tj ET Q q 0 0 0 rg BT 545.34 462.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (year ended December31, 201) Tj ET Q q 0 0 0 rg BT 169.30 450.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.73 450.10 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.23 450.10 Td ( points of favorable loss reserve development, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.04 450.10 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.54 450.10 Td ( points of favorable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (loss reserve development in the prior year) Tj ET Q q 0 0 0 rg BT 217.32 438.10 Td (, primarily related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 302.01 438.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 311.64 438.10 Td (ofessional Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.69 438.10 Td ( for both years. ) Tj ET Q q 0 0 0 rg BT 457.54 438.10 Td (The year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 426.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.65 426.10 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.15 426.10 Td ( points of catastrophe losses, primarily related to tornados in the southeastern and midwestern ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (United States, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.81 414.10 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.31 414.10 Td ( points of catastrophe losses, primarily related to severe wind and rainstorms in the northeastern ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (United States experienced in the first quarter of 2010 and elsewhere in the United States in the second quarter of 2010. ) Tj ET Q q 0 0 0 rg BT 526.89 402.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (increases were partially of) Tj ET Q q 0 0 0 rg BT 155.04 390.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.42 390.10 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.92 390.10 Td ( point decrease in current accident year non-catastrophe losses, compared with the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 159.78 378.10 Td (The increase in the expense ratio was primarily due to an increase in policy acquisition expenses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (mainly due to C) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 114.16 366.10 Td (ollector Cars and Boats) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.00 366.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 310.10 Td (Financial results for our Specialty Industries reportable segment for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 509.88 310.10 Td (1 and 2010 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 239.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 239.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 239.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 239.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 239.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 239.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 239.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 209.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 209.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 209.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 209.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 209.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 209.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 209.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 179.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 179.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 179.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 179.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 179.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 179.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 179.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 149.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 149.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 149.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 149.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 149.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 149.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 149.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 124.50 119.60 200.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 119.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 119.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.50 119.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 119.60 50.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 119.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 119.60 50.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 265.6 m 378.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 265.6 m 382.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 265.6 m 432.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 265.6 m 436.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 265.6 m 486.5 265.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 252.60000000000002 m 378.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 252.60000000000002 m 432.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 252.60000000000002 m 486.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 224.60000000000002 m 378.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 224.60000000000002 m 432.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 224.60000000000002 m 486.5 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 164.60000000000002 m 378.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 164.60000000000002 m 432.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 164.60000000000002 m 486.5 164.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 119.60000000000002 m 378.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 95.60000000000002 m 378.5 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 93.60000000000002 m 378.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 119.60000000000002 m 432.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 95.60000000000002 m 432.5 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 93.60000000000002 m 432.5 93.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 119.60000000000002 m 486.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 95.60000000000002 m 486.5 95.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 93.60000000000002 m 486.5 93.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 127.00 270.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 269.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 256.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.00 256.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 256.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.00 256.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 127.00 243.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 243.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 229.27 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 229.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 229.27 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 229.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 229.27 Td (491.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 229.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 229.27 Td (431.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 214.27 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 214.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 214.27 Td (528.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 214.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.15 214.27 Td (462.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 214.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 214.27 Td (421.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 199.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 199.27 Td (\(304.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 199.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.80 199.32 Td (\(266.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 199.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 199.32 Td (\(257.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 199.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 184.27 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 184.27 Td (\(99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 184.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.80 184.32 Td (\(92.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 184.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 184.32 Td (\(88.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 184.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 169.27 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 169.27 Td (\(109.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 169.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.80 169.32 Td (\(85.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 169.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 169.32 Td (\(87.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 169.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 154.27 Td (T) Tj ET Q q 0 0 0 rg BT 132.41 154.27 Td (otal underwriting income \(loss\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 154.27 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 154.27 Td (18.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 154.32 Td (\(12.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 154.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 139.27 Td (Net other revenues \(expenses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.80 139.27 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 139.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 139.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 139.27 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 124.27 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.80 124.27 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 124.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 124.32 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 124.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.80 124.32 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 124.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 109.27 Td (Pre-tax income \(loss\) from continuing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.00 99.27 Td (operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.00 99.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 99.27 Td (12.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 99.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 99.27 Td (17.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.00 99.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.80 99.32 Td (\(11.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 99.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table provides underwriting ratios for Specialty Industries for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 544.05 742.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and 2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 692.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 662.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 662.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 662.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 662.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 705.6 m 391 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 705.6 m 395 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 705.6 m 445 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 705.6 m 449 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 705.6 m 499 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 692.6 m 391 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 692.6 m 445 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 692.6 m 499 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 647.6 m 391 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 633.6 m 391 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 631.6 m 391 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 647.6 m 445 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 633.6 m 445 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 631.6 m 445 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 647.6 m 499 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 633.6 m 499 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 631.6 m 499 631.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 114.50 710.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.10 709.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 114.50 696.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.50 696.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.70 696.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.50 696.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 682.27 Td (Underwriting ratios:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.50 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.50 682.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.50 667.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 667.27 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 667.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 667.27 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 667.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 667.27 Td (61.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 667.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.50 652.27 Td (Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 652.27 Td (39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 652.27 Td (38.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 652.27 Td (41.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.50 637.27 Td (T) Tj ET Q q 0 0 0 rg BT 137.91 637.27 Td (otal combined ratio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 637.27 Td (97.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.65 637.27 Td (96.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 637.27 Td (102.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.15 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 613.10 Td (The impact of certain items to our underwriting ratios was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 576.60 225.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 576.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 576.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 576.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 112.00 548.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.00 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 548.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 548.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.00 548.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.00 548.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 589.6 m 391 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 391 589.6 m 395 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 589.6 m 445 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 589.6 m 449 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 589.6 m 499 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 576.6 m 391 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 576.6 m 445 576.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 576.6 m 499 576.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 365.05 593.83 Td (\(Favorable\) unfavorable impact) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.50 580.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.70 580.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 465.50 580.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.50 567.17 Td (Impact on loss and LAE ratio and combined ratio:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 553.17 Td (Catastrophe losses, net of reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 553.17 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 553.17 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 553.17 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 538.27 Td (Prior year loss reserve development) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.30 538.32 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 538.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.30 538.32 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 538.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 538.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 490.10 Td (Specialty IndustriesY) Tj ET Q q 0 0 0 rg BT 170.84 490.10 Td (ear) Tj ET Q q 0 0 0 rg BT 184.54 490.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 258.23 490.10 Td (31, 2012 versus year) Tj ET Q q 0 0 0 rg BT 346.65 490.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 420.33 490.10 Td (31, 201) Tj ET Q q 0 0 0 rg BT 452.28 490.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.28 490.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 470.10 Td (Net written premiums for Specialty Industries increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.32 470.10 Td (1) Tj ET Q q 0 0 0 rg BT 304.95 470.10 Td (1.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.78 470.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.56 470.10 Td ($548.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.45 470.10 Td ( in the year ended December31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.94 458.10 Td ($491.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.83 458.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 277.62 458.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 287.44 458.10 Td (The increase compared to the prior year was due to increases in net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (written premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.15 446.10 Td ($26.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.04 446.10 Td ( from our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 228.31 446.10 Td (T) Tj ET Q q 0 0 0 rg BT 232.95 446.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.05 446.10 Td ( underwriting operating segment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.29 446.10 Td ($15.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.18 446.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 487.62 446.10 Td (Accident) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.60 446.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.60 446.10 Td ($13.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 434.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.33 434.10 Td (Government Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.37 434.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.37 434.10 Td ($1) Tj ET Q q 0 0 0 rg BT 191.00 434.10 Td (1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.89 434.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.33 434.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 278.39 434.10 Td (gy) Tj ET Q q 0 0 0 rg BT 287.28 434.10 Td (,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.78 434.10 Td ( and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.16 434.10 Td ($10.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.05 434.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 394.49 434.10 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.70 434.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.52 434.10 Td (These increases were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (primarily due to new business as well as solid retention levels despite competition in the marketplace. ) Tj ET Q q 0 0 0 rg BT 459.44 422.10 Td (These increases were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 410.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.35 410.10 Td ($19.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.24 410.10 Td ( decrease in net written premiums from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 343.91 410.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.79 410.10 Td (, reflecting a revised underwriting strategy) Tj ET Q q 0 0 0 rg BT 532.08 410.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 390.10 Td (The Specialty Industries combined ratio for the year ended December31, 2012 increased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.53 390.10 Td (97.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.36 390.10 Td ( from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.80 390.10 Td (96.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.63 390.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (year ended December31, 201) Tj ET Q q 0 0 0 rg BT 169.30 378.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 179.12 378.10 Td (The loss and LAE ratio was unchanged at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.51 378.10 Td (57.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.34 378.10 Td ( while the expense ratio increased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.56 378.10 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.06 378.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.23 366.10 Td (39.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.06 366.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.88 366.10 Td (The year ended December31, 2012 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.02 366.10 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.52 366.10 Td ( points of favorable loss reserve development primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 89.98 354.10 Td (T) Tj ET Q q 0 0 0 rg BT 94.62 354.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.72 354.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.92 354.10 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.42 354.10 Td ( points of favorable loss reserve development primarily related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 469.22 354.10 Td (T) Tj ET Q q 0 0 0 rg BT 473.87 354.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.96 354.10 Td ( in the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 342.10 Td (. ) Tj ET Q q 0 0 0 rg BT 71.47 342.10 Td (This ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.75 342.10 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 104.25 342.10 Td ( point decrease in favorable loss reserve development was of) Tj ET Q q 0 0 0 rg BT 347.04 342.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.41 342.10 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.91 342.10 Td ( point decrease in current accident year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (losses, compared to the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 265.11 330.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 274.93 330.10 Td (The year ended December31, 2012 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.08 330.10 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.58 330.10 Td ( points of catastrophe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (losses, primarily related to hurricane Sandy and thunderstorms in the midwestern, mid-Atlantic, and northeastern United States, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (which primarily impacted ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 155.80 306.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.68 306.10 Td (, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.71 306.10 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.21 306.10 Td ( points of catastrophe losses in 201) Tj ET Q q 0 0 0 rg BT 394.82 306.10 Td (1, primarily related to hurricane Irene, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (storms and freezing weather in the northeastern and southwestern United States impacting primarily ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 452.94 294.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.82 294.10 Td (, and tornados in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (southeastern and midwestern United States most notably impacting ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 321.62 282.10 Td (IMU ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.00 282.10 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 359.94 282.10 Td (T) Tj ET Q q 0 0 0 rg BT 364.58 282.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.67 282.10 Td (. ) Tj ET Q q 0 0 0 rg BT 410.49 282.10 Td (The increase in the expense ratio was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 84.16 270.10 Td (2.2 point) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.71 270.10 Td ( increase in other underwriting expenses primarily for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 337.42 270.10 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.63 270.10 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 414.07 270.10 Td (T) Tj ET Q q 0 0 0 rg BT 418.71 270.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.80 270.10 Td (, partially of) Tj ET Q q 0 0 0 rg BT 508.77 270.10 Td (fset by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.15 270.10 Td (1.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (point) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.56 258.10 Td ( decrease in policy acquisition expenses primarily related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 312.42 258.10 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.63 258.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 238.10 Td (Specialty IndustriesY) Tj ET Q q 0 0 0 rg BT 170.84 238.10 Td (ear) Tj ET Q q 0 0 0 rg BT 184.54 238.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 258.23 238.10 Td (31, 201) Tj ET Q q 0 0 0 rg BT 290.18 238.10 Td (1 versus year) Tj ET Q q 0 0 0 rg BT 346.09 238.10 Td ( ended December) Tj ET Q q 0 0 0 rg BT 419.78 238.10 Td (31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 218.10 Td (Net written premiums for ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 178.42 218.10 Td (Specialty Industries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.57 218.10 Td ( increased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.32 218.10 Td (14.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.15 218.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.93 218.10 Td ($491.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.82 218.10 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 544.62 218.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.94 206.10 Td ($431.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.83 206.10 Td ( in the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 287.81 206.10 Td (The increase compared to the prior year was due to increases in net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (written premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.15 194.10 Td ($19.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.04 194.10 Td ( from our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 228.31 194.10 Td (Accident) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.29 194.10 Td ( underwriting operating segment, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.54 194.10 Td ($19.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.43 194.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 476.87 194.10 Td (T) Tj ET Q q 0 0 0 rg BT 481.51 194.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.60 194.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.60 194.10 Td ($17.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 182.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 103.33 182.10 Td (Government Risks,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.87 182.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.37 182.10 Td ($7.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.26 182.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 254.70 182.10 Td (Ener) Tj ET Q q 0 0 0 rg BT 273.76 182.10 Td (gy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.20 182.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.14 182.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.03 182.10 Td ( from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 378.47 182.10 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.68 182.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.50 182.10 Td (These increases were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (primarily due to new business as well as solid retention levels despite competition in the marketplace. ) Tj ET Q q 0 0 0 rg BT 459.44 170.10 Td (The increases were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 158.10 Td (fset by an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.35 158.10 Td ($8.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.24 158.10 Td ( decrease in net written premiums from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 343.91 158.10 Td (IMU,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.29 158.10 Td ( which reflected the competitive marketplace.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 138.10 Td (The Specialty Industries combined ratio for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 384.63 138.10 Td (1 decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.32 138.10 Td (96.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 138.10 Td ( from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.59 138.10 Td (102.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.42 138.10 Td ( for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 179.49 126.10 Td (The loss and LAE ratio decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.71 126.10 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.21 126.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.94 126.10 Td (57.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.77 126.10 Td ( while the expense ratio decreased by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.50 114.10 Td ( points to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.23 114.10 Td (38.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.06 114.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.88 114.10 Td (The decrease in the loss and LAE ratio was primarily due to the impact of favorable loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (development. ) Tj ET Q q 0 0 0 rg BT 106.47 102.10 Td (The year ended December31, 201) Tj ET Q q 0 0 0 rg BT 243.81 102.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.25 102.10 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.75 102.10 Td ( points of favorable loss reserve development primarily related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 60.28 90.10 Td (T) Tj ET Q q 0 0 0 rg BT 64.92 90.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.02 90.10 Td (, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.22 90.10 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.72 90.10 Td ( points of adverse loss reserve development primarily related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 432.30 90.10 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.52 90.10 Td ( and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 508.96 90.10 Td (Accident) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.94 90.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (the prior year) Tj ET Q q 0 0 0 rg BT 103.31 78.10 Td (. Current accident year losses decreased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.18 78.10 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.68 78.10 Td ( points, compared with the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 516.04 78.10 Td (The year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.10 Td (ended December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 66.10 Td (1 included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.02 66.10 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.52 66.10 Td ( points of catastrophe losses, primarily related to hurricane Irene, storms and freezing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.10 Td (weather in the northeastern and southwestern United States impacting primarily ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 371.58 54.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.46 54.10 Td (, and tornados in the southeastern and ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (midwestern United States most notably impacting ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 252.19 742.10 Td (IMU ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.57 742.10 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 290.51 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 295.16 742.10 Td (echnology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.25 742.10 Td (, as compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.28 742.10 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.78 742.10 Td ( points of catastrophe losses in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2010, primarily related to severe wind and rainstorms in the northeastern United States impacting ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 442.40 730.10 Td (IMU) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.28 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 466.10 730.10 Td (The decrease in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (expense ratio was due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.74 718.10 Td (2.4 point) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.30 718.10 Td ( decrease in other underwriting expenses, as well as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.60 718.10 Td (1.1 point) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.16 718.10 Td ( decrease in policy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (acquisition expenses primarily related to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 214.67 706.10 Td (Entertainment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.88 706.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Investing, Financing and Corporate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 650.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 650.10 Td ( summary of results from our Investing, Financing and Corporate reportable segment for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (2012, 201) Tj ET Q q 0 0 0 rg BT 89.63 638.10 Td (1 and 2010 is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 100.00 579.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 579.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 579.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 579.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.00 549.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 549.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 549.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 549.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.00 519.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 519.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 519.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 519.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 519.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 100.00 489.60 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 489.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.00 489.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 489.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 489.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 605.6 m 403 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 605.6 m 407 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 605.6 m 457 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 605.6 m 461 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 605.6 m 511 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 605.6 m 403 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 592.6 m 403 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 605.6 m 407 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 605.6 m 457 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 592.6 m 457 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 605.6 m 461 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 605.6 m 511 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 592.6 m 511 592.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 489.6 m 403 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 489.6 m 457 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 489.6 m 511 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 489.6 m 403 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 475.6 m 403 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 473.6 m 403 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 489.6 m 457 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 475.6 m 457 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 473.6 m 457 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 489.6 m 511 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 475.6 m 511 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 473.6 m 511 473.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 102.50 610.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.10 609.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 102.50 596.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.50 596.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.70 596.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.50 596.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 102.50 583.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.90 583.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 569.27 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 569.27 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.50 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 569.27 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.50 569.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 569.27 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 554.27 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 554.27 Td (55.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 554.27 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 554.27 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 539.27 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.30 539.32 Td (\(11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 539.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.30 539.32 Td (\(8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 539.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 539.32 Td (\(10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.15 539.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 524.27 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.30 524.32 Td (\(16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 524.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.30 524.32 Td (\(20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 524.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 524.32 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.15 524.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 509.27 Td (Net other expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.30 509.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 509.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.30 509.32 Td (\(13.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 509.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.30 509.32 Td (\(3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.15 509.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 494.27 Td (Underwriting loss) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 174.44 498.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 494.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 494.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 494.32 Td (\(16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.15 494.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.50 479.27 Td (Pre-tax income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 479.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.65 479.27 Td (80.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.50 479.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 479.27 Td (40.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.50 479.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 479.27 Td (111.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 465.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 104.00 458.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.50 453.50 Td (The underwriting loss for 2010 includes operations associated with personal lines business that we sold in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.50 441.50 Td (2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 417.50 Td (Investing, Financing and CorporateY) Tj ET Q q 0 0 0 rg BT 238.91 417.50 Td (ear) Tj ET Q q 0 0 0 rg BT 252.60 417.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 326.29 417.50 Td (31, 2012 versus year) Tj ET Q q 0 0 0 rg BT 414.71 417.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 488.39 417.50 Td (31, 201) Tj ET Q q 0 0 0 rg BT 520.34 417.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 397.50 Td (Investing, Financing and Corporate reported pre-tax income from continuing operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.90 397.50 Td ($80.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.79 397.50 Td ( in the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 385.50 Td (ended December31, 2012, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.16 385.50 Td ($40.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.05 385.50 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 412.85 385.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 422.67 385.50 Td (The increase was primarily related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 373.50 Td (to an increase in net realized and change in unrealized investment gains and a decrease in net other expenses, of) Tj ET Q q 0 0 0 rg BT 496.85 373.50 Td (fset in part by a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.50 Td (decrease in net investment income. ) Tj ET Q q 0 0 0 rg BT 192.17 361.50 Td (As further described below) Tj ET Q q 0 0 0 rg BT 300.10 361.50 Td (, net realized and change in unrealized investment gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.50 Td (increased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.53 349.50 Td ($55.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.42 349.50 Td ( in the year ended December31, 2012, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.79 349.50 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.68 349.50 Td ( in the prior year period, and net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.50 Td (investment income decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.51 337.50 Td ($53.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.40 337.50 Td ( in the year ended December31, 2012, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.76 337.50 Td ($71.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.66 337.50 Td ( in the prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.50 Td (year period. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 244.45 325.50 Td (Analysis of Financial Condition and Results of OperationsSummary of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (Investment Results." ) Tj ET Q q 0 0 0 rg BT 135.28 313.50 Td (The decrease in interest expense reflects our actions taken to reduce outstanding debt prior to refinancing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.50 Td (the debt in the fourth quarter 2012. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 336.38 301.50 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.50 Td (OperationsFinancing." Further) Tj ET Q q 0 0 0 rg BT 181.99 289.50 Td (, net other expenses included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.23 289.50 Td ($6.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.12 289.50 Td ( loss on the redemption of our outstanding 2003 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.50 Td (Senior Notes in the year ended December 31, 2012, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.30 277.50 Td ($12.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.20 277.50 Td ( loss related to the redemption of a portion of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 265.50 Td (2003 Senior Notes in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 271.23 265.50 Td (1. General and administrative expenses increased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.15 265.50 Td ($1) Tj ET Q q 0 0 0 rg BT 490.78 265.50 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.67 265.50 Td ( as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 253.50 Td (compared with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.20 253.50 Td ($8.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.09 253.50 Td ( in the prior year due significantly to depreciation of property leased to a tenant which is included in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.50 Td (general and administration expense in the year ended December 31, 2012 that, in the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 510.29 241.50 Td (1, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.50 Td (recognized in other underwriting expense.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 205.50 Td (Investing, Financing and CorporateY) Tj ET Q q 0 0 0 rg BT 238.91 205.50 Td (ear) Tj ET Q q 0 0 0 rg BT 252.60 205.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 326.29 205.50 Td (31, 201) Tj ET Q q 0 0 0 rg BT 358.24 205.50 Td (1 versus year) Tj ET Q q 0 0 0 rg BT 414.16 205.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 487.84 205.50 Td (31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 185.50 Td (Investing, Financing and Corporate reported pre-tax income from continuing operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.40 185.50 Td ($40.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.29 185.50 Td ( in the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.50 Td (ended December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 173.50 Td (1, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.79 173.50 Td ($1) Tj ET Q q 0 0 0 rg BT 221.42 173.50 Td (1) Tj ET Q q 0 0 0 rg BT 226.05 173.50 Td (1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.94 173.50 Td ( in the year ended December31, 2010. ) Tj ET Q q 0 0 0 rg BT 426.92 173.50 Td (The decrease was primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 161.50 Td (related to a decrease in net realized and change in unrealized investment gains and net investment income. ) Tj ET Q q 0 0 0 rg BT 477.05 161.50 Td (As further described ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.50 Td (below) Tj ET Q q 0 0 0 rg BT 73.79 149.50 Td (, net realized and change in unrealized investment gains decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 149.50 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.89 149.50 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 552.69 149.50 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.50 Td (compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.20 137.50 Td ($74.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.09 137.50 Td ( in the prior year period, and net investment income decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.94 137.50 Td ($71.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.84 137.50 Td ( in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 125.50 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 125.50 Td (1, compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.42 125.50 Td ($96.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.31 125.50 Td ( in the prior year period. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 483.19 125.50 Td (Analysis of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.50 Td (Financial Condition and Results of OperationsSummary of Investment Results". ) Tj ET Q q 0 0 0 rg BT 383.31 113.50 Td (The decrease in interest expense reflects ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 101.50 Td (actions taken to reduce outstanding debt. See "Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 359.98 101.50 Td (Analysis of Financial Condition and Results of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 89.50 Td (OperationsFinancing." Further) Tj ET Q q 0 0 0 rg BT 181.99 89.50 Td (, net other expenses increased mainly due to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.04 89.50 Td ($12.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.93 89.50 Td ( loss related to the purchase of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 77.50 Td (portion of our 2003 Senior Notes in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 329.28 77.50 Td (1, compared to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.42 77.50 Td ($10.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.31 77.50 Td ( loss in the prior year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 65.50 Td (period. General and administrative expenses decreased to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.13 65.50 Td ($8.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.02 65.50 Td ( as compared with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.55 65.50 Td ($10.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.44 65.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Discontinued Operations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Discontinued Operations ResultsY) Tj ET Q q 0 0 0 rg BT 206.13 718.25 Td (ear) Tj ET Q q 0 0 0 rg BT 219.82 718.25 Td ( ended December) Tj ET Q q 0 0 0 rg BT 293.51 718.25 Td (31, 2012 versus year) Tj ET Q q 0 0 0 rg BT 381.93 718.25 Td ( ended December) Tj ET Q q 0 0 0 rg BT 455.62 718.25 Td (31, 201) Tj ET Q q 0 0 0 rg BT 487.56 718.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 698.25 Td (Our loss from discontinued operations, net of tax, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.13 698.25 Td ($24.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.02 698.25 Td ( for the year ended December 31, 2012 compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.25 Td (a loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.83 686.25 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.72 686.25 Td ( for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 290.40 686.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 300.21 686.25 Td (The loss in the current year was driven by adverse development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.25 Td (related to losses incurred on a legacy assumed reinsurance treaty) Tj ET Q q 0 0 0 rg BT 307.86 674.25 Td (, case incurred development on a small number of claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (related to multiple peril liability lines and general liability lines and also the impact of an adverse ruling in Mississippi ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (regarding a disputed assessment from an involuntary pool for hurricane Katrina claims. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.44 650.25 Td ($9.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.34 650.25 Td ( of after tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.25 Td (\($15.2 million of pre-tax\) incurred loss and loss adjustment expense, reported as adverse loss development, was related to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.25 Td (change in the workers' compensation tabular discount rate. Consistent with prior years, management evaluated the interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (used in calculating the workers' compensation discount. ) Tj ET Q q 0 0 0 rg BT 275.08 614.25 Td (As a result of that analysis, the discount rate applied to the workers' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.25 Td (compensation reserves was lowered from 4.5% to 3.5% during 2012, resulting in a decrease of $15.2 million to the reserves. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.25 Td (The loss in the prior period was driven by adverse loss reserve development resulting from a detailed review of run-of) Tj ET Q q 0 0 0 rg BT 522.17 590.25 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.25 Td (expenses, which factored in the revised definition of run-of) Tj ET Q q 0 0 0 rg BT 286.68 578.25 Td (f claims to include the non-specialty commercial lines business. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 558.25 Td (Discontinued Operations ResultsY) Tj ET Q q 0 0 0 rg BT 206.13 558.25 Td (ear) Tj ET Q q 0 0 0 rg BT 219.82 558.25 Td ( ended December) Tj ET Q q 0 0 0 rg BT 293.51 558.25 Td (31, 201) Tj ET Q q 0 0 0 rg BT 325.46 558.25 Td (1 versus year) Tj ET Q q 0 0 0 rg BT 381.38 558.25 Td ( ended December) Tj ET Q q 0 0 0 rg BT 455.06 558.25 Td (31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 538.25 Td (Our loss from discontinued operations, net of tax, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.13 538.25 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.02 538.25 Td ( for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 497.69 538.25 Td (1 compared to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 526.25 Td ($30.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.78 526.25 Td ( for the year ended December 31, 2010. ) Tj ET Q q 0 0 0 rg BT 293.65 526.25 Td (The loss in 201) Tj ET Q q 0 0 0 rg BT 354.66 526.25 Td (1 period was driven by adverse loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (development resulting from a detailed review of run-of) Tj ET Q q 0 0 0 rg BT 270.02 514.25 Td (f expenses, which factored in the revised definition of run-of) Tj ET Q q 0 0 0 rg BT 512.53 514.25 Td (f claims to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (include the non-specialty commercial lines business. ) Tj ET Q q 0 0 0 rg BT 262.82 502.25 Td (The loss in the 2010 period was driven by significant catastrophe activity) Tj ET Q q 0 0 0 rg BT 555.15 502.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (primarily related to severe wind and rainstorms in the northeastern United States and higher levels of lar) Tj ET Q q 0 0 0 rg BT 466.91 490.25 Td (ge losses in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (commercial lines businesses, which were partially of) Tj ET Q q 0 0 0 rg BT 261.14 478.25 Td (fset by favorable loss reserve development generally due to lower than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (expected severity on non-catastrophe losses related to multiple peril liability lines and other general liability lines.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (Loss and LAE r) Tj ET Q q 0 0 0 rg BT 117.90 446.25 Td (eserve fair) Tj ET Q q 0 0 0 rg BT 162.41 446.25 Td ( value adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 426.25 Td (In connection with purchase accounting for the OneBeacon ) Tj ET Q q 0 0 0 rg BT 313.36 426.25 Td (Acquisition, we were required to adjust to fair value our loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (and LAE reserves and the related reinsurance recoverables. ) Tj ET Q q 0 0 0 rg BT 289.05 414.25 Td (As of December 31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.08 414.25 Td ($150.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.97 414.25 Td ( of this adjustment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.25 Td (remains, which is included in assets held for sale and liabilities held for sale on the Consolidated Balance Sheet.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (Summary of Investment Results) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (Investment Returns) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 335.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 335.25 Td ( summary of our consolidated pre-tax investment results for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 485.46 335.25 Td (1 and 2010 is as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 271.75 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 271.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 271.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 271.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 271.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 271.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 271.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 241.75 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 241.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 241.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 241.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 241.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 298.75 m 389.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 298.75 m 393.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 298.75 m 443.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 298.75 m 447.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 298.75 m 497.5 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 113.5 284.75 m 335.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 284.75 m 389.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 284.75 m 443.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 284.75 m 497.5 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 226.75 m 389.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 226.75 m 443.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 226.75 m 497.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 226.75 m 389.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 212.75 m 389.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 210.75 m 389.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 226.75 m 443.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 212.75 m 443.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 210.75 m 443.5 210.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 226.75 m 497.5 226.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 212.75 m 497.5 212.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 210.75 m 497.5 210.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.00 303.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.60 302.98 Td (Year ended December31,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.00 289.43 Td (Components of Investment Results) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.00 288.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.20 288.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.00 288.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 116.00 275.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.40 275.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 261.42 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 261.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 261.42 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.00 261.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 261.42 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 261.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 261.42 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 246.42 Td (Net realized investment gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 246.42 Td (50.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 246.42 Td (56.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 246.42 Td (81.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 231.42 Td (Change in net unrealized investment gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 231.42 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.80 231.47 Td (\(46.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.65 231.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 231.47 Td (\(7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 231.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 216.42 Td (T) Tj ET Q q 0 0 0 rg BT 127.41 216.42 Td (otal pre-tax investment results) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.15 216.42 Td (109.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 216.42 Td (82.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.00 216.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 216.42 Td (171.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Gross investment returns versus typical benchmarks for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 462.13 742.10 Td (1 and 2010 are as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 692.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 692.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 662.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 662.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 662.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 662.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 632.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 632.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 632.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 632.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 632.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 602.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 602.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 602.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 602.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 562.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 562.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 562.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 562.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 562.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 562.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 562.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 522.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 522.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 522.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 522.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 522.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 522.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 522.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 113.50 492.60 222.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 492.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 492.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 492.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 492.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 705.6 m 389.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 705.6 m 393.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 705.6 m 443.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 705.6 m 447.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 705.6 m 497.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 692.6 m 389.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 692.6 m 443.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 692.6 m 497.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 662.6 m 389.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 648.6 m 389.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 646.6 m 389.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 662.6 m 443.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 648.6 m 443.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 646.6 m 443.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 662.6 m 497.5 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 648.6 m 497.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 646.6 m 497.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 633.6 m 389.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 631.6 m 389.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 633.6 m 443.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 631.6 m 443.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 633.6 m 497.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 631.6 m 497.5 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 587.6 m 389.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 587.6 m 443.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 587.6 m 497.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 547.6 m 389.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 547.6 m 443.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 547.6 m 497.5 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 523.6 m 389.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 521.6 m 389.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 523.6 m 443.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 521.6 m 443.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 523.6 m 497.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 521.6 m 497.5 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 508.6 m 389.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 506.6 m 389.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 508.6 m 443.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 506.6 m 443.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 508.6 m 497.5 508.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 506.6 m 497.5 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 478.6 m 389.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 476.6 m 389.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 478.6 m 443.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 476.6 m 443.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 478.6 m 497.5 478.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 476.6 m 497.5 476.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 116.00 710.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.55 709.83 Td (Y) Tj ET Q q 0 0 0 rg BT 376.44 709.83 Td (ear) Tj ET Q q 0 0 0 rg BT 387.40 709.83 Td ( ended December) Tj ET Q q 0 0 0 rg BT 446.35 709.83 Td (31,) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 458.35 713.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.00 696.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.20 696.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.00 696.83 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 682.27 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 682.27 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 682.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 682.27 Td (3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 682.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 682.27 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 682.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 667.27 Td (Short-term investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 667.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 667.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 667.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 652.27 Td (Total fixed income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 652.27 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 652.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 652.27 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 652.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 652.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 652.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 637.27 Td (Barclays U.S. Intermediate Aggregate Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 637.27 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 637.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 637.27 Td (6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 637.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 607.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 607.27 Td (7.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 607.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.45 607.27 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.30 607.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 607.27 Td (18.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 607.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 592.27 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 592.27 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.45 592.27 Td (\(6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.30 592.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 592.27 Td (12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 577.27 Td (Total common equity securities and convertible) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 567.27 Td (fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 567.27 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 567.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.45 567.27 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.30 567.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 567.27 Td (16.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 567.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.00 552.27 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 552.27 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 552.27 Td (7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 552.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 537.27 Td (Total common equity securities, convertible fixed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 527.27 Td (maturity and other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 527.27 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 527.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 527.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 527.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 527.27 Td (13.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 527.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 512.27 Td (S&P) Tj ET Q q 0 0 0 rg BT 140.53 512.27 Td (500 Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.15 512.27 Td (16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 512.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 512.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 512.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 512.27 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 512.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 482.27 Td (Total consolidated portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.15 482.27 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 482.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.75 482.27 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 482.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 482.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.65 482.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 468.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 126.50 453.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 448.50 Td (Gross investment returns exclude investment expenses of $6.6 million, $6.9million and $8.9million, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 436.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 187.66 436.50 Td (, for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 369.73 436.50 Td (1 and 2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 408.50 Td (Investment ReturnsY) Tj ET Q q 0 0 0 rg BT 170.83 408.50 Td (ear) Tj ET Q q 0 0 0 rg BT 184.53 408.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 258.21 408.50 Td (31, 2012 versus year) Tj ET Q q 0 0 0 rg BT 346.63 408.50 Td ( ended December) Tj ET Q q 0 0 0 rg BT 420.32 408.50 Td (31, 201) Tj ET Q q 0 0 0 rg BT 452.27 408.50 Td (1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 388.50 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 368.50 Td (Our total pre-tax investment results were $109.3million, a return of 4.4% for the year ended December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.50 Td (compared to $82.0million, a return of 3.0% for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 376.74 356.50 Td (1. Net investment income in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.50 Td (December31, 2012 was $53.6million, a decrease of $17.8million, compared to $71.4million in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.50 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 332.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 74.45 332.50 Td (The decrease was principally due to lower fixed maturity investment yields and a reduction in invested assets as a result ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.50 Td (of losses paid related to the Runof) Tj ET Q q 0 0 0 rg BT 186.46 320.50 Td (f Business, as well as the closing of ) Tj ET Q q 0 0 0 rg BT 330.61 320.50 Td (AutoOne and return of capital to shareholders. Net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.50 Td (realized investment gains were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.06 308.50 Td ($50.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.95 308.50 Td ( in the year ended December31, 2012, a decrease of $6.0million compared to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.50 Td ($56.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 296.50 Td ( in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 250.68 296.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 260.50 296.50 Td (The change in net unrealized investment gains \(losses\) was an increase of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.50 Td ($4.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 284.50 Td ( in the year ended December 31, 2012, compared to a decrease in net unrealized investment gains \(losses\) of $46.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.50 Td (million in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 225.68 272.50 Td (1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 252.50 Td (Fixed income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 232.50 Td (Our fixed income portfolio, which includes fixed maturity and short-term investments, returned 4.0% for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.50 Td (December31, 2012, compared to 3.4% for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 357.29 220.50 Td (1. ) Tj ET Q q 0 0 0 rg BT 367.11 220.50 Td (W) Tj ET Q q 0 0 0 rg BT 375.75 220.50 Td (e maintained a high quality fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.50 Td (portfolio with a relatively short duration of approximately 3.2years excluding short-term investments and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.50 Td (2.8years including short-term investments at December31, 2012. Our fixed income portfolio outperformed the longer) Tj ET Q q 0 0 0 rg BT 526.62 196.50 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.50 Td (duration Barclays U.S. Intermediate ) Tj ET Q q 0 0 0 rg BT 196.07 184.50 Td (Aggregate Index benchmark by 40 basis points for the year ended December 31, 2012. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 164.50 Td (Common equity securities, convertible fixed maturity and other) Tj ET Q q 0 0 0 rg BT 341.45 164.50 Td ( investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 144.50 Td (Our total common equity securities, convertible fixed maturity and other investments portfolio returned 6.4% for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.50 Td (ended December31, 2012, compared to 1.1% for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 383.67 132.50 Td (1. Our total common equity securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.50 Td (convertible fixed maturity investments portfolio returned 7.2% and \(1.5\)% for the years ended December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 542.26 120.50 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 108.50 Td (, or underperformed by 880 basis points and outperformed by 360 basis points, respectively) Tj ET Q q 0 0 0 rg BT 463.33 108.50 Td (, the S&P) Tj ET Q q 0 0 0 rg BT 501.57 108.50 Td (500 Index ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 96.50 Td (benchmark. Our total common equity securities and convertible fixed maturity investments portfolio has overweight positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 84.50 Td (in the gold mining sector compared to the S&P) Tj ET Q q 0 0 0 rg BT 237.93 84.50 Td (500 Index and also contains convertible fixed maturity investments whose ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.50 Td (returns were hurt by rising credit spreads on the fixed maturity component of the instrument. In addition, other investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.50 Td (which are composed principally of hedge funds and private equities, \(underperformed\) outperformed the S&P) Tj ET Q q 0 0 0 rg BT 489.49 60.50 Td ( 500 Index by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 48.50 Td (\(1,120\) basis points and 490 basis points for the years ended December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 406.50 48.50 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 464.16 48.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 742.25 Td (Investment ReturnsY) Tj ET Q q 0 0 0 rg BT 170.83 742.25 Td (ear) Tj ET Q q 0 0 0 rg BT 184.53 742.25 Td ( ended December) Tj ET Q q 0 0 0 rg BT 258.21 742.25 Td (31, 201) Tj ET Q q 0 0 0 rg BT 290.16 742.25 Td (1 versus year) Tj ET Q q 0 0 0 rg BT 346.08 742.25 Td ( ended December) Tj ET Q q 0 0 0 rg BT 419.77 742.25 Td (31, 2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 722.25 Td (Overview) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 702.25 Td (Our total pre-tax investment results were $82.0million, a return of 3.0% for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 514.60 702.25 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (compared to $171.2million, a return of 4.9% for the year ended December31, 2010. Net investment income in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 678.25 Td (1 was $71.4million, a decrease of $25.2million, compared to $96.6million in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.25 Td (2010. ) Tj ET Q q 0 0 0 rg BT 74.82 666.25 Td (The decrease was principally due to lower investment yields, a reduction in invested assets as a result of the Personal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.25 Td (Lines ) Tj ET Q q 0 0 0 rg BT 74.54 654.25 Td (T) Tj ET Q q 0 0 0 rg BT 80.29 654.25 Td (ransaction, return of capital to shareholders, repurchases of debt and the Commercial Lines ) Tj ET Q q 0 0 0 rg BT 446.92 654.25 Td (T) Tj ET Q q 0 0 0 rg BT 452.68 654.25 Td (ransaction, including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.25 Td (impact of claim payments related to non-specialty commercial lines reserves. Net realized investment gains were $56.8million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.25 Td (in the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 194.29 630.25 Td (1, a decrease of $25.1million compared to $81.9million in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.25 Td (2010. ) Tj ET Q q 0 0 0 rg BT 74.82 618.25 Td (The change in net unrealized investment gains \(losses\) was a decrease of $46.2million in the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 606.25 Td (1, compared to a decrease in net unrealized investment gains \(losses\) of $7.3million in the year ended December31, 2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 586.25 Td (Fixed income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 566.25 Td (Our fixed income portfolio, which includes fixed maturity and short-term investments, returned 3.4% for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 554.25 Td (1, underperforming the Barclays U.S. Intermediate ) Tj ET Q q 0 0 0 rg BT 328.43 554.25 Td (Aggregate Index returns of 6.0%. ) Tj ET Q q 0 0 0 rg BT 464.59 554.25 Td (W) Tj ET Q q 0 0 0 rg BT 473.23 554.25 Td (e maintained a high ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (quality fixed maturity portfolio with a relatively short duration of approximately 2.5years excluding short-term investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (and approximately 2.2years including short-term investments at December31, 201) Tj ET Q q 0 0 0 rg BT 383.43 530.25 Td (1 which trailed the longer) Tj ET Q q 0 0 0 rg BT 485.97 530.25 Td (-duration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (benchmark as rates declined during 201) Tj ET Q q 0 0 0 rg BT 208.74 518.25 Td (1.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 498.25 Td (Common equity securities, convertible fixed maturity and other) Tj ET Q q 0 0 0 rg BT 341.45 498.25 Td ( investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 478.25 Td (Our total common equity securities, convertible fixed maturity and other investments portfolio returned 1.1% for the year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (ended December31, 201) Tj ET Q q 0 0 0 rg BT 149.59 466.25 Td (1, compared to 13.2% for the year ended December31, 2010. Our total common equity securities and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (convertible fixed maturity investments portfolio returned \(1.5\)% and 16.4% for the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 507.82 454.25 Td (1 and 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 442.25 Td (, or 360 basis points worse and 130 basis points better) Tj ET Q q 0 0 0 rg BT 313.07 442.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 365.73 442.25 Td (, than the S&P) Tj ET Q q 0 0 0 rg BT 423.70 442.25 Td (500 Index benchmark. Our total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (common equity securities and convertible fixed maturity investments portfolio has overweight positions in the gold mining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (sector compared to the S&P) Tj ET Q q 0 0 0 rg BT 161.83 418.25 Td (500 Index and also contains convertible fixed maturity investments whose returns were hurt by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (rising credit spreads on the fixed maturity component of the instrument. In addition, other investments, which are composed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (principally of hedge funds and private equities, outperformed the S&P) Tj ET Q q 0 0 0 rg BT 331.23 394.25 Td (500 Index by 490 basis points for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 382.25 Td (1 and underperformed by 910 basis points for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 442.19 382.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Portfolio Composition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.25 Td (The following three investment tables include carrying values of $338.1 million of fixed maturity investments which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (have been reclassified to assets held for sale in the consolidated balance sheet as part of the Runof) Tj ET Q q 0 0 0 rg BT 442.18 710.25 Td (f ) Tj ET Q q 0 0 0 rg BT 447.83 710.25 Td (T) Tj ET Q q 0 0 0 rg BT 453.58 710.25 Td (ransaction as of December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.25 Td (31, 2012 and $1) Tj ET Q q 0 0 0 rg BT 114.07 698.25 Td (1) Tj ET Q q 0 0 0 rg BT 118.70 698.25 Td (1.8 million of fixed maturity investments reclassified to assets held for sale in the consolidated balance sheet ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.25 Td (as part of the ) Tj ET Q q 0 0 0 rg BT 103.87 686.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 142.85 686.25 Td (T) Tj ET Q q 0 0 0 rg BT 148.61 686.25 Td (ransaction as of December 31, 201) Tj ET Q q 0 0 0 rg BT 287.08 686.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 666.25 Td (The following table presents the composition of our reported investment portfolio balances as of December31, 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 654.25 Td (1:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 603.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 603.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 603.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 603.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 603.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 603.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 603.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 603.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 603.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 573.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 573.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 573.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 573.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 573.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 543.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 543.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 543.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 543.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 543.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 543.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 543.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 543.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 543.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 629.75 m 341.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 629.75 m 345.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 629.75 m 405.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 629.75 m 409.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 629.75 m 469.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 629.75 m 473.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 629.75 m 533.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 616.75 m 341.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 616.75 m 345.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 616.75 m 405.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 616.75 m 469.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 616.75 m 473.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 616.75 m 533.5 616.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 77.5 603.75 m 277.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 603.75 m 341.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 603.75 m 405.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 603.75 m 469.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 603.75 m 533.5 603.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 528.75 m 341.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 528.75 m 341.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 514.75 m 341.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 512.75 m 341.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 528.75 m 405.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 514.75 m 405.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 512.75 m 405.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 528.75 m 469.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 514.75 m 469.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 512.75 m 469.5 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 528.75 m 533.5 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 514.75 m 533.5 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 512.75 m 533.5 512.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 634.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.95 633.98 Td (As of December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.00 620.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 620.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.20 620.98 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 607.48 Td (Type of Investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 290.10 607.98 Td ($ in millions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.85 607.98 Td (% of total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.10 607.98 Td ($ in millions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.85 607.98 Td (% of total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 593.42 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 593.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 593.42 Td (1,931.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 593.42 Td (73.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 593.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 593.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 593.42 Td (1,998.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.15 593.42 Td (70.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 593.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 578.42 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 578.42 Td (232.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 578.42 Td (8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 578.42 Td (320.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.15 578.42 Td (11.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 563.42 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 563.42 Td (259.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 563.42 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 563.42 Td (266.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 563.42 Td (9.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 548.42 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 548.42 Td (62.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 548.42 Td (2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 548.42 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 548.42 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 533.42 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 533.42 Td (143.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 533.42 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 533.42 Td (155.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 533.42 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 518.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 518.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.65 518.42 Td (2,629.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 518.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 518.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 518.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 518.42 Td (2,819.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 518.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.65 518.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 486.25 Td (The breakdown of our fixed maturity portfolio, including convertible fixed maturity investments, at December31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.25 Td (by credit class, based upon issue credit ratings provided by Standard& Poor's, or if unrated by Standard& Poor's, long-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.25 Td (obligation ratings provided by Moody's, is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 402.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 402.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 402.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 402.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 402.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 402.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 372.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 372.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 372.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 372.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 372.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 372.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 342.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 342.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 342.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 342.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 342.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 342.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 312.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 312.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 312.75 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 312.75 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 312.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 312.75 51.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 436.75 m 347 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347 436.75 m 351 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 436.75 m 402 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 436.75 m 406 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 436.75 m 477 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 436.75 m 481 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 436.75 m 532 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 79 415.75 m 279 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 415.75 m 347 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 415.75 m 402 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 415.75 m 477 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 415.75 m 532 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 312.75 m 347 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 298.75 m 347 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 296.75 m 347 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 312.75 m 402 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 298.75 m 402 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 296.75 m 402 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 312.75 m 477 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 298.75 m 477 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 296.75 m 477 296.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 312.75 m 532 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 298.75 m 532 298.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 296.75 m 532 296.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.95 440.98 Td (As of December) Tj ET Q q 0 0 0 rg BT 419.00 440.98 Td ( 31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.50 420.43 Td (Ratings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 287.50 419.98 Td (Amortized Cost) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.95 419.98 Td (% of Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.10 419.98 Td (Carrying value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 487.95 419.98 Td (% of Total) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.50 406.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 406.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 392.42 Td (U.S. government and agency obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.50 392.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 392.42 Td (203.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.65 392.42 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 392.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.50 392.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 392.42 Td (204.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 392.42 Td (10.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 392.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 377.42 Td (AAA/Aaa) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 377.42 Td (287.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.65 377.42 Td (14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 377.42 Td (291.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 377.42 Td (14.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 362.42 Td (AA/Aa) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 362.42 Td (643.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.65 362.42 Td (33.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 362.42 Td (650.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 362.42 Td (32.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 347.42 Td (A/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 347.42 Td (315.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.65 347.42 Td (16.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 347.42 Td (328.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 347.42 Td (16.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 332.42 Td (BBB/Baa) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 332.42 Td (358.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.65 332.42 Td (18.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 332.42 Td (381.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.65 332.42 Td (19.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 317.42 Td (Other/not rated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 317.42 Td (134.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 317.42 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 317.42 Td (138.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.65 317.42 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.50 302.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.50 302.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 302.42 Td (1,941.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 302.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 302.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.50 302.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 302.42 Td (1,994.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 302.42 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.15 302.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 270.25 Td (The weighted average duration of our fixed maturity portfolio, including convertible fixed maturity investments, at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.25 Td (December31, 2012 is approximately 3.2years. ) Tj ET Q q 0 0 0 rg BT 241.43 258.25 Td (The maturity distribution for fixed maturity investments, including convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (fixed maturity investments, held at December31, 2012 is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 194.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 194.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 194.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 194.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 194.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 164.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 164.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 164.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 164.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 164.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 134.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 134.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 134.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 134.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 134.75 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 133.50 104.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 104.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 104.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.50 104.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 104.75 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 220.75 m 401.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 220.75 m 477.5 220.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 207.75 m 333.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 207.75 m 401.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 207.75 m 477.5 207.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 104.75 m 401.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 104.75 m 477.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 104.75 m 401.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 90.75 m 401.5 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 88.75 m 401.5 88.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 104.75 m 477.5 104.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 90.75 m 477.5 90.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 88.75 m 477.5 88.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.95 224.98 Td (As of December) Tj ET Q q 0 0 0 rg BT 419.00 224.98 Td ( 31, 2012) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 136.00 211.48 Td (Maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.00 211.98 Td (Amortized Cost) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.00 211.98 Td (Carrying ) Tj ET Q q 0 0 0 rg BT 443.41 211.98 Td (V) Tj ET Q q 0 0 0 rg BT 448.45 211.98 Td (alue\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 136.00 198.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 198.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.00 184.42 Td (Due within one year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.00 184.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 184.42 Td (158.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 184.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 184.42 Td (160.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.00 169.42 Td (Due after one through five years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 169.42 Td (629.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 169.42 Td (652.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.00 154.42 Td (Due after five through ten years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 154.42 Td (141.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 154.42 Td (151.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.00 139.42 Td (Due after ten years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 139.42 Td (15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 139.42 Td (17.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.00 124.42 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.15 124.42 Td (918.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 124.42 Td (927.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.00 109.42 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.15 109.42 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.15 109.42 Td (84.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.00 94.42 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.00 94.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.65 94.42 Td (1,941.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.00 94.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 94.42 Td (1,994.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Asset-backed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 722.10 Td (e purchase commercial and residential mortgage-backed securities to maximize our risk adjusted returns in the context ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (of a diversified portfolio. Our non-agency commercial mortgage-backed portfolio \(CMBS\) is generally short tenor and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (structurally senior) Tj ET Q q 0 0 0 rg BT 122.08 698.10 Td (, with more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.12 698.10 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.12 698.10 Td ( points of subordination on average for fixed rate CMBS and approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.16 698.10 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.16 698.10 Td ( points of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (subordination on average for floating rate CMBS as of December31, 2012. In general, subordination represents the percentage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (of principal loss on the underlying collateral that would have to occur before the security incurs a loss. ) Tj ET Q q 0 0 0 rg BT 462.20 674.10 Td (These collateral losses, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (instead, are first absorbed by other securities lower in the capital structure. ) Tj ET Q q 0 0 0 rg BT 350.27 662.10 Td (W) Tj ET Q q 0 0 0 rg BT 358.91 662.10 Td (e believe this structural protection mitigates the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (risk of loss tied to refinancing challenges facing the commercial real estate market. ) Tj ET Q q 0 0 0 rg BT 383.76 650.10 Td (As of December31, 2012, on average less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.72 638.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.05 638.10 Td ( of the underlying loans were reported as non-performing for all CMBS held. ) Tj ET Q q 0 0 0 rg BT 393.90 638.10 Td (W) Tj ET Q q 0 0 0 rg BT 402.54 638.10 Td (e are not an originator of residential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (mortgage loans and did not hold any residential mortgage-backed securities \(RMBS\) categorized as sub-prime as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (December31, 2012. Our investments in hedge funds and private equity funds contain negligible amounts of sub-prime ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (mortgage-backed securities as of December31, 2012. ) Tj ET Q q 0 0 0 rg BT 267.24 602.10 Td (W) Tj ET Q q 0 0 0 rg BT 275.87 602.10 Td (e consider sub-prime mortgage-backed securities to be those that have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (underlying loan pools that exhibit weak credit characteristics or are issued from dedicated sub-prime shelves or dedicated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (second-lien shelf registrations \(i.e.,we consider investments backed primarily by second-liens to be sub-prime risks regardless ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (of credit scores or other metrics\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 546.10 Td (There are also mortgage backed securities that we categorize as "non-prime" \(also called "Alt ) Tj ET Q q 0 0 0 rg BT 449.98 546.10 Td (A" or "A-"\) that are backed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (by collateral that has overall credit quality between prime and sub-prime, as determined based on our review of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (characteristics of their underlying mortgage loan pools, such as credit scores and financial ratios. ) Tj ET Q q 0 0 0 rg BT 439.32 522.10 Td (As of December31, 2012, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.72 510.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.72 510.10 Td ( mortgage-backed securities that were classified as non-prime. Our non-agency residential mortgage-backed portfolio is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (generally of moderate average life, fixed rate and structurally senior) Tj ET Q q 0 0 0 rg BT 321.54 498.10 Td (. ) Tj ET Q q 0 0 0 rg BT 326.36 498.10 Td (W) Tj ET Q q 0 0 0 rg BT 335.00 498.10 Td (e do not own any collateralized debt obligations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (including residential mortgage-backed collateralized debt obligations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 466.10 Td (The following table summarizes the carrying value of our asset-backed securities as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 535.14 466.10 Td (1:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 402.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 402.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 402.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 402.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 402.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 402.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 402.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 402.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 402.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 402.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 402.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 402.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 402.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 372.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 372.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 372.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 372.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 372.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 372.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 372.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 342.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 342.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 342.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 342.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 342.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 342.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 342.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 312.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 312.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 312.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 312.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 312.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 312.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 312.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 282.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 282.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 282.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 282.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 282.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 282.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 282.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 252.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 252.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 252.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 252.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 252.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 252.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 252.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 222.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 222.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 222.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 222.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 222.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 222.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 222.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 192.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 192.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 192.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 192.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 192.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 192.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 192.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 68.50 162.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 162.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.50 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.50 162.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 162.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 162.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 162.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 162.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 441.6 m 272.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 441.6 m 276.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 441.6 m 326.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 441.6 m 330.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 441.6 m 380.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 441.6 m 384.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 441.6 m 434.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 441.6 m 438.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 441.6 m 488.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 441.6 m 492.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 441.6 m 542.5 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 428.6 m 272.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 428.6 m 276.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 428.6 m 326.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 428.6 m 330.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 428.6 m 380.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 428.6 m 434.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 428.6 m 438.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 428.6 m 488.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 428.6 m 492.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 428.6 m 542.5 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 415.6 m 272.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 415.6 m 326.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 415.6 m 380.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 415.6 m 434.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 415.6 m 488.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 415.6 m 542.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 327.6 m 272.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 327.6 m 326.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 327.6 m 380.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 327.6 m 272.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 327.6 m 326.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 327.6 m 380.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 327.6 m 434.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 327.6 m 488.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 327.6 m 542.5 327.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 267.6 m 272.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 267.6 m 326.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 267.6 m 380.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 267.6 m 272.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 267.6 m 326.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 267.6 m 380.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 267.6 m 434.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 267.6 m 488.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 267.6 m 542.5 267.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 177.60000000000002 m 272.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 177.60000000000002 m 326.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 177.60000000000002 m 380.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 177.60000000000002 m 272.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 177.60000000000002 m 326.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 177.60000000000002 m 380.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 177.60000000000002 m 434.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 177.60000000000002 m 488.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 177.60000000000002 m 542.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 162.60000000000002 m 272.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 148.60000000000002 m 272.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 146.60000000000002 m 272.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 162.60000000000002 m 326.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 148.60000000000002 m 326.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.5 146.60000000000002 m 326.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 162.60000000000002 m 380.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 148.60000000000002 m 380.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 146.60000000000002 m 380.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 162.60000000000002 m 434.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 148.60000000000002 m 434.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 146.60000000000002 m 434.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 162.60000000000002 m 488.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 148.60000000000002 m 488.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 146.60000000000002 m 488.5 146.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 162.60000000000002 m 542.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 148.60000000000002 m 542.5 148.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 146.60000000000002 m 542.5 146.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 71.00 446.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.95 445.83 Td (As of December) Tj ET Q q 0 0 0 rg BT 403.00 445.83 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 71.00 432.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.00 432.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.20 432.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 71.00 419.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 229.15 419.83 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.65 419.83 Td (Level2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 342.65 419.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 391.15 419.83 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.65 419.83 Td (Level2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 504.65 419.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 71.00 406.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 406.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 392.27 Td (Mortgage-backed securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 392.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 392.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 392.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 392.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 392.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 392.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 377.27 Td (Agency:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 377.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 377.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 377.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 377.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 377.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 377.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 362.27 Td (GNMA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 362.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 362.27 Td (551.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 362.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 362.27 Td (551.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 362.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 362.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 362.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 362.27 Td (631.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 362.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 362.27 Td (631.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 362.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 362.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 347.27 Td (FNMA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.15 347.27 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 347.27 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 347.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 347.27 Td (166.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 347.27 Td (166.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 347.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 332.27 Td (FHLMC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.15 332.27 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 332.27 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 332.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 332.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 332.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 332.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 317.27 Td (T) Tj ET Q q 0 0 0 rg BT 82.41 317.27 Td (otal agency) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 128.22 321.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 317.27 Td (575.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 317.27 Td (575.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 317.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 317.27 Td (802.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 317.27 Td (802.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 317.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 302.27 Td (Non-agency:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 302.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 302.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 302.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 302.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 302.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 302.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 287.27 Td (Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.15 287.27 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 287.27 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 287.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 287.27 Td (13.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 287.27 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 287.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 272.27 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 272.27 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 272.27 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 272.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 272.27 Td (68.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 272.27 Td (68.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 272.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.00 257.27 Td (Total Non-agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 257.27 Td (213.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 257.27 Td (213.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 257.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 257.27 Td (82.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 257.27 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 257.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 242.27 Td (Total mortgage-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 242.27 Td (789.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 242.27 Td (789.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 242.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 242.27 Td (884.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 242.27 Td (882.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 242.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 227.27 Td (Other asset-backed securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 227.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 227.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 227.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 227.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 227.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 227.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 212.27 Td (Credit card receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.15 212.27 Td (49.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 212.27 Td (43.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 212.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 212.27 Td (48.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 212.27 Td (48.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 212.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 197.27 Td (Vehicle receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.15 197.27 Td (81.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 197.27 Td (81.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 197.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 197.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 197.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 197.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 182.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.15 182.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 182.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 182.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.65 182.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 182.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 182.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 167.27 Td (Total other asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 167.27 Td (138.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 167.27 Td (133.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 167.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 167.27 Td (53.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.15 167.27 Td (53.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 167.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 152.27 Td (Total asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.00 152.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 152.27 Td (927.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.00 152.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 152.27 Td (922.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 152.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 152.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 152.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 152.27 Td (938.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 152.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 152.27 Td (936.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.00 152.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.15 152.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 138.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 72.50 131.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 126.50 Td (Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 114.50 Td (government \(i.e.,GNMA\) or are guaranteed by a government sponsored entity \(i.e.,FNMA, FHLMC\).) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Non-agency Mortgage-backed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.10 Td (The security issuance years of our investments in non-agency RMBS and non-agency CMBS securities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (December31, 2012 are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 72.00 661.60 147.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 661.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 661.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 661.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 661.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 661.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 661.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 661.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 661.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 661.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 661.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 661.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 661.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 72.00 633.60 147.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 633.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 633.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.00 633.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.00 633.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.00 633.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 633.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.00 633.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 633.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 633.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 633.60 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.00 633.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 633.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 686.6 m 325 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 686.6 m 329 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 686.6 m 379 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 686.6 m 383 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 686.6 m 432 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 686.6 m 436 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 686.6 m 485 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485 686.6 m 489 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 686.6 m 539 686.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 673.6 m 272 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 673.6 m 325 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 673.6 m 379 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 673.6 m 383 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 673.6 m 432 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 673.6 m 485 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 673.6 m 539 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 633.6 m 325 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 633.6 m 379 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 633.6 m 432 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 633.6 m 485 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 633.6 m 539 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 633.6 m 272 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 620.6 m 272 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 618.6 m 272 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 633.6 m 325 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 620.6 m 325 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 618.6 m 325 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 633.6 m 379 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 620.6 m 379 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 618.6 m 379 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 633.6 m 383 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 620.6 m 383 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379 618.6 m 383 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 633.6 m 432 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 620.6 m 432 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383 618.6 m 432 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 633.6 m 485 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 620.6 m 485 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 618.6 m 485 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 633.6 m 539 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 620.6 m 539 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 618.6 m 539 618.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.50 690.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 229.15 677.83 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.30 690.83 Td (Security Issuance Year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.50 677.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.00 677.83 Td (2006) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.50 677.83 Td (2007) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.00 677.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.20 677.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.50 677.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 74.50 665.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.90 665.68 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.50 652.17 Td (Non-agency RMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.50 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.65 652.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 652.17 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.15 652.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.50 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 652.17 Td (17.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 652.17 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.50 652.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.15 652.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.50 638.17 Td (Non-agency CMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.65 638.17 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.15 638.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 638.17 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 638.17 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 638.17 Td (37.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 638.17 Td (127.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.50 624.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.50 624.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.65 624.17 Td (213.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 624.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.65 624.17 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 624.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 624.17 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.50 624.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 624.17 Td (23.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 624.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.65 624.17 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.50 624.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 624.17 Td (127.2) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (Non-agency Residential Mortgage-backed Securities \(RMBS\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 572.10 Td (The classification of the underlying collateral quality and the tranche levels of our non-agency RMBS securities are as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (follows as of December31, 2012:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 102.50 525.60 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 525.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 525.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 525.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 525.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 525.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 102.50 497.60 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 497.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 497.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 497.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 497.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 497.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 537.6 m 316.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 537.6 m 380.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 537.6 m 444.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 537.6 m 508.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 497.6 m 380.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 497.6 m 444.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 497.6 m 508.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 497.6 m 316.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 484.6 m 316.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 482.6 m 316.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 497.6 m 380.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 484.6 m 380.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 482.6 m 380.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 497.6 m 444.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 484.6 m 444.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 482.6 m 444.5 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 497.6 m 508.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 484.6 m 508.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 482.6 m 508.5 482.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.15 541.68 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.70 541.68 Td (Super) Tj ET Q q 0 0 0 rg BT 345.00 541.68 Td ( Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 369.23 545.31 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.85 541.68 Td (Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 422.07 545.31 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.85 541.68 Td (Subordinate) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 496.08 545.31 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 105.00 529.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 529.68 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 516.17 Td (Prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 516.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 516.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 516.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 516.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 516.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 516.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 516.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 516.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 502.17 Td (Non-prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.65 502.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 502.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 502.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 502.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 488.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 488.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 488.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 488.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 488.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 488.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 488.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 488.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 488.17 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 474.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 464.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 459.50 Td (At issuance, Super Senior were rated ) Tj ET Q q 0 0 0 rg BT 271.68 459.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 292.79 459.50 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 393.48 459.50 Td (Aaa by Moody's and were senior to other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 447.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 143.11 447.50 Td ( or ) Tj ET Q q 0 0 0 rg BT 155.89 447.50 Td (Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 437.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 432.50 Td (At issuance, Senior were rated ) Tj ET Q q 0 0 0 rg BT 245.85 432.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 266.96 432.50 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 367.65 432.50 Td (Aaa by Moody's and were senior to non-AAA) Tj ET Q q 0 0 0 rg BT 551.36 432.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 420.50 Td (or non-Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 410.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 405.50 Td (At issuance, Subordinate were not rated ) Tj ET Q q 0 0 0 rg BT 283.34 405.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 304.46 405.50 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 405.14 405.50 Td (Aaa by Moody's and were junior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 393.50 Td (other bonds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 365.50 Td (Non-agency Commer) Tj ET Q q 0 0 0 rg BT 134.89 365.50 Td (cial Mortgage-backed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 345.50 Td (The amount of fixed and floating rate securities and their tranche levels are as follows as of December31, 2012:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 102.50 311.00 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 311.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 311.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 311.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 311.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 311.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 311.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 311.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 311.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 102.50 283.00 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 283.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 283.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 283.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 283.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 283.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 283.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 283.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 283.00 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 323 m 316.5 323 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 323 m 380.5 323 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 323 m 444.5 323 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 323 m 508.5 323 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 283 m 380.5 283 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 283 m 444.5 283 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 283 m 508.5 283 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 283 m 316.5 283 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 270 m 316.5 270 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 268 m 316.5 268 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 283 m 380.5 283 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 270 m 380.5 270 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 268 m 380.5 268 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 283 m 444.5 283 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 270 m 444.5 270 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 268 m 444.5 268 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 283 m 508.5 283 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 270 m 508.5 270 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 268 m 508.5 268 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 268.15 327.08 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.70 327.08 Td (Super) Tj ET Q q 0 0 0 rg BT 345.00 327.08 Td ( Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 369.23 330.71 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.85 327.08 Td (Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 422.07 330.71 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.85 327.08 Td (Subordinate) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 496.08 330.71 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 105.00 315.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 315.08 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 301.57 Td (Fixed rate CMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 301.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 301.57 Td (170.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 301.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 301.57 Td (132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 301.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 301.57 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 301.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 301.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 287.57 Td (Floating rate CMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 287.57 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 287.57 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 287.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 287.57 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 273.57 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 273.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 273.57 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 273.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 273.57 Td (135.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 273.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.15 273.57 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 273.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 273.57 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 259.90 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 249.43 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 244.90 Td (At issuance, Super Senior were rated ) Tj ET Q q 0 0 0 rg BT 271.68 244.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 292.79 244.90 Td ( by Standard& Poor's, ) Tj ET Q q 0 0 0 rg BT 385.15 244.90 Td (Aaa by Moody's or ) Tj ET Q q 0 0 0 rg BT 463.61 244.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 484.72 244.90 Td ( by Fitch and were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 232.90 Td (senior to other ) Tj ET Q q 0 0 0 rg BT 181.71 232.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 202.83 232.90 Td ( or ) Tj ET Q q 0 0 0 rg BT 215.60 232.90 Td (Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 222.43 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 217.90 Td (At issuance, Senior were rated ) Tj ET Q q 0 0 0 rg BT 245.85 217.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 266.96 217.90 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 367.65 217.90 Td (Aaa by Moody's and were senior to non-AAA) Tj ET Q q 0 0 0 rg BT 551.36 217.90 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 205.90 Td (or non-Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.50 195.43 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 190.90 Td (At issuance, Subordinate were not rated ) Tj ET Q q 0 0 0 rg BT 283.34 190.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 304.46 190.90 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 405.14 190.90 Td (Aaa by Moody's and were senior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 178.90 Td (other bonds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 144.25 Td (ces) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 124.25 Td (Operating cash and short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 104.25 Td (Our sources and uses of cash are as follows:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 84.25 Td (Holding company level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.25 84.25 Td () Tj ET Q q 0 0 0 rg BT 179.07 84.25 Td (The primary sources of cash for OneBeacon Insurance Group,Ltd. and certain of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (intermediate holding companies are expected to be distributions and tax sharing payments received from our insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.25 Td (operating subsidiaries, capital raising activities, net investment income, and proceeds from sales and maturities of holding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 48.25 Td (company investments. ) Tj ET Q q 0 0 0 rg BT 141.75 48.25 Td (The primary uses of cash are expected to be interest payments on our debt obligations, repurchases and ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (retirements of our debt obligations, dividend payments on our common shares, common share repurchases, purchases of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (investments, payments made to tax authorities, contributions to our operating subsidiaries, and holding company operating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (expenses.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 698.10 Td (Operating subsidiary level.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.15 698.10 Td () Tj ET Q q 0 0 0 rg BT 192.97 698.10 Td (The primary sources of cash for our operating subsidiaries are expected to be premium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (collections, net investment income, capital raising activities, contributions from our holding companies, and proceeds from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (sales and maturities of investments. ) Tj ET Q q 0 0 0 rg BT 194.79 674.10 Td (The primary uses of cash are expected to be claim payments, policy acquisition and other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (underwriting expenses, interest payments on internal debt obligations, repurchases and retirements of debt obligations, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (purchases of investments, and distributions and tax sharing payments made to parent holding companies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 630.10 Td (Insurance companies typically collect premiums on policies that they write prior to paying claims made under those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (policies. During periods of premium growth, insurance companies typically experience positive cash flow from operations, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (premium receipts typically exceed claim payments. ) Tj ET Q q 0 0 0 rg BT 257.80 606.10 Td (When this happens, positive cash flow from operations is usually of) Tj ET Q q 0 0 0 rg BT 528.96 606.10 Td (fset by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (negative cash flow from investing activities, as the positive operating cash flow is used to purchase investments. Conversely) Tj ET Q q 0 0 0 rg BT 546.73 594.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (during periods of premium decline, insurance companies typically experience negative cash flow from operations, even during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (periods in which they report net income, as the claims that they pay exceed the premiums that they collect. ) Tj ET Q q 0 0 0 rg BT 478.85 570.10 Td (When this happens, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (negative cash flow from operations is typically of) Tj ET Q q 0 0 0 rg BT 248.37 558.10 Td (fset by positive cash flow from investing activities, as invested assets are sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (to fund current claim payments. For businesses that are in run-of) Tj ET Q q 0 0 0 rg BT 308.36 546.10 Td (f, cash flow should be neutral as held investments are used to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (pay claims, loss adjusting, and other operating expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (Both internal and external forces influence our financial condition, results of operations and cash flows. Claim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (settlements, premium levels and investment returns may be impacted by changing rates of inflation and other economic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (of an insured loss, the reporting of the loss to us and the settlement of the liability for that loss. ) Tj ET Q q 0 0 0 rg BT 430.86 478.10 Td (The exact timing of the payment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (of claims and benefits cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 275.93 466.10 Td (. Our operating subsidiaries maintain portfolios of invested assets with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (varying maturities and a substantial amount of cash and short-term investments to provide adequate liquidity for the payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (claims.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 422.10 Td (Management believes that our cash balances, cash flows from operations and cash flows from investments are adequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (to meet expected cash requirements for the foreseeable future on both a holding company and operating subsidiary level.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 390.10 Td (Dividend Capacity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 370.10 Td (Under the insurance laws of the states and jurisdictions under which our operating subsidiaries are domiciled, an insurer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (is restricted with respect to the timing or the amount of dividends it may pay without prior approval by regulatory authorities. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 346.10 Td (, there can be no assurance regarding the amount of such dividends that may be paid by such subsidiaries in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 314.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 106.77 314.10 Td (, our top tier regulated insurance operating subsidiaries have the ability to pay dividends during any 12-month ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (period without the prior approval of regulatory authorities in an amount set by formula based on the greater of prior year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (statutory net income or 10% of prior year end statutory surplus, subject to the availability of unassigned funds. OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (Insurance Company \(OBIC\), our primary top tier regulated insurance operating subsidiary) Tj ET Q q 0 0 0 rg BT 410.63 278.10 Td (, has the ability to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.45 278.10 Td ($329.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.34 278.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (of dividends during 2013 without prior approval of regulatory authorities, subject to the availability of unassigned funds. ) Tj ET Q q 0 0 0 rg BT 535.56 266.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (amount of dividends available to be paid by OBIC in any given year is also subject to cash flow and earnings generated by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (OBIC's business, which now just comprises the Runof) Tj ET Q q 0 0 0 rg BT 267.17 242.10 Td (f Business, as well as to dividends received from its subsidiaries, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (including ) Tj ET Q q 0 0 0 rg BT 89.72 230.10 Td (Atlantic Specialty Insurance Company \(ASIC\). ) Tj ET Q q 0 0 0 rg BT 280.79 230.10 Td (At December 31, 2012, OBIC had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.21 230.10 Td ($0.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.32 230.10 Td ( of unassigned funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 218.10 Td ($0.9 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.05 218.10 Td ( of statutory surplus.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 198.10 Td (As disclosed in Note 2"Acquisitions and Dispositions" of the accompanying consolidated financial statements, during ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (the fourth quarter of 2012, OneBeacon executed various intercompany reinsurance agreements which, along with other internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (capital transactions among our insurance operating subsidiaries, resulted in ) Tj ET Q q 0 0 0 rg BT 352.14 174.10 Td (ASIC becoming the lead insurance company for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (ongoing specialty business and OBIC becoming the lead insurance company for the Runof) Tj ET Q q 0 0 0 rg BT 412.51 162.10 Td (f Business. ) Tj ET Q q 0 0 0 rg BT 458.35 162.10 Td (As a result of the internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (restructuring transactions, OBIC's 2012 statutory net income was significantly higher than that of our consolidated combined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (statutory net income as statutory net losses at lower) Tj ET Q q 0 0 0 rg BT 255.86 138.10 Td (-tiered subsidiaries more than of) Tj ET Q q 0 0 0 rg BT 385.09 138.10 Td (fset the income recorded at OBIC. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (Notwithstanding these restructuring transactions, OneBeacon continues to manage its statutory capital on a combined basis. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (Although OBIC remains a top tier regulated insurance operating subsidiary and maintains suf) Tj ET Q q 0 0 0 rg BT 423.62 114.10 Td (ficient statutory capital to support ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (the Runof) Tj ET Q q 0 0 0 rg BT 89.54 102.10 Td (f Business, the majority of the group's statutory capital is now included in ) Tj ET Q q 0 0 0 rg BT 386.29 102.10 Td (ASIC to support the ongoing specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 70.10 Td (ASIC has the ability to pay dividends during any 12-month period without the prior approval of regulatory authorities in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (amount set by formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (cases as most recently reported to regulatory authorities, subject to the availability of earned surplus. Given the changes in ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (structure noted above, ) Tj ET Q q 0 0 0 rg BT 140.53 742.10 Td (ASIC will likely require prior approval by regulatory authorities in order to pay dividends until it builds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (up a historical net investment income stream and earned surplus balance under its new structure. ) Tj ET Q q 0 0 0 rg BT 437.66 730.10 Td (At December 31, 2012, ) Tj ET Q q 0 0 0 rg BT 533.19 730.10 Td (ASIC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (had negative earned surplus and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.79 718.10 Td ($0.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.90 718.10 Td ( of statutory surplus. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 698.10 Td (During 2012, our top tier regulated insurance operating subsidiaries distributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.54 698.10 Td ($173.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.43 698.10 Td ( to their immediate parent, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (representing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.92 686.10 Td ($1) Tj ET Q q 0 0 0 rg BT 111.55 686.10 Td (14.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.44 686.10 Td ( of dividends, which included the distribution of a regulated insurance subsidiary with a value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td ($34.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 674.10 Td (, and a return of capital to OneBeacon LLC of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.77 674.10 Td ($58.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.66 674.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 654.10 Td (During 2012, our unregulated insurance operating subsidiaries paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.88 654.10 Td ($4.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.77 654.10 Td ( of dividends to their immediate parent. ) Tj ET Q q 0 0 0 rg BT 551.23 654.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (December 31, 2012, OneBeacon's unregulated insurance operating subsidiaries had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.86 642.10 Td ($28.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.75 642.10 Td ( of net unrestricted cash, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (short-term investments and fixed maturity investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 610.10 Td (During 2012, OneBeacon Ltd. paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.58 610.10 Td ($80.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.47 610.10 Td ( of regular quarterly dividends to its common shareholders. ) Tj ET Q q 0 0 0 rg BT 504.30 610.10 Td (At December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (31, 2012, OneBeacon Ltd. and its intermediate holding companies had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 598.10 Td ($272.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.54 598.10 Td ( of net unrestricted cash, short-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (investments and fixed maturity investments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.85 586.10 Td ($33.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.74 586.10 Td ( of common equity securities and convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (investments outside of its regulated and unregulated insurance operating subsidiaries.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (Insurance Float) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 534.10 Td (Insurance float is an important aspect of our insurance operations. Insurance float represents funds that an insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (company holds for a limited time. In an insurance operation, float arises because premiums are collected before losses are paid. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (This interval can extend over many years. During that time, the insurer invests the funds. ) Tj ET Q q 0 0 0 rg BT 408.06 510.10 Td (When the premiums that an insurer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (collects do not cover the losses and expenses it eventually must pay) Tj ET Q q 0 0 0 rg BT 320.12 498.10 Td (, the result is an underwriting loss, which is considered to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (be the cost of insurance float. ) Tj ET Q q 0 0 0 rg BT 170.05 486.10 Td (W) Tj ET Q q 0 0 0 rg BT 178.69 486.10 Td (e calculate our insurance float by taking our net invested assets and subtracting our total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 81.10 474.10 Td (Although insurance float can be calculated using numbers determined under GAAP) Tj ET Q q 0 0 0 rg BT 414.34 474.10 Td (, insurance float is not a GAAP) Tj ET Q q 0 0 0 rg BT 539.22 474.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (concept and, therefore, there is no comparable GAAP) Tj ET Q q 0 0 0 rg BT 264.27 462.10 Td ( measure.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 442.10 Td (Insurance float can increase in a number of ways, including through acquisitions of insurance operations, or) Tj ET Q q 0 0 0 rg BT 505.07 442.10 Td (ganic growth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (in existing insurance operations and recognition of losses that do not cause a corresponding reduction in investment assets. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 94.90 418.10 Td (, insurance float can decrease in a number of other ways, including sales of insurance operations, shrinking or run-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 406.10 Td (f of existing insurance operations, the acquisition of operations that do not have substantial investment assets \(e.g.,an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (agency\) and the recognition of gains that do not cause a corresponding increase in investment assets. ) Tj ET Q q 0 0 0 rg BT 454.97 394.10 Td (W) Tj ET Q q 0 0 0 rg BT 463.61 394.10 Td (e have historically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (obtained our insurance float through both acquisitions and or) Tj ET Q q 0 0 0 rg BT 293.65 382.10 Td (ganic growth. ) Tj ET Q q 0 0 0 rg BT 350.96 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 359.59 382.10 Td (e intend to generate low-cost float over time ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (through a combination of acquisitions and or) Tj ET Q q 0 0 0 rg BT 229.23 370.10 Td (ganic growth in our ongoing insurance operations. However) Tj ET Q q 0 0 0 rg BT 469.32 370.10 Td (, we will seek to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (increase our insurance float or) Tj ET Q q 0 0 0 rg BT 170.87 358.10 Td (ganically only when market conditions allow for an expectation of generating underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (profits.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 326.10 Td (Certain operational leverage metrics can be measured with ratios that are calculated using insurance float. ) Tj ET Q q 0 0 0 rg BT 499.20 326.10 Td (There are many ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (activities that do not change the amount of insurance float at an insurance company but can have a significant impact on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (company's operational leverage metrics. For example, investment gains and losses, foreign currency gains and losses, debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (issuances and repurchases/repayments, common share issuances and repurchases and dividends paid to shareholders are all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (activities that do not change insurance float but that can meaningfully impact operational leverage metrics.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table illustrates our consolidated insurance float position and four operational leverage ratios based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (insurance float and net invested assets as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 339.26 730.10 Td (1.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 679.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 679.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 679.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 679.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 649.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 649.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 649.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 649.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 619.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 619.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 619.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 589.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 589.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 589.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 559.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 559.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 559.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 529.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 529.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 529.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 76.50 499.60 330.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 499.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.50 499.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 705.6 m 470.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 705.6 m 474.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 705.6 m 534.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 692.6 m 470.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 692.6 m 534.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 604.6 m 470.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 590.6 m 470.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 588.6 m 470.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 604.6 m 534.5 604.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 590.6 m 534.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 588.6 m 534.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 559.6 m 470.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 559.6 m 534.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 544.6 m 470.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 544.6 m 534.5 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 528.6 m 470.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 530.6 m 470.5 530.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 528.6 m 534.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 530.6 m 534.5 530.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 79.00 710.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.75 709.83 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 79.00 696.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.00 696.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 496.20 696.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 79.00 683.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.40 683.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 669.27 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 669.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 669.27 Td (2,291.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 669.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 669.27 Td (2,707.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 654.27 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 654.27 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 654.27 Td (54.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 639.27 Td (Cash and investments classified within assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 639.27 Td (338.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 639.27 Td (117.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 624.27 Td (Accounts receivable on unsettled investment sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 624.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.15 624.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 609.27 Td (Accounts payable on unsettled investment purchases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.80 609.32 Td (\(6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.65 609.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.80 609.32 Td (\(22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.65 609.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.00 594.27 Td (Net invested assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 594.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 594.27 Td (2,669.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 594.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 594.27 Td (2,857.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 579.27 Td (OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 579.27 Td (1,014.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 579.27 Td (1,099.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 564.27 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.15 564.27 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.15 564.27 Td (269.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.00 549.27 Td (T) Tj ET Q q 0 0 0 rg BT 90.41 549.27 Td (otal capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 549.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 549.27 Td (1,289.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 549.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 549.27 Td (1,369.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 534.27 Td (Insurance float) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 534.27 Td (1,380.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.00 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 534.27 Td (1,488.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 519.27 Td (Insurance float as a multiple of total capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 519.27 Td (1.1x) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 519.27 Td (1.1x) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 504.27 Td (Net invested assets as a multiple of total capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 504.27 Td (2.1x) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 504.27 Td (2.1x) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 489.27 Td (Insurance float as a multiple of OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 489.27 Td (1.4x) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 489.27 Td (1.4x) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 474.27 Td (Net invested assets as a multiple of OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 474.27 Td (2.6x) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.50 474.27 Td (2.6x) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 442.10 Td (Based on December31, 2012 balances, insurance float is expected to decrease by approximately $338.1million as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (result of the sale of the Runof) Tj ET Q q 0 0 0 rg BT 168.68 430.10 Td (f business. During the year ended December31, 2012, insurance float decreased by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.17 430.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td ($1) Tj ET Q q 0 0 0 rg BT 59.63 418.10 Td (10.5million, due to the sale of ) Tj ET Q q 0 0 0 rg BT 183.78 418.10 Td (AutoOne.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (Financing) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 378.10 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 358.10 Td (The following table summarizes our debt to capital ratio at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 423.80 358.10 Td (1:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 307.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 307.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 307.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.00 277.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 277.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 277.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 277.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 333.6 m 418 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 333.6 m 422 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 333.6 m 482 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 320.6 m 418 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 320.6 m 482 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 277.6 m 418 277.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 277.6 m 482 277.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 277.6 m 418 277.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 277.6 m 482 277.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 261.6 m 418 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 263.6 m 418 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 248.60000000000002 m 418 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 246.60000000000002 m 418 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 261.6 m 482 261.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 263.6 m 482 263.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 248.60000000000002 m 482 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 246.60000000000002 m 482 246.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.50 338.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 396.25 337.83 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 131.50 324.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 379.50 324.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.70 324.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 131.50 311.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.90 311.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 297.27 Td (Senior Notes, carrying value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 297.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 297.27 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.50 297.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 297.27 Td (269.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 282.27 Td (OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 282.27 Td (1,014.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 282.27 Td (1,099.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.50 267.27 Td (Total capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.50 267.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 267.27 Td (1,289.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.50 267.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 267.27 Td (1,369.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.50 252.27 Td (Ratio of debt to total capital) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 252.27 Td (21.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 252.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 252.27 Td (19.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 252.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 220.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 220.10 Td (e believe that we have the flexibility and capacity to obtain funds externally as needed through debt or equity financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (on both a short-term and long-term basis. However) Tj ET Q q 0 0 0 rg BT 253.99 208.10 Td (, we can provide no assurance that, if needed, we would be able to obtain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (additional debt or equity financing on satisfactory terms, if at all.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 176.10 Td (In November 2012, OBH issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.65 176.10 Td ($275.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.54 176.10 Td ( face value of senior unsecured debt \(2012 Senior Notes\) through a public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 164.10 Td (fering, at an issue price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.50 164.10 Td (99.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.33 164.10 Td ( and received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.13 164.10 Td ($272.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.02 164.10 Td ( of proceeds. ) Tj ET Q q 0 0 0 rg BT 358.71 164.10 Td (The 2012 Senior Notes bear an annual interest rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 152.10 Td (4.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.66 152.10 Td ( payable semi-annually in arrears on May 9 and November 9, until maturity on November 9, 2022, and are fully and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (unconditionally guaranteed as to the payment of principal and interest by OneBeacon Insurance Group, Ltd. OBH incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.01 140.10 Td ($2.8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 128.10 Td ( in expenses related to the issuance of the 2012 Senior Notes \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 128.10 Td ($1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.04 128.10 Td ( underwriting discount\), which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (have been deferred and are being recognized into interest expense over the life of the 2012 Senior Notes. ) Tj ET Q q 0 0 0 rg BT 471.60 116.10 Td (T) Tj ET Q q 0 0 0 rg BT 477.01 116.10 Td (aking into ef) Tj ET Q q 0 0 0 rg BT 527.37 116.10 Td (fect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (amortization of the original issue discount and all underwriting and issuance expenses, the 2012 Senior Notes have an ef) Tj ET Q q 0 0 0 rg BT 531.64 104.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (yield to maturity of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.24 92.10 Td (4.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.07 92.10 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 260.88 92.10 Td (The proceeds from the 2012 Senior Notes notes were utilized to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (repurchase and retire the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.10 80.10 Td ($269.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.99 80.10 Td ( of 2003 Senior Notes for $275.9 million, which resulted in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.62 80.10 Td ($6.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.51 80.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (loss in the fourth quarter of 2012. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (On March24, 201) Tj ET Q q 0 0 0 rg BT 146.95 742.10 Td (1, OBH commenced a cash tender of) Tj ET Q q 0 0 0 rg BT 294.21 742.10 Td (fer for up to $150.0million in aggregate principal amount of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2003 Senior Notes at a price of $1,045 per $1,000 principal amount. ) Tj ET Q q 0 0 0 rg BT 325.03 730.10 Td (The cash tender of) Tj ET Q q 0 0 0 rg BT 398.98 730.10 Td (fer) Tj ET Q q 0 0 0 rg BT 409.68 730.10 Td (, which was not subject to the tender ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (of any minimum principal amount of 2003 Senior Notes, expired on ) Tj ET Q q 0 0 0 rg BT 324.40 718.10 Td (April20, 201) Tj ET Q q 0 0 0 rg BT 377.64 718.10 Td (1. OBH accepted and retired $150.0million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (aggregate principal amount of the Senior Notes for $161.6million, which resulted in a $12.0million pre-tax loss in 201) Tj ET Q q 0 0 0 rg BT 528.42 706.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (including transaction fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 674.10 Td (On May3, 2010, OBH commenced a cash tender of) Tj ET Q q 0 0 0 rg BT 281.82 674.10 Td (fer for up to $200.0million in aggregate principal amount of the 2003 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (Senior Notes at a price of $1,027.50 per $1,000 principal amount. ) Tj ET Q q 0 0 0 rg BT 315.03 662.10 Td (The cash tender of) Tj ET Q q 0 0 0 rg BT 388.98 662.10 Td (fer) Tj ET Q q 0 0 0 rg BT 399.68 662.10 Td (, which was not subject to the tender of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (any minimum principal amount of 2003 Senior Notes, expired on May28, 2010. OBH accepted and retired $156.4million ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (aggregate principal amount of the 2003 Senior Notes, of which $155.2million was tendered by the early tender deadline, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (purchase for $165.4million, which resulted in a $9.6million pre-tax loss, including transaction fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 606.10 Td (During the year ended December31, 2010, OBH repurchased and retired $29.7million of outstanding 2003 Senior Notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (for $30.8million, which resulted in a $1.2million loss. During the year ended December31, 2010, OBIC purchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td ($1.1million of outstanding 2003 Senior Notes for $1.1million. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (During the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 267.74 562.10 Td (1 and 2010, we paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.05 562.10 Td ($16.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.94 562.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.94 562.10 Td ($20.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.83 562.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.27 562.10 Td ($29.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.16 562.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 550.10 Td (, of interest on the 2012 Senior Notes and 2003 Senior Notes \(collectively) Tj ET Q q 0 0 0 rg BT 392.78 550.10 Td (, Senior Notes\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 530.10 Td (Capital Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 510.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 143.04 510.10 Td (1, OBIC, an indirect wholly-owned insurance operating subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 475.66 510.10 Td (, sold the majority of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (its fixed assets and capitalized software to OB Services, another indirect wholly-owned subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 509.23 498.10 Td (. ) Tj ET Q q 0 0 0 rg BT 514.05 498.10 Td (The fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (assets and capitalized software were sold at a cost equal to book value with no intercompany gain or loss recorded on the sale. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (Subsequent to purchasing the fixed assets and capitalized software from OBIC, OB Services entered into lease financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (arrangements with US Bancorp and Fifth ) Tj ET Q q 0 0 0 rg BT 217.01 462.10 Td (Third whereby OB Services sold its furniture and equipment and its capitalized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (software, respectively) Tj ET Q q 0 0 0 rg BT 137.09 450.10 Td (, to US Bancorp and Fifth ) Tj ET Q q 0 0 0 rg BT 242.73 450.10 Td (Third. ) Tj ET Q q 0 0 0 rg BT 269.77 450.10 Td (The assets were sold at a cost equal to net book value. OB Services then ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (leased the fixed assets back from US Bancorp for a lease term of five years and leased the capitalized software back from Fifth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (Third for a lease term of four years. OB Services received cash proceeds of $23.1million as a result of entering into the sale-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (leaseback transactions. ) Tj ET Q q 0 0 0 rg BT 143.57 414.10 Td (At the end of the lease terms, OB Services will have the obligation to purchase the leased assets for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.10 Td (nominal fee, after which all rights, title and interest would transfer to OB Services. OBIC recorded the sale of the assets with no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (gain or loss recognized while OB Services has recorded a capital lease obligation and a capital lease asset. ) Tj ET Q q 0 0 0 rg BT 479.29 390.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.73 390.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 378.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.44 378.10 Td (201) Tj ET Q q 0 0 0 rg BT 104.07 378.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 378.10 Td (, OB Services had a capital lease obligation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.23 378.10 Td ($18 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.62 378.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.06 378.10 Td ($23 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.45 378.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 461.11 378.10 Td (, included within other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (liabilities and a capital lease asset of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.00 366.10 Td ($16 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.39 366.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.83 366.10 Td ($23 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.22 366.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 362.88 366.10 Td (, included within other assets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Contractual Obligations and Commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 326.10 Td (Below is a schedule of our material contractual obligations and commitments as of December31, 2012:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 273.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 273.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 273.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 273.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 273.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 273.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 243.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 243.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 243.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 243.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 243.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 243.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 213.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 213.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 213.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 213.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 213.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 213.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 213.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 173.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 173.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 173.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 173.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 173.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 173.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 173.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 286.6 m 284.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 286.6 m 348.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 286.6 m 412.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 286.6 m 476.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 286.6 m 540.5 286.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 158.60000000000002 m 284.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 134.60000000000002 m 284.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 132.60000000000002 m 284.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 158.60000000000002 m 348.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 134.60000000000002 m 348.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 132.60000000000002 m 348.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 158.60000000000002 m 412.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 134.60000000000002 m 412.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 132.60000000000002 m 412.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 158.60000000000002 m 476.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 134.60000000000002 m 476.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 132.60000000000002 m 476.5 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 158.60000000000002 m 540.5 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 134.60000000000002 m 540.5 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 132.60000000000002 m 540.5 132.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.75 306.83 Td (Due in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.35 298.83 Td (Less ) Tj ET Q q 0 0 0 rg BT 253.32 298.83 Td (Than ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.10 290.83 Td (One ) Tj ET Q q 0 0 0 rg BT 254.03 290.83 Td (Y) Tj ET Q q 0 0 0 rg BT 258.92 290.83 Td (ear) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 306.75 306.83 Td (Due in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.45 298.83 Td (One to ) Tj ET Q q 0 0 0 rg BT 320.19 298.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 333.38 298.83 Td (ee) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.40 290.83 Td (Y) Tj ET Q q 0 0 0 rg BT 313.29 290.83 Td (ears) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.75 306.83 Td (Due in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.15 298.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 372.34 298.83 Td (ee to Five) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.40 290.83 Td (Y) Tj ET Q q 0 0 0 rg BT 377.29 290.83 Td (ears) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.30 306.83 Td (Due ) Tj ET Q q 0 0 0 rg BT 444.64 306.83 Td (After) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.65 298.83 Td (Five) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.40 290.83 Td (Y) Tj ET Q q 0 0 0 rg BT 441.29 290.83 Td (ears) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 290.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 277.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 277.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 263.27 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 263.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 263.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 263.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 263.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 263.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 263.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 263.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 263.27 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 263.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 263.27 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 248.27 Td (Interest on debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 248.27 Td (12.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 248.27 Td (25.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 248.27 Td (25.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 248.27 Td (63.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 248.27 Td (126.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 233.27 Td (Loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 166.03 237.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 233.27 Td (360.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 233.27 Td (360.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 233.27 Td (160.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 233.27 Td (120.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 233.27 Td (1,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 218.27 Td (Long-term incentive compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 218.27 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 218.27 Td (19.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 218.27 Td (3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 218.27 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 218.27 Td (35.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 203.27 Td (Pension and other benefit plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 193.27 Td (obligations) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 117.44 197.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 193.27 Td (27.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 193.27 Td (7.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 193.27 Td (6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 193.27 Td (31.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 193.27 Td (73.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 178.27 Td (Capital leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 178.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 178.27 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 178.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 178.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 178.27 Td (17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 163.27 Td (Operating leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 163.27 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 163.27 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 163.27 Td (8.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 163.27 Td (5.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 163.27 Td (31.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 148.27 Td (T) Tj ET Q q 0 0 0 rg BT 84.41 148.27 Td (otal contractual obligations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 138.27 Td (commitments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 138.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 138.27 Td (419.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 138.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 138.27 Td (433.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 138.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 138.27 Td (206.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 138.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 138.27 Td (500.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 138.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 138.27 Td (1,559.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 743.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 77.00 733.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 728.50 Td (Represents expected future cash outflows resulting from loss and LAE payments. ) Tj ET Q q 0 0 0 rg BT 418.57 728.50 Td (The amounts presented are gross of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 716.50 Td (reinsurance recoverables on unpaid losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.54 716.50 Td ($107.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.44 716.50 Td ( and include the discount on our workers compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 704.50 Td (loss and LAE reserves of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.53 704.50 Td ($4.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.42 704.50 Td (as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.58 704.50 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.16 704.50 Td (. ) Tj ET Q q 0 0 0 rg BT 349.98 704.50 Td (These balances exclude amounts included in held for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 692.50 Td (sale as of December 31, 2012 for reinsurance recoverables on unpaid losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 692.50 Td ($1.8 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.61 692.50 Td ( and loss and LAE reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 680.50 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.33 680.50 Td ($2.1 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.44 680.50 Td (. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 77.00 670.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 665.50 Td (Includes expected future cash outflows under our non-qualified, non-contributory) Tj ET Q q 0 0 0 rg BT 416.14 665.50 Td (, defined benefit pension plan and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 653.50 Td (our 401\(k\) savings and employee stock ownership plan. Our pension plans were curtailed in 2002. See Note8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 641.50 Td ("Retirement Plans" of the accompanying consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 621.50 Td (Our loss and LAE reserves do not have contractual maturity dates. However) Tj ET Q q 0 0 0 rg BT 377.00 621.50 Td (, based on historical payment patterns, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 609.50 Td (preceding table includes an estimate of when management expects our loss and LAE reserves to be paid. ) Tj ET Q q 0 0 0 rg BT 470.79 609.50 Td (The timing of claim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 597.50 Td (payments is subject to significant uncertainty) Tj ET Q q 0 0 0 rg BT 230.14 597.50 Td (. ) Tj ET Q q 0 0 0 rg BT 234.96 597.50 Td (W) Tj ET Q q 0 0 0 rg BT 243.60 597.50 Td (e maintain a portfolio of marketable investments with varying maturities and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 585.50 Td (substantial amount of short-term investments to provide adequate cash flows for the payment of claims.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 565.50 Td (The balances included in the table above regarding our long-term incentive compensation plans include amounts payable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 553.50 Td (for performance shares and units, as well as deferred compensation balances. Exact amounts to be paid cannot be predicted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 541.50 Td (with certainty as the ultimate amounts of these liabilities are based on future performance. ) Tj ET Q q 0 0 0 rg BT 412.75 541.50 Td (The estimated payments reflected in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 529.50 Td (the table are based on current accrual factors \(common share price and pay-out percentage\) and assume that all outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 517.50 Td (balances were 100% vested as of December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 497.50 Td (There are no provisions within our operating lease agreements that would trigger acceleration of future lease payments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.50 Td (As of December31, 2012, we have accrued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.15 485.50 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.04 485.50 Td ( net of anticipated sub-lease income for leased space which we have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.50 Td (ceased using. ) Tj ET Q q 0 0 0 rg BT 105.63 473.50 Td (The capital lease entered into in conjunction with the sale-leaseback of certain of OneBeacon's fixed assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.50 Td (capitalized software contains provisions that could trigger an event of default including a failure to pay when due payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.50 Td (under the capital lease. If an event of default were to occur) Tj ET Q q 0 0 0 rg BT 284.48 449.50 Td (, the lessor would have a number of remedies available including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.50 Td (acceleration of future lease payments or the possession of the property covered under the lease agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 417.50 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 417.50 Td (e do not finance our operations through the securitization of trade receivables, special purpose entities or synthetic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.50 Td (leases. Further) Tj ET Q q 0 0 0 rg BT 107.92 405.50 Td (, we have not entered into any material arrangement requiring us to guarantee payment of third-party debt, lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.50 Td (payments or to fund losses of an unconsolidated special purpose entity) Tj ET Q q 0 0 0 rg BT 331.51 393.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 373.50 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 373.50 Td (e also have future binding commitments to fund certain limited partnership investments. ) Tj ET Q q 0 0 0 rg BT 436.15 373.50 Td (These commitments, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 361.50 Td (total ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.27 361.50 Td ($16.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.17 361.50 Td ( as of December31, 2012, do not have fixed funding dates and are therefore excluded from the table above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 349.50 Td (Our future binding commitment to fund an investment in a tax advantaged federal af) Tj ET Q q 0 0 0 rg BT 387.77 349.50 Td (fordable housing development fund is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.90 349.50 Td ($5.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.50 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 337.50 Td ( for 2013.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 317.50 Td (Shar) Tj ET Q q 0 0 0 rg BT 90.38 317.50 Td (e Repur) Tj ET Q q 0 0 0 rg BT 124.36 317.50 Td (chase ) Tj ET Q q 0 0 0 rg BT 149.64 317.50 Td (Authorization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 297.50 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 297.50 Td (August22, 2007, our Board authorized us to repurchase up to $200.0million of OneBeacon's Class) Tj ET Q q 0 0 0 rg BT 486.46 297.50 Td (A) Tj ET Q q 0 0 0 rg BT 493.13 297.50 Td ( common shares ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.50 Td (from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately negotiated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.50 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 102.58 273.50 Td (This authorization does not have a stated expiration date. Since the inception of this authorization, the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.50 Td (has repurchased and retired 5.6million of its Class) Tj ET Q q 0 0 0 rg BT 254.96 261.50 Td (A) Tj ET Q q 0 0 0 rg BT 261.63 261.50 Td ( common shares. During the years ended December31, 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.50 Td (December 31, 201) Tj ET Q q 0 0 0 rg BT 123.21 249.50 Td (1, no shares were repurchased. During the year ended December31, 2010, 0.7million Class) Tj ET Q q 0 0 0 rg BT 493.66 249.50 Td (A) Tj ET Q q 0 0 0 rg BT 500.33 249.50 Td ( common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.50 Td (shares under this authorization were repurchased for $10.5million and retired. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 217.50 Td (Cash Flows) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 197.50 Td (Detailed information concerning our cash flows during the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 457.84 197.50 Td (1 and 2010 follows:) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 177.50 Td (Cash flows from operations for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 365.83 177.50 Td (1 and 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 157.50 Td (Net cash flows \(used for\) provided from operations were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.15 157.50 Td ($\(53.7\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.70 157.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.70 157.50 Td ($\(1) Tj ET Q q 0 0 0 rg BT 380.66 157.50 Td (18.5\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.88 157.50 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.82 157.50 Td ($22.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.71 157.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 145.50 Td (, for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 279.73 145.50 Td (1 and 2010. Net cash flows for operations in the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.50 Td (December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 148.21 133.50 Td (1 and 2010 were reduced by the run-of) Tj ET Q q 0 0 0 rg BT 303.25 133.50 Td (f of reserves related to the Commercial Lines ) Tj ET Q q 0 0 0 rg BT 486.33 133.50 Td (T) Tj ET Q q 0 0 0 rg BT 492.09 133.50 Td (ransaction. Net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.50 Td (cash flows for operations in the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 326.49 121.50 Td (1 and 2010 were reduced by declining net investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.50 Td (income, primarily due to lower overall portfolio yields, shifts in portfolio mix to lower risk, lower yield investments and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.50 Td (decrease in the overall invested asset base. In addition, cash flows from operations for the year ended December31, 2010 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.50 Td (reflects the impact of the Personal Lines ) Tj ET Q q 0 0 0 rg BT 213.37 85.50 Td (T) Tj ET Q q 0 0 0 rg BT 219.13 85.50 Td (ransaction.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 742.25 Td (Cash flows from investing and financing activities for the year ended December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 722.25 Td (During 2012, we declared and paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.51 722.25 Td ($80.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.40 722.25 Td ( of regular quarterly cash dividends to holders of OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 690.25 Td (During 2012, we received cash proceeds, net of issuance costs, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.41 690.25 Td ($271.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.30 690.25 Td ( in connection with the issuance of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (2012 Senior Notes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 658.25 Td (During 2012, OBH repurchased and retired the remaining 2003 Senior Notes for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.14 658.25 Td ($275.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.03 658.25 Td (, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.30 658.25 Td ($269.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 560.20 658.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (of outstanding principal and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.98 646.25 Td ($6.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.87 646.25 Td ( of "make whole" premium. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 626.25 Td (Acquisitions and Dispositions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 606.25 Td (During 2012, we completed the sale of a shell company) Tj ET Q q 0 0 0 rg BT 294.57 606.25 Td (, Pennsylvania General Insurance Company) Tj ET Q q 0 0 0 rg BT 469.14 606.25 Td (, and received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.25 Td ($15.0million as consideration.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 574.25 Td (Other Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 212.41 574.25 Td (ce ) Tj ET Q q 0 0 0 rg BT 223.60 574.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 554.25 Td (During 2012, we made payments with respect to our long-term incentive compensation plans totaling $14.8million, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (cash or by deferral into certain of our non-qualified compensation plans. ) Tj ET Q q 0 0 0 rg BT 341.94 542.25 Td (These payments were made primarily with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (256,751) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.50 530.25 Td ( performance shares and 151,475 performance units for the 2009-201) Tj ET Q q 0 0 0 rg BT 359.26 530.25 Td (1 performance cycle.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 510.25 Td (Cash flows from investing and financing activities for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 429.99 510.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 490.25 Td (During 201) Tj ET Q q 0 0 0 rg BT 117.96 490.25 Td (1, we declared and paid $79.7million of regular quarterly cash dividends and $95.1million of a special ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (dividend to holders of OneBeacon's common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 458.25 Td (During 201) Tj ET Q q 0 0 0 rg BT 117.96 458.25 Td (1, OneBeacon ServicesLLC received cash proceeds of $23.1million as a result of entering into two sale-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (leaseback transactions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 426.25 Td (During 201) Tj ET Q q 0 0 0 rg BT 117.96 426.25 Td (1, OBH repurchased and retired a portion of the 2003 Senior Notes for $161.6million in a cash tender of) Tj ET Q q 0 0 0 rg BT 537.39 426.25 Td (fer) Tj ET Q q 0 0 0 rg BT 548.09 426.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (including transaction fees.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 394.25 Td (Other Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 212.41 394.25 Td (ce ) Tj ET Q q 0 0 0 rg BT 223.60 394.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 374.25 Td (During 201) Tj ET Q q 0 0 0 rg BT 117.96 374.25 Td (1, we made payments with respect to our long-term incentive compensation plans totaling $16.8million, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (cash or by deferral into certain of our non-qualified compensation plans. ) Tj ET Q q 0 0 0 rg BT 341.94 362.25 Td (These payments were made primarily with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (929,849 performance shares for the 2008-2010 performance cycle.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 330.25 Td (Cash flows from investing and financing activities for the year ended December31, 2010) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 310.25 Td (Financing and Other Capital ) Tj ET Q q 0 0 0 rg BT 189.26 310.25 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 290.25 Td (During 2010, we declared and paid $79.5million of regular quarterly cash dividends and $236.1million of a special ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (dividend to holders of OneBeacon's common shares.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 258.25 Td (During 2010, we repurchased and retired 0.7million of our Class) Tj ET Q q 0 0 0 rg BT 335.50 258.25 Td (A) Tj ET Q q 0 0 0 rg BT 342.17 258.25 Td ( common shares for $10.5million under our share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.25 Td (repurchase authorization.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 226.25 Td (During 2010, OBIC purchased a portion of the 2003 Senior Notes for $1.1million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 206.25 Td (During 2010, OBH repurchased and retired a portion of the 2003 Senior Notes for $30.8million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 186.25 Td (During 2010, OBH repurchased and retired a portion of the 2003 Senior Notes for $165.4million in a cash tender of) Tj ET Q q 0 0 0 rg BT 537.76 186.25 Td (fer) Tj ET Q q 0 0 0 rg BT 548.46 186.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.25 Td (including transaction fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 154.25 Td (During 2010, we repaid the $14.0million outstanding balance on the note issued in connection with the acquisition of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (ASIC.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 122.25 Td (Acquisitions and Dispositions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 102.25 Td (During 2010, we completed the Personal Lines ) Tj ET Q q 0 0 0 rg BT 262.83 102.25 Td (T) Tj ET Q q 0 0 0 rg BT 268.59 102.25 Td (ransaction and received $166.6million as consideration.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 82.25 Td (During 2010, we received $10.2million of additional consideration related to the Commercial Lines ) Tj ET Q q 0 0 0 rg BT 476.10 82.25 Td (T) Tj ET Q q 0 0 0 rg BT 481.86 82.25 Td (ransaction.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 742.10 Td (Other Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 212.41 742.10 Td (ce ) Tj ET Q q 0 0 0 rg BT 223.60 742.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 722.10 Td (During 2010, we reported net decreases in our loss and LAE reserves and reinsurance recoverables on paid and unpaid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (losses, primarily due to the decline of our business exposures related to the businesses we have exited.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 690.10 Td (During 2010, we made payments in cash with respect to our long-term incentive compensation plans totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.10 Td ($6.8million. ) Tj ET Q q 0 0 0 rg BT 103.71 678.10 Td (These payments were made primarily with respect to 207,250 performance shares and 38,850 performance units ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (for various performance cycles. ) Tj ET Q q 0 0 0 rg BT 178.55 666.10 Td (As a result of the Commercial Lines ) Tj ET Q q 0 0 0 rg BT 325.83 666.10 Td (T) Tj ET Q q 0 0 0 rg BT 331.59 666.10 Td (ransaction and the Personal Lines ) Tj ET Q q 0 0 0 rg BT 468.32 666.10 Td (T) Tj ET Q q 0 0 0 rg BT 474.07 666.10 Td (ransaction, payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (were made to certain former employees of OneBeacon prior to the end of the performance cycle on a pro rata basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 634.10 Td (During 2010, we made payments with respect to our long-term incentive compensation plans totaling $21.4million, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (cash or by deferral into certain of our non-qualified compensation plans. ) Tj ET Q q 0 0 0 rg BT 341.94 622.10 Td (These payments were made primarily with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (682,344 performance shares for the 2007-2009 performance cycle.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 590.10 Td (Related Party Disclosur) Tj ET Q q 0 0 0 rg BT 171.46 590.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 570.10 Td (See Note15"Related Party Disclosures" of the accompanying consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 543.25 Td (Accounting Estimates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 523.25 Td (Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 197.17 523.25 Td (Analysis of Financial Condition and Results of Operations discusses our consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (financial statements. ) Tj ET Q q 0 0 0 rg BT 134.51 511.25 Td (The consolidated financial statements presented herein include all adjustments considered necessary by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (management to fairly present our financial position, results of operations and cash flows.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 479.25 Td (The preparation of financial statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 337.45 479.25 Td ( requires management to make significant estimates and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (assumptions that af) Tj ET Q q 0 0 0 rg BT 127.03 467.25 Td (fect the reported amounts of assets and liabilities as of the date of the historical consolidated financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (statements and the reported amounts of revenues and expenses during the reporting period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 435.25 Td (On an ongoing basis, management evaluates its estimates, including those related to fair value measurements, loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 423.25 Td (LAE reserves, and reinsurance transactions. Management bases its estimates on historical experience and on various other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.25 Td (factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 399.25 Td (about the carrying values of assets and liabilities that are not readily apparent from other sources.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 379.25 Td (Management believes that certain of these estimates are considered critical in that they involve a higher degree of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.25 Td (judgment and are subject to a significant degree of variability) Tj ET Q q 0 0 0 rg BT 295.10 367.25 Td (. ) Tj ET Q q 0 0 0 rg BT 299.92 367.25 Td (The descriptions below summarize the more significant estimates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (used in the preparation of our historical consolidated financial statements.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (1.Fair V) Tj ET Q q 0 0 0 rg BT 96.40 328.25 Td (alue Considerations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 308.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 308.25 Td (e measure certain assets at estimated fair value in our consolidated financial statements, with changes therein ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (recognized in current period earnings. In addition, we disclose estimated fair value for certain assets and liabilities measured at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (historical or amortized cost. Fair value is defined as the price that would be received to sell an asset or paid to transfer a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (liability in an orderly transaction between market participants \(an exit price\). Fair value measurements are categorized into a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.25 Td (hierarchy that distinguishes between inputs based on market data from independent sources \(observable inputs\) and a reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 248.25 Td (entity's internal assumptions based upon the best information available when external market data is limited or unavailable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.25 Td (\(unobservable inputs\). Quoted prices in active markets for identical assets or liabilities have the highest priority \(Level1\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.25 Td (followed by observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (\(Level2\) and unobservable inputs, including the reporting entity's estimates of the assumptions that market participants would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.25 Td (use, having the lowest priority \(Level3\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 180.25 Td (Assets carried at fair value include fixed maturity investments, common equity securities, convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.25 Td (investments and interests in hedge funds and private equity funds. ) Tj ET Q q 0 0 0 rg BT 316.15 168.25 Td (V) Tj ET Q q 0 0 0 rg BT 322.27 168.25 Td (aluation of assets measured at fair value require us to make ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (estimates and apply judgment to matters that may carry a significant degree of uncertainty) Tj ET Q q 0 0 0 rg BT 410.06 156.25 Td (. In determining our estimates of fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (value, we use a variety of valuation approaches and inputs. ) Tj ET Q q 0 0 0 rg BT 288.07 144.25 Td (Whenever possible, we estimate fair value using valuation methods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.25 Td (that maximize the use of observable prices and other inputs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 112.25 Td (For investments in active markets, we use quoted market prices to determine fair value. In circumstances where quoted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (market prices are unavailable, we utilize fair value estimates based upon reference to other observable inputs other than quoted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (prices, including matrix pricing, benchmark interest rates, market comparables, broker quotes and other relevant observable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 79.27 76.25 Td (Where observable inputs are not available, the estimated fair value is based upon internal pricing models using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (assumptions that include inputs that may not be observable in the marketplace but which reflect our best judgment given the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (circumstances and consistent with what other market participants would use when pricing such instruments.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.44 742.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.03 742.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.47 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 211.09 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.09 742.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.35 742.10 Td (92%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.68 742.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.12 742.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.45 742.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 390.11 742.10 Td (, of the investment portfolio recorded at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (fair value was priced based upon quoted market prices or other observable inputs. Investments valued using Level1 inputs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (include fixed maturity investments, primarily investments in U.S. ) Tj ET Q q 0 0 0 rg BT 314.50 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 320.26 718.10 Td (reasuries, common equities and short-term investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (which include U.S. ) Tj ET Q q 0 0 0 rg BT 128.97 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.73 706.10 Td (reasury Bills. Investments valued using Level2 inputs comprise fixed maturity investments including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (corporate debt, state and other governmental debt, convertible fixed maturity investments and mortgage and asset-backed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (securities. Fair value estimates for investments that trade infrequently and have few or no observable market prices are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (classified as Level3 measurements. Level3 fair value estimates based upon unobservable inputs include our investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (hedge funds and private equity funds, as well as certain investments in debt and equity securities, including asset-backed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (securities, where quoted market prices are unavailable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 626.10 Td (e use brokers and outside pricing services to assist in determining fair values. ) Tj ET Q q 0 0 0 rg BT 394.04 626.10 Td (The outside pricing services we use have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (indicated that they will only provide prices where observable inputs are available. If no observable inputs are available for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (security) Tj ET Q q 0 0 0 rg BT 81.01 602.10 Td (, the pricing services will not provide a price. In those circumstances, we estimate the fair value using industry standard ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (pricing models and observable inputs such as benchmark interest rates, matrix pricing, market comparables, broker quotes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (issuer spreads, bids, of) Tj ET Q q 0 0 0 rg BT 140.64 578.10 Td (fers, credit rating prepayment speeds and other relevant inputs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 558.10 Td (Our process to assess the reasonableness of the market prices obtained from the outside pricing sources covers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (substantially all of our fixed maturity investments and includes, but is not limited to, evaluation of model pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (methodologies, review of the pricing services' quality control processes and procedures on at least an annual basis, comparison ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (of market prices to prices obtained from dif) Tj ET Q q 0 0 0 rg BT 223.93 522.10 Td (ferent independent pricing vendors on at least an annual basis, monthly analytical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (reviews of certain prices and review of assumptions utilized by the pricing service for selected measurements on an ad hoc ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (basis throughout the year) Tj ET Q q 0 0 0 rg BT 150.26 498.10 Td (. ) Tj ET Q q 0 0 0 rg BT 155.08 498.10 Td (W) Tj ET Q q 0 0 0 rg BT 163.72 498.10 Td (e also perform back-testing of selected purchases and sales activity to determine whether there are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (any significant dif) Tj ET Q q 0 0 0 rg BT 122.58 486.10 Td (ferences between the market price used to value the security prior to purchase or sale and the actual purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (or sale price on at least an annual basis. Prices provided by the pricing services that vary by more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.26 474.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.59 474.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.03 474.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.92 474.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (from the expected price based on the procedures are considered outliers. In circumstances where the results of our review ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (process does not appear to support the market price provided by the pricing services, we challenge the price. If we cannot gain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (satisfactory evidence to support the challenged price, we rely upon our own pricing methodologies to estimate the fair value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (the security in question.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 406.10 Td (Other investments, which are primarily comprised of hedge funds and private equity funds for which the fair value option ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (has been elected, are carried at fair value based upon our proportionate interest in the underlying fund's net asset value, which is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (deemed to approximate fair value. ) Tj ET Q q 0 0 0 rg BT 189.20 382.10 Td (The fair value of our investments in hedge funds and private equity funds has been estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (using net asset value because it reflects the fair value of the funds' underlying investments. ) Tj ET Q q 0 0 0 rg BT 414.84 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 423.48 370.10 Td (e employ a number of procedures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (to assess the reasonableness of the fair value measurements, including obtaining and reviewing each fund's audited financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (statements and discussing each fund's pricing with the fund's manager) Tj ET Q q 0 0 0 rg BT 329.38 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 334.19 346.10 Td (The fair values of our investments in hedge funds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (private equity funds have been classified as Level3 under the fair value hierarchy since the fund managers do not provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 322.10 Td (ficient information to independently evaluate the pricing inputs and methods for each underlying investment, and therefore ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (the inputs are considered to be unobservable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 290.10 Td (In circumstances where the underlying investments are publicly traded, such as the investments made by hedge funds, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (fair value of the underlying investments is determined using current market prices. In circumstances where the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (investments are not publicly traded, such as the investments made by private equity funds, the private equity fund managers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (have considered the need for a liquidity discount on each of the underlying investments when determining the fund's net asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (value. In circumstances where our portion of a fund's net asset value is deemed to dif) Tj ET Q q 0 0 0 rg BT 389.84 242.10 Td (fer from fair value due to illiquidity or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (other factors associated with our investment in the fund, including counterparty credit risk, the net asset value is adjusted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 96.55 218.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.00 218.10 Td (At December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 226.15 218.10 Td (1, we did not record a liquidity adjustment to the net asset value related to our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (investments in hedge funds or private equity funds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 186.10 Td (As of both ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.72 186.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.31 186.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.74 186.10 Td (201) Tj ET Q q 0 0 0 rg BT 231.37 186.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.37 186.10 Td (, other investments reported at fair value represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 186.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.93 186.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (investment portfolio recorded at fair value. Other investments accounted for at fair value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.75 174.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.33 174.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.77 174.10 Td (201) Tj ET Q q 0 0 0 rg BT 541.40 174.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.40 174.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 162.10 Td (were comprised of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.91 162.10 Td ($47.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.81 162.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.24 162.10 Td ($53.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.14 162.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 306.80 162.10 Td (, in hedge funds, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.67 162.10 Td ($61.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.57 162.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.00 162.10 Td ($65.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.90 162.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 555.56 162.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (in private equity funds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.70 150.10 Td ($14.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.59 150.10 Td ( for both periods of an investment in a community reinvestment vehicle. ) Tj ET Q q 0 0 0 rg BT 506.86 150.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 138.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 138.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 138.10 Td (201) Tj ET Q q 0 0 0 rg BT 162.65 138.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.65 138.10 Td (, OneBeacon held investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.07 138.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.07 138.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.50 138.10 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 138.10 Td ( hedge funds, respectively) Tj ET Q q 0 0 0 rg BT 435.26 138.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.20 138.10 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.20 138.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.64 138.10 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.64 138.10 Td ( private equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (funds, respectively) Tj ET Q q 0 0 0 rg BT 124.88 126.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.70 126.10 Td (The lar) Tj ET Q q 0 0 0 rg BT 158.12 126.10 Td (gest investment in a single fund was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.59 126.10 Td ($12.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.48 126.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.92 126.10 Td ($13.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.81 126.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 485.47 126.10 Td (, at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.19 126.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 114.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.44 114.10 Td (201) Tj ET Q q 0 0 0 rg BT 104.07 114.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 114.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.52 114.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.96 114.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.54 114.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.98 114.10 Td (201) Tj ET Q q 0 0 0 rg BT 250.61 114.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.61 114.10 Td (, other investments also included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.47 114.10 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.36 114.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 114.10 Td ($21.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.69 114.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 102.10 Td (, of an investment in a tax advantaged federal af) Tj ET Q q 0 0 0 rg BT 289.62 102.10 Td (fordable housing development fund which is accounted for using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (the equity method.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The fair value measurements at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.00 742.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.58 742.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.02 742.10 Td (201) Tj ET Q q 0 0 0 rg BT 314.65 742.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 742.10 Td ( for assets recorded in accordance with ) Tj ET Q q 0 0 0 rg BT 477.08 742.10 Td (ASC 825 and any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (related Level3 inputs are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 677.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 677.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 677.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 677.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 677.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 677.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 677.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 647.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 647.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 647.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 647.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 647.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 617.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 617.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 617.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 617.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 617.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 587.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 587.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 587.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 587.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 557.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 557.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 557.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 557.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 527.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 527.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 527.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 527.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 497.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 497.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 497.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 497.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 497.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 690.6 m 373.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 690.6 m 437.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 690.6 m 501.5 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 572.6 m 373.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 572.6 m 437.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 572.6 m 373.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 572.6 m 437.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 497.6 m 373.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 497.6 m 437.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 497.6 m 373.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 483.6 m 373.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 481.6 m 373.5 481.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 497.6 m 437.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 483.6 m 437.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 481.6 m 437.5 481.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.25 710.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 335.77 710.83 Td ( value at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.75 702.83 Td (December) Tj ET Q q 0 0 0 rg BT 354.25 702.83 Td (31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 334.00 694.83 Td (2012.) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.65 702.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.85 694.83 Td (Inputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.65 702.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.15 694.83 Td (Per) Tj ET Q q 0 0 0 rg BT 463.99 694.83 Td (centage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 681.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.40 681.83 Td (\($ in millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.00 681.83 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 667.27 Td (Fixed maturity investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 667.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 667.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 667.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 652.27 Td (U.S. Government and agency obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 652.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 652.27 Td (197.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 652.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 652.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 652.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 652.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 637.27 Td (Debt securities issued by corporations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 637.27 Td (711.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 637.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 637.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 622.27 Td (Municipal obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 622.27 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 622.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 622.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 607.27 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 607.27 Td (927.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 607.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 607.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 592.27 Td (Foreign government obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 592.27 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 592.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 592.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 577.27 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 577.27 Td (84.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 577.27 Td (70.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 577.27 Td (83.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 562.27 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 562.27 Td (1,931.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 562.27 Td (76.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 562.27 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 547.27 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 547.27 Td (232.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 547.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 547.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 532.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 532.27 Td (259.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 532.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 532.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 517.27 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 517.27 Td (62.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 517.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 517.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 502.27 Td (Other investments\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 502.27 Td (122.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 502.27 Td (122.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 502.27 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 487.27 Td (Total\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 487.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 487.27 Td (2,608.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 487.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 487.27 Td (198.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 487.27 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 487.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 430.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 430.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 430.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 430.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 430.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 430.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 430.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 400.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 400.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 400.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 400.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 370.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 370.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 370.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 370.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 340.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 340.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 340.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 340.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 310.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 310.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 310.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 310.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 280.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 280.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 280.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 280.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 280.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 250.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 250.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 250.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 250.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 250.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 443.6 m 373.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 443.6 m 437.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 443.6 m 501.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 325.6 m 373.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 325.6 m 437.5 325.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 250.60000000000002 m 373.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 236.60000000000002 m 373.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 234.60000000000002 m 373.5 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 250.60000000000002 m 437.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 236.60000000000002 m 437.5 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 234.60000000000002 m 437.5 234.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.25 463.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 335.77 463.83 Td ( value at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.75 455.83 Td (December) Tj ET Q q 0 0 0 rg BT 354.25 455.83 Td (31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.15 447.83 Td (201) Tj ET Q q 0 0 0 rg BT 343.71 447.83 Td (1) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 347.71 451.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 394.65 455.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.85 447.83 Td (Inputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 458.65 455.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.15 447.83 Td (Per) Tj ET Q q 0 0 0 rg BT 463.99 447.83 Td (centage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 434.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.40 434.83 Td (\($ in millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.00 434.83 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 420.27 Td (Fixed maturity investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 420.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 420.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 420.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 405.27 Td (U.S. Government and agency obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 405.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 405.27 Td (215.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 405.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 405.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 405.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 405.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 390.27 Td (Debt securities issued by corporations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 390.27 Td (758.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 390.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 390.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 375.27 Td (Municipal obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 375.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 375.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 375.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 360.27 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 360.27 Td (938.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 360.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 360.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 345.27 Td (Foreign government obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 345.27 Td (8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 345.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 345.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 330.27 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 330.27 Td (75.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 330.27 Td (63.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 330.27 Td (84.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 315.27 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 315.27 Td (1,998.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 315.27 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 315.27 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 300.27 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 300.27 Td (320.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 300.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 300.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 285.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 285.27 Td (266.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 285.27 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 285.27 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 270.27 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 270.27 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 270.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.65 270.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 255.27 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 191.04 259.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 255.27 Td (133.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 255.27 Td (133.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 255.27 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 240.27 Td (T) Tj ET Q q 0 0 0 rg BT 135.41 240.27 Td (otal) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 150.41 244.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 240.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 240.27 Td (2,797.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 240.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 240.27 Td (200.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 240.27 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 240.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 226.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 113.00 216.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 211.50 Td (Includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.38 211.50 Td ($338.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.27 211.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.71 211.50 Td ($1) Tj ET Q q 0 0 0 rg BT 253.34 211.50 Td (1) Tj ET Q q 0 0 0 rg BT 257.96 211.50 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.86 211.50 Td ( of fixed maturity investments reclassified to assets held for sale ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 199.50 Td (in the December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 264.15 199.50 Td (1 consolidated balance sheets as part of the Runof) Tj ET Q q 0 0 0 rg BT 463.90 199.50 Td (f ) Tj ET Q q 0 0 0 rg BT 469.55 199.50 Td (T) Tj ET Q q 0 0 0 rg BT 475.31 199.50 Td (ransaction and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 187.50 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 165.48 187.50 Td (T) Tj ET Q q 0 0 0 rg BT 171.24 187.50 Td (ransaction, respectively) Tj ET Q q 0 0 0 rg BT 264.99 187.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 113.00 177.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 172.50 Td (Excludes the carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.17 172.50 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.06 172.50 Td ( and $21.8million, respectively) Tj ET Q q 0 0 0 rg BT 431.06 172.50 Td (, associated with a tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 160.50 Td (advantaged federal af) Tj ET Q q 0 0 0 rg BT 212.37 160.50 Td (fordable housing development fund accounted for using the equity method as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.50 148.50 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.08 148.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.52 148.50 Td (201) Tj ET Q q 0 0 0 rg BT 239.15 148.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.15 148.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 128.50 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.50 128.50 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.08 128.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.52 128.50 Td (201) Tj ET Q q 0 0 0 rg BT 199.15 128.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.15 128.50 Td (, we held one private preferred stock that represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.31 128.50 Td (84%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.64 128.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.08 128.50 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.41 128.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 116.50 Td (, of our preferred stock portfolio. ) Tj ET Q q 0 0 0 rg BT 231.88 116.50 Td (W) Tj ET Q q 0 0 0 rg BT 240.52 116.50 Td (e used quoted market prices for similar securities that were adjusted to reflect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.50 Td (management's best estimate of fair value; this security is classified as a Level3 measurement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 84.50 Td (In addition to the investment portfolio described above, we had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.77 84.50 Td ($36.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.66 84.50 Td ( of liabilities recorded at fair value and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.50 Td (included in other liabilities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.64 72.50 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 254.85 72.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.85 72.50 Td (. ) Tj ET Q q 0 0 0 rg BT 264.67 72.50 Td (These liabilities relate to securities that were sold short by a limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.50 Td (partnership in which we invested and were required to consolidate in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 421.83 60.50 Td (. ) Tj ET Q q 0 0 0 rg BT 426.27 60.50 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.22 60.50 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 526.43 60.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.43 60.50 Td (, all of ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (the liabilities included in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.36 742.10 Td ($36.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.25 742.10 Td ( were classified as Level1 measurements. ) Tj ET Q q 0 0 0 rg BT 390.56 742.10 Td (These liabilities were no longer held at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (December 31, 2012 as the partnership was sold.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 710.10 Td (The changes in Level3 fair value measurements for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.99 710.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.58 710.10 Td ( are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 641.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 611.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 611.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 611.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 611.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 611.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 611.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 571.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 541.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 541.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 654.6 m 284.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 654.6 m 348.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 654.6 m 412.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 654.6 m 476.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 654.6 m 540.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 526.6 m 284.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 526.6 m 348.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 526.6 m 412.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 526.6 m 476.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 526.6 m 284.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 512.6 m 284.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 510.6 m 284.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 526.6 m 348.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 512.6 m 348.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 510.6 m 348.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 526.6 m 412.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 512.6 m 412.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 510.6 m 412.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 526.6 m 476.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 512.6 m 476.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 510.6 m 476.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 526.6 m 540.5 526.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 512.6 m 540.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 510.6 m 540.5 510.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.40 674.83 Td (Fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.85 666.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.75 658.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.20 674.83 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.30 666.83 Td (equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.00 658.83 Td (securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 682.83 Td (Convertible) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.55 674.83 Td (fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.85 666.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 658.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.85 666.83 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.70 658.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 463.14 662.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.20 658.83 Td (T) Tj ET Q q 0 0 0 rg BT 502.80 658.83 Td (otal) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 515.69 662.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 645.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 645.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 631.27 Td (Balance at January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 631.27 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 631.27 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 631.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 631.27 Td (133.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 631.27 Td (200.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 616.27 Td (Amortization/accretion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 616.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 616.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 601.27 Td (Total net realized and unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 591.27 Td (gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 591.27 Td (7.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 591.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 591.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 591.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 591.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 591.27 Td (14.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 576.27 Td (Purchases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 576.27 Td (53.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 576.27 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 576.27 Td (62.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 561.27 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.80 561.27 Td (\(42.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 561.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.80 561.32 Td (\(26.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 561.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 561.32 Td (\(69.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 561.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 546.27 Td (Transfers in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 546.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 546.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 531.27 Td (Transfers out) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.80 531.27 Td (\(13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 531.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 531.32 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 531.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 531.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 531.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 531.32 Td (\(14.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 531.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 516.27 Td (Balance at December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 516.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 516.27 Td (76.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 516.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 516.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 516.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 516.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 516.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 516.27 Td (122.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 516.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 516.27 Td (198.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 502.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 77.00 487.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 482.50 Td (Excludes the carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.17 482.50 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.06 482.50 Td ( associated with a tax advantaged federal af) Tj ET Q q 0 0 0 rg BT 442.97 482.50 Td (fordable housing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 470.50 Td (development fund accounted for using the equity method.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 442.50 Td (T) Tj ET Q q 0 0 0 rg BT 82.70 442.50 Td (ransfer in to Level 3 fixed maturity investments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 442.50 Td ($5.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.14 442.50 Td ( for the year ended December 31, 2012 consists of one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.50 Td (asset-backed security for which the estimated fair value was determined using a single broker quote.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 410.50 Td ("T) Tj ET Q q 0 0 0 rg BT 83.84 410.50 Td (ransfers out" of Level3 fixed maturity investments and common equity securities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.67 410.50 Td ($14.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.56 410.50 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.50 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 398.50 Td ( were comprised of securities which had been previously classified as a Level3 measurement and were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.50 Td (recategorized as a Level2 measurement when quoted market prices for similar securities that were considered reliable and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.50 Td (could be validated against an alternative source became available.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 348.25 Td (2.Loss and LAE) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (Reserves other than ) Tj ET Q q 0 0 0 rg BT 131.74 328.25 Td (Asbestos and Envir) Tj ET Q q 0 0 0 rg BT 208.59 328.25 Td (onmental Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 308.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 308.25 Td (e establish loss and LAE reserves that are estimates of amounts needed to pay claims and related expenses in the future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.25 Td (for insured events that have already occurred. ) Tj ET Q q 0 0 0 rg BT 234.74 296.25 Td (The process of estimating reserves involves a considerable degree of judgment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (by management and, as of any given date, is inherently uncertain.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 264.25 Td (Loss and LAE reserves are typically comprised of \(1\)case reserves for claims reported and \(2\)reserves for losses that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (have occurred but for which claims have not yet been reported, referred to as IBNR reserves, which include a provision for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.25 Td (expected future development on case reserves. Case reserves are estimated based on the experience and knowledge of claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (staf) Tj ET Q q 0 0 0 rg BT 64.26 228.25 Td (f regarding the nature and potential cost of each claim and are adjusted as additional information becomes known or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (payments are made. IBNR reserves are derived by subtracting paid loss and LAE and case reserves from estimates of ultimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (loss and LAE. ) Tj ET Q q 0 0 0 rg BT 108.89 204.25 Td (Actuaries estimate ultimate loss and LAE using various generally accepted actuarial methods applied to known ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (losses and other relevant information. Like case reserves, IBNR reserves are adjusted as additional information becomes known ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.25 Td (or payments are made.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 160.25 Td (Ultimate loss and LAE are generally determined by extrapolation of claim emer) Tj ET Q q 0 0 0 rg BT 393.42 160.25 Td (gence and settlement patterns observed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.25 Td (the past that can reasonably be expected to persist into the future. In forecasting ultimate loss and LAE with respect to any line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.25 Td (of business, past experience with respect to that line of business is the primary resource, but cannot be relied upon in isolation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (Our own experience, particularly claims development experience, such as trends in case reserves, payments on and closings of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (claims, as well as changes in business mix and coverage limits, is the most important information for estimating our reserves. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.25 Td (External data, available from or) Tj ET Q q 0 0 0 rg BT 176.70 100.25 Td (ganizations such as statistical bureaus, consulting firms and reinsurance companies, is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.25 Td (sometimes used to supplement or corroborate our own experience, and can be especially useful for estimating costs of new ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (business. For some lines of business, such as "long-tail" coverages discussed below) Tj ET Q q 0 0 0 rg BT 383.30 76.25 Td (, claims data reported in the most recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (accident year is often too limited to provide a meaningful basis for analysis due to the typical delay in reporting of claims. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (this type of business, we use a selected loss ratio method for the initial accident year or years. ) Tj ET Q q 0 0 0 rg BT 426.37 52.25 Td (This is a standard and accepted ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (actuarial reserve estimation method in these circumstances in which the loss ratio is selected based upon information used in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (pricing policies for that line of business, as well as any publicly available industry data, such as industry pricing, experience ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and trends, for that line of business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 698.10 Td (Uncertainties in estimating ultimate loss and LAE are magnified by the time lag between when a claim actually occurs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (and when it is reported and settled. ) Tj ET Q q 0 0 0 rg BT 192.00 686.10 Td (This time lag is sometimes referred to as the "claim-tail". ) Tj ET Q q 0 0 0 rg BT 422.97 686.10 Td (The claim-tail for most property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (coverages is typically short \(usually a few days up to a few months\). ) Tj ET Q q 0 0 0 rg BT 326.42 674.10 Td (The claim-tail for liability/casualty coverages, such as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (automobile liability) Tj ET Q q 0 0 0 rg BT 127.95 662.10 Td (, general liability) Tj ET Q q 0 0 0 rg BT 195.33 662.10 Td (, products liability) Tj ET Q q 0 0 0 rg BT 267.73 662.10 Td (, multiple peril coverage, and workers compensation, can be especially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (long as claims are often reported and ultimately paid or settled years, even decades, after the related loss events occur) Tj ET Q q 0 0 0 rg BT 519.54 650.10 Td (. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (the long claims reporting and settlement period, additional facts regarding coverages written in prior accident years, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (about actual claims and trends may become known and, as a result, we may adjust our reserves. If management determines that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (an adjustment is appropriate, the adjustment is booked in the accounting period in which such determination is made. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 602.10 Td (, should reserves need to be increased or decreased in the future from amounts currently established, future results ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (of operations would be negatively or positively impacted, respectively) Tj ET Q q 0 0 0 rg BT 330.66 590.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 570.10 Td (In determining ultimate loss and LAE, the cost to indemnify claimants, provide needed legal defense and other services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (for insureds and administer the investigation and adjustment of claims are considered. ) Tj ET Q q 0 0 0 rg BT 396.11 558.10 Td (These claim costs are influenced by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (many factors that change over time, such as expanded coverage definitions as a result of new court decisions, inflation in costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (to repair or replace damaged property) Tj ET Q q 0 0 0 rg BT 200.11 534.10 Td (, inflation in the cost of medical services and legislated changes in statutory benefits, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (well as by the particular) Tj ET Q q 0 0 0 rg BT 145.67 522.10 Td (, unique facts that pertain to each claim. ) Tj ET Q q 0 0 0 rg BT 307.28 522.10 Td (As a result, the rate at which claims arose in the past and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (costs to settle them may not always be representative of what will occur in the future. ) Tj ET Q q 0 0 0 rg BT 393.88 510.10 Td (The factors influencing changes in claim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (costs are often dif) Tj ET Q q 0 0 0 rg BT 121.18 498.10 Td (ficult to isolate or quantify and developments in paid and incurred losses from historical trends are frequently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (subject to multiple and conflicting interpretations. Changes in coverage terms or claims handling practices may also cause ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (future experience and/or development patterns to vary from the past. ) Tj ET Q q 0 0 0 rg BT 326.29 474.10 Td (A) Tj ET Q q 0 0 0 rg BT 332.96 474.10 Td ( key objective of actuaries in developing estimates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (ultimate loss and LAE, and resulting IBNR reserves, is to identify aberrations and systemic changes occurring within historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (experience and accurately adjust for them so that the future can be projected reliably) Tj ET Q q 0 0 0 rg BT 387.25 450.10 Td (. Because of the factors previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (discussed, this process requires the use of informed judgment and is inherently uncertain.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 418.10 Td (Our actuaries use several generally accepted actuarial methods to evaluate our loss and LAE reserves, each of which has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (its own strengths and weaknesses. ) Tj ET Q q 0 0 0 rg BT 188.69 406.10 Td (W) Tj ET Q q 0 0 0 rg BT 197.32 406.10 Td (e place more or less reliance on a particular method based on the facts and circumstances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (at the time the reserve estimates are made. ) Tj ET Q q 0 0 0 rg BT 221.68 394.10 Td (These methods generally fall into one of the following categories or are hybrids of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (one or more of the following categories:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 362.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 362.10 Td (Historical paid loss development methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.09 362.10 Td () Tj ET Q q 0 0 0 rg BT 297.91 362.10 Td (These methods use historical loss payments over discrete periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 350.10 Td (of time to estimate future losses. Historical paid loss development methods assume that the ratio of losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 338.10 Td (paid in one period to losses paid in an earlier period will remain constant. ) Tj ET Q q 0 0 0 rg BT 418.13 338.10 Td (These methods necessarily assume ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 326.10 Td (that factors that have af) Tj ET Q q 0 0 0 rg BT 215.66 326.10 Td (fected paid losses in the past, such as inflation or the ef) Tj ET Q q 0 0 0 rg BT 435.97 326.10 Td (fects of litigation, will remain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 314.10 Td (constant in the future. Because historical paid loss development methods do not use case reserves to estimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 302.10 Td (ultimate losses, they can be more reliable than the other methods discussed below that look to case reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 290.10 Td (\(such as actuarial methods that use incurred losses\) in situations where there are significant changes in how ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 278.10 Td (case reserves are established by a company's claims adjusters. However) Tj ET Q q 0 0 0 rg BT 408.29 278.10 Td (, historical paid loss development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 266.10 Td (methods are more leveraged, meaning that small changes in payments have a lar) Tj ET Q q 0 0 0 rg BT 443.09 266.10 Td (ger impact on estimates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 254.10 Td (ultimate losses, than actuarial methods that use incurred losses because cumulative loss payments take much ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 242.10 Td (longer to equal the expected ultimate losses than cumulative incurred amounts. In addition, and for similar ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 230.10 Td (reasons, historical paid loss development methods are often slow to react to situations when new or dif) Tj ET Q q 0 0 0 rg BT 532.56 230.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 218.10 Td (factors arise than those that have af) Tj ET Q q 0 0 0 rg BT 262.87 218.10 Td (fected paid losses in the past.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 198.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 198.10 Td (Historical incurr) Tj ET Q q 0 0 0 rg BT 189.69 198.10 Td (ed loss development methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.38 198.10 Td () Tj ET Q q 0 0 0 rg BT 314.20 198.10 Td (These methods, like historical paid loss development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 186.10 Td (methods, assume that the ratio of losses in one period to losses in an earlier period will remain constant in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 174.10 Td (future. However) Tj ET Q q 0 0 0 rg BT 187.13 174.10 Td (, instead of using paid losses, these methods use incurred losses \(i.e.,the sum of cumulative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 162.10 Td (historical loss payments plus outstanding case reserves\) over discrete periods of time to estimate future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 150.10 Td (losses. Historical incurred loss development methods can be preferable to historical paid loss development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 138.10 Td (methods because they explicitly take into account open cases and the claims adjusters' evaluations of the cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 126.10 Td (to settle all known claims. However) Tj ET Q q 0 0 0 rg BT 265.45 126.10 Td (, historical incurred loss development methods necessarily assume that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 114.10 Td (case reserving practices are consistently applied over time. ) Tj ET Q q 0 0 0 rg BT 359.22 114.10 Td (Therefore, when there have been significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 102.10 Td (changes in how case reserves are established, using incurred loss data to project ultimate losses can be less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 90.10 Td (reliable than other methods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 70.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 70.10 Td (Expected loss ratio methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.81 70.10 Td () Tj ET Q q 0 0 0 rg BT 242.63 70.10 Td (These methods are based on the assumption that ultimate losses vary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 58.10 Td (proportionately with premiums. Expected loss ratios are typically developed based upon the information used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 46.10 Td (in pricing, and are multiplied by the total amount of premiums written to calculate ultimate losses. Expected ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 742.10 Td (loss ratio methods are useful for estimating ultimate losses in the early years of long-tailed lines of business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 730.10 Td (when little or no paid or incurred loss information is available.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 710.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 710.10 Td (Adjusted historical paid and incurr) Tj ET Q q 0 0 0 rg BT 262.74 710.10 Td (ed loss development methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.43 710.10 Td () Tj ET Q q 0 0 0 rg BT 387.25 710.10 Td (These methods take traditional historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 698.10 Td (paid and incurred loss development methods and adjust them for the estimated impact of changes from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 686.10 Td (past in factors such as inflation, the speed of claim payments or the adequacy of case reserves. ) Tj ET Q q 0 0 0 rg BT 501.03 686.10 Td (Adjusted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 674.10 Td (historical paid and incurred loss development methods are often more reliable methods of predicting ultimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 662.10 Td (losses in periods of significant change, provided the actuaries can develop methods to reasonably quantify the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 650.10 Td (impact of changes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 630.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 630.10 Td (e perform an actuarial review of our recorded reserves each quarter) Tj ET Q q 0 0 0 rg BT 350.82 630.10 Td (. Our actuaries compare the previous quarter's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (estimates of paid loss and LAE, case reserves and IBNR to amounts indicated by actual experience. Dif) Tj ET Q q 0 0 0 rg BT 464.13 618.10 Td (ferences between ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (previous estimates and actual experience are evaluated to determine whether a given actuarial method for estimating loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (LAE should be relied upon to a greater or lesser extent than it had been in the past. ) Tj ET Q q 0 0 0 rg BT 383.33 594.10 Td (While some variance is expected each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (quarter due to the inherent uncertainty in loss and LAE, persistent or lar) Tj ET Q q 0 0 0 rg BT 337.23 582.10 Td (ge variances would indicate that prior assumptions and/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (or reliance on certain reserving methods may need to be revised going forward.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 550.10 Td (Upon completion of each quarterly review) Tj ET Q q 0 0 0 rg BT 243.01 550.10 Td (, our actuaries select indicated reserve levels based on the results of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (actuarial methods described previously) Tj ET Q q 0 0 0 rg BT 205.69 538.10 Td (, which are the primary consideration in determining management's best estimate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (required reserves. However) Tj ET Q q 0 0 0 rg BT 159.82 526.10 Td (, in making its best estimate, management also considers other qualitative factors that may lead to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 514.10 Td (ference between held reserves and actuarially recommended levels in the future. ) Tj ET Q q 0 0 0 rg BT 383.93 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 389.34 514.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 420.90 514.10 Td (, these factors exist when ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (management and our actuaries conclude that there is insuf) Tj ET Q q 0 0 0 rg BT 281.95 502.10 Td (ficient historical incurred and paid loss information or that trends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (included in the historical incurred and paid loss information are unlikely to repeat in the future. Such factors include, among ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (others, recent entry into new markets or new products, improvements in the claims department that are expected to lessen ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (future ultimate loss costs and legal and regulatory developments. ) Tj ET Q q 0 0 0 rg BT 311.60 466.10 Td (At December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.69 466.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.69 466.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.12 466.10 Td (201) Tj ET Q q 0 0 0 rg BT 436.75 466.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.75 466.10 Td (, total carried reserves, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (including reserves that are presented as liabilities held for sale in the December 31, 2012 balance sheet related to the Runof) Tj ET Q q 0 0 0 rg BT 542.70 454.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (Business, were 6% and 10%, respectively) Tj ET Q q 0 0 0 rg BT 216.25 442.10 Td (, above the actuarial point estimate.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (Asbestos and Environmental \(A&E\) Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 402.10 Td (Our reserves include provisions made for claims that assert damages from ) Tj ET Q q 0 0 0 rg BT 371.97 402.10 Td (A&E related exposures. ) Tj ET Q q 0 0 0 rg BT 469.72 402.10 Td (Asbestos claims relate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (primarily to injuries asserted by those who allegedly came in contact with asbestos or products containing asbestos. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (Environmental claims relate primarily to pollution and related clean-up cost obligations, particularly as mandated by federal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (and state environmental protection agencies. In addition to the factors described above under "Reserves other than ) Tj ET Q q 0 0 0 rg BT 508.65 366.10 Td (Asbestos and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 354.10 Td (Environmental Reserves" regarding the reserving process, we estimate our ) Tj ET Q q 0 0 0 rg BT 350.10 354.10 Td (A&E reserves based upon, among other factors, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (facts surrounding reported cases and exposures to claims, such as policy limits and deductibles, current law) Tj ET Q q 0 0 0 rg BT 478.96 342.10 Td (, past and projected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (claim activity and past settlement values for similar claims, as well as analysis of industry studies and events, such as recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (settlements and asbestos-related bankruptcies. ) Tj ET Q q 0 0 0 rg BT 236.70 318.10 Td (The cost of administering ) Tj ET Q q 0 0 0 rg BT 341.13 318.10 Td (A&E claims, which is an important factor in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (estimating loss and LAE reserves, tends to be higher than in the case of non-A&E claims due to the higher legal costs typically ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (associated with ) Tj ET Q q 0 0 0 rg BT 113.32 294.10 Td (A&E claims.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 274.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 274.10 Td ( lar) Tj ET Q q 0 0 0 rg BT 93.54 274.10 Td (ge portion of our ) Tj ET Q q 0 0 0 rg BT 162.97 274.10 Td (A&E losses resulted from the operations of the Employers Group, an entity acquired by one of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (legacy companies in 1971. ) Tj ET Q q 0 0 0 rg BT 158.96 262.10 Td (These operations, including business of Employers Surplus Lines Insurance Company and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (Employers Liability ) Tj ET Q q 0 0 0 rg BT 132.21 250.10 Td (Assurance Corporation, provided primary and excess liability insurance for commercial insureds, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (Fortune 500-sized accounts, some of whom subsequently experienced claims for ) Tj ET Q q 0 0 0 rg BT 374.64 238.10 Td (A&E losses. ) Tj ET Q q 0 0 0 rg BT 426.96 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 435.60 238.10 Td (e stopped writing such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (coverage in 1984.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 206.10 Td (Our liabilities for ) Tj ET Q q 0 0 0 rg BT 145.38 206.10 Td (A&E losses from business underwritten in the recent past are substantially limited by the application of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (exclusionary clauses in the policy language that eliminated coverage for such claims. ) Tj ET Q q 0 0 0 rg BT 392.38 194.10 Td (After 1987 for pollution and 1992 for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (asbestos, most liability policies contained industry-standard absolute exclusions of such claims. In earlier years, various ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (exclusions were also applied, but the wording of those exclusions was less strict and subsequent court rulings have reduced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (their ef) Tj ET Q q 0 0 0 rg BT 78.41 158.10 Td (fectiveness.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 138.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 138.10 Td (e also incurred ) Tj ET Q q 0 0 0 rg BT 143.45 138.10 Td (A&E losses via our participation in industry pools and associations. ) Tj ET Q q 0 0 0 rg BT 416.84 138.10 Td (The most significant of these pools ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.10 Td (was Excess Casualty Reinsurance ) Tj ET Q q 0 0 0 rg BT 187.19 126.10 Td (Association, or ECRA, which provided excess liability reinsurance to U.S. insurers from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (1950 until the early 1980s. ECRA) Tj ET Q q 0 0 0 rg BT 185.55 114.10 Td ( incurred significant liabilities for ) Tj ET Q q 0 0 0 rg BT 321.90 114.10 Td (A&E, of which we bear approximately a 4.6% and 4.7% ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (share, respectively) Tj ET Q q 0 0 0 rg BT 123.76 102.10 Td (, at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.06 102.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.06 102.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.50 102.10 Td (201) Tj ET Q q 0 0 0 rg BT 251.13 102.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.13 102.10 Td (, or $66.9 million and $77.1million, respectively) Tj ET Q q 0 0 0 rg BT 451.84 102.10 Td (, at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.14 102.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.14 102.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 90.10 Td (201) Tj ET Q q 0 0 0 rg BT 81.57 90.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.57 90.10 Td (, which is fully reflected in our loss and LAE reserves.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 70.10 Td (More recently) Tj ET Q q 0 0 0 rg BT 129.71 70.10 Td (, since the 1990s, we have experienced an influx of claims from commercial insureds, including many non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (Fortune 500-sized accounts written during the 1970s and 1980s, who are named as defendants in asbestos lawsuits. ) Tj ET Q q 0 0 0 rg BT 512.41 58.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 46.10 Td (number of lar) Tj ET Q q 0 0 0 rg BT 104.24 46.10 Td (ge well-known manufacturers of asbestos and asbestos-containing products have gone into bankruptcy) Tj ET Q q 0 0 0 rg BT 513.76 46.10 Td (, plaintif) Tj ET Q q 0 0 0 rg BT 547.46 46.10 Td (fs ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (have sought recoveries from peripheral defendants, such as installers, transporters or sellers of such products, or from owners ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of premises on which the plaintif) Tj ET Q q 0 0 0 rg BT 181.73 730.10 Td (fs' exposure to asbestos allegedly occurred. ) Tj ET Q q 0 0 0 rg BT 356.54 730.10 Td (At December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.62 730.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.62 730.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.62 730.10 Td (481) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.62 730.10 Td ( policyholders had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (asbestos-related claims against us. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.51 718.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.51 718.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.51 718.10 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.51 718.10 Td ( new insureds with such peripheral involvement presented asbestos claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (under prior policies we had written.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 686.10 Td (Historically) Tj ET Q q 0 0 0 rg BT 120.56 686.10 Td (, most asbestos claims have been asserted as product liability claims. Recently) Tj ET Q q 0 0 0 rg BT 432.89 686.10 Td (, insureds who have exhausted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (the available products liability limits of their insurance policies have sought from insurers such as us payment for asbestos ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (claims under the premises and operations coverage of their liability policies, which may not be subject to similar aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (limits. ) Tj ET Q q 0 0 0 rg BT 77.60 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 86.24 650.10 Td (e expect this trend to continue. However) Tj ET Q q 0 0 0 rg BT 247.73 650.10 Td (, to date there have been fewer of these premises and operations coverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (claims than product liability coverage claims. ) Tj ET Q q 0 0 0 rg BT 234.48 638.10 Td (This may be due to a variety of factors, including that it may be more dif) Tj ET Q q 0 0 0 rg BT 525.33 638.10 Td (ficult for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (underlying plaintif) Tj ET Q q 0 0 0 rg BT 124.53 626.10 Td (fs to establish losses as stemming from premises and operations exposures, which requires proof of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (defendant's negligence, rather than products liability under which strict legal liability applies. Premises and operations claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (may vary significantly and policyholders may seek lar) Tj ET Q q 0 0 0 rg BT 266.70 602.10 Td (ge amounts, although such claims frequently settle for a fraction of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (initial alleged amount. ) Tj ET Q q 0 0 0 rg BT 141.65 590.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 190.98 590.10 Td (, there is a great deal of variation in damages awarded for the actual injuries. ) Tj ET Q q 0 0 0 rg BT 498.91 590.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 578.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 578.10 Td (, there were approximately 379 active claims by insureds against us without product liability coverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (asserting operations or premises coverage, which may not be subject to aggregate limits under the policies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 546.10 Td (Immediately preceding the OneBeacon ) Tj ET Q q 0 0 0 rg BT 232.27 546.10 Td (Acquisition, we purchased a reinsurance contract with NICO under which we are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (entitled to recover from NICO up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.90 534.10 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.02 534.10 Td ( in the future for asbestos claims arising from business written by us in 1992 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (and prior) Tj ET Q q 0 0 0 rg BT 85.98 522.10 Td (, environmental claims arising from business written by us in 1987 and prior) Tj ET Q q 0 0 0 rg BT 391.36 522.10 Td (, and certain other exposures. Under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (terms of the NICO Cover) Tj ET Q q 0 0 0 rg BT 151.25 510.10 Td (, NICO receives the economic benefit of reinsurance recoverables from certain of our third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (reinsurers in existence at the time the NICO Cover was executed, or ) Tj ET Q q 0 0 0 rg BT 324.45 498.10 Td (Third-Party Recoverables. ) Tj ET Q q 0 0 0 rg BT 431.91 498.10 Td (As a result, the ) Tj ET Q q 0 0 0 rg BT 494.22 498.10 Td (Third-Party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (Recoverables serve to protect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.22 486.10 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.33 486.10 Td ( limit of NICO coverage for the benefit of us. ) Tj ET Q q 0 0 0 rg BT 414.89 486.10 Td (Any amounts uncollectible from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (third-party reinsurers due to dispute or the reinsurers' financial inability to pay are covered by NICO under its agreement with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 63.71 462.10 Td (Third-Party Recoverables are typically for the amount of loss in excess of a stated level each year) Tj ET Q q 0 0 0 rg BT 453.56 462.10 Td (. Of claim payments from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (2000 through 2012, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.37 450.10 Td (47%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.70 450.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 222.48 450.10 Td (A&E losses have been recovered under the historical third-party reinsurance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 430.10 Td (During 201) Tj ET Q q 0 0 0 rg BT 119.46 430.10 Td (1, we completed a study of our legacy ) Tj ET Q q 0 0 0 rg BT 273.58 430.10 Td (A&E exposures. Reasonable estimates of potential adverse scenarios ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (continue to be within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.92 418.10 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.04 418.10 Td ( reinsurance cover issued by NICO. Based on the results of the study) Tj ET Q q 0 0 0 rg BT 472.60 418.10 Td (, we increased the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (point estimate of incurred losses ceded to NICO from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.89 406.10 Td ($2.2 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.00 406.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.78 406.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.89 406.10 Td (, an increase of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.92 406.10 Td ($121.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.81 406.10 Td (, net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (underlying reinsurance. Due to the NICO Cover) Tj ET Q q 0 0 0 rg BT 242.05 394.10 Td (, there was no impact to income or equity from the change in the estimate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 374.10 Td (As part of our previously described actuarial review process, we review ) Tj ET Q q 0 0 0 rg BT 362.78 374.10 Td (A&E activity each quarter and compare that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (activity to what was assumed in the most recently completed study) Tj ET Q q 0 0 0 rg BT 316.51 362.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.96 362.10 Td (As of December31, 2012, we noted no change in the range ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (of reasonable outcomes around our best estimate described above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 330.10 Td (As noted above, we have ceded estimated incurred losses of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.68 330.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.79 330.10 Td ( to the NICO Cover at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 318.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 318.10 Td (. Since entering into the NICO Cover) Tj ET Q q 0 0 0 rg BT 277.32 318.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.58 318.10 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.91 318.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.96 318.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.07 318.10 Td ( of utilized coverage relates to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (uncollectible ) Tj ET Q q 0 0 0 rg BT 103.96 306.10 Td (Third-Party Recoverables and settlements on ) Tj ET Q q 0 0 0 rg BT 286.23 306.10 Td (Third-Party Recoverables through December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.94 306.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.94 306.10 Td (. Net losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (paid totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.43 294.10 Td ($1.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.54 294.10 Td ( as of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.29 294.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.29 294.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.11 294.10 Td (T) Tj ET Q q 0 0 0 rg BT 258.52 294.10 Td (o the extent that actual experience dif) Tj ET Q q 0 0 0 rg BT 408.26 294.10 Td (fers from our estimate of incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (A&E losses and ) Tj ET Q q 0 0 0 rg BT 116.76 282.10 Td (Third-Party Recoverables, future losses could exceed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.23 282.10 Td ($198.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.12 282.10 Td ( of protection remaining under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (NICO Cover) Tj ET Q q 0 0 0 rg BT 100.83 270.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 250.10 Td (Our reserves for ) Tj ET Q q 0 0 0 rg BT 140.92 250.10 Td (A&E losses, net of ) Tj ET Q q 0 0 0 rg BT 218.79 250.10 Td (Third-Party Recoverables but prior to NICO recoveries, were $0.7billion at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 238.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.03 238.10 Td (An industry benchmark of reserve adequacy is the "survival ratio," computed as a company's reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (divided by its historical average yearly loss payments. ) Tj ET Q q 0 0 0 rg BT 268.93 226.10 Td (This ratio indicates approximately how many more years of payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (the reserves can support, assuming future yearly payments are equal to historical levels. Our survival ratio was 10.4 at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.58 202.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.40 202.10 Td (This was computed as the ratio of ) Tj ET Q q 0 0 0 rg BT 270.32 202.10 Td (A&E reserves, net of ) Tj ET Q q 0 0 0 rg BT 357.05 202.10 Td (Third-Party Recoverables prior to the NICO Cover ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (of $0.7billion plus the remaining unused portion of the NICO Cover of $198.3million, to the average ) Tj ET Q q 0 0 0 rg BT 460.77 190.10 Td (A&E loss payments over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (the three-year period ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.75 178.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.75 178.10 Td (, net of ) Tj ET Q q 0 0 0 rg BT 271.11 178.10 Td (Third-Party Recoverables. Our survival ratio was 13.3 years at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 166.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 133.03 166.10 Td (W) Tj ET Q q 0 0 0 rg BT 141.67 166.10 Td (e believe that as a result of the NICO Cover and our historical third-party reinsurance programs, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (should not experience material financial loss from ) Tj ET Q q 0 0 0 rg BT 252.44 154.10 Td (A&E exposures under current coverage interpretations and that our survival ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (ratio compares favorably to industry survival ratios. However) Tj ET Q q 0 0 0 rg BT 296.20 142.10 Td (, the survival ratio is a simplistic measure estimating the number ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (of years it would be before the current ending loss reserves for these claims would be paid using recent annual average ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (payments subject to adjustments for unusual items. Many factors, such as aggressive settlement procedures, mix of business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (and coverage provided, have a significant ef) Tj ET Q q 0 0 0 rg BT 226.68 106.10 Td (fect on the amount of ) Tj ET Q q 0 0 0 rg BT 314.16 106.10 Td (A&E reserves and payments and the resultant survival ratio. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Thus, caution should be exercised in attempting to determine reserve adequacy for these claims based simply on this survival ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (ratio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 62.10 Td (Our reserves for ) Tj ET Q q 0 0 0 rg BT 140.92 62.10 Td (A&E losses at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.22 62.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.22 62.10 Td ( represent management's best estimate of its ultimate liability based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (information currently available. However) Tj ET Q q 0 0 0 rg BT 215.64 50.10 Td (, significant uncertainties, including but not limited to case law developments, ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (medical and clean-up cost increases and industry settlement practices, limit our ability to accurately estimate ultimate liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and we may be subject to ) Tj ET Q q 0 0 0 rg BT 153.31 730.10 Td (A&E losses beyond currently estimated amounts. In addition, we remain liable for risks reinsured in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (the event that a reinsurer does not honor its obligations under reinsurance contracts. See Note3"Reserves for Unpaid Loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (and LAEAsbestos and environmental loss and LAE reserve activity" of the accompanying consolidated financial statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (for more information regarding our ) Tj ET Q q 0 0 0 rg BT 193.01 694.10 Td (A&E reserves.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (A&E Claims ) Tj ET Q q 0 0 0 rg BT 103.15 674.10 Td (Activity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 654.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 91.50 654.10 Td (A&E claims activity) Tj ET Q q 0 0 0 rg BT 173.05 654.10 Td (, substantially all of which relates to Runof) Tj ET Q q 0 0 0 rg BT 345.06 654.10 Td (f Business, the operations of which have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (included in discontinued operations and the loss and LAE reserves of which are included in liabilities held for sale on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (December 31, 2012 consolidated balance sheet, is illustrated in the table below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 577.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 577.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 577.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 577.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 547.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 547.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 547.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 547.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 517.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 517.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 517.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 517.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 487.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 487.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 487.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 487.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 487.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 457.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 457.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 457.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 457.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 457.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 427.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 427.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 427.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 427.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 427.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 397.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 397.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 397.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 397.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 367.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 367.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 367.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 367.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 337.60 302.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 337.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 337.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 337.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 590.6 m 456.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 590.6 m 460.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 590.6 m 520.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 590.6 m 456.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 577.6 m 456.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 590.6 m 460.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 590.6 m 520.5 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 577.6 m 520.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 517.6 m 456.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 517.6 m 520.5 517.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 501.6 m 456.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 503.6 m 456.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 501.6 m 520.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 503.6 m 520.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 427.6 m 456.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 427.6 m 520.5 427.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 411.6 m 456.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 413.6 m 456.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 411.6 m 520.5 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 413.6 m 520.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 337.6 m 456.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 323.6 m 456.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 321.6 m 456.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 337.6 m 520.5 337.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 323.6 m 520.5 323.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 321.6 m 520.5 321.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 595.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.85 602.83 Td (Y) Tj ET Q q 0 0 0 rg BT 443.74 602.83 Td (ear) Tj ET Q q 0 0 0 rg BT 454.70 602.83 Td ( ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 434.75 594.83 Td (December) Tj ET Q q 0 0 0 rg BT 469.25 594.83 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 93.00 581.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.00 581.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.20 581.83 Td (2011) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 567.28 Td (Asbestos) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 567.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 567.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 552.27 Td (Accounts with asbestos claims at the beginning of the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 552.27 Td (460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 552.27 Td (478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 537.27 Td (Accounts reporting asbestos claims during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 537.27 Td (106) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 537.27 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 522.27 Td (Accounts on which asbestos claims were closed during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.30 522.32 Td (\(85) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 522.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.30 522.32 Td (\(112) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.65 522.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 507.27 Td (Accounts with asbestos claims at the end of the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 507.27 Td (481) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 507.27 Td (460) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 477.28 Td (Environmental) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 477.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 477.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 462.27 Td (Accounts with environmental claims at the beginning of the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 462.27 Td (315) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 462.27 Td (353) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 447.27 Td (Accounts reporting environmental claims during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 447.27 Td (102) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 447.27 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 432.27 Td (Accounts on which environmental claims were closed during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 432.32 Td (\(111) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 432.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.30 432.32 Td (\(95) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.65 432.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 417.27 Td (Accounts with environmental claims at the end of the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 417.27 Td (306) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 417.27 Td (315) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 387.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 387.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 387.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 372.27 Td (Total accounts with A&E claims at the beginning of the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 372.27 Td (775) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 372.27 Td (831) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 357.27 Td (Accounts reporting A&E claims during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 357.27 Td (208) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 357.27 Td (151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 342.27 Td (Accounts on which A&E claims were closed during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.30 342.32 Td (\(196) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 342.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.30 342.32 Td (\(207) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.65 342.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 327.27 Td (Total accounts with A&E claims at the end of the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 327.27 Td (787) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 327.27 Td (775) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (Reserve Estimation by Line of Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 275.10 Td (The process of establishing loss reserves is complex and imprecise as it must consider many variables that are subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (the outcome of future events. ) Tj ET Q q 0 0 0 rg BT 168.85 263.10 Td (As a result, informed subjective estimates and judgments as to our ultimate exposure to losses are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (an integral component of our loss reserving process. ) Tj ET Q q 0 0 0 rg BT 261.15 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 269.79 251.10 Td (e, like other insurance companies, categorize and track our insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (reserves by "line of business", such as automobile liability) Tj ET Q q 0 0 0 rg BT 282.75 239.10 Td (, multiple peril liability and workers compensation. Furthermore, we ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (regularly review the appropriateness of reserve levels at the line of business level, considering the variety of trends that impact ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (the ultimate settlement of claims for the subsets of claims in each particular line of business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 195.10 Td (For loss and allocated loss adjustment expense reserves, excluding ) Tj ET Q q 0 0 0 rg BT 342.27 195.10 Td (A&E, the key assumption as of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.34 195.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.34 195.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (was that the impact of the various reserving factors, as described below) Tj ET Q q 0 0 0 rg BT 334.81 183.10 Td (, on future paid losses would be similar to the impact of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (those factors on the historical loss data with the exception of severity trends. Severity trends have been relatively stable over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (the relevant historical period. ) Tj ET Q q 0 0 0 rg BT 169.50 159.10 Td (The actuarial methods use would project losses assuming continued stability in severity trends. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (Management has considered future increases in loss severity trends including the impact of inflation in making its reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (selections.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 115.10 Td (The major causes of material uncertainty \(reserving factors\) generally will vary for each product line, as well as for each ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (separately analyzed component of the product line. ) Tj ET Q q 0 0 0 rg BT 256.41 103.10 Td (The following section details reserving factors by product line. ) Tj ET Q q 0 0 0 rg BT 510.04 103.10 Td (There could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (be other reserving factors that may impact ultimate claim costs. Each reserving factor presented will have a dif) Tj ET Q q 0 0 0 rg BT 492.43 91.10 Td (ferent impact on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (estimated reserves. ) Tj ET Q q 0 0 0 rg BT 128.03 79.10 Td (Also, reserving factors can have of) Tj ET Q q 0 0 0 rg BT 267.24 79.10 Td (fsetting or compounding ef) Tj ET Q q 0 0 0 rg BT 375.64 79.10 Td (fects on estimated reserves. For example, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (workers compensation, the use of expensive medical procedures that result in medical cost inflation may enable workers to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (return to work faster) Tj ET Q q 0 0 0 rg BT 131.51 55.10 Td (, thereby lowering indemnity costs. ) Tj ET Q q 0 0 0 rg BT 274.92 55.10 Td (Thus, in almost all cases, it is impossible to discretely measure the ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 742.10 Td (fect of a single reserving factor and construct a meaningful sensitivity expectation. ) Tj ET Q q 0 0 0 rg BT 389.98 742.10 Td (Actual results will likely vary from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (expectations for each of these assumptions, resulting in an ultimate claim liability that is dif) Tj ET Q q 0 0 0 rg BT 416.67 730.10 Td (ferent from that being estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (currently) Tj ET Q q 0 0 0 rg BT 85.44 718.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.41 698.10 Td (orkers compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 678.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 678.10 Td (orkers compensation covers an employer's liability for injuries, disability or death of employees, without regard to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (fault, as prescribed by state workers compensation law and other statutes. ) Tj ET Q q 0 0 0 rg BT 346.12 666.10 Td (W) Tj ET Q q 0 0 0 rg BT 354.76 666.10 Td (orkers compensation is generally considered a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (long-tail coverage, as it takes a relatively long period of time to finalize claims from a given accident year) Tj ET Q q 0 0 0 rg BT 473.45 654.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.27 654.10 Td (While certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (payments such as initial medical treatment or temporary wage replacement for the injured worker are made quickly) Tj ET Q q 0 0 0 rg BT 510.83 642.10 Td (, some other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (payments are made over the course of several years, such as awards for permanent partial injuries. In addition, some payments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (can run as long as the injured worker's life, such as permanent disability benefits and ongoing medical care. Despite the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (possibility of long payment tails, the reporting lags are generally short, settlements are generally not complex, and most of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (liability can be considered high frequency with moderate severity) Tj ET Q q 0 0 0 rg BT 311.48 594.10 Td (. ) Tj ET Q q 0 0 0 rg BT 316.30 594.10 Td (The lar) Tj ET Q q 0 0 0 rg BT 344.71 594.10 Td (gest reserve risk generally comes from the low ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (frequency) Tj ET Q q 0 0 0 rg BT 89.33 582.10 Td (, high severity claims providing lifetime coverage for medical expense arising from a worker's injury) Tj ET Q q 0 0 0 rg BT 492.29 582.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (Examples of common reserving factors that can change and, thus, af) Tj ET Q q 0 0 0 rg BT 347.06 562.10 Td (fect the estimated workers compensation reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (include:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 530.10 Td (General workers compensation r) Tj ET Q q 0 0 0 rg BT 204.06 530.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 515.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 515.10 Td (Mortality trends of injured workers with lifetime benefits and medical treatment or dependents entitled to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 503.10 Td (survivor benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 491.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 491.10 Td (Degree of cost shifting between workers compensation and health insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 479.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 479.10 Td (Changes in claim handling philosophies \(e.g.,case reserving standards\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 459.10 Td (Indemnity r) Tj ET Q q 0 0 0 rg BT 118.51 459.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 444.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 444.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.76 444.10 Td (ime required to recover from the injury) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 432.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 432.10 Td (Degree of available transitional jobs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 420.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 420.10 Td (Degree of legal involvement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 408.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 408.10 Td (Changes in the interpretations and processes of various workers compensation bureaus' oversight of claims) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 396.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 396.10 Td (Future wage inflation for states that index benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 384.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 384.10 Td (Changes in the administrative policies of second injury funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 372.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 372.10 Td (Re-marriage rate for spouse in instances of death) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 352.10 Td (Medical r) Tj ET Q q 0 0 0 rg BT 111.28 352.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 337.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 337.10 Td (Changes in the cost of medical treatments, including prescription drugs, and underlying fee schedules) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 325.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 325.10 Td (Frequency of visits to health providers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 313.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 313.10 Td (Number of medical procedures given during visits to health providers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 301.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 301.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.41 301.10 Td (ypes of health providers used) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 289.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 289.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.41 289.10 Td (ype of medical treatments received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 277.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 277.10 Td (Use of preferred provider networks and other medical cost containment practices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 265.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 265.10 Td (A) Tj ET Q q 0 0 0 rg BT 128.48 265.10 Td (vailability of new medical processes and equipment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 253.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 253.10 Td (Changes in the use of pharmaceutical drugs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 241.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 241.10 Td (Degree of patient responsiveness to treatment) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 221.10 Td (W) Tj ET Q q 0 0 0 rg BT 79.91 221.10 Td (orkers compensation book of business r) Tj ET Q q 0 0 0 rg BT 238.14 221.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 206.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 206.10 Td (Product mix) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 194.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 194.10 Td (Injury type mix) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 182.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 182.10 Td (Changes in underwriting standards) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 150.10 Td (Multiple peril) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 130.10 Td (Multiple peril represents a package policy sold to insureds or to members of trade associations or other groups that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (include general liability and property insurance. General liability covers businesses for any liability resulting from bodily injury ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (and property damage arising from general business operations, accidents on a premises and the products manufactured or sold. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Property covers losses to a business' premises, inventory and equipment as a result of weather) Tj ET Q q 0 0 0 rg BT 424.92 94.10 Td (, fire, theft and other causes. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (Because commercial multiple peril provides a combination of property and liability coverage typically for small businesses, it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (includes both short- and long-tail coverages. For property coverage, it generally takes a relatively short period of time to close ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 58.10 Td (claims, while for the other coverages, generally for the liability coverages, it takes a longer period of time to close claims. ) Tj ET Q q 0 0 0 rg BT 539.37 58.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (reserving risk for this line is dominated by the liability coverage portion of this product, except occasionally in the event of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (catastrophic or lar) Tj ET Q q 0 0 0 rg BT 122.01 730.10 Td (ge single losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 710.10 Td (Multiple peril liability reserves here are generally analyzed as two components: bodily injury and property damage. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (Bodily injury payments reimburse the claimant for damages pertaining to physical injury as a result of the policyholder's legal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (obligation arising from non-intentional acts such as negligence, subject to the insurance policy provisions. In some cases the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (damages can include future wage loss \(which is a function of future earnings power and wage inflation\) and future medical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (treatment costs. Property damage payments result from damages to the claimant's private property arising from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (policyholder's legal obligation for non-intentional acts. In most cases, property damage losses are a function of costs as of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (loss date, or soon thereafter) Tj ET Q q 0 0 0 rg BT 159.69 638.10 Td (. Defense costs are also a part of the insured costs covered by liability policies and can be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (significant, sometimes greater than the cost of the actual paid claims, though for some products this risk is mitigated by policy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (language such that the insured portion of defense costs erodes the amount of policy limit available to pay the claim.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 594.10 Td (Multiple peril liability is generally considered a long-tail line, as it takes a relatively long period of time to finalize and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (settle claims from a given accident year) Tj ET Q q 0 0 0 rg BT 208.27 582.10 Td (. ) Tj ET Q q 0 0 0 rg BT 213.09 582.10 Td (The speed of claim reporting and claim settlement is a function of the specific ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (coverage provided and the jurisdiction, among other factors. ) Tj ET Q q 0 0 0 rg BT 293.63 570.10 Td (There are numerous components underlying the multiple peril ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (liability product line. Some of these have relatively moderate payment patterns \(with most of the claims for a given accident ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (year closed within 5 to 7years\), while others can have extreme lags in both reporting and payment of claims \(e.g.,a reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (lag of a decade for "construction defect" claims\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (Examples of common reserving factors that can change and, thus, af) Tj ET Q q 0 0 0 rg BT 347.06 514.10 Td (fect the estimated multiple peril liability reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (include:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 482.10 Td (Multiple peril liability r) Tj ET Q q 0 0 0 rg BT 167.40 482.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 467.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 467.10 Td (Changes in claim handling philosophies \(e.g.,case reserving standards\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 455.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 455.10 Td (Changes in policy provisions or court interpretations of such provisions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 443.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 443.10 Td (New theories of liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 431.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 431.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.76 431.10 Td (rends in jury awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 419.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 419.10 Td (Changes in the propensity to sue, in general with specificity to particular issues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 407.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 407.10 Td (Changes in statutes of limitations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 395.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 395.10 Td (Changes in the underlying court system) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 383.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 383.10 Td (Distortions from losses resulting from lar) Tj ET Q q 0 0 0 rg BT 287.08 383.10 Td (ge single accounts or single issues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 371.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 371.10 Td (Changes in tort law) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 359.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 359.10 Td (Shifts in lawsuit mix between federal and state courts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 347.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 347.10 Td (Changes in settlement patterns) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 72.50 327.10 Td (Multiple peril liability book of business r) Tj ET Q q 0 0 0 rg BT 236.01 327.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 312.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 312.10 Td (Changes in policy provisions \(e.g.,deductibles, policy limits, or endorsements\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 300.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 300.10 Td (Changes in underwriting standards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 288.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 288.10 Td (Product mix \(e.g.,size of account, industries insured, or jurisdiction mix\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 84.07 268.10 Td (cial automobile liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 248.10 Td (The commercial automobile product line is a mix of property and liability coverages and, therefore, includes both short- ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (and long-tail coverages. ) Tj ET Q q 0 0 0 rg BT 148.12 236.10 Td (The payments that are made quickly typically pertain to automobile physical damage \(property\) claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (and property damage \(liability\) claims. ) Tj ET Q q 0 0 0 rg BT 208.10 224.10 Td (The payments that take longer to finalize and are more dif) Tj ET Q q 0 0 0 rg BT 440.05 224.10 Td (ficult to estimate relate to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (bodily injury claims. Commercial automobile reserves are typically analyzed in two components; liability and collision/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (comprehensive claims. ) Tj ET Q q 0 0 0 rg BT 143.96 200.10 Td (This second component has minimum reserve risk and fast payouts and, accordingly) Tj ET Q q 0 0 0 rg BT 481.00 200.10 Td (, separate reserving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (factors are not presented. ) Tj ET Q q 0 0 0 rg BT 152.83 188.10 Td (The liability component includes claims for both bodily injury and property damage. In general, claim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (reporting lags are minor) Tj ET Q q 0 0 0 rg BT 145.96 176.10 Td (, claim complexity is not a major issue, and the line is viewed as high frequency) Tj ET Q q 0 0 0 rg BT 465.50 176.10 Td (, low to moderate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (severity) Tj ET Q q 0 0 0 rg BT 81.01 164.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 144.10 Td (Examples of common reserving factors that can change and, thus, af) Tj ET Q q 0 0 0 rg BT 347.06 144.10 Td (fect the estimated commercial automobile liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (reserves include:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Bodily injury and pr) Tj ET Q q 0 0 0 rg BT 131.01 112.10 Td (operty damage liability r) Tj ET Q q 0 0 0 rg BT 230.35 112.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 97.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 97.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.76 97.10 Td (rends in jury awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 85.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 85.10 Td (Changes in the underlying court system) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 73.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 73.10 Td (Changes in case law) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 61.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 61.10 Td (Litigation trends) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 49.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 49.10 Td (Frequency of claims with payment capped by policy limits) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 742.10 Td (Change in average severity of accidents, or proportion of severe accidents) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 730.10 Td (Subrogation opportunities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 718.10 Td (Changes in claim handling philosophies \(e.g.,case reserving standards\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 706.10 Td (Frequency of visits to health providers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 694.10 Td (Number of medical procedures given during visits to health providers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.41 682.10 Td (ypes of health providers used) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 127.41 670.10 Td (ypes of medical treatments received) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 658.10 Td (Changes in cost of medical treatments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 646.10 Td (Degree of patient responsiveness to treatment) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (Commer) Tj ET Q q 0 0 0 rg BT 84.07 626.10 Td (cial automobile liability book of business r) Tj ET Q q 0 0 0 rg BT 254.80 626.10 Td (eserving factors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 611.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 611.10 Td (Changes in policy provisions \(e.g.,deductibles, policy limits, or endorsements\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 599.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 599.10 Td (Changes in mix of insured vehicles \(e.g.,long-haul trucks versus local and smaller vehicles, or fleet risks ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 587.10 Td (versus non-fleet risks\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 575.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 575.10 Td (Changes in underwriting standards) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 555.10 Td (General liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 535.10 Td (See the above discussions under the liability product lines with regard to reserving factors for multiple peril, which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (similar to the reserving factors used for general liability) Tj ET Q q 0 0 0 rg BT 272.06 523.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (Prior Loss and LAE Development Discussions by ) Tj ET Q q 0 0 0 rg BT 255.11 503.10 Td (Y) Tj ET Q q 0 0 0 rg BT 260.11 503.10 Td (ear Ongoing Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 483.10 Td (The prior loss and LAE development discussion by year below relate to ongoing business \(Ongoing Business\) that is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (included in the Specialty Products and Specialty Industries segments.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 451.10 Td (Loss and LAE development2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 431.10 Td (During the year ended December31, 2012, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.66 431.10 Td ($7.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.55 431.10 Td ( of favorable loss and LAE reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (development on prior accident year reserves. During 2010, management began separately reviewing loss reserves for some ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (business which had been previously managed as a part of OneBeacon's former commercial lines underwriting unit. ) Tj ET Q q 0 0 0 rg BT 511.39 407.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 395.10 Td (1, the reserves for these businesses had been selected based on expected emer) Tj ET Q q 0 0 0 rg BT 433.74 395.10 Td (gence which was based in lar) Tj ET Q q 0 0 0 rg BT 550.46 395.10 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (part on the historic loss development of the former commercial lines underwriting unit. ) Tj ET Q q 0 0 0 rg BT 400.84 383.10 Td (The favorable reserve development was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (primarily due to emer) Tj ET Q q 0 0 0 rg BT 136.73 371.10 Td (gence which continued to be lower than expected for these businesses, particularly in the workers' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (compensation, multiple peril liability and general liability lines. ) Tj ET Q q 0 0 0 rg BT 306.98 359.10 Td (This favorable development was of) Tj ET Q q 0 0 0 rg BT 447.87 359.10 Td (fset somewhat by adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (development on a few excess property claims.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 327.10 Td (Loss and LAE development201) Tj ET Q q 0 0 0 rg BT 202.30 327.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 307.10 Td (During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 238.84 307.10 Td (1, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.79 307.10 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.68 307.10 Td ( of favorable loss and LAE reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (development on prior accident year loss reserves. ) Tj ET Q q 0 0 0 rg BT 249.75 295.10 Td (The favorable loss reserve development was primarily due to lower than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (expected severity on non-catastrophe losses related to professional liability lines, multiple peril liability lines and other general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 271.10 Td (liability lines. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 251.10 Td (W) Tj ET Q q 0 0 0 rg BT 83.04 251.10 Td (ith respect to the favorable loss reserve development, at December31, 2010, management had revised its expectations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (downward for future loss emer) Tj ET Q q 0 0 0 rg BT 173.12 239.10 Td (gence in the professional liability business, which had initially been based on market analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (when this business was initiated in 2002 and 2003. However) Tj ET Q q 0 0 0 rg BT 291.79 227.10 Td (, during the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 459.41 227.10 Td (1, losses continued to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (lower than these revised expectations. ) Tj ET Q q 0 0 0 rg BT 203.84 215.10 Td (As a result, management lowered its selected reserves on the earliest years which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 203.10 Td (fected more recent years as total loss expectations for those years are based in part on prior years' results. ) Tj ET Q q 0 0 0 rg BT 480.16 203.10 Td (The impact of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (revised estimate was a decrease to professional liability reserves of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.45 191.10 Td ($1) Tj ET Q q 0 0 0 rg BT 330.08 191.10 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.97 191.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 171.10 Td (During 2010, management began separately reviewing loss reserves for some business which had been previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (managed as a part of OneBeacon's former commercial lines underwriting unit. ) Tj ET Q q 0 0 0 rg BT 365.03 159.10 Td (As of December31, 2010, the reserves for these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (businesses had been selected based on expected emer) Tj ET Q q 0 0 0 rg BT 263.34 147.10 Td (gence which was based on the historic loss development of the former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (commercial lines underwriting unit. However) Tj ET Q q 0 0 0 rg BT 232.05 135.10 Td (, during 201) Tj ET Q q 0 0 0 rg BT 280.28 135.10 Td (1 the actual emer) Tj ET Q q 0 0 0 rg BT 348.68 135.10 Td (ged experience for these businesses was significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (lower than the expected emer) Tj ET Q q 0 0 0 rg BT 167.54 123.10 Td (gence. ) Tj ET Q q 0 0 0 rg BT 195.30 123.10 Td (As a result of this favorable emer) Tj ET Q q 0 0 0 rg BT 328.41 123.10 Td (gence, management lowered the loss reserves for these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (businesses by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.22 111.10 Td ($14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.11 111.10 Td (, which also af) Tj ET Q q 0 0 0 rg BT 219.25 111.10 Td (fect the Specialty Industries and Specialty Products segments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 91.10 Td (In addition to the development described for the lines of business above, management also recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.04 91.10 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.93 91.10 Td ( net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (decrease in reserves in other lines of business as a result of its review of loss reserves at December31, 201) Tj ET Q q 0 0 0 rg BT 476.44 79.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 486.25 79.10 Td (The change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (reserves for each other line of business was not individually significant.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 742.10 Td (Loss and LAE development2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.10 Td (During the year ended December31, 2010, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.16 722.10 Td ($36.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.05 722.10 Td ( of favorable loss and LAE reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.10 Td (development on prior accident year loss reserves. ) Tj ET Q q 0 0 0 rg BT 249.75 710.10 Td (The favorable loss reserve development was primarily due to lower than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (expected severity on non-catastrophe losses related to professional liability lines, multiple peril liability lines and other general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (liability lines, as well as development on personal lines business. ) Tj ET Q q 0 0 0 rg BT 312.00 686.10 Td (The favorable development also included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.93 686.10 Td ($7.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.82 686.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (release of commercial catastrophe reserves associated with storms occurring in 2004 and 2005.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 654.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 121.11 654.10 Td (, at December31, 2009, management had revised its expectations downward with respect to future loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (emer) Tj ET Q q 0 0 0 rg BT 69.80 642.10 Td (gence in the professional liability business, which had initially been based on market analysis when this business was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (initiated in 2002 and 2003. However) Tj ET Q q 0 0 0 rg BT 196.24 630.10 Td (, during the year ended December31, 2010, losses continued to be significantly lower than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (these revised expectations. ) Tj ET Q q 0 0 0 rg BT 158.85 618.10 Td (As a result, management lowered its selected reserves on the earliest years which af) Tj ET Q q 0 0 0 rg BT 493.54 618.10 Td (fected more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (recent years as total loss expectations for those years are based in part on prior years' results. ) Tj ET Q q 0 0 0 rg BT 422.60 606.10 Td (The impact of this revised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (estimate was a decrease to professional liability reserves of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.08 594.10 Td (19.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.97 594.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 574.10 Td (At December31, 2009, management had recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.09 574.10 Td ($7.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.98 574.10 Td ( of reserves for certain claims related to catastrophes from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (accident years 2004 and 2005 related to excess property business. During the year ended December31, 2010, these claims were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (resolved for amounts below OneBeacon's policy coverage therefore the reserves were no longer necessary) Tj ET Q q 0 0 0 rg BT 474.03 550.10 Td (. In addition to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (development described for the lines of business above, management also recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.94 538.10 Td ($9.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.83 538.10 Td ( net decrease in IBNR in other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (lines of business, primarily personal lines, as a result of its review of loss reserves at December31, 2010. ) Tj ET Q q 0 0 0 rg BT 473.33 526.10 Td (The change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (reserves for each other line of business was not individually significant.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (Prior Loss and LAE Development Discussions by ) Tj ET Q q 0 0 0 rg BT 255.11 494.10 Td (Y) Tj ET Q q 0 0 0 rg BT 260.11 494.10 Td (ear Runof) Tj ET Q q 0 0 0 rg BT 309.38 494.10 Td (f Business) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 474.10 Td (Loss and LAE development2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 454.10 Td (During the year ended December 31, 2012, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.66 454.10 Td ($40.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.55 454.10 Td ( of net unfavorable loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (development related to discontinued operations primarily driven by case incurred development on a small number of claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (related to multiple peril liability lines and general liability lines and also the impact of an adverse court ruling in Mississippi ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (regarding a disputed assessment from an involuntary pool for hurricane Katrina claims. In addition, there was a change in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (workers' compensation tabular discount rate from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.63 406.10 Td (4.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.46 406.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.24 406.10 Td (3.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.07 406.10 Td ( that resulted in net unfavorable loss reserve development of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td ($15.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 394.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 374.10 Td (Loss and LAE development201) Tj ET Q q 0 0 0 rg BT 202.30 374.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 354.10 Td (During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 238.84 354.10 Td (1, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.79 354.10 Td ($26.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.68 354.10 Td ( of net unfavorable loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 342.10 Td (development from the runof) Tj ET Q q 0 0 0 rg BT 162.29 342.10 Td (f business. ) Tj ET Q q 0 0 0 rg BT 206.83 342.10 Td (The net unfavorable loss reserve development resulted from a detailed review of runof) Tj ET Q q 0 0 0 rg BT 552.62 342.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (expenses, principally unallocated loss adjustment expenses \(ULAE\), completed during the fourth quarter of 201) Tj ET Q q 0 0 0 rg BT 497.56 330.10 Td (1. Specifically) Tj ET Q q 0 0 0 rg BT 557.17 330.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (OneBeacon completed a detailed review of loss and defense and cost containment expenses \(allocated LAE, or ) Tj ET Q q 0 0 0 rg BT 495.67 318.10 Td (ALAE\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (other adjusting expenses \(ULAE\) during the fourth quarter of 201) Tj ET Q q 0 0 0 rg BT 313.17 306.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 322.99 306.10 Td (The analysis considered costs, based on current non-staf) Tj ET Q q 0 0 0 rg BT 547.74 306.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (expenses and staf) Tj ET Q q 0 0 0 rg BT 119.79 294.10 Td (fing projections for the runof) Tj ET Q q 0 0 0 rg BT 235.69 294.10 Td (f business, as OneBeacon continued ef) Tj ET Q q 0 0 0 rg BT 389.91 294.10 Td (forts to segregate its claims operations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (between ongoing claims and runof) Tj ET Q q 0 0 0 rg BT 188.12 282.10 Td (f claims. ) Tj ET Q q 0 0 0 rg BT 224.87 282.10 Td (The analysis also factored in the revised definition of runof) Tj ET Q q 0 0 0 rg BT 461.56 282.10 Td (f claims to include the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (non-specialty commercial lines business that was exited via the renewal rights agreement sale beginning with January 1, 2010 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 258.10 Td (fective dates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 238.10 Td (Loss and LAE development2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 218.10 Td (During the year ended December31, 2010, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.16 218.10 Td ($23.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.05 218.10 Td ( of net favorable loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (development from the runof) Tj ET Q q 0 0 0 rg BT 162.29 206.10 Td (f business. ) Tj ET Q q 0 0 0 rg BT 206.83 206.10 Td (The net favorable loss reserve development was primarily due to lower than expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (severity on multiple peril liability lines and other general liability lines, particularly for accident years 2004 through 2009. ) Tj ET Q q 0 0 0 rg BT 540.42 194.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (result of the lower than expected case incurred loss and ) Tj ET Q q 0 0 0 rg BT 273.25 182.10 Td (ALAE, actuarial methods based on case incurred losses produced lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (estimated ultimate losses, resulting in lower estimates of required IBNR. ) Tj ET Q q 0 0 0 rg BT 342.72 170.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 392.62 170.10 Td (, during the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 74.45 158.10 Td (AutoOne experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.41 158.10 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.30 158.10 Td ( of adverse loss reserve development.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Unpaid Loss and LAE Reserves by Line of Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 722.25 Td (Unpaid loss and LAE reserves, net of reinsurance recoverable on unpaid losses, at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 517.37 722.25 Td (1 were as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 659.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 659.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 659.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 659.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 659.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 659.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 659.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 659.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 659.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 659.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 659.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 659.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 659.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 629.75 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 629.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 629.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 629.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 629.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 629.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 629.75 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 685.75 m 267.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 685.75 m 271.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 685.75 m 321.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 685.75 m 325.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 685.75 m 375.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 685.75 m 429.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 685.75 m 433.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 685.75 m 483.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 685.75 m 487.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 685.75 m 537.5 685.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 672.75 m 267.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 672.75 m 321.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 672.75 m 375.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 672.75 m 429.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 672.75 m 483.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 672.75 m 537.5 672.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 629.75 m 267.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 615.75 m 267.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 613.75 m 267.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 629.75 m 321.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 615.75 m 321.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 613.75 m 321.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 629.75 m 375.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 615.75 m 375.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 613.75 m 375.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 629.75 m 429.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 615.75 m 429.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 613.75 m 429.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 629.75 m 483.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 615.75 m 483.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 613.75 m 483.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 629.75 m 537.5 629.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 615.75 m 537.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 613.75 m 537.5 613.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.00 690.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 260.70 689.98 Td (December) Tj ET Q q 0 0 0 rg BT 295.20 689.98 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 325.20 693.61 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.95 689.98 Td (December) Tj ET Q q 0 0 0 rg BT 460.45 689.98 Td (31, 201) Tj ET Q q 0 0 0 rg BT 486.01 689.98 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 76.00 676.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.75 676.98 Td (Case) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.95 676.98 Td (IBNR) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.25 676.98 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.75 676.98 Td (Case) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.95 676.98 Td (IBNR) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 676.98 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 76.00 663.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.40 663.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 649.42 Td (Ongoing Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.00 649.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.15 649.42 Td (324.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 649.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 649.42 Td (568.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 649.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 649.42 Td (892.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 649.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 649.42 Td (296.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 649.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 649.42 Td (510.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 649.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.15 649.42 Td (807.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 634.42 Td (Runof) Tj ET Q q 0 0 0 rg BT 100.82 634.42 Td (f Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.15 634.42 Td (164.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 634.42 Td (47.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 634.42 Td (211.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 634.42 Td (225.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 634.42 Td (158.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.15 634.42 Td (384.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 619.42 Td (T) Tj ET Q q 0 0 0 rg BT 81.41 619.42 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.15 619.42 Td (489.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 619.42 Td (615.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.60 619.42 Td (1,104.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 619.42 Td (521.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 619.42 Td (669.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 619.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.60 619.42 Td (1,191.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 605.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 595.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 590.65 Td (Amounts included in Runof) Tj ET Q q 0 0 0 rg BT 206.20 590.65 Td (f Business as of December 31, 2012 include case and IBNR reserves that have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 578.65 Td (reclassified to liabilities held for sale in the December 31, 2012 consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 550.65 Td (Unpaid loss and LAE reserves, net of reinsurance recoverable on unpaid losses, for our Ongoing Business by line of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.65 Td (business at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 208.76 538.65 Td (1 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 488.15 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 488.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 488.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 488.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 488.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 488.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 488.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 488.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 488.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 488.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 488.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 488.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 488.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 458.15 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 458.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 458.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 458.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 458.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 458.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 458.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 458.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 458.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 458.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 458.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 458.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 458.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 428.15 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 428.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 428.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 428.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 428.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 428.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 428.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 428.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 428.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 428.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 428.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 428.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 428.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 398.15 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 398.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 398.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 398.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 398.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 398.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 398.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 398.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 398.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 398.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 398.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 398.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 398.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 368.15 140.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 368.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 217.50 368.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 368.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 368.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.50 368.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 368.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 368.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 368.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 368.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 368.15 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 368.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 368.15 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 514.15 m 267.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 514.15 m 271.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 514.15 m 321.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321.5 514.15 m 325.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 514.15 m 375.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 514.15 m 429.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 514.15 m 433.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 514.15 m 483.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 514.15 m 487.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 514.15 m 537.5 514.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 501.15 m 267.5 501.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 501.15 m 321.5 501.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 501.15 m 375.5 501.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 501.15 m 429.5 501.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 501.15 m 483.5 501.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 501.15 m 537.5 501.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 368.15 m 267.5 368.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 368.15 m 267.5 368.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 354.15 m 267.5 354.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 217.5 352.15 m 267.5 352.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 368.15 m 321.5 368.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 354.15 m 321.5 354.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 352.15 m 321.5 352.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 368.15 m 375.5 368.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 354.15 m 375.5 354.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 352.15 m 375.5 352.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 368.15 m 429.5 368.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 354.15 m 429.5 354.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 352.15 m 429.5 352.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 368.15 m 483.5 368.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 354.15 m 483.5 354.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 352.15 m 483.5 352.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 368.15 m 537.5 368.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 354.15 m 537.5 354.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 352.15 m 537.5 352.15 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.00 518.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 263.75 518.38 Td (December) Tj ET Q q 0 0 0 rg BT 298.25 518.38 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.95 518.38 Td (December) Tj ET Q q 0 0 0 rg BT 460.45 518.38 Td (31, 201) Tj ET Q q 0 0 0 rg BT 486.01 518.38 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 76.00 505.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.75 505.38 Td (Case) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.95 505.38 Td (IBNR) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.25 505.38 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.75 505.38 Td (Case) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.95 505.38 Td (IBNR) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 503.25 505.38 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 76.00 492.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.40 492.38 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 477.82 Td (Automobile liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.00 477.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 477.82 Td (33.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 477.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 477.82 Td (27.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 477.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 477.82 Td (60.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 477.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 477.82 Td (28.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 477.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 477.82 Td (25.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 477.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.15 477.82 Td (54.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 462.82 Td (General liability - occurrence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 462.82 Td (43.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 462.82 Td (123.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 462.82 Td (167.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 462.82 Td (41.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 462.82 Td (108.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.15 462.82 Td (149.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 447.82 Td (General liability - claims made) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 447.82 Td (58.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 447.82 Td (171.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 447.82 Td (229.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 447.82 Td (51.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 447.82 Td (163.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.15 447.82 Td (215.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 432.82 Td (Medical malpractice) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 432.82 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 432.82 Td (114.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 432.82 Td (172.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 432.82 Td (45.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 432.82 Td (116.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.15 432.82 Td (161.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 417.82 Td (Other casualty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 417.82 Td (51.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 417.82 Td (29.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 417.82 Td (81.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 417.82 Td (48.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 417.82 Td (34.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.15 417.82 Td (83.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 402.82 Td (W) Tj ET Q q 0 0 0 rg BT 84.64 402.82 Td (orkers compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 402.82 Td (33.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 402.82 Td (37.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 402.82 Td (71.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 402.82 Td (26.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 402.82 Td (30.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.15 402.82 Td (56.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 387.82 Td (Property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 387.82 Td (24.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 387.82 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 387.82 Td (59.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 387.82 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 387.82 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.15 387.82 Td (49.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 372.82 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.15 372.82 Td (21.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 372.82 Td (28.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 372.82 Td (50.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.15 372.82 Td (18.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.15 372.82 Td (20.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.15 372.82 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 357.82 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.00 357.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.15 357.82 Td (324.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 357.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.15 357.82 Td (568.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 357.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.15 357.82 Td (892.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.00 357.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 357.82 Td (296.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.00 357.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.15 357.82 Td (510.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.00 357.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.15 357.82 Td (807.0) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 325.65 Td (Range of Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 305.65 Td (Our range of reserve estimates at December31, 2012 was evaluated to consider the strengths and weaknesses of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 293.65 Td (actuarial methods applied against our historical claims experience data. ) Tj ET Q q 0 0 0 rg BT 337.49 293.65 Td (The following table shows the recorded unpaid loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 281.65 Td (LAE reserves, net of reinsurance recoverables on unpaid losses, and the high and low ends of our range of reasonable loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.65 Td (LAE reserve estimates at December31, 2012. ) Tj ET Q q 0 0 0 rg BT 236.14 269.65 Td (The high and low ends of our range of reserve estimates in the table below are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 257.65 Td (based on the results of various actuarial methods described above.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 199.15 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 199.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 199.15 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 199.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 199.15 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 199.15 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 199.15 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 225.14999999999998 m 373.5 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 225.14999999999998 m 377.5 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 225.14999999999998 m 437.5 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 225.14999999999998 m 441.5 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 225.14999999999998 m 501.5 225.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 212.14999999999998 m 373.5 212.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 212.14999999999998 m 437.5 212.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 212.14999999999998 m 501.5 212.14999999999998 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 229.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.75 229.38 Td (December) Tj ET Q q 0 0 0 rg BT 409.25 229.38 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.40 216.38 Td (Low) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.55 216.38 Td (Recorded) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.55 216.38 Td (High) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 203.38 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 203.38 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 188.82 Td (Ongoing Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 188.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 188.82 Td (740.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 188.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 188.82 Td (892.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 188.82 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 188.82 Td (974.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 173.82 Td (Runof) Tj ET Q q 0 0 0 rg BT 136.82 173.82 Td (f Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 173.82 Td (136.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 173.82 Td (211.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 173.82 Td (295.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table shows the recorded reserves and the high and low ends of our range of reasonable loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (reserves, net of reinsurance recoverable on unpaid losses, estimates for our Ongoing Business by line of business at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (December31, 2012. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 659.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 659.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 659.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 659.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 629.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 599.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 569.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 539.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 539.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 685.6 m 373.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 685.6 m 377.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 685.6 m 437.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 685.6 m 441.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 685.6 m 501.5 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 672.6 m 373.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 672.6 m 437.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 672.6 m 501.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 539.6 m 437.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 539.6 m 373.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 525.6 m 373.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 523.6 m 373.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 539.6 m 437.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 525.6 m 437.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 523.6 m 437.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 539.6 m 501.5 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 525.6 m 501.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 523.6 m 501.5 523.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 690.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.75 689.83 Td (December) Tj ET Q q 0 0 0 rg BT 409.25 689.83 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 676.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.40 676.83 Td (Low) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 390.55 676.83 Td (Recorded) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.55 676.83 Td (High) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 663.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 663.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 649.27 Td (Automobile liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 649.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 649.27 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 649.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 649.27 Td (60.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 649.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 649.27 Td (63.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 634.27 Td (General liability - occurrence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 634.27 Td (128.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 634.27 Td (167.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 634.27 Td (184.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 619.27 Td (General liability - claims) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 619.27 Td (183.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 619.27 Td (229.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 619.27 Td (264.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 604.27 Td (Medical malpractice) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 604.27 Td (137.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 604.27 Td (172.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 604.27 Td (195.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 589.27 Td (Other casualty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 589.27 Td (75.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 589.27 Td (81.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 589.27 Td (82.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 574.27 Td (W) Tj ET Q q 0 0 0 rg BT 120.64 574.27 Td (orkers compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 574.27 Td (57.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 574.27 Td (71.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 574.27 Td (71.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 559.27 Td (Property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 559.27 Td (57.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 559.27 Td (59.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 559.27 Td (62.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 544.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 544.27 Td (46.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 544.27 Td (50.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 544.27 Td (50.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 529.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 529.27 Td (740.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 529.27 Td (892.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 529.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 529.27 Td (974.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 497.10 Td (The recorded reserves represent management's best estimate of unpaid loss and LAE by line of business. ) Tj ET Q q 0 0 0 rg BT 494.66 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 503.30 497.10 Td (e use the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (results of several dif) Tj ET Q q 0 0 0 rg BT 131.18 485.10 Td (ferent actuarial methods to develop our estimate of ultimate reserves. ) Tj ET Q q 0 0 0 rg BT 410.06 485.10 Td (While we have not determined the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (statistical probability of actual ultimate paid losses falling within the range, management believes that it is reasonably likely ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (that actual ultimate paid losses will fall within the ranges noted above because the ranges were developed by using several ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 449.10 Td (ferent generally accepted actuarial methods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 429.10 Td (The probability that ultimate losses will fall outside of the ranges of estimates by line of business is higher for each line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (of business individually than it is for the sum of the estimates for all lines taken together due to the ef) Tj ET Q q 0 0 0 rg BT 455.28 417.10 Td (fects of diversification. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (The diversification ef) Tj ET Q q 0 0 0 rg BT 135.89 405.10 Td (fects result from the fact that losses across our dif) Tj ET Q q 0 0 0 rg BT 334.26 405.10 Td (ferent lines of business are not completely correlated. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (Although management believes our reserves are reasonably stated, ultimate losses may deviate, perhaps materially) Tj ET Q q 0 0 0 rg BT 507.80 393.10 Td (, from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (recorded reserve amounts and could be above the high end of the range of actuarial projections. ) Tj ET Q q 0 0 0 rg BT 434.39 381.10 Td (This is because ranges are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (developed based on known events as of the valuation date, whereas the ultimate disposition of losses is subject to the outcome ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (of events and circumstances that may be unknown as of the valuation date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 337.10 Td (The percentages shown in the following table represent the linear interpolation of where OneBeacon's recorded loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (LAE reserves, net of reinsurance recoverable on unpaid losses, are within the range of reserves estimates at December31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (and 201) Tj ET Q q 0 0 0 rg BT 81.57 313.10 Td (1, where the low end of the range equals zero, the middle of the range equals 50% and the high end of the range equals ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (100%. ) Tj ET Q q 0 0 0 rg BT 80.65 301.10 Td (The middle of the range \(50%\) does not necessarily represent the actuarial indication within the range of possible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (outcomes. During 2012, we modeled the range of reserves for our Ongoing Business at a more refined line of business level ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (than we had previously used; the prior period has been restated to reflect the more refined range.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 206.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 206.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 206.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 206.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 176.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 176.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 176.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 176.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 240.60000000000002 m 405.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 240.60000000000002 m 409.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 240.60000000000002 m 469.5 240.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 227.60000000000002 m 405.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 227.60000000000002 m 469.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 176.60000000000002 m 405.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 162.60000000000002 m 405.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 160.60000000000002 m 405.5 160.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 176.60000000000002 m 469.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 162.60000000000002 m 469.5 162.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 160.60000000000002 m 469.5 160.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 245.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 244.83 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 231.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 231.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 231.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 210.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.90 218.83 Td (\(expr) Tj ET Q q 0 0 0 rg BT 379.97 218.83 Td (essed as a per) Tj ET Q q 0 0 0 rg BT 426.27 218.83 Td (centage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.20 210.83 Td (of the range\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 196.27 Td (Ongoing Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 196.27 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 196.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 196.27 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 196.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 181.27 Td (Runof) Tj ET Q q 0 0 0 rg BT 168.82 181.27 Td (f Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 181.27 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 181.27 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 166.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 166.27 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 166.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 166.27 Td (66) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 166.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 134.10 Td (In selecting its best estimate, management continues to monitor the impact of future increases in inflation, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (adverse changes in tort liability) Tj ET Q q 0 0 0 rg BT 174.87 122.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.69 122.10 Td (These types of changes could result in deterioration in the loss reserves. During 2012, inflation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (continued to emer) Tj ET Q q 0 0 0 rg BT 122.02 110.10 Td (ge in the loss data for some lines of business which increased the actuarial indications and related estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (range of outcomes. Since these changes in inflation assumptions are now being partially reflected in the actuarial methods, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (management does not need to select reserves as high in the range of actuarial indications. ) Tj ET Q q 0 0 0 rg BT 409.14 86.10 Td (This has had some impact on most ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (lines but has a particular impact on general liability claims made and medical malpractice within both OneBeacon's Ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (Business and its Runof) Tj ET Q q 0 0 0 rg BT 141.77 62.10 Td (f Business. ) Tj ET Q q 0 0 0 rg BT 187.61 62.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 237.51 62.10 Td (, as OneBeacon continues to pay down the obligations associated with its Runof) Tj ET Q q 0 0 0 rg BT 557.55 62.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Business, the uncertainly and volatility associated with those reserves is also declining such that carried reserves, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (continue to exceed actuarial indications, are expectedly closer to the middle of the range.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 710.10 Td (Also in 2012, as discussed above, management lowered held reserves in several businesses that had been previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (managed as part of OneBeacon's former commercial lines underwriting group. ) Tj ET Q q 0 0 0 rg BT 366.24 698.10 Td (This development was primarily workers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (compensation and general liability occurrence. ) Tj ET Q q 0 0 0 rg BT 239.18 686.10 Td (This favorable development resulted in recorded reserves being lower in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (range as of December 31, 2012 compared to December 31, 201) Tj ET Q q 0 0 0 rg BT 302.87 674.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 654.10 Td (The percentages shown in the following table represent the linear interpolation of where our recorded loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 642.10 Td (reserves on our Ongoing Business, net of reinsurance recoverable on unpaid losses, are within the range of reserves estimates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 630.10 Td (by line of business at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 249.58 630.10 Td (1. Similar to the preceding table, the low end of the range equals zero, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (middle of the range equals 50% and the high end of the range equals 100%.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 551.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 551.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 551.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 521.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 521.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 521.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 491.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 491.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 491.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 461.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 461.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 461.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 431.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 431.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 431.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 585.6 m 405.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 585.6 m 409.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 585.6 m 469.5 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 572.6 m 405.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 572.6 m 469.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 431.6 m 405.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 417.6 m 405.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 415.6 m 405.5 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 431.6 m 469.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 417.6 m 469.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 415.6 m 469.5 415.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 590.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 589.83 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 576.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 576.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 576.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 555.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.90 563.83 Td (\(expr) Tj ET Q q 0 0 0 rg BT 379.97 563.83 Td (essed as a per) Tj ET Q q 0 0 0 rg BT 426.27 563.83 Td (centage) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.20 555.83 Td (of the range\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 541.27 Td (Automobile liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 541.27 Td (69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 541.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 541.27 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 541.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 526.27 Td (General liability - occurrence) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 526.27 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 526.27 Td (84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 511.27 Td (General liability - claims) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 511.27 Td (57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 511.27 Td (64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 496.27 Td (Medical malpractice) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 496.27 Td (60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 496.27 Td (71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 481.27 Td (Other casualty) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 481.27 Td (80) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 481.27 Td (82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 466.27 Td (W) Tj ET Q q 0 0 0 rg BT 152.64 466.27 Td (orkers compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 466.27 Td (97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.65 466.27 Td (100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 451.27 Td (Property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 451.27 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 451.27 Td (88) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 436.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 436.27 Td (92) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 436.27 Td (35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 421.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 421.27 Td (65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 421.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 421.27 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 421.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 94.35 389.10 Td (Analysis) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 369.10 Td (The following discussion includes disclosure of possible variations from current estimates of loss reserves in our Ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (Business and Runof) Tj ET Q q 0 0 0 rg BT 129.82 357.10 Td (f Businesses due to a change in certain key assumptions. Each of the impacts described below is estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (individually) Tj ET Q q 0 0 0 rg BT 97.68 345.10 Td (, without consideration for any correlation among key assumptions or among lines of business. ) Tj ET Q q 0 0 0 rg BT 479.10 345.10 Td (Therefore, it would ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (be inappropriate to take each of the amounts described below and add them together in an attempt to estimate volatility for our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (reserves in total. It is important to note that the variations discussed are not meant to be a worst-case scenario, and therefore, it ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (is possible that future variations may be more than amounts discussed below) Tj ET Q q 0 0 0 rg BT 355.68 309.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 289.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 289.10 Td (W) Tj ET Q q 0 0 0 rg BT 129.41 289.10 Td (orkers compensation:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.34 289.10 Td (Recorded loss and LAE reserves, net of reinsurance recoverables, for Ongoing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 277.10 Td (Runof) Tj ET Q q 0 0 0 rg BT 146.82 277.10 Td (f Business workers compensation were $253.8 million at December 31, 2012. ) Tj ET Q q 0 0 0 rg BT 459.91 277.10 Td (The two most important ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 265.10 Td (assumptions for workers compensation reserves are loss development factors and loss cost trends, particularly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 253.10 Td (medical cost inflation. Loss development patterns are dependent on medical cost inflation. ) Tj ET Q q 0 0 0 rg BT 485.23 253.10 Td (Approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 241.10 Td (half of the workers compensation net reserves are related to future medical costs. ) Tj ET Q q 0 0 0 rg BT 447.99 241.10 Td (Across the entire reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 229.10 Td (base, a 0.5 point change in calendar year medical inflation would have changed the estimated net reserve by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 217.10 Td (approximately $46 million at December 31, 2012, in either direction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 197.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 197.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 131.63 197.10 Td (ofessional liability:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.12 197.10 Td (Recorded loss and allocated loss adjustment expense reserves, net of reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 185.10 Td (recoverables, for professional liability were $409.5 million at December 31, 2012. ) Tj ET Q q 0 0 0 rg BT 452.74 185.10 Td (A) Tj ET Q q 0 0 0 rg BT 459.41 185.10 Td ( key assumption for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 173.10 Td (professional liability is the implicit loss cost trend, particularly the severity inflation trend component of loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 161.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 146.45 161.10 Td (Across the entire reserve base, a 5.0 point change in assumed annual severity would have changed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 149.10 Td (estimated net reserve by approximately $68 million at December 31, 2012, in either direction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 129.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 122.00 129.10 Td (Multiple peril liability:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.21 129.10 Td (Recorded loss and LAE reserves for the Ongoing and Runof) Tj ET Q q 0 0 0 rg BT 460.35 129.10 Td (f Businesses, net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 117.10 Td (reinsurance recoverables excluding the GRC Cover) Tj ET Q q 0 0 0 rg BT 327.36 117.10 Td (, for multiple peril were $142.3 million at December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 105.10 Td (2012. Reported loss development patterns are a key assumption for these lines of business, particularly for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 93.10 Td (more mature accident years. Historically) Tj ET Q q 0 0 0 rg BT 283.78 93.10 Td (, assumptions on reported loss development patterns have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 81.10 Td (impacted by) Tj ET Q q 0 0 0 rg BT 170.50 81.10 Td (, among other things, emer) Tj ET Q q 0 0 0 rg BT 277.52 81.10 Td (gence of new types of claims \(e.g. construction defect claims\) or a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 69.10 Td (shift in the mixture between smaller) Tj ET Q q 0 0 0 rg BT 265.73 69.10 Td (, more routine claims and lar) Tj ET Q q 0 0 0 rg BT 380.51 69.10 Td (ger) Tj ET Q q 0 0 0 rg BT 392.87 69.10 Td (, more complex claims. If case reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 57.10 Td (adequacy for multiple peril claims changed by 10.0 points this would have changed the estimated net reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 45.10 Td (by approximately $14 million at December 31, 2012, in either direction.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (3.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 734.25 Td () Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 734.25 Td (Reinsurance T) Tj ET Q q 0 0 0 rg BT 130.47 734.25 Td (ransactions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 714.25 Td (Our insurance subsidiaries purchase reinsurance from time to time to protect their businesses from losses due to exposure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td (aggregation, to manage their operating leverage ratios and to limit ultimate losses arising from catastrophic events. ) Tj ET Q q 0 0 0 rg BT 510.97 702.25 Td (Amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (Amounts related to reinsurance contracts are recorded in accordance with ) Tj ET Q q 0 0 0 rg BT 345.98 678.25 Td (ASC 944.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 658.25 Td (In connection with the OneBeacon ) Tj ET Q q 0 0 0 rg BT 214.79 658.25 Td (Acquisition, ) Tj ET Q q 0 0 0 rg BT 265.90 658.25 Td (A) Tj ET Q q 0 0 0 rg BT 272.38 658.25 Td (viva caused us to purchase reinsurance contracts with two reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (companies rated "A++" \("Superior", the highest of sixteen financial strength ratings\) by) Tj ET Q q 0 0 0 rg BT 402.80 646.25 Td (A.M. Best and "AA+" \("V) Tj ET Q q 0 0 0 rg BT 507.90 646.25 Td (ery Strong", ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (the second highest of twenty-one financial strength ratings\) by Standard& Poor's. One is a reinsurance cover with NICO which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (entitles us to recover up to $2.5billion in ultimate loss and LAE incurred related to asbestos claims arising from business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (written prior to 1992, environmental claims arising from business written prior to 1987 and certain other latent exposures. ) Tj ET Q q 0 0 0 rg BT 539.33 610.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (December31, 2012, we have ceded estimated incurred losses of approximately $2.3billion to NICO under the NICO Cover) Tj ET Q q 0 0 0 rg BT 545.70 598.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (The other contract is a reinsurance cover with GRC for up to $570million of additional losses on all claims arising from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (accident years 2000 and prior) Tj ET Q q 0 0 0 rg BT 167.73 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 172.18 574.25 Td (As of December31, 2012, we have ceded estimated incurred losses of $562million to GRC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (under the GRC Cover) Tj ET Q q 0 0 0 rg BT 136.93 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 141.75 562.25 Td (The NICO Cover and GRC Cover) Tj ET Q q 0 0 0 rg BT 277.72 562.25 Td (, which were contingent on and occurred contemporaneously with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (OneBeacon ) Tj ET Q q 0 0 0 rg BT 98.59 550.25 Td (Acquisition, were put in place in lieu of a seller guarantee of loss and LAE reserves and are therefore accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (as a seller guarantee under GAAP) Tj ET Q q 0 0 0 rg BT 184.67 538.25 Td (. NICO and GRC are wholly-owned subsidiaries of Berkshire HathawayInc. ) Tj ET Q q 0 0 0 rg BT 496.27 538.25 Td (All of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (balances relate to the Runof) Tj ET Q q 0 0 0 rg BT 161.44 526.25 Td (f Business, the operations of which are included in discontinued operations and the balances as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (December 31, 2012 of which have been included in assets or liabilities held for sale on the consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 494.25 Td (The collectibility of reinsurance recoverables is subject to the solvency and willingness to pay of the reinsurer) Tj ET Q q 0 0 0 rg BT 513.31 494.25 Td (. ) Tj ET Q q 0 0 0 rg BT 518.13 494.25 Td (W) Tj ET Q q 0 0 0 rg BT 526.76 494.25 Td (e are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (selective in choosing our reinsurers, placing reinsurance principally with those reinsurers with a strong financial condition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (industry ratings and underwriting ability) Tj ET Q q 0 0 0 rg BT 210.99 470.25 Td (. Management monitors the financial condition and ratings of our reinsurers on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (ongoing basis. See Note 4"Reinsurance" and Note19"Discontinued Operations" of the accompanying consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (financial statements for additional information on our reinsurance programs.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 427.25 Td (FOR) Tj ET Q q 0 0 0 rg BT 70.76 427.25 Td (W) Tj ET Q q 0 0 0 rg BT 79.65 427.25 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 167.53 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 174.01 427.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 407.25 Td (The information contained in this report may contain "forward-looking statements" within the meaning of Section27A) Tj ET Q q 0 0 0 rg BT 549.00 407.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (the Securities ) Tj ET Q q 0 0 0 rg BT 106.10 395.25 Td (Act of 1933 and Section21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 333.26 395.25 Td (Act of 1934. ) Tj ET Q q 0 0 0 rg BT 385.48 395.25 Td (All statements, other than statements of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (historical facts, included or referenced in this report that address activities, events or developments which we expect or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (anticipate will or may occur in the future are forward-looking statements. ) Tj ET Q q 0 0 0 rg BT 345.83 371.25 Td (The words "will," "believe," "intend," "expect," ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td ("anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (These forward-looking statements include, among others, statements with respect to our:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 327.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 327.25 Td (change in book value per share or return on equity;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 307.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 307.25 Td (business strategy;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 287.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 287.25 Td (financial and operating tar) Tj ET Q q 0 0 0 rg BT 227.05 287.25 Td (gets or plans;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 267.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 267.25 Td (incurred loss and loss adjustment expenses and the adequacy of our loss and loss adjustment expense reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 255.25 Td (and related reinsurance;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 235.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 235.25 Td (projections of revenues, income \(or loss\), earnings \(or loss\) per share, dividends, market share or other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 223.25 Td (financial forecasts;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 203.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 203.25 Td (expansion and growth of our business and operations; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 183.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 183.25 Td (future capital expenditures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 163.25 Td (These statements are based on certain assumptions and analyses made by us in light of our experience and perception of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (circumstances. However) Tj ET Q q 0 0 0 rg BT 147.89 139.25 Td (, whether actual results and developments will conform to our expectations and predictions is subject ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (to a number of risks and uncertainties that could cause actual results to dif) Tj ET Q q 0 0 0 rg BT 346.12 127.25 Td (fer materially from expectations, including:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 107.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 107.25 Td (the risks discussed beginning on page24 of this Form10-K;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 87.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 87.25 Td (claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods or terrorist ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 75.25 Td (attacks;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 55.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 55.25 Td (recorded loss and loss adjustment expense reserves subsequently proving to have been inadequate;) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (78) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 742.10 Td (the continued availability and cost of reinsurance coverage;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 722.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 722.10 Td (the continued availability of capital and financing;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 702.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 702.10 Td (general economic, market or business conditions;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 682.10 Td (business opportunities \(or lack thereof\) that may be presented to us and pursued;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 662.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 662.10 Td (competitive forces, including the conduct of other property and casualty insurers and agents;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 642.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 642.10 Td (changes in domestic or foreign laws or regulations, or their interpretation, applicable to us, our competitors, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 630.10 Td (our agents or our customers;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 610.10 Td (an economic downturn or other economic conditions adversely af) Tj ET Q q 0 0 0 rg BT 383.96 610.10 Td (fecting our financial position including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 598.10 Td (stock market volatility;) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 578.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 578.10 Td (actions taken by rating agencies from time to time, such as financial strength or credit rating downgrades or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 566.10 Td (placing ratings on negative watch; and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 546.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 546.10 Td (other factors, most of which are beyond our control.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 526.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 128.35 526.10 Td (, all of the forward-looking statements made in this report are qualified by these cautionary statements, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (there can be no assurance that the actual results or developments anticipated by us will be realized or) Tj ET Q q 0 0 0 rg BT 453.06 514.10 Td (, even if substantially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (realized, that they will have the expected consequences to, or ef) Tj ET Q q 0 0 0 rg BT 304.71 502.10 Td (fects on, us or our business or operations. ) Tj ET Q q 0 0 0 rg BT 472.83 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 481.47 502.10 Td (e assume no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (otherwise.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 Td (ITEM 7A.QUANTIT) Tj ET Q q 0 0 0 rg BT 149.82 451.25 Td (A) Tj ET Q q 0 0 0 rg BT 156.30 451.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 182.71 451.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 245.58 451.25 Td (A) Tj ET Q q 0 0 0 rg BT 252.06 451.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 351.54 451.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 386.92 451.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 434.24 451.25 Td ( RISK) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 431.25 Td (Our consolidated balance sheet includes a substantial amount of assets and liabilities whose fair values are subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (market risk. ) Tj ET Q q 0 0 0 rg BT 100.08 419.25 Td (The term market risk refers to the risk of loss arising from adverse changes in interest rates, credit spreads, equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (market prices and other relevant market rates and prices. Due to our sizable investment portfolio, market risk can have a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (significant ef) Tj ET Q q 0 0 0 rg BT 102.30 395.25 Td (fect on OneBeacon's consolidated financial position.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 375.25 Td (Interest Rate Risk) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 355.25 Td (Fixed Maturity and Convertible Fixed Maturity Portfolios.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.23 355.25 Td (In connection with our consolidated insurance subsidiaries, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.25 Td (we invest in interest rate sensitive securities, primarily debt securities. Our strategy is to purchase fixed maturity investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (and convertible fixed maturity investments that are attractively priced in relation to perceived credit risks. Our portfolio of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (fixed maturity investments held for general investment purposes are classified as trading securities which are reported at fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (value as of the balance sheet date as determined by quoted market prices when available. Realized and unrealized investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (gains and losses on trading securities are reported pre-tax in revenues.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 275.25 Td (Our convertible fixed maturity investments are carried at fair value with changes therein recorded in revenues as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (unrealized investment gains or losses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 243.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 243.25 Td (e generally manage the interest rate risk associated with our portfolio of fixed maturity investments and convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.25 Td (fixed maturity investments by monitoring the average duration of the portfolio. Our fixed maturity and convertible fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 219.25 Td (maturity portfolios are comprised of primarily investment grade corporate securities, U.S. government and agency securities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 207.25 Td (municipal obligations and mortgage-backed securities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 187.25 Td (Increases and decreases in prevailing interest rates generally translate into decreases and increases in fair values of fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (maturity and convertible fixed maturity investments, respectively) Tj ET Q q 0 0 0 rg BT 310.66 175.25 Td (. ) Tj ET Q q 0 0 0 rg BT 315.11 175.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 365.01 175.25 Td (, fair values of interest rate sensitive instruments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (may be af) Tj ET Q q 0 0 0 rg BT 89.24 163.25 Td (fected by the creditworthiness of the issuer) Tj ET Q q 0 0 0 rg BT 260.45 163.25 Td (, prepayment options, relative values of alternative investments, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (liquidity of the instrument and other market factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 131.25 Td (The table below summarizes the estimated ef) Tj ET Q q 0 0 0 rg BT 254.31 131.25 Td (fects of hypothetical increases and decreases in market interest rates on our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (fixed maturity and convertible fixed maturity investments and pension fixed maturity and convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (investments:) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (79) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 706.50 125.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 706.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 706.50 90.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 706.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 706.50 90.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 706.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 706.50 90.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 706.50 4.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 706.50 90.00 -35.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 671.50 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 671.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 671.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 671.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 671.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 671.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 671.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 671.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 671.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 656.50 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 656.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 656.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 656.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 656.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 656.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.00 641.50 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 641.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 184.00 641.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 641.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.00 641.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 641.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 641.50 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 641.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.00 641.50 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 184 719.5 m 274 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278 719.5 m 368 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 719.5 m 462 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 719.5 m 556 719.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 206.75 731.73 Td (Fair) Tj ET Q q 0 0 0 rg BT 221.27 731.73 Td ( value at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 196.25 723.73 Td (December) Tj ET Q q 0 0 0 rg BT 230.75 723.73 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.90 739.73 Td (Assumed change) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.20 731.73 Td (in r) Tj ET Q q 0 0 0 rg BT 316.28 731.73 Td (elevant) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 301.80 723.73 Td (inter) Tj ET Q q 0 0 0 rg BT 318.09 723.73 Td (est rate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.90 739.73 Td (Estimated fair) Tj ET Q q 0 0 0 rg BT 430.86 739.73 Td ( value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 391.00 731.73 Td (after) Tj ET Q q 0 0 0 rg BT 407.29 731.73 Td ( change in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.80 723.73 Td (inter) Tj ET Q q 0 0 0 rg BT 412.09 723.73 Td (est rate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 480.20 739.73 Td (After) Tj ET Q q 0 0 0 rg BT 498.26 739.73 Td ( tax incr) Tj ET Q q 0 0 0 rg BT 526.56 739.73 Td (ease) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.90 731.73 Td (\(decr) Tj ET Q q 0 0 0 rg BT 506.52 731.73 Td (ease\) in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.70 723.73 Td (carrying value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.50 710.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.90 710.73 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 696.17 Td (Fixed maturity and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 686.17 Td (convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 676.17 Td (investments\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.50 676.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.15 676.17 Td (1,994.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.05 676.17 Td (100 bp decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 676.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 676.17 Td (2,016.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 676.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 676.17 Td (15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 661.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.05 661.17 Td (50 bp decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 661.17 Td (2,010.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 661.17 Td (11.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 646.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.70 646.17 Td (50 bp increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 646.17 Td (1,968.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.30 646.22 Td (\(17.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 646.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 631.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.70 631.17 Td (100 bp increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 631.17 Td (1,941.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.30 631.22 Td (\(35.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 631.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 616.17 Td (Qualified pension plan fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 606.17 Td (maturity and convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 596.17 Td (fixed maturity investments\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.50 596.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 596.17 Td (36.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.05 596.17 Td (100 bp decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 596.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 596.17 Td (36.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.50 596.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 596.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 581.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.05 581.17 Td (50 bp decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 581.17 Td (36.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 581.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 566.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.70 566.17 Td (50 bp increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 566.17 Td (36.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.30 566.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 566.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.50 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.70 551.17 Td (100 bp increase) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 551.17 Td (35.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.30 551.22 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.15 551.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 537.40 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 513.40 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 513.40 Td (Assumes no sensitivity to general interest rate movements for $3.4 million of defaulted bonds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 501.40 Td ($17.8 million of convertibles whose market values are significantly influenced by the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 489.40 Td (stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 469.40 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 469.40 Td (Assumes no sensitivity to general interest rate movements for $1.9 million of defaulted bonds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 457.40 Td ($8.3 million of convertibles whose market values are significantly influenced by the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 445.40 Td (stock.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 74.00 425.40 Td (Long-term obligations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.23 425.40 Td () Tj ET Q q 0 0 0 rg BT 175.67 425.40 Td (As of December31, 2012, our interest and dividend bearing long-term obligations consisted of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 413.40 Td (the 2012 Senior Notes which have a fixed interest rate. ) Tj ET Q q 0 0 0 rg BT 271.32 413.40 Td (As a result, our exposure to interest rate risk resulting from variable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 401.40 Td (interest rate obligations is insignificant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 381.40 Td (The Senior Notes were issued in 2012 and mature on November 9, 2022. ) Tj ET Q q 0 0 0 rg BT 367.55 381.40 Td (At December31, 2012, the fair value of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.40 Td (Senior Notes was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.49 369.40 Td ($282.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.38 369.40 Td (, which compared to a carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.26 369.40 Td ($274.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 369.40 Td (. ) Tj ET Q q 0 0 0 rg BT 406.97 369.40 Td (The fair value of this obligation was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.40 Td (estimated by using quoted market prices.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 337.40 Td (Credit Spread Risk) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 317.40 Td (Sensitivity analysis of spr) Tj ET Q q 0 0 0 rg BT 171.57 317.40 Td (ead risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 297.40 Td (Our overall fixed maturity investment strategy is to purchase securities that are attractively priced in relation to their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.40 Td (investment risks. ) Tj ET Q q 0 0 0 rg BT 120.09 285.40 Td (W) Tj ET Q q 0 0 0 rg BT 129.13 285.40 Td (idening and tightening of spreads generally translate into decreases and increases in fair values of fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.40 Td (maturity investments, respectively) Tj ET Q q 0 0 0 rg BT 186.82 273.40 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 253.40 Td (The table below summarizes the estimated ef) Tj ET Q q 0 0 0 rg BT 254.31 253.40 Td (fects of hypothetical widening and tightening of pre-tax credit spreads for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 241.40 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 241.40 Td (ferent classes of our fixed maturity and convertible fixed maturity portfolios. In estimating the impact of hypothetical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.40 Td (tightening of spreads, for fixed maturity investments yielding more than the 3year Constant Maturity ) Tj ET Q q 0 0 0 rg BT 458.07 229.40 Td (T) Tj ET Q q 0 0 0 rg BT 463.82 229.40 Td (reasury Index \(CMT) Tj ET Q q 0 0 0 rg BT 545.84 229.40 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.40 Td (Index\) as of December31, 2012, to the extent their yields would have decreased to levels lower than the 3year CMT) Tj ET Q q 0 0 0 rg BT 518.28 217.40 Td ( Index as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.40 Td (of December31, 2012, we limited their price appreciation to a level equal to the yield of the 3year CMT) Tj ET Q q 0 0 0 rg BT 469.67 205.40 Td ( Index. For fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.40 Td (maturity investments yielding less than the 3year CMT) Tj ET Q q 0 0 0 rg BT 272.56 193.40 Td ( Index as of December31, 2012, we assumed no price appreciation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 132.90 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 132.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 132.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 132.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 132.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 132.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 132.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 132.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 132.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 132.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 132.90 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 145.89999999999998 m 292 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 145.89999999999998 m 351 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 145.89999999999998 m 410 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 145.89999999999998 m 469 145.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 145.89999999999998 m 528 145.89999999999998 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.75 166.13 Td (December) Tj ET Q q 0 0 0 rg BT 275.25 166.13 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 158.13 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.15 150.13 Td (Fair) Tj ET Q q 0 0 0 rg BT 260.67 150.13 Td ( ) Tj ET Q q 0 0 0 rg BT 262.52 150.13 Td (V) Tj ET Q q 0 0 0 rg BT 267.56 150.13 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.70 150.13 Td (Tighten 50) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.70 150.13 Td (Tighten 25) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.70 150.13 Td (Widen 25) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.70 150.13 Td (Widen 50) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 85.50 137.13 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 137.13 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 122.57 Td (U.S. Government and agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 112.57 Td (obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.50 112.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 112.57 Td (197.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 112.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 112.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.50 112.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 112.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 112.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 112.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 112.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 112.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 97.57 Td (Foreign government obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.65 97.57 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 97.57 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 97.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 97.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.30 97.62 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 97.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (80) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 708.50 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 708.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 708.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 708.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 708.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 708.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 708.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 708.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 708.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 708.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 708.50 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 720.5 m 292 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 720.5 m 351 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 720.5 m 410 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 720.5 m 469 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 720.5 m 528 720.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.75 740.58 Td (December) Tj ET Q q 0 0 0 rg BT 275.25 740.58 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 732.58 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.15 724.58 Td (Fair) Tj ET Q q 0 0 0 rg BT 260.67 724.58 Td ( ) Tj ET Q q 0 0 0 rg BT 262.52 724.58 Td (V) Tj ET Q q 0 0 0 rg BT 267.56 724.58 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.70 724.73 Td (Tighten 100) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.70 724.73 Td (Tighten 50) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.70 724.73 Td (Widen 50) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.70 724.73 Td (Widen 100) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 85.50 712.58 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 712.58 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 688.17 Td (Agency mortgage-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.50 688.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 688.17 Td (575.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 688.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 688.17 Td (14.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.50 688.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 688.17 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 688.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 688.22 Td (\(9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 688.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 688.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.30 688.22 Td (\(18.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 688.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 673.17 Td (Other asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 673.17 Td (138.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 673.17 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 673.17 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 673.22 Td (\(1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 673.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.30 673.22 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 673.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 617.50 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 617.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 617.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 617.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 617.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 617.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 617.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 617.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 617.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 617.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 617.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 577.50 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 577.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 577.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 577.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 577.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 577.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 577.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 577.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 577.50 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 577.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 577.50 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 617.5 m 292 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 617.5 m 351 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 617.5 m 410 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 617.5 m 469 617.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 617.5 m 528 617.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.75 637.73 Td (December) Tj ET Q q 0 0 0 rg BT 275.25 637.73 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 629.73 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.15 621.73 Td (Fair) Tj ET Q q 0 0 0 rg BT 260.67 621.73 Td ( ) Tj ET Q q 0 0 0 rg BT 262.52 621.73 Td (V) Tj ET Q q 0 0 0 rg BT 267.56 621.73 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.70 621.73 Td (Tighten 200) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.70 621.73 Td (Tighten 100) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.70 621.73 Td (Widen 100) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.70 621.73 Td (Widen 200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 607.17 Td (Debt securities issued by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 597.17 Td (corporations\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.50 597.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 597.17 Td (708.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 597.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 597.17 Td (28.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.50 597.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 597.17 Td (19.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 597.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 597.22 Td (\(21.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 597.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 597.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.30 597.22 Td (\(41.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 597.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 582.17 Td (Municipal obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.65 582.17 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 582.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 582.17 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 582.22 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 582.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.30 582.22 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 582.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 567.17 Td (Convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 557.17 Td (investments\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 557.17 Td (44.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 557.17 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 557.17 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 557.22 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 557.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.30 557.22 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 557.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 535.40 Td (____________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 515.40 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 515.40 Td (Assumes no sensitivity to general credit spread movements for $3.4 million of defaulted bonds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 503.40 Td ($17.8 million of convertibles whose market values are significantly influenced by the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 491.40 Td (stock.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 443.90 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 443.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 443.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 443.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 443.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 443.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 443.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 443.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 443.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 443.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 443.90 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 443.9 m 292 443.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 443.9 m 351 443.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 443.9 m 410 443.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 443.9 m 469 443.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 443.9 m 528 443.9 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.75 464.13 Td (December) Tj ET Q q 0 0 0 rg BT 275.25 464.13 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 456.13 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.15 448.13 Td (Fair) Tj ET Q q 0 0 0 rg BT 260.67 448.13 Td ( ) Tj ET Q q 0 0 0 rg BT 262.52 448.13 Td (V) Tj ET Q q 0 0 0 rg BT 267.56 448.13 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.70 448.13 Td (Tighten 400) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.70 448.13 Td (Tighten 200) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.70 448.13 Td (Widen 200) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.70 448.13 Td (Widen 400) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 433.57 Td (Non-agency commercial mortgage-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 423.57 Td (backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.50 423.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 423.57 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 423.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 423.57 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.50 423.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 423.57 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 423.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 423.62 Td (\(8.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 423.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 423.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.30 423.62 Td (\(15.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 423.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 367.90 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 367.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 367.90 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 367.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 367.90 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 367.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 367.90 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 367.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 367.90 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 367.90 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 367.90 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 367.9 m 292 367.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 367.9 m 351 367.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 367.9 m 410 367.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 367.9 m 469 367.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 367.9 m 528 367.9 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.75 388.13 Td (December) Tj ET Q q 0 0 0 rg BT 275.25 388.13 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 380.13 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.15 372.13 Td (Fair) Tj ET Q q 0 0 0 rg BT 260.67 372.13 Td ( ) Tj ET Q q 0 0 0 rg BT 262.52 372.13 Td (V) Tj ET Q q 0 0 0 rg BT 267.56 372.13 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.70 372.13 Td (Tighten 600) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.70 372.13 Td (Tighten 300) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.70 372.13 Td (Widen 300) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.70 372.13 Td (Widen 600) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 358.47 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.50 358.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 358.47 Td (84.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 358.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 358.47 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.50 358.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 358.47 Td (5.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 358.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.30 358.52 Td (\(16.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 358.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 358.47 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.30 358.52 Td (\(32.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 358.47 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 343.57 Td (Non-agency residential mortgage-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 333.57 Td (backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 333.57 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 333.57 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 333.57 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 333.62 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 333.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.30 333.62 Td (\(3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 333.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 309.40 Td (The table below summarizes the estimated ef) Tj ET Q q 0 0 0 rg BT 254.31 309.40 Td (fects of hypothetical widening and tightening of spreads on our qualified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 297.40 Td (pension plan fixed maturity investments.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 236.90 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 236.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 236.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 236.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 236.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 236.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 236.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 236.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 236.90 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 236.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 236.90 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 249.89999999999998 m 292 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 249.89999999999998 m 351 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 249.89999999999998 m 410 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 249.89999999999998 m 469 249.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 249.89999999999998 m 528 249.89999999999998 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 240.75 270.13 Td (December) Tj ET Q q 0 0 0 rg BT 275.25 270.13 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 262.13 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.15 254.13 Td (Fair) Tj ET Q q 0 0 0 rg BT 260.67 254.13 Td ( ) Tj ET Q q 0 0 0 rg BT 262.52 254.13 Td (V) Tj ET Q q 0 0 0 rg BT 267.56 254.13 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.70 254.13 Td (Tighten 200) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.70 254.13 Td (Tighten 100) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.70 254.13 Td (Widen 100) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 481.70 254.13 Td (Widen 200) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 85.50 241.13 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 241.13 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 226.57 Td (Convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 216.57 Td (investments\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.50 216.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 216.57 Td (26.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 216.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 216.57 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.50 216.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 216.57 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.50 216.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 216.62 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.15 216.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 216.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.30 216.62 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 216.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 201.57 Td (Debt securities issued by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 191.57 Td (corporations\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.15 191.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.15 191.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 191.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 191.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 191.57 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 172.40 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 172.40 Td (Assumes no sensitivity to general credit spread movements for $1.9 million of defaulted bonds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 160.40 Td ($8.3 million of convertibles whose market values are significantly influenced by the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 148.40 Td (stock.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 120.40 Td (Equity Price Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 100.40 Td (The carrying values of our common equity securities and other long-term equity investments are based on quoted market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.40 Td (prices or management's estimates of fair value as of the balance sheet date. Market prices of common equity securities, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.40 Td (general, are subject to fluctuations. ) Tj ET Q q 0 0 0 rg BT 192.27 76.40 Td (These fluctuations could cause the amount realized upon sale or exercise of these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 64.40 Td (instruments to dif) Tj ET Q q 0 0 0 rg BT 120.37 64.40 Td (fer significantly from the current reported value. ) Tj ET Q q 0 0 0 rg BT 316.22 64.40 Td (The fluctuations may result from perceived changes in the ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (81) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (underlying economic characteristics of the investment, the relative price of alternative investments, supply and demand ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (imbalances for a particular security or other market factors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 70.00 710.10 Td (Sensitivity analysis of likely changes in fair values of common equity securities, hedge fund and private equity fund ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 698.10 Td (investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 678.10 Td (Our investment portfolio includes investments in common equity securities, hedge funds and private equity funds. ) Tj ET Q q 0 0 0 rg BT 532.90 678.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.10 Td (underlying investments of the hedge funds and private equity funds are typically publicly traded and private common equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 654.10 Td (investments, and, as such, are subject to market risks that are similar to those in our common equity portfolio.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (The following illustrates the estimated pre-tax ef) Tj ET Q q 0 0 0 rg BT 244.76 634.10 Td (fect on December 31, 2012 fair values carried on the consolidated balance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (sheet, resulting from hypothetical changes in market value:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 102.50 574.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 574.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 574.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 574.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 574.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 102.50 545.60 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 252.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 256.50 545.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 545.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 545.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 545.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 545.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 598.6 m 316.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 598.6 m 320.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 598.6 m 380.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 598.6 m 384.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 598.6 m 444.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 598.6 m 448.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 598.6 m 508.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 586.6 m 316.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 586.6 m 380.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 586.6 m 444.5 586.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 586.6 m 508.5 586.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.00 602.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.25 602.83 Td (Change in fair value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 105.00 590.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.00 590.68 Td (10% decline) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.05 590.68 Td (10% increase) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.00 590.68 Td (30% decline) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.05 590.68 Td (30% increase) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 105.00 578.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 578.68 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 564.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.80 564.27 Td (\(25.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 564.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 564.27 Td (25.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.80 564.32 Td (\(77.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 564.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 564.27 Td (77.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 550.17 Td (Hedge funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.80 550.17 Td (\(4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 550.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 550.17 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.80 550.22 Td (\(14.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 550.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 550.17 Td (14.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.00 536.17 Td (Private equity funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.80 536.17 Td (\(6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.65 536.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 536.17 Td (6.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.80 536.22 Td (\(18.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 536.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 536.17 Td (18.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 512.10 Td (Returns on common equity securities are measured against the S&P) Tj ET Q q 0 0 0 rg BT 344.96 512.10 Td (500 Index. Hedge funds and private equity funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (returns are commonly measured against the benchmark returns of hedge fund indices, such as the HFRX Equal ) Tj ET Q q 0 0 0 rg BT 496.36 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 505.00 500.10 Td (eighted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (Strategies Index, and/or the S&P) Tj ET Q q 0 0 0 rg BT 181.00 488.10 Td (500 Index. ) Tj ET Q q 0 0 0 rg BT 228.58 488.10 Td (The historical returns for each index in the past 5 full years are listed below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 83.00 442.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 442.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 237.00 442.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 442.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 442.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 442.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 442.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 442.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 442.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 442.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 442.60 55.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 455.6 m 292 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292 455.6 m 296 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 455.6 m 351 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 455.6 m 355 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 455.6 m 410 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 455.6 m 414 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 455.6 m 469 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 455.6 m 473 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 455.6 m 528 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 237 442.6 m 292 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 442.6 m 351 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 442.6 m 410 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 442.6 m 469 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 442.6 m 528 442.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 460.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.60 459.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 85.50 446.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.00 446.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.20 446.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.00 446.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.00 446.83 Td (2009) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 492.00 446.83 Td (2008) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 432.27 Td (HFRX Equal Weighted Strategies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 422.27 Td (Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.65 422.27 Td (250.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.15 422.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.95 422.27 Td (\(6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.80 422.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 422.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.15 422.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 422.27 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 422.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.95 422.27 Td (\(21.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 422.27 Td (\)%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 407.27 Td (S&P500 Index) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 407.27 Td (16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.30 407.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 407.27 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 407.27 Td (26.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.95 407.27 Td (\(37.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 407.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 70.00 383.10 Td (Foreign Exposure Risk) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 363.10 Td (Our investment portfolio consists of financial and non-financial fixed maturity) Tj ET Q q 0 0 0 rg BT 387.44 363.10 Td (, common equity and convertible fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (maturity investments issued by more than 1) Tj ET Q q 0 0 0 rg BT 224.05 351.10 Td (1 countries worldwide. ) Tj ET Q q 0 0 0 rg BT 318.29 351.10 Td (The United States represents the country of issue for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (approximately 90% of our fixed maturity) Tj ET Q q 0 0 0 rg BT 214.03 339.10 Td (, common equity and convertible fixed maturity portfolio and we have minimal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (sovereign risk exposure to European peripheral countries such as Ireland, Greece, Portugal, Spain and Italy) Tj ET Q q 0 0 0 rg BT 477.82 327.10 Td (. Our direct ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (exposure to these countries is comprised solely of non-financial common equity securities and represents only 0.1% of our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (fixed maturity) Tj ET Q q 0 0 0 rg BT 106.28 303.10 Td (, common equity and convertible fixed maturity investments at December31, 2012. In addition, we could have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (indirect exposure to European peripheral countries through securities issued from non-peripheral countries as issuers of those ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 279.10 Td (securities could have exposure to European peripheral countries.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 252.25 Td (ITEM 8.FINANCIAL) Tj ET Q q 0 0 0 rg BT 152.79 252.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 166.78 252.25 Td (A) Tj ET Q q 0 0 0 rg BT 173.26 252.25 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 224.11 252.25 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 315.87 252.25 Td (AR) Tj ET Q q 0 0 0 rg BT 329.96 252.25 Td (Y) Tj ET Q q 0 0 0 rg BT 336.81 252.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 353.01 252.25 Td (T) Tj ET Q q 0 0 0 rg BT 358.94 252.25 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 232.25 Td (The financial statements and supplementary data have been filed as a part of this ) Tj ET Q q 0 0 0 rg BT 398.33 232.25 Td (Annual Report on Form10-K as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (indicated in the Index to Consolidated Financial Statements and Financial Statement Schedules appearing on pageF-1 of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (report.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (ITEM 9.CHANGES IN ) Tj ET Q q 0 0 0 rg BT 161.68 181.25 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 275.97 181.25 Td (WITH ) Tj ET Q q 0 0 0 rg BT 306.25 181.25 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 356.07 181.25 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 402.19 181.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 473.59 181.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 553.87 181.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (DISCLOSURE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 149.25 Td (None.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (ITEM 9A.CONTROLS ) Tj ET Q q 0 0 0 rg BT 161.96 122.25 Td (AND PROCEDURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 102.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 102.25 Td (e maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 90.25 Td (the reports that we file or submit under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 306.31 90.25 Td (Act of 1934 is recorded, processed, summarized and reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 78.25 Td (within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 66.25 Td (our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 255.59 66.25 Td (ficer \(CEO\) and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 397.30 66.25 Td (ficer \(CFO\), as appropriate, to allow ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 54.25 Td (timely decisions regarding required financial disclosure.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (82) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The CEO and the CFO of OneBeacon \(the principal executive of) Tj ET Q q 0 0 0 rg BT 333.18 742.10 Td (ficer and principal financial of) Tj ET Q q 0 0 0 rg BT 454.61 742.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 472.52 742.10 Td (, respectively\) have ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (evaluated the ef) Tj ET Q q 0 0 0 rg BT 113.12 730.10 Td (fectiveness of our disclosure controls and procedures \(as defined in Rule13a-15\(e\) of the Securities Exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Act of 1934, as amended\) as of December31, 2012. Based on this evaluation, the CEO and CFO have concluded that as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (December31, 2012, our disclosure controls and procedures are adequate and ef) Tj ET Q q 0 0 0 rg BT 367.75 706.10 Td (fective to provide reasonable assurance that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (material information required to be included in our periodic SEC reports is recorded, processed, summarized and reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (within the time periods specified in rules and forms.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 662.10 Td (The CEO and the CFO have evaluated the ef) Tj ET Q q 0 0 0 rg BT 252.65 662.10 Td (fectiveness of our internal control over financial reporting as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (December31, 2012. Based on that evaluation, the CEO and CFO have concluded that our internal control over financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (reporting is ef) Tj ET Q q 0 0 0 rg BT 105.91 638.10 Td (fective. Management's annual report on internal control over financial reporting is included on pageF-84 of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (report. ) Tj ET Q q 0 0 0 rg BT 78.70 626.10 Td (The attestation report on the ef) Tj ET Q q 0 0 0 rg BT 201.52 626.10 Td (fectiveness of our internal control over financial reporting by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (PricewaterhouseCoopersLLP) Tj ET Q q 0 0 0 rg BT 169.32 614.10 Td ( is included on pageF-85 of this report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 594.10 Td (There were no significant changes with respect to our internal control over financial reporting or in other factors that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (materially af) Tj ET Q q 0 0 0 rg BT 100.63 582.10 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 287.58 582.10 Td (fect, internal control over financial reporting during the quarter ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (ended December31, 2012.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 543.25 Td (ITEM 9B.OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 190.10 543.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 523.25 Td (None.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 285.90 504.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 504.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 504.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 504.25 Td ( III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 477.25 Td (ITEM 10.DIRECT) Tj ET Q q 0 0 0 rg BT 140.39 477.25 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 280.42 477.25 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 354.39 477.25 Td (TE GOVERNANCE) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 457.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 457.25 Td (a. ) Tj ET Q q 0 0 0 rg BT 122.00 457.25 Td (Dir) Tj ET Q q 0 0 0 rg BT 136.26 457.25 Td (ectors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 437.25 Td (Reported under the caption "The Board of Directors" in the Company's 2013 Definitive Proxy Statement, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 405.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 405.25 Td (b. ) Tj ET Q q 0 0 0 rg BT 122.00 405.25 Td (Executive Officers) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 385.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 127.85 385.25 Td (ficers of the Registrant as of February28, 2013:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 361.75 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 361.75 24.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 361.75 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 331.75 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 331.75 24.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 331.75 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 301.75 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 301.75 24.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 301.75 286.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 78.50 271.75 136.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.50 271.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 271.75 24.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 271.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 271.75 286.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 78.5 361.75 m 214.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 361.75 m 242.5 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 361.75 m 532.5 361.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.00 365.98 Td (Name) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 223.30 365.98 Td (Age) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.00 365.98 Td (Position\(s\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 352.32 Td (T. Michael Miller) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 352.32 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 352.32 Td (Director, President and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 337.32 Td (Paul H. McDonough) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 337.32 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 337.32 Td (Senior Vice President and Chief Financial Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 322.32 Td (Paul J. Brehm) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 322.32 Td (52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 322.32 Td (Executive ) Tj ET Q q 0 0 0 rg BT 291.30 322.32 Td (V) Tj ET Q q 0 0 0 rg BT 297.92 322.32 Td (ice President, Chief Risk Of) Tj ET Q q 0 0 0 rg BT 410.22 322.32 Td (ficer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 307.32 Td (Dennis A. Crosby) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 307.32 Td (54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 307.32 Td (Executive ) Tj ET Q q 0 0 0 rg BT 291.30 307.32 Td (V) Tj ET Q q 0 0 0 rg BT 297.92 307.32 Td (ice President) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 292.32 Td (Maureen ) Tj ET Q q 0 0 0 rg BT 118.49 292.32 Td (A. Phillips) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 292.32 Td (58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 292.32 Td (Senior Vice President and General Counsel) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 277.32 Td (Paul F. Romano) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 277.32 Td (53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 277.32 Td (Executive ) Tj ET Q q 0 0 0 rg BT 291.30 277.32 Td (V) Tj ET Q q 0 0 0 rg BT 297.92 277.32 Td (ice President) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 262.32 Td (John C. ) Tj ET Q q 0 0 0 rg BT 113.88 262.32 Td (T) Tj ET Q q 0 0 0 rg BT 119.64 262.32 Td (reacy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.65 262.32 Td (49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.00 262.32 Td (Chief ) Tj ET Q q 0 0 0 rg BT 273.17 262.32 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 332.69 262.32 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 370.26 262.32 Td (T) Tj ET Q q 0 0 0 rg BT 376.02 262.32 Td (reasurer) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 229.25 Td (Set forth below is information concerning our directors and executive of) Tj ET Q q 0 0 0 rg BT 363.17 229.25 Td (ficers as of the date of this filing:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 209.25 Td (T) Tj ET Q q 0 0 0 rg BT 79.37 209.25 Td (. Michael Miller has been President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 318.56 209.25 Td (ficer of the Company since October 2006. Mr) Tj ET Q q 0 0 0 rg BT 500.73 209.25 Td (. Miller joined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (OneBeacon in ) Tj ET Q q 0 0 0 rg BT 108.87 197.25 Td (April 2005 to assume responsibility for OneBeacon's insurance operations. ) Tj ET Q q 0 0 0 rg BT 410.43 197.25 Td (Throughout his tenure at OneBeacon, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 185.25 Td (. Miller has also held various chief executive positions with OneBeacon entities. Mr) Tj ET Q q 0 0 0 rg BT 397.15 185.25 Td (. Miller's experience prior to joining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (OneBeacon, includes 10years at St.Paul ) Tj ET Q q 0 0 0 rg BT 216.72 173.25 Td (T) Tj ET Q q 0 0 0 rg BT 222.48 173.25 Td (ravelers, most recently as Co-Chief Operating Of) Tj ET Q q 0 0 0 rg BT 419.18 173.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 437.09 173.25 Td (, and14years with ) Tj ET Q q 0 0 0 rg BT 512.73 173.25 Td (The Chubb ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (Corporation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 141.25 Td (Paul H. McDonough has been Senior ) Tj ET Q q 0 0 0 rg BT 225.19 141.25 Td (V) Tj ET Q q 0 0 0 rg BT 231.81 141.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 377.42 141.25 Td (ficer of the Company since March 2009. Mr) Tj ET Q q 0 0 0 rg BT 553.48 141.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.25 Td (McDonough was appointed ) Tj ET Q q 0 0 0 rg BT 162.86 129.25 Td (V) Tj ET Q q 0 0 0 rg BT 169.48 129.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 315.09 129.25 Td (ficer of the Company in October 2006. ) Tj ET Q q 0 0 0 rg BT 472.64 129.25 Td (Throughout his tenure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.25 Td (at OneBeacon, Mr) Tj ET Q q 0 0 0 rg BT 123.03 117.25 Td (. McDonough has held various positions with OneBeacon entities. Prior to joining OneBeacon in December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 105.25 Td (2005, Mr) Tj ET Q q 0 0 0 rg BT 86.67 105.25 Td (.McDonough served as Executive ) Tj ET Q q 0 0 0 rg BT 226.45 105.25 Td (V) Tj ET Q q 0 0 0 rg BT 233.07 105.25 Td (ice President and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 378.68 105.25 Td (ficer of BJ's ) Tj ET Q q 0 0 0 rg BT 428.90 105.25 Td (Wholesale Club, and as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 93.25 Td (reasurer for St.Paul ) Tj ET Q q 0 0 0 rg BT 138.05 93.25 Td (T) Tj ET Q q 0 0 0 rg BT 143.81 93.25 Td (ravelers, where he worked from 1999-2004. Prior to joining St.Paul ) Tj ET Q q 0 0 0 rg BT 419.13 93.25 Td (T) Tj ET Q q 0 0 0 rg BT 424.89 93.25 Td (ravelers, Mr) Tj ET Q q 0 0 0 rg BT 473.20 93.25 Td (.McDonough served ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.25 Td (in various finance roles with Sears and Chevron.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 61.25 Td (Paul J. Brehm has been Executive ) Tj ET Q q 0 0 0 rg BT 212.39 61.25 Td (V) Tj ET Q q 0 0 0 rg BT 219.01 61.25 Td (ice President of OB Services since February 2013. Mr) Tj ET Q q 0 0 0 rg BT 434.80 61.25 Td (. Brehm has served as Chief ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (Risk Of) Tj ET Q q 0 0 0 rg BT 81.21 49.25 Td (ficer of OneBeacon since March 2010. Mr) Tj ET Q q 0 0 0 rg BT 250.32 49.25 Td (. Brehm joined OneBeacon in 2008 as the Chief ) Tj ET Q q 0 0 0 rg BT 444.17 49.25 Td (Actuary for the Specialty ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (83) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Insurance operations and has held various positions with OneBeacon entities. Prior to joining OneBeacon, Mr) Tj ET Q q 0 0 0 rg BT 488.80 742.10 Td (. Brehm was a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Managing Director at Guy Carpenter from 2005 to 2008.Prior to Guy Carpenter) Tj ET Q q 0 0 0 rg BT 371.46 730.10 Td (, he worked at St. Paul ) Tj ET Q q 0 0 0 rg BT 464.05 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 469.80 730.10 Td (ravelers for 22 years, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (most recently as Chief ) Tj ET Q q 0 0 0 rg BT 141.65 718.10 Td (Actuary) Tj ET Q q 0 0 0 rg BT 173.20 718.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 698.10 Td (Dennis ) Tj ET Q q 0 0 0 rg BT 104.28 698.10 Td (A. Crosby has been Executive ) Tj ET Q q 0 0 0 rg BT 227.40 698.10 Td (V) Tj ET Q q 0 0 0 rg BT 234.02 698.10 Td (ice President of OB Services since January 2012. Mr) Tj ET Q q 0 0 0 rg BT 444.81 698.10 Td (. Crosby joined OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.10 Td (in July 2010 and has served as the chief executive overseeing various OneBeacon specialty insurance businesses. Prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.10 Td (joining OneBeacon, Mr) Tj ET Q q 0 0 0 rg BT 144.15 674.10 Td (.Crosby was with ) Tj ET Q q 0 0 0 rg BT 218.32 674.10 Td (ACE from 2004 through 2010, serving as President and CEO of ) Tj ET Q q 0 0 0 rg BT 476.07 674.10 Td (ACE ) Tj ET Q q 0 0 0 rg BT 498.39 674.10 Td (W) Tj ET Q q 0 0 0 rg BT 507.03 674.10 Td (estchester ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.10 Td (and Chairman of ) Tj ET Q q 0 0 0 rg BT 119.15 662.10 Td (ACE Commercial Risk Services. Prior to his 6years at ) Tj ET Q q 0 0 0 rg BT 340.51 662.10 Td (ACE, he spent 23years with St.Paul ) Tj ET Q q 0 0 0 rg BT 490.87 662.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.63 662.10 Td (ravelers in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (variety of senior roles including commercial middle market, insurance operations and public sector services.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 630.10 Td (Maureen ) Tj ET Q q 0 0 0 rg BT 111.49 630.10 Td (A. Phillips became Senior ) Tj ET Q q 0 0 0 rg BT 218.23 630.10 Td (V) Tj ET Q q 0 0 0 rg BT 224.85 630.10 Td (ice President and General Counsel of the Company in February 2012. Ms. Phillips ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 618.10 Td (has held various positions with OneBeacon entities. Prior to joining OneBeacon, Ms. Phillips was Senior ) Tj ET Q q 0 0 0 rg BT 472.00 618.10 Td (V) Tj ET Q q 0 0 0 rg BT 478.62 618.10 Td (ice President and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 606.10 Td (Chief Legal Of) Tj ET Q q 0 0 0 rg BT 110.35 606.10 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 141.45 606.10 Td (Allianz Life Insurance Company of North ) Tj ET Q q 0 0 0 rg BT 311.40 606.10 Td (America since 2008. Ms. Phillips served as Senior Counsel at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 594.10 Td (Fairview Health Services from 2006 to 2008. Her prior experience includes senior legal positions at St. Paul ) Tj ET Q q 0 0 0 rg BT 485.00 594.10 Td (T) Tj ET Q q 0 0 0 rg BT 490.75 594.10 Td (ravelers where ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 582.10 Td (she spent 17 years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (Paul F) Tj ET Q q 0 0 0 rg BT 99.04 562.10 Td (. Romano has been Executive ) Tj ET Q q 0 0 0 rg BT 219.93 562.10 Td (V) Tj ET Q q 0 0 0 rg BT 226.55 562.10 Td (ice President of OB Services since January 2012. Mr) Tj ET Q q 0 0 0 rg BT 437.34 562.10 Td (. Romano joined OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (in March 2008 as President of OneBeacon Professional Insurance. Mr) Tj ET Q q 0 0 0 rg BT 329.38 550.10 Td (.Romano previously was responsible for underwriting, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (business development and marketing with Darwin Professional Underwriters from 2003 to 2008 His prior experience includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (leading Chubb Specialty's health care underwriting division. Mr) Tj ET Q q 0 0 0 rg BT 305.64 526.10 Td (.Romano spent the early part of his career with ) Tj ET Q q 0 0 0 rg BT 497.52 526.10 Td (Aetna in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (group insurance and managed care business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 494.10 Td (John C. ) Tj ET Q q 0 0 0 rg BT 105.88 494.10 Td (T) Tj ET Q q 0 0 0 rg BT 111.64 494.10 Td (reacy became Chief ) Tj ET Q q 0 0 0 rg BT 192.98 494.10 Td (Accounting Of) Tj ET Q q 0 0 0 rg BT 252.51 494.10 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 290.08 494.10 Td (T) Tj ET Q q 0 0 0 rg BT 295.84 494.10 Td (reasurer of the Company in February 2013 after joining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (OneBeacon in May of 2012.Mr) Tj ET Q q 0 0 0 rg BT 177.75 482.10 Td (. ) Tj ET Q q 0 0 0 rg BT 182.57 482.10 Td (T) Tj ET Q q 0 0 0 rg BT 188.33 482.10 Td (reacy holds various positions with various OneBeacon entities. Prior to joining OneBeacon, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 470.10 Td (. ) Tj ET Q q 0 0 0 rg BT 66.49 470.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.25 470.10 Td (reacy served as Chief Financial Of) Tj ET Q q 0 0 0 rg BT 210.62 470.10 Td (ficer for Berkley Risk from 2009 to 2012 and for JB Collins from 2007 to 2009.Mr) Tj ET Q q 0 0 0 rg BT 544.75 470.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 458.10 Td (reacy also served as Senior ) Tj ET Q q 0 0 0 rg BT 166.37 458.10 Td (V) Tj ET Q q 0 0 0 rg BT 172.99 458.10 Td (ice President and Corporate Controller at Zurich North ) Tj ET Q q 0 0 0 rg BT 394.04 458.10 Td (America from 2005 to 2007 and, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (previously in the same role, at St. Paul ) Tj ET Q q 0 0 0 rg BT 206.46 446.10 Td (T) Tj ET Q q 0 0 0 rg BT 212.22 446.10 Td (ravelers where he worked for 16 years.Prior to joining St. Paul ) Tj ET Q q 0 0 0 rg BT 467.53 446.10 Td (T) Tj ET Q q 0 0 0 rg BT 473.29 446.10 Td (ravelers, he practiced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (public accounting with Ernst & ) Tj ET Q q 0 0 0 rg BT 177.66 434.10 Td (Y) Tj ET Q q 0 0 0 rg BT 183.88 434.10 Td (oung.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 414.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 414.10 Td (c. ) Tj ET Q q 0 0 0 rg BT 122.00 414.10 Td () Tj ET Q q 0 0 0 rg BT 123.95 414.10 Td (Audit Committee Financial Expert) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 394.10 Td (Reported under the caption "Corporate GovernanceCommittees of the BoardAudit Committee" of the Company's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (2013 Definitive Proxy Statement, and incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 362.10 Td (d. ) Tj ET Q q 0 0 0 rg BT 122.00 362.10 Td (Compliance with Section16\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 325.05 362.10 Td (Act) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 342.10 Td (Reported under the caption "Compliance with Section16\(a\) of the Exchange ) Tj ET Q q 0 0 0 rg BT 383.27 342.10 Td (Act" of the Company's 2013 Definitive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (Proxy Statement, and incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 310.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 310.10 Td (e. ) Tj ET Q q 0 0 0 rg BT 122.00 310.10 Td (Code of Ethics) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 290.10 Td (The Company's Code of Business Conduct, which applies to all directors, of) Tj ET Q q 0 0 0 rg BT 379.19 290.10 Td (ficers and employees in carrying out their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (responsibilities to and on behalf of the Company) Tj ET Q q 0 0 0 rg BT 244.04 278.10 Td (, is posted on the Company's website at www) Tj ET Q q 0 0 0 rg BT 424.89 278.10 Td (.onebeacon.com.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 258.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 258.10 Td (f. ) Tj ET Q q 0 0 0 rg BT 122.00 258.10 Td (Nominating Committee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 238.10 Td (There have been no material changes to the procedures by which shareholders may recommend nominees to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (Company's Board of Directors. ) Tj ET Q q 0 0 0 rg BT 176.88 226.10 Td (The procedures for shareholders to nominate directors may be found in the Company's 2013 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (Definitive Proxy Statement, and incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (ITEM 1) Tj ET Q q 0 0 0 rg BT 83.62 187.25 Td (1.EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 219.56 187.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 167.25 Td (Reported under the captions "Compensation of Executive Of) Tj ET Q q 0 0 0 rg BT 317.00 167.25 Td (ficers", "Compensation Committee Report", "Compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (of Directors", and "Compensation Committee Interlocks and Insider Participation" of the Company's 2013 Definitive Proxy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (Statement, and incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (ITEM 12.SECURITY) Tj ET Q q 0 0 0 rg BT 152.98 116.25 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 217.16 116.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 233.17 116.25 Td ( CER) Tj ET Q q 0 0 0 rg BT 256.44 116.25 Td (T) Tj ET Q q 0 0 0 rg BT 262.36 116.25 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 344.88 116.25 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 393.78 116.25 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 493.32 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 495.27 116.25 Td (AND ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (RELA) Tj ET Q q 0 0 0 rg BT 77.04 104.25 Td (TED SHAREHOLDER MA) Tj ET Q q 0 0 0 rg BT 196.31 104.25 Td (TTERS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 84.25 Td (Reported under the captions "V) Tj ET Q q 0 0 0 rg BT 198.98 84.25 Td (oting Securities and Principal Holders ) Tj ET Q q 0 0 0 rg BT 353.49 84.25 Td (Thereof" and "Equity Compensation Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 72.25 Td (Information" of the Company's 2013 Definitive Proxy Statement, and incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 734.25 Td (ITEM 13.CER) Tj ET Q q 0 0 0 rg BT 122.43 734.25 Td (T) Tj ET Q q 0 0 0 rg BT 128.36 734.25 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 176.24 734.25 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 232.65 734.25 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 283.85 734.25 Td (TED ) Tj ET Q q 0 0 0 rg BT 306.73 734.25 Td (TRANSACTIONS, ) Tj ET Q q 0 0 0 rg BT 390.64 734.25 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 453.53 734.25 Td (OR INDEPENDENCE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 714.25 Td (Reported under the caption "T) Tj ET Q q 0 0 0 rg BT 194.91 714.25 Td (ransactions with Related Person, Promoters and Certain Control Persons" and "Corporation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td (Governance" of the Company's 2013 Definitive Proxy Statement, and incorporated herein by reference.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 675.25 Td (ITEM 14.PRINCIP) Tj ET Q q 0 0 0 rg BT 142.59 675.25 Td (AL) Tj ET Q q 0 0 0 rg BT 155.93 675.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.88 675.25 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 207.70 675.25 Td (ANT) Tj ET Q q 0 0 0 rg BT 228.63 675.25 Td ( FEES ) Tj ET Q q 0 0 0 rg BT 258.09 675.25 Td (AND SER) Tj ET Q q 0 0 0 rg BT 301.35 675.25 Td (VICES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 655.25 Td (Reported under the caption "Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 313.85 655.25 Td (Accountant Fees and Services" of the Company's 2013 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 643.25 Td (Definitive Proxy Statement, and incorporated herein by reference.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 286.30 734.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 734.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 734.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 734.25 Td ( IV) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 707.25 Td (ITEM 15.EXHIBITS ) Tj ET Q q 0 0 0 rg BT 151.97 707.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 232.26 707.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 246.25 707.25 Td (A) Tj ET Q q 0 0 0 rg BT 252.72 707.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 295.88 707.25 Td ( SCHEDULES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 687.25 Td (a.Documents Filed as Part of the Report) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 667.25 Td (The financial statements and financial statement schedules and reports of independent auditors have been filed as part of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 655.25 Td (this ) Tj ET Q q 0 0 0 rg BT 66.40 655.25 Td (Annual Report on Form10-K as indicated in the Index to Consolidated Financial Statements and Financial Statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 643.25 Td (Schedules appearing on pageF-1 of this report. ) Tj ET Q q 0 0 0 rg BT 241.34 643.25 Td (A) Tj ET Q q 0 0 0 rg BT 248.01 643.25 Td ( listing of exhibits filed as part of the report appears below) Tj ET Q q 0 0 0 rg BT 481.46 643.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 623.25 Td (b.Exhibits) Tj ET Q BT /F3 11.00 Tf ET q 0 0 0 rg BT 263.45 602.05 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 310.32 602.05 Td ( INDEX) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 579.55 m 67 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 579.55 m 117 579.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 564.55 m 117 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 579.55 m 148 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 579.55 m 148 579.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.55 m 148 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 579.55 m 148 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 579.55 m 544 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 579.55 m 544 579.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.55 m 544 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 564.55 m 67 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.55 m 117 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 564.55 m 117 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 529.55 m 117 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.55 m 117 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.55 m 148 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.55 m 148 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 529.55 m 148 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.55 m 148 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 564.55 m 544 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.55 m 544 564.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 529.55 m 544 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 529.55 m 67 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 529.55 m 117 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 529.55 m 117 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 525.55 m 117 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 529.55 m 117 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 529.55 m 148 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 529.55 m 148 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 525.55 m 148 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 529.55 m 148 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 529.55 m 544 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 529.55 m 544 529.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 525.55 m 544 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 525.55 m 67 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 525.55 m 117 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 525.55 m 117 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 480.54999999999995 m 117 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 525.55 m 117 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 525.55 m 148 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 525.55 m 148 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 480.54999999999995 m 148 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 525.55 m 148 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 525.55 m 544 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 525.55 m 544 525.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 480.54999999999995 m 544 480.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 480.54999999999995 m 67 476.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 480.54999999999995 m 117 476.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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183.54999999999995 m 148 138.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 183.54999999999995 m 544 138.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 183.54999999999995 m 544 183.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 138.54999999999995 m 544 138.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 138.54999999999995 m 67 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 138.54999999999995 m 117 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 138.54999999999995 m 117 138.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 134.54999999999995 m 117 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 138.54999999999995 m 117 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 138.54999999999995 m 148 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 138.54999999999995 m 148 138.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 134.54999999999995 m 148 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 138.54999999999995 m 148 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 138.54999999999995 m 544 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 138.54999999999995 m 544 138.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 134.54999999999995 m 544 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 134.54999999999995 m 67 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 134.54999999999995 m 117 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 134.54999999999995 m 117 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 109.54999999999995 m 117 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 134.54999999999995 m 117 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 134.54999999999995 m 148 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 134.54999999999995 m 148 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.54999999999995 m 148 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 134.54999999999995 m 148 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 134.54999999999995 m 544 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 134.54999999999995 m 544 134.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.54999999999995 m 544 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 109.54999999999995 m 67 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.54999999999995 m 117 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 109.54999999999995 m 117 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 105.54999999999995 m 117 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.54999999999995 m 117 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.54999999999995 m 148 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.54999999999995 m 148 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 105.54999999999995 m 148 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.54999999999995 m 148 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 109.54999999999995 m 544 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.54999999999995 m 544 109.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 105.54999999999995 m 544 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 105.54999999999995 m 67 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 105.54999999999995 m 117 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 105.54999999999995 m 117 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 60.549999999999955 m 117 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 105.54999999999995 m 117 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 105.54999999999995 m 148 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 105.54999999999995 m 148 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.549999999999955 m 148 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 105.54999999999995 m 148 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 105.54999999999995 m 544 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 105.54999999999995 m 544 105.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.549999999999955 m 544 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 60.549999999999955 m 67 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.549999999999955 m 117 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 60.549999999999955 m 117 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 56.549999999999955 m 117 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.549999999999955 m 117 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.549999999999955 m 148 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.549999999999955 m 148 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.549999999999955 m 148 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.549999999999955 m 148 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 60.549999999999955 m 544 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.549999999999955 m 544 60.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.549999999999955 m 544 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 56.549999999999955 m 67 56.049999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.549999999999955 m 117 56.049999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 56.549999999999955 m 117 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.549999999999955 m 117 56.049999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.549999999999955 m 148 56.049999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.549999999999955 m 148 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.549999999999955 m 148 56.049999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 56.549999999999955 m 544 56.049999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.549999999999955 m 544 56.549999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.049999999999955 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 56.049999999999955 m BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 82.5 568.71259765625 m 131.4013671875 568.71259765625 l s q 0 0 0 rg BT 82.50 570.28 Td (Exhibit No.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 320.75 567.66259765625 m 370.1884765625 567.66259765625 l s q 0 0 0 rg BT 320.75 569.23 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 555.12 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 555.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 554.22 Td (Form of Underwriting Agreement incorporated by reference to Exhibit 1.1 to the Company's) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 544.22 Td (Registration Statement on Form S-1 Amendment No. 4 filed on November 3, 2006 \(Commission) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 534.22 Td (File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.50 516.12 Td (1.1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 516.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 515.22 Td (Underwriting Agreement dated November 6, 2012, among OneBeacon U.S. Holdings, Inc., the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 505.22 Td (Company, and Barclays Capital Inc., HSBC \(USA\) Inc. and Merrill Lynch, Pierce, Fenner &) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 495.22 Td (Smith Incorporated, as representatives of the several underwriters incorporated by reference to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 485.22 Td (Exhibit 1.1 to the Company's Current Report on Form 8-K filed on November 8, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.50 467.12 Td (2.1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 467.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 466.22 Td (Separation Agreement between White Mountains Insurance Group,Ltd. and OneBeacon) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 456.22 Td (Insurance Group,Ltd incorporated by reference to Exhibit 2.1 to the Company Registration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 446.22 Td (Statement on Form S-4 Amendment No. 3 filed on October 20, 2006 \(Commission File No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 436.22 Td (333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 418.12 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 418.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 417.22 Td (Memorandum of Association of OneBeacon Insurance Group,Ltd incorporated by reference to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 407.22 Td (Exhibit 3.1 to the Company's Registration Statement on Form S-1 Amendment No. 2 filed on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 397.22 Td (October 10, 2006 \(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.50 379.12 Td (3.1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 379.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 378.22 Td (Certificate of Deposit of Memorandum of Increase of Share Capital dated October31, 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 368.22 Td (incorporated by reference to Exhibit 3.1.1 to the Company's Registration Statement on Form S-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 358.22 Td (Amendment No. 4 filed on November 3, 2006 \(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 340.12 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 340.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 339.22 Td (Bye-laws of OneBeacon Insurance Group,Ltd. incorporated by reference to Exhibit 3.2 to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 329.22 Td (Company Registration Statement on Form S-4 ) Tj ET Q q 0 0 0 rg BT 338.27 329.22 Td (Amendment No. 3 filed on October 20, 2006 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 319.22 Td (\(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 301.12 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 301.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 300.22 Td (Specimen ClassA common share certificate incorporated by reference to Exhibit 4.1 to the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 290.22 Td (Company Registration Statement on Form S-4 Amendment No. 3 filed on October 20, 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 280.22 Td (\(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.50 262.12 Td (4.1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 262.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 261.22 Td (Indenture, dated as of November9, 2012, among OneBeacon U.S. Holdings, Inc., the Company,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 251.22 Td (and The Bank of New York Mellon Trust Company, N.A., as trustee incorporated by reference to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 241.22 Td (Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 9, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 223.12 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 223.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 222.22 Td (First Supplemental Indenture, dated as of November9, 2012, among OneBeacon U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 212.22 Td (Holdings,Inc., the Company and The Bank of New York Mellon Trust Company, N.A., as trustee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 202.22 Td (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 192.22 Td (November 9, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.00 174.12 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 174.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 173.22 Td (Registration Rights ) Tj ET Q q 0 0 0 rg BT 229.95 173.22 Td (Agreement between OneBeacon Insurance Group,Ltd. and ) Tj ET Q q 0 0 0 rg BT 469.40 173.22 Td (White Mountains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 163.22 Td (Insurance Group,Ltd. incorporated by reference to Exhibit 4.3 to the Company's Registration ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 153.22 Td (Statement on Form S-1 ) Tj ET Q q 0 0 0 rg BT 245.50 153.22 Td (Amendment No. 2 filed on November 8, 2006 \(Commission File No. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 143.22 Td (333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 125.12 Td (10.1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 125.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 124.22 Td (Separation ) Tj ET Q q 0 0 0 rg BT 195.21 124.22 Td (Agreement between ) Tj ET Q q 0 0 0 rg BT 277.77 124.22 Td (White Mountains Insurance Group,Ltd. and OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 114.22 Td (Insurance Group,Ltd. \(See 2.1.1 of this index\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 96.12 Td (10.2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 96.12 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 95.22 Td (Stock Purchase Agreement by and among the Company, OneBeacon Insurance Group LLC,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 85.22 Td (Trebuchet and Armour Group Holdings Limited dated as October 18, 2012 incorporated by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 75.22 Td (reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 18,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 65.22 Td (2012.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (86) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 749 m 67 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 749 m 117 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 749 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 748.5 m 117 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 749 m 117 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 749 m 148 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 749 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 748.5 m 148 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 749 m 148 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 749 m 544 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 749 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 748.5 m 544 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 748.5 m 67 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 748.5 m 117 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 748.5 m 117 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 713.5 m 117 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 748.5 m 117 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 748.5 m 148 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 748.5 m 148 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 713.5 m 148 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 748.5 m 148 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 748.5 m 544 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 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[] 0 d 0 J 0 j 3 M 67 709.5 m 67 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 709.5 m 117 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 709.5 m 117 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 674.5 m 117 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 709.5 m 117 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 709.5 m 148 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 709.5 m 148 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 674.5 m 148 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 709.5 m 148 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 709.5 m 544 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 709.5 m 544 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 674.5 m 544 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 674.5 m 67 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 674.5 m 117 670.5 l s 0 0 0 RG 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635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 670.5 m 117 635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 670.5 m 148 635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 670.5 m 148 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 635.5 m 148 635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 670.5 m 148 635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 670.5 m 544 635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 670.5 m 544 670.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 635.5 m 544 635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 635.5 m 67 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 635.5 m 117 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 635.5 m 117 635.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 631.5 m 117 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 635.5 m 117 631.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 596.5 m 544 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 596.5 m 544 596.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 592.5 m 544 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 592.5 m 67 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 592.5 m 117 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 592.5 m 117 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 557.5 m 117 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 592.5 m 117 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 592.5 m 148 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 592.5 m 148 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 557.5 m 148 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 592.5 m 148 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 592.5 m 544 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 592.5 m 544 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 557.5 m 544 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 557.5 m 67 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 557.5 m 117 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 557.5 m 117 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 553.5 m 117 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 557.5 m 117 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 557.5 m 148 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 557.5 m 148 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 553.5 m 148 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 557.5 m 148 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 557.5 m 544 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 557.5 m 544 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 553.5 m 544 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 553.5 m 67 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 553.5 m 117 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 553.5 m 117 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 533.5 m 117 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 553.5 m 117 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 553.5 m 148 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 553.5 m 148 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 533.5 m 148 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 553.5 m 148 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 553.5 m 544 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 553.5 m 544 553.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 533.5 m 544 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 533.5 m 67 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 533.5 m 117 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 533.5 m 117 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 529.5 m 117 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 533.5 m 117 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 533.5 m 148 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 533.5 m 148 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 529.5 m 148 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 533.5 m 148 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 533.5 m 544 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 533.5 m 544 533.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 529.5 m 544 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 529.5 m 67 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 529.5 m 117 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 529.5 m 117 529.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 494.5 m 117 494.5 l s 0 0 0 RG 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490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 494.5 m 148 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 490.5 m 148 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 494.5 m 148 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 494.5 m 544 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 494.5 m 544 494.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 490.5 m 544 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 490.5 m 67 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 490.5 m 117 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 490.5 m 117 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 455.5 m 117 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 490.5 m 117 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 490.5 m 148 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 490.5 m 148 490.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 187.5 m 148 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 187.5 m 544 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 187.5 m 544 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 162.5 m 544 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 162.5 m 67 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 162.5 m 117 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 162.5 m 117 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 158.5 m 117 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 162.5 m 117 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 162.5 m 148 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 162.5 m 148 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 158.5 m 148 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 162.5 m 148 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 162.5 m 544 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 162.5 m 544 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 158.5 m 544 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 158.5 m 67 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 158.5 m 117 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 158.5 m 117 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 113.5 m 117 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 158.5 m 117 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 158.5 m 148 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 158.5 m 148 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 113.5 m 148 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 158.5 m 148 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 158.5 m 544 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 158.5 m 544 158.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 113.5 m 544 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 113.5 m 67 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 113.5 m 117 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 113.5 m 117 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 109.5 m 117 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 113.5 m 117 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 113.5 m 148 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 113.5 m 148 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.5 m 148 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 113.5 m 148 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 113.5 m 544 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 113.5 m 544 113.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.5 m 544 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 109.5 m 67 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.5 m 117 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 109.5 m 117 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 64.5 m 117 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.5 m 117 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.5 m 148 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 109.5 m 148 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 64.5 m 148 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.5 m 148 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 109.5 m 544 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 109.5 m 544 109.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 64.5 m 544 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 64.5 m 67 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 64.5 m 117 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 64.5 m 117 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 60.5 m 117 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 64.5 m 117 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 64.5 m 148 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 64.5 m 148 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.5 m 148 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 64.5 m 148 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 64.5 m 544 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 64.5 m 544 64.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.5 m 544 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 60.5 m 67 60 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.5 m 117 60 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 60.5 m 117 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 60 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.5 m 117 60 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.5 m 148 60 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60.5 m 148 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 60 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.5 m 148 60 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 60.5 m 544 60 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60.5 m 544 60.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 60 m BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 739.07 Td (10.3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 739.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 739.07 Td (Investment Management Agreement with White Mountains AdvisorsLLC dated as of October1,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 729.07 Td (2010 is incorporated by reference to Exhibit 10.2.5 to the Company's Annual Report on Form) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 719.07 Td (10K for the year ended December 31, 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 700.07 Td (10.3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 700.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 700.07 Td (Amendment No.1 to Investment Management Agreement with White Mountains AdvisorsLLC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 690.07 Td (dated as of August15, 2011 is incorporated by reference to Exhibit 10.2.2 to the Company's) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 680.07 Td (Annual Report on Form 10K for the year ended December 31, 2011.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 661.07 Td (10.3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 661.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 661.07 Td (Investment Management Agreement with Prospector Partners,LLC dated as of March1, 2011 is) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 651.07 Td (incorporated by reference to Exhibit 10.3.1 to the Company's Annual Report on Form 10K for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 641.07 Td (the year ended December 31, 2011.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 622.07 Td (10.3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 622.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 622.07 Td (Amendment No.1 to Investment Management Agreement with Prospector Partners,LLC dated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 612.07 Td (as of December22, 2011 is incorporated by reference to Exhibit 10.3.2 to the Company's Annual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 602.07 Td (Report on Form 10K for the year ended December 31, 2011.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 583.07 Td (10.4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 583.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 583.07 Td (OneBeacon 2007 Long-Term Incentive Plan incorporated by reference to AppendixA of the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 573.07 Td (Registrant's Definitive Proxy Statement for the Annual General Meeting of Members filed with) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 563.07 Td (the Securities and Exchange Commission on April13, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 544.07 Td (10.4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 544.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 544.07 Td (OneBeacon's 2012 Management Incentive Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 520.07 Td (10.4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 520.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 520.07 Td (OneBeacon Deferred Compensation Plan incorporated by reference to Exhibit 10.4.6 to the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 510.07 Td (Company's Registration Statement on Form S-1 Amendment No. 2 filed on November 8, 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 500.07 Td (\(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 481.07 Td (10.4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 481.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 481.07 Td (Form of OneBeacon Insurance Group,Ltd. Long-Term Incentive Plan 2010-2012 Performance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 471.07 Td (Share Grant is incorporated by reference to Exhibit 10.1 to the Company's Current Report on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 461.07 Td (Form 8-K filed on March 1, 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 441.07 Td (10.4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 441.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 441.07 Td (Form of OneBeacon Insurance Group,Ltd. Long-Term Incentive Plan 2010-2012 Performance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 431.07 Td (Unit Grant is incorporated by reference to Exhibit 10.2 to the Company's Current Report on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 421.07 Td (Form 8-K filed on March 1, 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 402.07 Td (10.4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 402.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 402.07 Td (Form of OneBeacon Insurance Group,Ltd. Long-Term Incentive Plan 2011-2013 Performance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 392.07 Td (Share Grant is incorporated by reference to Exhibit 10.4.12 to the Company's Quarterly Report) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 382.07 Td (on Form 10-Q filed on April 29, 2011.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 363.07 Td (10.4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 363.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 363.07 Td (Form of OneBeacon Insurance Group,Ltd. Long-Term Incentive Plan 2011-2013 Performance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 353.07 Td (Unit Grant is incorporated by reference to Exhibit 10.4.13 to the Company's Quarterly Report on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 343.07 Td (Form 10-Q filed on April 29, 2011.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 324.07 Td (10.4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 324.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 324.07 Td (Form of OneBeacon Insurance Group,Ltd. Long-Term Incentive Plan 2012-2014 Performance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 314.07 Td (Share Grant incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 304.07 Td (8-K filed on February 27, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 285.07 Td (10.4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 285.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 285.07 Td (Form of OneBeacon Insurance Group,Ltd. Long-Term Incentive Plan 2012-2014 Performance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 275.07 Td (Unit Grant incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 265.07 Td (8-K filed on February 27, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.50 246.07 Td (10.4.10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 246.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 246.07 Td (Form of Restricted Share Award Agreement is incorporated by reference to Exhibit 10.3 to the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 236.07 Td (Company's Current Report on Form 8-K filed on February 27, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.85 217.07 Td (10.4.1) Tj ET Q q 0 0 0 rg BT 108.48 217.07 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 217.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 217.07 Td (Restricted Share Award Agreement by and between OneBeacon Insurance Group,Ltd. and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 207.07 Td (T.Michael Miller dated as of May25, 2011 is incorporated by reference to Exhibit 10.2 to the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 197.07 Td (Company's Current Report on Form 8-K filed on May 31, 2011.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.50 178.07 Td (10.4.12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 178.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 178.07 Td (Form of Company's Confidentiality and Non-Solicitation Agreement is incorporated by reference) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 168.07 Td (to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on May 31, 2011.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 149.07 Td (10.5.1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 149.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 149.07 Td (Adverse Development Agreement of Reinsurance No.8888 between Potomac Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 139.07 Td (Company \("PIC"\) and General Re Corporation dated April13, 2001 incorporated by reference to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 129.07 Td (Exhibit 10.6.1.1 to the Company's Registration Statement on Form S-1 Amendment No. 1 filed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 119.07 Td (on September 15, 2006 \(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 100.07 Td (10.5.1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 100.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 100.07 Td (Adverse Development Agreement of Reinsurance between CGU Insurance Company \(and) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 90.07 Td (certain of its affiliates\) and PIC dated April13, 2001 incorporated by reference to Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 80.07 Td (10.6.1.2 to the Company's Registration Statement on Form S-1 Amendment No. 1 filed on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 70.07 Td (September 15, 2006 \(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (87) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 748 m 67 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 748 m 117 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 748 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 747.5 m 117 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 748 m 117 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 748 m 148 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 748 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 747.5 m 148 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 748 m 148 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 748 m 544 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 748 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 747.5 m 544 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 747.5 m 67 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 747.5 m 117 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 747.5 m 117 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 712.5 m 117 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 747.5 m 117 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 747.5 m 148 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 747.5 m 148 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 712.5 m 148 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 747.5 m 148 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 747.5 m 544 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 747.5 m 544 747.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 712.5 m 544 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 712.5 m 67 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 712.5 m 117 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 712.5 m 117 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 708.5 m 117 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 712.5 m 117 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 712.5 m 148 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 712.5 m 148 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 708.5 m 148 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 712.5 m 148 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 712.5 m 544 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 712.5 m 544 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 708.5 m 544 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 708.5 m 67 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 708.5 m 117 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 708.5 m 117 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 663.5 m 117 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 708.5 m 117 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 708.5 m 148 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 708.5 m 148 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 663.5 m 148 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 708.5 m 148 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 708.5 m 544 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 708.5 m 544 708.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 663.5 m 544 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 663.5 m 67 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 663.5 m 117 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 663.5 m 117 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 659.5 m 117 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 663.5 m 117 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 663.5 m 148 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 663.5 m 148 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 659.5 m 148 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 663.5 m 148 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 663.5 m 544 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 663.5 m 544 663.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 659.5 m 544 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 659.5 m 67 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 659.5 m 117 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 659.5 m 117 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 614.5 m 117 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 659.5 m 117 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 659.5 m 148 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 659.5 m 148 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 614.5 m 148 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 659.5 m 148 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 659.5 m 544 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 659.5 m 544 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 614.5 m 544 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 614.5 m 67 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 614.5 m 117 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 614.5 m 117 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 610.5 m 117 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 614.5 m 117 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 614.5 m 148 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 614.5 m 148 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 610.5 m 148 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 614.5 m 148 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 614.5 m 544 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 614.5 m 544 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 610.5 m 544 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 610.5 m 67 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 610.5 m 117 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 610.5 m 117 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 589.5 m 117 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 610.5 m 117 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 610.5 m 148 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 610.5 m 148 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 589.5 m 148 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 610.5 m 148 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 610.5 m 544 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 610.5 m 544 610.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 589.5 m 544 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 589.5 m 67 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 589.5 m 117 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 589.5 m 117 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 585.5 m 117 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 589.5 m 117 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 589.5 m 148 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 589.5 m 148 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 585.5 m 148 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 589.5 m 148 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 589.5 m 544 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 589.5 m 544 589.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 585.5 m 544 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 585.5 m 67 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 585.5 m 117 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 585.5 m 117 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 564.5 m 117 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 585.5 m 117 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 585.5 m 148 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 585.5 m 148 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.5 m 148 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 585.5 m 148 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 585.5 m 544 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 585.5 m 544 585.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.5 m 544 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 564.5 m 67 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.5 m 117 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 564.5 m 117 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 560.5 m 117 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.5 m 117 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.5 m 148 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 564.5 m 148 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 560.5 m 148 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.5 m 148 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 564.5 m 544 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 564.5 m 544 564.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 560.5 m 544 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 560.5 m 67 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 560.5 m 117 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 560.5 m 117 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 539.5 m 117 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 560.5 m 117 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 560.5 m 148 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 560.5 m 148 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 539.5 m 148 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 560.5 m 148 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 560.5 m 544 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 560.5 m 544 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 539.5 m 544 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 539.5 m 67 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 539.5 m 117 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 539.5 m 117 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 535.5 m 117 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 539.5 m 117 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 539.5 m 148 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 539.5 m 148 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 535.5 m 148 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 539.5 m 148 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 539.5 m 544 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 539.5 m 544 539.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 535.5 m 544 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 535.5 m 67 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 535.5 m 117 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 535.5 m 117 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 514.5 m 117 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 535.5 m 117 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 535.5 m 148 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 535.5 m 148 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 514.5 m 148 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 535.5 m 148 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 535.5 m 544 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 535.5 m 544 535.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 514.5 m 544 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 514.5 m 67 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 514.5 m 117 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 514.5 m 117 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 510.5 m 117 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 514.5 m 117 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 514.5 m 148 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 514.5 m 148 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 510.5 m 148 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 514.5 m 148 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 514.5 m 544 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 514.5 m 544 514.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 510.5 m 544 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 510.5 m 67 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 510.5 m 117 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 510.5 m 117 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 488.5 m 117 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 510.5 m 117 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 510.5 m 148 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 510.5 m 148 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 488.5 m 148 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 510.5 m 148 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 510.5 m 544 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 510.5 m 544 510.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 488.5 m 544 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 488.5 m 67 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 488.5 m 117 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 488.5 m 117 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 484.5 m 117 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 488.5 m 117 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 488.5 m 148 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 488.5 m 148 488.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 484.5 m 148 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 488.5 m 148 484.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 459.5 m 117 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 459.5 m 117 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 434.5 m 117 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 459.5 m 117 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 459.5 m 148 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 459.5 m 148 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 434.5 m 148 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 459.5 m 148 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 459.5 m 544 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 459.5 m 544 459.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 434.5 m 544 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 434.5 m 67 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 434.5 m 117 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 434.5 m 117 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 430.5 m 117 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 434.5 m 117 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 434.5 m 148 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 434.5 m 148 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 430.5 m 148 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 434.5 m 148 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 434.5 m 544 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 434.5 m 544 434.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 430.5 m 544 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 430.5 m 67 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 430.5 m 117 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 430.5 m 117 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 405.5 m 117 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 405.5 m 148 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 401.5 m 148 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 405.5 m 148 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 405.5 m 544 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 405.5 m 544 405.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 401.5 m 544 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 401.5 m 67 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 401.5 m 117 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 401.5 m 117 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 67 316.5 m 117 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 401.5 m 117 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 401.5 m 148 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 401.5 m 148 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 117 316.5 m 148 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 401.5 m 148 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 544 401.5 m 544 316.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 401.5 m 544 401.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 148 316.5 m 544 316.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 738.07 Td (10.5.2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 738.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 738.07 Td (Aggregate Loss Portfolio Reinsurance Agreement between PIC and NICO dated March15, 2001) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 728.07 Td (incorporated by reference to Exhibit 10.6.2.1 to the Company's Registration Statement on Form) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 718.07 Td (S-1 Amendment No. 1 filed on September 15, 2006 \(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 699.07 Td (10.5.2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 699.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 699.07 Td (Aggregate Loss Portfolio Reinsurance Agreement between CGU Insurance Company and PIC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 689.07 Td (dated March15, 2001 incorporated by reference to Exhibit 10.6.2.2 to the Company's) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 679.07 Td (Registration Statement on Form S-1 Amendment No. 1 filed on September 15, 2006) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 669.07 Td (\(Commission File No. 333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 650.07 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 650.07 Td (**) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 650.07 Td (Amended and Restated Certificate of Designation of SeriesA Preferred Stock of Fund American) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 640.07 Td (Companies,Inc incorporated by reference to Exhibit 10.11 to the Company's Registration) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 630.07 Td (Statement on Form S-1 Amendment No. 4 filed on November 3, 2006 \(Commission File No.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 620.07 Td (333-136287\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 601.07 Td (12.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 601.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 601.07 Td (Statement of Computation of Ratio of Earnings \(Loss\) to Fixed Charges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 576.07 Td (21.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 576.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 576.07 Td (List of Subsidiaries of OneBeacon Insurance Group,Ltd.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 551.07 Td (23.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 551.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 551.07 Td (Consent of PricewaterhouseCoopersLLP.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 526.07 Td (24.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 526.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 526.07 Td (Power of Attorney \(included on signature page to the Form10-K\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 501.07 Td (31.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 501.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 501.07 Td (Certification of T. Michael Miller pursuant to Section302 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 475.07 Td (31.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 475.07 Td (*) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 475.07 Td (Certification of Paul H. McDonough pursuant to Section302 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 450.07 Td (32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 450.07 Td (***) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 450.07 Td (Certification of T. Michael Miller pursuant to 18 U.S.C. Section1350, as Adopted Pursuant to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 440.07 Td (Section906 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 421.07 Td (32.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 421.07 Td (***) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 421.07 Td (Certification of Paul H. McDonough pursuant to 18 U.S.C. Section1350, as Adopted Pursuant to) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 411.07 Td (Section906 of the Sarbanes-Oxley Act of 2002.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.00 392.07 Td (101.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.50 392.07 Td (***) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 392.07 Td (The following financial information from OneBeacon Insurance Group,Ltd.'s ) Tj ET Q q 0 0 0 rg BT 464.16 392.07 Td (Annual Report on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 382.07 Td (Form10-K for the year ended December31, 2012 formatted in XBRL: \(i\)Consolidated Balance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 372.07 Td (Sheets at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 301.48 372.07 Td (1; \(ii\)Consolidated Statements of Operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 362.07 Td (Comprehensive Income for each of the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 456.96 362.07 Td (1 and 2010; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 352.07 Td (\(iii\)Consolidated Statements of Common Shareholders' Equity for each of the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 342.07 Td (December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 248.71 342.07 Td (1 and 2010; \(iv\)Consolidated Statements of Cash Flows for each of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 332.07 Td (years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 298.69 332.07 Td (1 and 2010; and \(v\)Notes to Consolidated Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.50 322.07 Td (Statements.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 307.40 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 292.40 Td (* ) Tj ET Q q 0 0 0 rg BT 135.50 292.40 Td (Filed herewith) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 277.40 Td (** ) Tj ET Q q 0 0 0 rg BT 135.50 277.40 Td (Previously filed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 262.40 Td (*** ) Tj ET Q q 0 0 0 rg BT 135.50 262.40 Td (Furnished herewith) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 234.40 Td (c.Financial Statement Schedules) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 214.40 Td (The financial statement schedules and report of independent registered public accounting firm have been filed as part of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.40 Td (this ) Tj ET Q q 0 0 0 rg BT 66.40 202.40 Td (Annual Report on Form10-K as indicated in the Index to Consolidated Financial Statements and Financial Statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 190.40 Td (Schedules appearing on pageF-1 of this report.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (88) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.85 734.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 734.25 Td (TURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 694.25 Td (Pursuant to the requirements of the Securities ) Tj ET Q q 0 0 0 rg BT 258.13 694.25 Td (Act of 1934, the registrant has duly caused this report to be signed on its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (behalf by the undersigned, thereto duly authorized.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 622.75 m 551.5 622.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 642.32 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 290.00 642.48 Td (OneBeacon Insurance Group,Ltd.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 628.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 628.32 Td (By:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.00 628.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 627.42 Td (/s/) Tj ET Q q 0 0 0 rg BT 349.77 627.42 Td (T) Tj ET Q q 0 0 0 rg BT 355.13 627.42 Td (. MICHAEL) Tj ET Q q 0 0 0 rg BT 405.31 627.42 Td ( MILLER) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 612.42 Td (T) Tj ET Q q 0 0 0 rg BT 343.37 612.42 Td (. Michael Miller) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 602.42 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 340.50 602.42 Td (Pr) Tj ET Q q 0 0 0 rg BT 350.13 602.42 Td (esident and Chief Executive Officer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 62.00 588.32 Td (Date: February28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.00 588.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.00 588.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 588.32 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 250.40 514.65 Td (POWER OF) Tj ET Q q 0 0 0 rg BT 304.19 514.65 Td ( ) Tj ET Q q 0 0 0 rg BT 306.14 514.65 Td (A) Tj ET Q q 0 0 0 rg BT 312.62 514.65 Td (TT) Tj ET Q q 0 0 0 rg BT 325.78 514.65 Td (ORNEY) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 474.65 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 474.65 Td (KNOW) Tj ET Q q 0 0 0 rg BT 102.60 474.65 Td ( ) Tj ET Q q 0 0 0 rg BT 104.55 474.65 Td (ALL) Tj ET Q q 0 0 0 rg BT 124.56 474.65 Td ( MEN) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.39 474.65 Td ( by these presents, that the undersigned does hereby make, constitute and appoint ) Tj ET Q q 0 0 0 rg BT 477.62 474.65 Td (T) Tj ET Q q 0 0 0 rg BT 482.98 474.65 Td (. Michael Miller ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 462.65 Td (and Paul H. McDonough, and each of them, as true and lawful attorney-in-fact and agent of the undersigned, with full power of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.65 Td (substitution, resubstitution and revocation, for and in the name, place and stead of the undersigned, to execute and deliver any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.65 Td (and all amendments to the ) Tj ET Q q 0 0 0 rg BT 156.92 438.65 Td (Annual Report on Form10-K and each such amendment to be in such form and to contain such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.65 Td (terms and provisions as said attorney or substitute shall deem necessary or desirable; giving and granting unto said attorney) Tj ET Q q 0 0 0 rg BT 543.13 426.65 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.65 Td (to such person or persons as in any case may be appointed pursuant to the power of substitution herein given, full power and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.65 Td (authority to do and perform any and every act and thing whatsoever requisite, necessary or) Tj ET Q q 0 0 0 rg BT 412.53 402.65 Td (, in the opinion of said attorney or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.65 Td (substitute, able to be done in and about the premises as fully and to all intents and purposes as the undersigned might or could ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 378.65 Td (do if personally present, hereby ratifying and confirming all that said attorney or such substitute shall lawfully do or cause to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 366.65 Td (done by virtue hereof.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.65 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 70.00 346.65 Td (IN ) Tj ET Q q 0 0 0 rg BT 83.43 346.65 Td (WITNESS ) Tj ET Q q 0 0 0 rg BT 131.33 346.65 Td (WHEREOF) Tj ET Q q 0 0 0 rg BT 182.64 346.65 Td (,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.14 346.65 Td ( the undersigned has duly executed these presents this 28thday of February) Tj ET Q q 0 0 0 rg BT 486.63 346.65 Td (, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 326.65 Td (Pursuant to the requirements of the Securities ) Tj ET Q q 0 0 0 rg BT 258.13 326.65 Td (Act of 1934, this report has been signed by the following persons in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.65 Td (capacities and on the date indicated.) 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 365.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 365.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 365.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 365.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 339.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 339.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 339.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 339.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 339.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 313.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 313.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 313.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 313.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 313.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 287.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 287.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 287.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 287.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 287.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 261.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 261.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 261.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 261.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 261.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 235.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 235.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 235.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 235.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 235.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 197.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 197.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 197.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 197.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 197.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 171.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 171.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 171.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 171.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 171.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 145.75 384.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 145.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 145.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 145.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 145.75 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 666.75 m 498.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 666.75 m 502.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 666.75 m 562.5 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 653.75 m 498.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 653.75 m 562.5 653.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 534.75 m 498.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 534.75 m 562.5 534.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 378.75 m 498.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 366.75 m 498.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 364.75 m 498.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 378.75 m 562.5 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 366.75 m 562.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 364.75 m 562.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 364.75 m 498.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 366.75 m 498.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 364.75 m 562.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 366.75 m 562.5 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 261.75 m 498.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 261.75 m 562.5 261.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 171.75 m 498.5 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 171.75 m 562.5 171.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 145.75 m 498.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 145.75 m 562.5 145.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 132.75 m 498.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 120.75 m 498.5 120.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 118.75 m 498.5 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 132.75 m 562.5 132.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 120.75 m 562.5 120.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 118.75 m 562.5 118.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 670.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.75 670.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 657.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.00 657.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.20 657.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 629.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 467.85 645.83 Td (\(in millions, except) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 466.30 637.83 Td (shar) Tj ET Q q 0 0 0 rg BT 481.27 637.83 Td (e and per) Tj ET Q q 0 0 0 rg BT 513.12 637.83 Td ( shar) Tj ET Q q 0 0 0 rg BT 530.09 637.83 Td (e) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.95 629.83 Td (amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 616.48 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 616.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 616.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 603.32 Td (Investment Securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 603.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 603.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 590.32 Td (Fixed maturity investments, at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 590.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 590.32 Td (1,593.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 590.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 590.32 Td (1,886.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 577.32 Td (Short-term investments, at amortized cost \(which approximates fair value\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 577.32 Td (232.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 577.32 Td (320.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 564.32 Td (Common equity securities, at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 564.32 Td (259.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 564.32 Td (266.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 551.32 Td (Convertible fixed maturity investments, at fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 551.32 Td (62.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 551.32 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 538.32 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 538.32 Td (143.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 538.32 Td (155.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 525.32 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 525.32 Td (2,291.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 525.32 Td (2,707.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 512.32 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 512.32 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 512.32 Td (54.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 499.32 Td (Reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 499.32 Td (107.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 499.32 Td (2,167.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 486.32 Td (Reinsurance recoverable on paid losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 486.32 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 486.32 Td (16.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 473.32 Td (Premiums receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 473.32 Td (225.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 473.32 Td (230.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 460.32 Td (Deferred acquisition costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 460.32 Td (123.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 460.32 Td (123.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 447.32 Td (Ceded unearned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 447.32 Td (11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 447.32 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 434.32 Td (Net deferred tax asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 434.32 Td (137.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 434.32 Td (93.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 421.32 Td (Investment income accrued) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 421.32 Td (12.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 421.32 Td (14.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 408.32 Td (Accounts receivable on unsettled investment sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 408.32 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 408.32 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 395.32 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 395.32 Td (215.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 395.32 Td (269.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 382.32 Td (Assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 382.32 Td (2,226.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 382.32 Td (132.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 369.32 Td (Total assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 369.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 369.32 Td (5,401.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 369.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 369.32 Td (5,821.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 356.48 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 356.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 356.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 343.32 Td (Unpaid loss and loss adjustment expense reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 343.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 343.32 Td (1,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 343.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 343.32 Td (3,358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 330.32 Td (Unearned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 330.32 Td (573.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 330.32 Td (528.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 317.32 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 317.32 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 317.32 Td (269.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 304.32 Td (Ceded reinsurance payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 304.32 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 304.32 Td (23.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 291.32 Td (Accounts payable on unsettled investment purchases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 291.32 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 291.32 Td (22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 278.32 Td (Other liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 278.32 Td (297.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 278.32 Td (397.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 265.32 Td (Liabilities held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 265.32 Td (2,226.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 265.32 Td (107.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 252.32 Td (Total liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 252.32 Td (4,384.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 252.32 Td (4,707.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 239.48 Td (OneBeacon's common shareholders' equity and noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 239.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 239.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 226.32 Td (OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 226.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 226.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 212.42 Td (Common shares and paid-in surplus \(par value $0.01; authorized, 200,000,000 shares; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 202.42 Td ( issued and outstanding, 95,386,179 and 95,068,457 shares\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 202.42 Td (1,019.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 202.42 Td (1,002.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 188.32 Td (Retained earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 188.32 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.15 188.32 Td (108.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 175.32 Td (Accumulated other comprehensive loss, after tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.80 175.37 Td (\(13.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.65 175.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.80 175.37 Td (\(10.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.65 175.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 162.32 Td (Total OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 162.32 Td (1,014.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 162.32 Td (1,099.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 149.32 Td (T) Tj ET Q q 0 0 0 rg BT 58.41 149.32 Td (otal noncontrolling interests, after tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 149.32 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.15 149.32 Td (14.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 136.32 Td (Total OneBeacon's common shareholders' equity and noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 136.32 Td (1,017.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 136.32 Td (1,113.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 123.32 Td (Total liabilities, OneBeacon's common shareholders' equity and noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 123.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.65 123.32 Td (5,401.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 123.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.65 123.32 Td (5,821.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 100.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.65 80.25 Td (See Notes to Consolidated Financial Statements including Note16"Commitments and Contingencies.") Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F - 3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.35 742.25 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 374.45 742.25 Td (,L) Tj ET Q q 0 0 0 rg BT 385.20 742.25 Td (TD.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.65 722.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 151.47 722.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 186.03 722.25 Td (A) Tj ET Q q 0 0 0 rg BT 192.50 722.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 257.42 722.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 294.18 722.25 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 327.25 722.25 Td (AND COMPREHENSIVE INCOME \(LOSS\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 630.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 630.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 630.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 630.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 630.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 600.75 316.00 -15.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 51.50 540.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 540.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 540.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 540.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 540.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 510.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 510.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 510.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 510.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 510.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 480.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 480.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 480.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 480.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 480.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 450.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 450.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 450.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 450.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 450.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 420.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 420.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 420.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 420.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 420.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 420.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 420.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 390.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 390.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 390.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 390.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 390.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 390.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 390.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 360.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 360.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 360.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 360.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 330.75 316.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 330.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 330.75 4.00 -15.00 re f /GS0 gs 0.8 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 540.75 m 495.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 555.75 m 559.5 555.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 540.75 m 559.5 540.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 450.75 m 431.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 435.75 m 431.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 450.75 m 495.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 435.75 m 495.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 450.75 m 559.5 450.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 435.75 m 559.5 435.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 405.75 m 431.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 405.75 m 495.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 405.75 m 559.5 405.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 360.75 m 431.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 360.75 m 495.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 360.75 m 559.5 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 330.75 m 431.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 330.75 m 495.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 330.75 m 559.5 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 285.75 m 431.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 262.75 m 431.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 260.75 m 431.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 285.75 m 495.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 262.75 m 495.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 260.75 m 495.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 285.75 m 559.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 262.75 m 559.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 260.75 m 559.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 260.75 m 431.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 262.75 m 431.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 260.75 m 495.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 262.75 m 495.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 260.75 m 559.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 262.75 m 559.5 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 177.75 m 431.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 153.75 m 431.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 151.75 m 431.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 177.75 m 495.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 153.75 m 495.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 151.75 m 495.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 177.75 m 559.5 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 153.75 m 559.5 153.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 151.75 m 559.5 151.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 138.75 m 431.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 136.75 m 431.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 138.75 m 495.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 136.75 m 495.5 136.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 138.75 m 559.5 138.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 136.75 m 559.5 136.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 670.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.60 669.98 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 656.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.00 656.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.20 656.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.00 656.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.00 634.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.90 642.98 Td (\($ in millions, except per) Tj ET Q q 0 0 0 rg BT 496.52 642.98 Td ( shar) Tj ET Q q 0 0 0 rg BT 513.49 642.98 Td (e) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.95 634.98 Td (amounts\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 620.43 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 620.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 620.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 620.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 605.42 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 605.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 605.42 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 605.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 605.42 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 605.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 605.42 Td (1,181.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 590.42 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 590.42 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 590.42 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 590.42 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 575.42 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 575.42 Td (55.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 575.42 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 575.42 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 560.42 Td (Net other revenues \(expenses\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.80 560.47 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 560.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 560.47 Td (\(12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 560.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.80 560.47 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.65 560.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 545.42 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 545.42 Td (1,240.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.65 545.42 Td (1,081.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 545.42 Td (1,351.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 530.43 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 530.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 530.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 530.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 515.42 Td (Loss and loss adjustment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.15 515.42 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 515.42 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 515.42 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 500.42 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.15 500.42 Td (249.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 500.42 Td (221.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 500.42 Td (252.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 485.42 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.15 485.42 Td (205.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 485.42 Td (162.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 485.42 Td (196.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 470.42 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 470.42 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.15 470.42 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 470.42 Td (12.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 455.42 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 455.42 Td (16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 455.42 Td (20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 455.42 Td (29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 440.42 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.65 440.42 Td (1,134.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 440.42 Td (962.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 440.42 Td (1,176.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 425.43 Td (Pre-tax income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.15 425.42 Td (105.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 425.42 Td (119.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 425.42 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 410.42 Td (Income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.80 410.47 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 410.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 410.47 Td (\(14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 410.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 410.47 Td (\(25.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.65 410.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 395.43 Td (Net income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 395.42 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.15 395.42 Td (104.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 395.42 Td (150.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 380.42 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 380.47 Td (\(24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 380.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 380.47 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 380.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 380.47 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.65 380.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 365.42 Td (Loss from sale of discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 365.47 Td (\(91.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 365.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 365.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 365.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 365.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 350.43 Td (Net income \(loss\), including noncontr) Tj ET Q q 0 0 0 rg BT 212.99 350.43 Td (olling inter) Tj ET Q q 0 0 0 rg BT 259.75 350.43 Td (ests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 350.47 Td (\(17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 350.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 350.42 Td (56.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 350.42 Td (119.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 335.42 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.80 335.47 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 335.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.80 335.47 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 335.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.80 335.47 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.65 335.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 320.43 Td (Net income \(loss\) attributable to OneBeacon's common shar) Tj ET Q q 0 0 0 rg BT 309.63 320.43 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 320.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 320.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 320.42 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 320.42 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 305.42 Td (Change in foreign currency translation, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 305.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 305.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 305.42 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 290.42 Td (Net change in benefit plan assets and obligations, net of tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.80 290.47 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 290.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 290.47 Td (\(11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 290.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.15 290.42 Td (5.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 276.43 Td (Compr) Tj ET Q q 0 0 0 rg BT 84.37 276.43 Td (ehensive income \(loss\) attributable to OneBeacon's common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 266.43 Td (shar) Tj ET Q q 0 0 0 rg BT 72.71 266.43 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 266.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 266.47 Td (\(22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 266.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 266.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 266.42 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 266.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.15 266.42 Td (124.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 237.43 Td (Earnings \(loss\) per share attributable to OneBeacon's common) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 227.43 Td (shareholdersbasic and diluted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 227.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 227.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 227.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 212.42 Td (Net income from continuing operations, per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 212.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 212.42 Td (1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 212.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 212.42 Td (1.08) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 212.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 212.42 Td (1.57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 197.42 Td (Loss from discontinued operations, net of tax, per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 197.47 Td (\(0.25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 197.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 197.47 Td (\(0.30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 197.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.80 197.47 Td (\(0.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 555.65 197.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 182.42 Td (Loss from sale of discontinued operations, net of tax, per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 182.47 Td (\(0.96) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 182.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 182.47 Td (\(0.20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 182.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 182.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 167.42 Td (Net income \(loss\) attributable to OneBeacon's common shareholders per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 157.42 Td (share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 157.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.80 157.47 Td (\(0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.65 157.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 157.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 157.42 Td (0.58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 157.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 157.42 Td (1.25) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 142.43 Td (Dividends declared and paid per OneBeacon's common share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.00 142.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.15 142.42 Td (0.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.00 142.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.15 142.42 Td (1.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.00 142.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.15 142.42 Td (3.34) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 118.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.75 98.25 Td (See Notes to Consolidated Financial Statements.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F - 4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.35 742.25 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 374.45 742.25 Td (,L) Tj ET Q q 0 0 0 rg BT 385.20 742.25 Td (TD.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 132.30 722.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 192.12 722.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 226.68 722.25 Td (A) Tj ET Q q 0 0 0 rg BT 233.15 722.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 298.07 722.25 Td ( COMMON SHAREHOLDERS' EQUITY) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 640.75 177.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 640.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 640.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 640.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 640.75 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 640.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 640.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 640.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 640.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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503.50 209.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 175.75 177.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 175.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 175.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 175.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 175.75 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 175.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 175.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 175.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 175.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 175.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 175.75 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 175.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 175.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 151.75 177.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 151.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 151.75 44.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 151.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 151.75 37.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 151.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 151.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 151.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 151.75 53.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 151.75 5.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 151.75 59.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 151.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 151.75 58.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 127.75 177.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 127.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 127.75 44.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 127.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 127.75 37.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 127.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 127.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 127.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.50 127.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 127.75 5.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 127.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 127.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 127.75 58.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 697.75 m 230.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 697.75 m 274.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274.5 697.75 m 278.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 697.75 m 315.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 697.75 m 319.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 697.75 m 377.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 697.75 m 382.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 697.75 m 435.5 697.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 652.75 m 230.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 652.75 m 274.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 652.75 m 315.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 652.75 m 377.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 652.75 m 435.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 652.75 m 499.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 652.75 m 561.5 652.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 558.75 m 274.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 558.75 m 315.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 558.75 m 377.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 558.75 m 435.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 558.75 m 499.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 558.75 m 561.5 558.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 463.75 m 274.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 448.75 m 274.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 463.75 m 315.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 448.75 m 315.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 463.75 m 377.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 448.75 m 377.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 463.75 m 435.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 463.75 m 499.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 448.75 m 499.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 463.75 m 561.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 448.75 m 561.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 448.75 m 274.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 448.75 m 315.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 448.75 m 377.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 448.75 m 435.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 448.75 m 499.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 448.75 m 561.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 387.75 m 274.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 387.75 m 315.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 387.75 m 377.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 387.75 m 435.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 387.75 m 499.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 387.75 m 561.5 387.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 282.75 m 274.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 282.75 m 315.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 282.75 m 377.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 282.75 m 435.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 282.75 m 499.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 282.75 m 561.5 282.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 267.75 m 274.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 267.75 m 315.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 267.75 m 377.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 267.75 m 435.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 267.75 m 499.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 267.75 m 561.5 267.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 209.75 m 274.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 209.75 m 315.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 209.75 m 377.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 209.75 m 435.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 209.75 m 499.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 209.75 m 561.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 113.75 m 274.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 99.75 m 274.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 97.75 m 274.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 113.75 m 315.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 99.75 m 315.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 97.75 m 315.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 113.75 m 377.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 99.75 m 377.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 97.75 m 377.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 113.75 m 435.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 99.75 m 435.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382.5 97.75 m 435.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 113.75 m 499.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 99.75 m 499.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 97.75 m 499.5 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 113.75 m 561.5 113.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 99.75 m 561.5 99.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 97.75 m 561.5 97.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 702.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 256.20 701.98 Td (OneBeacon's Common Shareholders' Equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.00 701.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.25 703.83 Td (T) Tj ET Q q 0 0 0 rg BT 527.85 703.83 Td (otal ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 509.75 695.83 Td (OneBeacon's ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.30 687.83 Td (common ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.95 679.83 Td (shar) Tj ET Q q 0 0 0 rg BT 523.92 679.83 Td (eholders' ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.85 671.83 Td (equity and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 506.95 663.83 Td (noncontr) Tj ET Q q 0 0 0 rg BT 537.92 663.83 Td (olling ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.60 655.83 Td (inter) Tj ET Q q 0 0 0 rg BT 533.89 655.83 Td (ests) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 656.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.20 680.98 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.70 672.98 Td (shar) Tj ET Q q 0 0 0 rg BT 248.67 672.98 Td (es and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.75 664.98 Td (paid-in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.30 656.98 Td (surplus) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.15 664.98 Td (Retained) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 281.80 656.98 Td (earnings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 324.95 672.98 Td (Accum. other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.50 664.98 Td (compr) Tj ET Q q 0 0 0 rg BT 344.57 664.98 Td (ehensive) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.85 656.98 Td (income \(loss\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.70 672.98 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.45 664.98 Td (shar) Tj ET Q q 0 0 0 rg BT 400.42 664.98 Td (eholders') Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 397.80 656.98 Td (equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.75 672.98 Td (Noncontr) Tj ET Q q 0 0 0 rg BT 476.05 672.98 Td (olling) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.10 664.98 Td (inter) Tj ET Q q 0 0 0 rg BT 470.39 664.98 Td (ests,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.00 656.98 Td (after) Tj ET Q q 0 0 0 rg BT 471.29 656.98 Td ( tax) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 644.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.90 644.83 Td (\($ in millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 632.01 Td (Balances at January1, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 233.00 632.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.00 632.01 Td (1,009.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.00 632.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.75 632.01 Td (425.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.00 632.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.75 632.01 Td (\(6.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 632.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.00 632.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 632.01 Td (1,429.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 632.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 632.01 Td (19.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 632.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.00 632.01 Td (1,448.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 620.01 Td (Comprehensive income:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.00 608.01 Td (Net income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 608.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.75 608.01 Td (118.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 608.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 608.01 Td (118.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 608.01 Td (1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.75 608.01 Td (119.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.00 596.01 Td (Other comprehensive income items, after tax:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 584.01 Td (Change in foreign currency translation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 584.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 584.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 584.01 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 584.01 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 584.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 584.01 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 572.01 Td (Net change in benefit plan assets and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 563.01 Td (obligations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 563.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 563.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 563.21 Td (5.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 563.21 Td (5.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 563.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 563.21 Td (5.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 550.01 Td (T) Tj ET Q q 0 0 0 rg BT 56.87 550.01 Td (otal comprehensive income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 550.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.75 550.01 Td (118.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 550.01 Td (6.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 550.01 Td (124.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 550.01 Td (1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.75 550.01 Td (126.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 538.01 Td (Amortization of option awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.75 538.01 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 538.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 538.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 538.01 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 538.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 538.01 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 526.01 Td (Issuance of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.75 526.01 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 526.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 526.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 526.01 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 526.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 526.01 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 513.21 Td (Repurchases and retirements of common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 504.21 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.25 504.21 Td (\(10.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 271.00 504.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 504.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 504.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 504.21 Td (\(10.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 504.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 504.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.25 504.21 Td (\(10.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 504.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 491.01 Td (Dividends) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 491.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.75 491.01 Td (\(315.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 491.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 491.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 491.01 Td (\(315.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 491.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 491.01 Td (\(0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 491.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 491.01 Td (\(316.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 491.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 479.01 Td (Contributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 479.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 479.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 479.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 479.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 479.01 Td (0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 479.01 Td (0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 467.01 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 467.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 467.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 467.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 467.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 467.01 Td (\(1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 467.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 467.01 Td (\(1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 467.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 453.21 Td (Balances at December31, 2010) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 233.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.00 453.21 Td (1,000.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.75 453.21 Td (228.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.75 453.21 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 453.21 Td (1,229.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 453.21 Td (19.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 453.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.00 453.21 Td (1,248.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 440.01 Td (Comprehensive income \(loss\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.00 428.01 Td (Net income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 428.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.25 428.01 Td (55.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 428.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 428.01 Td (55.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 428.01 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.25 428.01 Td (56.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.00 414.21 Td (Other comprehensive loss item, after tax:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 401.01 Td (Net change in benefit plan assets and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 392.01 Td (obligations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 392.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 392.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.25 392.21 Td (\(11.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 392.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 392.21 Td (\(11.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 392.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 392.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.25 392.21 Td (\(11.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 392.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 379.01 Td (T) Tj ET Q q 0 0 0 rg BT 56.87 379.01 Td (otal comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 379.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.25 379.01 Td (55.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.25 379.01 Td (\(11.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 379.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 379.01 Td (43.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 379.01 Td (1.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.25 379.01 Td (44.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 366.21 Td (Amortization of restricted share and option ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 357.21 Td (awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.75 357.21 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 357.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 357.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 357.21 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 357.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 357.21 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 344.01 Td (Issuance of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.75 344.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 344.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 344.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 344.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 344.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 344.01 Td (0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 332.01 Td (Repurchases and retirements of common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 323.01 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 323.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 323.21 Td (\(1.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 323.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 323.21 Td (\(1.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 323.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 310.01 Td (Dividends) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 310.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 288.75 310.01 Td (\(174.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 310.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 310.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 310.01 Td (\(174.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 310.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 310.01 Td (\(0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 310.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 534.75 310.01 Td (\(175.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 310.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 298.01 Td (Contributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 298.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 298.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 298.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 298.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 298.01 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 298.01 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 286.01 Td (Distributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 286.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 286.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 286.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 286.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 286.01 Td (\(5.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 286.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 286.01 Td (\(5.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 286.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 272.21 Td (Balances at December31, 201) Tj ET Q q 0 0 0 rg BT 161.37 272.21 Td (1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 233.00 272.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.00 272.21 Td (1,002.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.00 272.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.75 272.21 Td (108.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.00 272.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.25 272.21 Td (\(10.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 272.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.00 272.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 272.21 Td (1,099.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 272.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 272.21 Td (14.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 272.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.00 272.21 Td (1,113.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 259.01 Td (Comprehensive income \(loss\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.00 247.01 Td (Net \(loss\) income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 247.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.25 247.01 Td (\(19.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 247.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 247.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 247.01 Td (\(19.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 247.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 247.01 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.25 247.01 Td (\(17.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 247.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 58.00 235.01 Td (Other comprehensive loss item, after tax:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 233.00 235.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.00 235.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.00 235.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.00 235.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 235.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 223.01 Td (Net change in benefit plan assets and ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 64.00 214.01 Td (obligations, net of tax) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 214.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 214.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.75 214.21 Td (\(2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 214.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.75 214.21 Td (\(2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 214.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 214.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.75 214.21 Td (\(2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 214.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 201.01 Td (T) Tj ET Q q 0 0 0 rg BT 56.87 201.01 Td (otal comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 201.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.25 201.01 Td (\(19.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 201.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.75 201.01 Td (\(2.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 201.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 201.01 Td (\(22.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 201.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 201.01 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.25 201.01 Td (\(20.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 201.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 189.01 Td (Amortization of restricted share and option) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 180.01 Td (awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.75 180.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 180.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 180.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 180.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 180.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 180.21 Td (2.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 167.01 Td (Issuance of common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 259.75 167.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 167.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 167.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.75 167.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 167.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 167.01 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 155.01 Td (Dividends) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 155.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 293.25 155.01 Td (\(80.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.00 155.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 155.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 155.01 Td (\(80.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 155.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 481.75 155.01 Td (\(0.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 155.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.25 155.01 Td (\(80.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 155.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 143.01 Td (Contributions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 143.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 143.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 143.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 143.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 143.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.75 143.01 Td (0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 131.01 Td (Gain on sale of OB Holdings Lux) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.25 131.01 Td (14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 131.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 131.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 131.01 Td (14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 131.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.25 131.01 Td (14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 118.21 Td (Sale of investment with noncontrolling interest) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.00 118.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.00 118.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 118.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.00 118.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 118.21 Td (\(12.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 496.00 118.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.25 118.21 Td (\(12.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 558.00 118.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 103.21 Td (Balances at December31, 2012) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 233.00 103.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 244.00 103.21 Td (1,019.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.00 103.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 300.75 103.21 Td (9.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.00 103.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.25 103.21 Td (\(13.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 103.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.00 103.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 405.00 103.21 Td (1,014.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.00 103.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 103.21 Td (2.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.00 103.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.00 103.21 Td (1,017.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.00 79.25 Td (See Notes to Consolidated Financial Statements.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F - 5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.35 742.25 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 374.45 742.25 Td (,L) Tj ET Q q 0 0 0 rg BT 385.20 742.25 Td (TD.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 188.65 722.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 248.47 722.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 283.02 722.25 Td (A) Tj ET Q q 0 0 0 rg BT 289.50 722.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 354.42 722.25 Td ( CASH FLOWS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 670.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 670.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 670.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 670.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 670.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 670.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 670.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 648.75 315.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 648.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 648.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 648.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 648.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 648.75 4.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 648.75 60.00 -23.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 614.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 614.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 614.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 614.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 614.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 614.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 614.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 592.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 592.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 592.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 592.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 592.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 592.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 592.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 570.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 570.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 570.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 570.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 570.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 570.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 570.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 548.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 548.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 548.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 548.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 548.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 548.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 548.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 526.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 526.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 526.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 526.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 526.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 526.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 526.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 504.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 504.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 504.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 504.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 504.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 504.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 504.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 482.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 482.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 482.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 482.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 482.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 482.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 482.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 460.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 460.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 460.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 460.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 460.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 460.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 460.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 438.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 438.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 438.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 438.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 438.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 438.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 438.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 416.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 416.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 416.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 416.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 416.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 416.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 416.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 394.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 394.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 394.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 394.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 394.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 394.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 394.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 372.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 372.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 372.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 372.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 372.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 372.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 372.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 350.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 350.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 350.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 350.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 350.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 350.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 350.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 328.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 328.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 328.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 328.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 328.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 328.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 328.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 306.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 306.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 306.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 306.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 306.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 306.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 306.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 284.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 284.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 284.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 284.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 284.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 284.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 284.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 262.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 262.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 262.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 262.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 262.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 262.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 262.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 240.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 240.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 240.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 240.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 240.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 240.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 240.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 218.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 218.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 218.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 218.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 218.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 196.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 196.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 196.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 196.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 196.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 174.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 174.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 174.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 174.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 174.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 174.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 174.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 152.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 152.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 152.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 152.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 152.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 152.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 152.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 130.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 130.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 130.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 130.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 130.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 130.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 130.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 108.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 108.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 108.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 108.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 108.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 108.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 108.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 86.75 315.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.00 86.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.00 86.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.00 86.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.00 86.75 60.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 86.75 4.00 -11.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 86.75 60.00 -11.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 692.75 m 431 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431 692.75 m 435 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 692.75 m 495 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 692.75 m 499 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 692.75 m 559 692.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 681.75 m 431 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 681.75 m 495 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 681.75 m 559 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 471.75 m 431 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 471.75 m 495 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 471.75 m 559 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 449.75 m 431 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 449.75 m 495 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 449.75 m 559 449.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 438.75 m 431 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 438.75 m 495 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 438.75 m 559 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 284.75 m 431 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 284.75 m 495 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 284.75 m 559 284.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 262.75 m 431 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 262.75 m 495 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 262.75 m 559 262.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 251.75 m 431 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 251.75 m 495 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 251.75 m 559 251.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 163.75 m 431 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 163.75 m 495 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 163.75 m 559 163.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 141.75 m 431 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 141.75 m 495 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 141.75 m 559 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 130.75 m 431 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 130.75 m 495 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 130.75 m 559 130.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 97.75 m 431 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 97.75 m 495 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 97.75 m 559 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 75.75 m 431 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 65.75 m 431 65.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371 63.75 m 431 63.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 75.75 m 495 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 65.75 m 495 65.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 435 63.75 m 495 63.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 75.75 m 559 75.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 65.75 m 559 65.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 63.75 m 559 63.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 695.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.10 695.83 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 684.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 392.50 684.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.70 684.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.50 684.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 54.50 673.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 440.90 673.83 Td (\($ in millions\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 662.06 Td (Cash flows from operations:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 651.06 Td (Net income \(loss\) including noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.50 651.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 651.06 Td (\(17.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 651.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.50 651.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 651.06 Td (56.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.50 651.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 651.06 Td (119.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 639.21 Td (Charges \(credits\) to reconcile net income to cash flows \(used for\) provided from) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 630.21 Td (operations:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.50 630.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.50 630.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.50 630.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 617.06 Td (Net loss from discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 617.06 Td (24.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 617.06 Td (29.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 617.06 Td (30.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 606.06 Td (Net loss from sale of discontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 606.06 Td (91.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 606.06 Td (19.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 606.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 595.06 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 595.06 Td (\(55.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 595.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 595.06 Td (\(10.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 595.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 595.06 Td (\(74.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 595.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 584.06 Td (Net realized gain on sale of business) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 584.06 Td (\(4.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 584.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 584.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.25 584.06 Td (\(8.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 584.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 573.06 Td (Net other realized losses \(gains\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 573.06 Td (6.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 573.06 Td (11.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 573.06 Td (10.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 562.06 Td (Deferred income tax expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 562.06 Td (16.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 562.06 Td (31.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 562.06 Td (72.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 551.06 Td (Other operating items:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 540.06 Td (Net change in loss and LAE reserves) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 540.06 Td (87.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 540.06 Td (69.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 540.06 Td (20.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 529.06 Td (Net change in unearned premiums) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 529.06 Td (48.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 529.06 Td (50.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 529.06 Td (\(23.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 529.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 518.06 Td (Net change in ceded reinsurance payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 518.06 Td (1.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 518.06 Td (\(0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 518.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 544.25 518.06 Td (1.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 507.06 Td (Net change in ceded unearned premium) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 507.06 Td (\(0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 507.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.25 507.06 Td (0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 544.25 507.06 Td (8.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 496.06 Td (Net change in premiums receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 496.06 Td (\(14.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 496.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 496.06 Td (\(49.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 496.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.25 496.06 Td (\(110.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 496.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 485.06 Td (Net change in reinsurance recoverable on paid and unpaid losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 485.06 Td (\(3.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 485.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 485.06 Td (\(46.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 485.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 485.06 Td (78.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 474.06 Td (Net change in other assets and liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 474.06 Td (\(35.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 474.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 474.06 Td (\(79.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 474.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 474.06 Td (\(88.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 474.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 463.06 Td (Net cash provided from operationscontinuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 463.06 Td (142.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 463.06 Td (82.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 463.06 Td (38.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 452.06 Td (Net cash used for operationsdiscontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.25 452.06 Td (\(196.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 452.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.25 452.06 Td (\(200.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 452.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 452.06 Td (\(16.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 452.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 441.06 Td (Net cash \(used for\) provided from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 441.06 Td (\(53.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 441.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.25 441.06 Td (\(118.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 441.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 441.06 Td (22.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 430.06 Td (Cash flows from investing activities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 419.06 Td (Net maturities, purchases and sales of short-term investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 419.06 Td (14.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 419.06 Td (\(19.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 419.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.25 419.06 Td (\(279.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 419.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 408.06 Td (Maturities of fixed maturity investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 408.06 Td (191.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.25 408.06 Td (478.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 408.06 Td (1,080.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 397.06 Td (Sales of fixed maturity investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 400.50 397.06 Td (1,717.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 397.06 Td (1,414.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 397.06 Td (1,197.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 386.06 Td (Sales of common equity securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 386.06 Td (112.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.25 386.06 Td (101.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 386.06 Td (64.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 375.06 Td (Sales of convertible fixed maturity investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 375.06 Td (29.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 375.06 Td (37.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 375.06 Td (127.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 364.06 Td (Distributions and redemptions of other investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 364.06 Td (63.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 364.06 Td (38.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 364.06 Td (33.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 353.06 Td (Purchases of fixed maturity investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 397.50 353.06 Td (\(1,862.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 353.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.50 353.06 Td (\(1,472.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 353.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.50 353.06 Td (\(1,697.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 353.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 342.06 Td (Purchases of common equity securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 342.06 Td (\(91.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 342.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 342.06 Td (\(88.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 342.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.25 342.06 Td (\(121.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 342.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 331.06 Td (Purchases of convertible fixed maturity investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 331.06 Td (\(9.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 331.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 331.06 Td (\(30.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 331.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 331.06 Td (\(38.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 331.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 320.06 Td (Contributions for other investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 320.06 Td (\(44.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 320.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.75 320.06 Td (\(10.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 320.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 320.06 Td (\(49.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 320.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 309.06 Td (Proceeds from sale of business) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 309.06 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 309.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 309.06 Td (166.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 298.06 Td (Net change in unsettled investment purchases and sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 298.06 Td (\(18.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 298.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 298.06 Td (13.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 298.06 Td (25.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 287.06 Td (Net acquisitions of property and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 287.06 Td (\(1.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 287.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 287.06 Td (\(3.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 287.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.25 287.06 Td (\(6.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 287.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 276.06 Td (Net cash provided from investing activitiescontinuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 276.06 Td (115.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.25 276.06 Td (458.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 276.06 Td (503.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 265.06 Td (Net cash provided from investing activitiesdiscontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 265.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 265.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 265.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 254.06 Td (Net cash provided from investing activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 254.06 Td (115.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.25 254.06 Td (458.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 254.06 Td (503.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 243.06 Td (Cash flows from financing activities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 232.06 Td (Issuance of debt, net of debt issuance costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.25 232.06 Td (271.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 232.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 232.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 221.06 Td (Repayment of debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 221.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 221.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 221.06 Td (\(14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 221.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 210.06 Td (Repurchases of debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.25 210.06 Td (\(275.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 210.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.25 210.06 Td (\(161.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 210.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.25 210.06 Td (\(197.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 210.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 199.06 Td (Cash dividends paid to common shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 199.06 Td (\(80.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 199.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.25 199.06 Td (\(174.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 199.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.25 199.06 Td (\(315.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 199.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 188.06 Td (Proceeds on sale of OB Holdings Lux) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 188.06 Td (14.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 188.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 188.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 177.06 Td (Capital lease obligation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 177.06 Td (\(4.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 177.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 177.06 Td (23.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 177.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 166.06 Td (Repurchases and retirements of ClassA common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 166.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 166.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 166.06 Td (\(10.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 166.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 155.06 Td (Net cash used for financing activitiescontinuing operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 155.06 Td (\(75.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 155.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.25 155.06 Td (\(313.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 155.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.25 155.06 Td (\(537.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 155.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 144.06 Td (Net cash used for financing activitiesdiscontinued operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.50 144.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 144.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 144.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 133.06 Td (Net cash used for financing activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 133.06 Td (\(75.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 133.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.25 133.06 Td (\(313.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 133.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.25 133.06 Td (\(537.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 133.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 122.06 Td (Net increase \(decrease\) in cash during year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 122.06 Td (\(13.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 122.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 122.06 Td (26.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 122.06 Td (\(11.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 122.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 111.06 Td (Cash reclassified from \(to\) assets held for sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.25 111.06 Td (5.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.25 111.06 Td (\(5.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 491.50 111.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 111.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 100.06 Td (Cash transferred with sale of business) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.25 100.06 Td (\(3.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 100.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 482.50 100.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 100.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 89.06 Td (Net increase \(decrease\) after reclassification of cash to assets held for sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.75 89.06 Td (\(11.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.50 89.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 89.06 Td (21.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.75 89.06 Td (\(11.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.50 89.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 78.06 Td (Cash balance at beginning of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 78.06 Td (54.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 78.06 Td (33.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 78.06 Td (44.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 67.06 Td (Cash balance at end of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 373.50 67.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.75 67.06 Td (43.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.50 67.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.75 67.06 Td (54.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 501.50 67.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 67.06 Td (33.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.25 45.25 Td (See Notes to Consolidated Financial Statements.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 197 0 obj <>] /Rotate 0 /Contents 198 0 R>> endobj 198 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F - 6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 703.25 Td (NOTE 1. Natur) Tj ET Q q 0 0 0 rg BT 116.21 703.25 Td (e of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 306.50 703.25 Td (Accounting Policies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 683.25 Td (Basis of presentation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 663.25 Td (The accompanying consolidated financial statements include the accounts of OneBeacon Insurance Group,Ltd. \(the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 651.25 Td ("Company" or the "Registrant"\) and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 308.13 651.25 Td (, "OneBeacon"\) and have been prepared in accordance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 639.25 Td (accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 306.86 639.25 Td (America \("GAAP"\). ) Tj ET Q q 0 0 0 rg BT 390.65 639.25 Td (The Company is an exempted Bermuda ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 627.25 Td (limited liability company) Tj ET Q q 0 0 0 rg BT 150.44 627.25 Td (. ) Tj ET Q q 0 0 0 rg BT 155.26 627.25 Td (The OneBeacon operating companies are U.S.-based property and casualty insurance writers, most of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 615.25 Td (which historically have operated in a multi-company pool or have participated in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.01 615.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.34 615.25 Td ( quota share reinsurance agreements. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 603.25 Td (OneBeacon of) Tj ET Q q 0 0 0 rg BT 107.29 603.25 Td (fers a wide range of specialty insurance products and services through independent agencies, regional and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 591.25 Td (national brokers, wholesalers and managing general agencies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 571.25 Td (OneBeacon was acquired by ) Tj ET Q q 0 0 0 rg BT 190.44 571.25 Td (White Mountains Insurance Group,Ltd. \("White Mountains"\) from ) Tj ET Q q 0 0 0 rg BT 461.88 571.25 Td (A) Tj ET Q q 0 0 0 rg BT 468.36 571.25 Td (vivaplc \("A) Tj ET Q q 0 0 0 rg BT 516.69 571.25 Td (viva"\) in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 559.25 Td (2001 \(the "OneBeacon ) Tj ET Q q 0 0 0 rg BT 143.22 559.25 Td (Acquisition"\). ) Tj ET Q q 0 0 0 rg BT 202.12 559.25 Td (White Mountains is a holding company whose businesses provide property and casualty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (insurance, reinsurance and certain other products. During the fourth quarter of 2006, ) Tj ET Q q 0 0 0 rg BT 389.98 547.25 Td (White Mountains sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.36 547.25 Td (27.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.25 547.25 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (27.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 535.25 Td ( of the Company's common shares in an initial public of) Tj ET Q q 0 0 0 rg BT 299.63 535.25 Td (fering. ) Tj ET Q q 0 0 0 rg BT 327.96 535.25 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.40 535.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.99 535.25 Td (, ) Tj ET Q q 0 0 0 rg BT 435.81 535.25 Td (White Mountains owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.25 Td (75.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.83 523.25 Td ( of the Company's common shares. ) Tj ET Q q 0 0 0 rg BT 218.26 523.25 Td (W) Tj ET Q q 0 0 0 rg BT 227.30 523.25 Td (ithin this report, the term "OneBeacon" is used to refer to one or more entities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 511.25 Td (within the consolidated or) Tj ET Q q 0 0 0 rg BT 153.96 511.25 Td (ganization, as the context requires. ) Tj ET Q q 0 0 0 rg BT 295.12 511.25 Td (The Company's headquarters are located at 14 ) Tj ET Q q 0 0 0 rg BT 481.95 511.25 Td (W) Tj ET Q q 0 0 0 rg BT 490.59 511.25 Td (esley Street, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 499.25 Td (5thFloor) Tj ET Q q 0 0 0 rg BT 86.55 499.25 Td (, Hamilton HM 1) Tj ET Q q 0 0 0 rg BT 155.06 499.25 Td (1, Bermuda. ) Tj ET Q q 0 0 0 rg BT 206.54 499.25 Td (The Company's U.S. corporate headquarters are located at 601 Carlson Parkway) Tj ET Q q 0 0 0 rg BT 527.03 499.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.25 Td (Minnetonka, Minnesota 55305 and its registered of) Tj ET Q q 0 0 0 rg BT 254.50 487.25 Td (fice is located at Clarendon House, 2 Church Street, Hamilton HM 1) Tj ET Q q 0 0 0 rg BT 528.23 487.25 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.25 Td (Bermuda.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 455.25 Td (On October 17, 2012, one of OneBeacon's indirect wholly-owned subsidiaries, OneBeacon Insurance Group LLC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (\("OneBeacon LLC"\), entered into a definitive agreement \(the "Stock Purchase ) Tj ET Q q 0 0 0 rg BT 365.19 443.25 Td (Agreement"\) with ) Tj ET Q q 0 0 0 rg BT 439.62 443.25 Td (T) Tj ET Q q 0 0 0 rg BT 445.38 443.25 Td (rebuchet US Holdings, Inc. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (\("T) Tj ET Q q 0 0 0 rg BT 63.17 431.25 Td (rebuchet"\), a wholly-owned subsidiary of ) Tj ET Q q 0 0 0 rg BT 231.10 431.25 Td (Armour Group Holdings Limited \(together with ) Tj ET Q q 0 0 0 rg BT 425.33 431.25 Td (T) Tj ET Q q 0 0 0 rg BT 431.09 431.25 Td (rebuchet, Armour\), to sell its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (run-of) Tj ET Q q 0 0 0 rg BT 74.81 419.25 Td (f business. See Note 2 and Note 19. OneBeacon's run-of) Tj ET Q q 0 0 0 rg BT 299.43 419.25 Td (f business includes the results of OneBeacon's remaining non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (specialty commercial lines business and certain other run-of) Tj ET Q q 0 0 0 rg BT 290.01 407.25 Td (f business, including the vast majority of asbestos and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (environmental reserves, as well as certain purchase accounting adjustments related to the run-of) Tj ET Q q 0 0 0 rg BT 433.29 395.25 Td (f business and OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 383.25 Td (Acquisition \(the Runof) Tj ET Q q 0 0 0 rg BT 146.47 383.25 Td (f Business, the sale of which is referred to as the Runof) Tj ET Q q 0 0 0 rg BT 376.22 383.25 Td (f ) Tj ET Q q 0 0 0 rg BT 381.87 383.25 Td (T) Tj ET Q q 0 0 0 rg BT 387.63 383.25 Td (ransaction\). ) Tj ET Q q 0 0 0 rg BT 441.31 383.25 Td (The assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 371.25 Td (associated with the Runof) Tj ET Q q 0 0 0 rg BT 153.41 371.25 Td (f Business as of December31, 2012 have been presented in the balance sheet as held for sale ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 359.25 Td (assuming the investing and financing steps required to ef) Tj ET Q q 0 0 0 rg BT 277.54 359.25 Td (fect the sale were completed as of the current balance sheet date. ) Tj ET Q q 0 0 0 rg BT 538.62 359.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 347.25 Td (prior year balance sheet has not been reclassified to conform to the current period's presentation. ) Tj ET Q q 0 0 0 rg BT 438.14 347.25 Td (The Runof) Tj ET Q q 0 0 0 rg BT 481.01 347.25 Td (f Business has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (presented as discontinued operations in the consolidated statements of operations and cash flows, with the prior periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (reclassified to conform to the current period's presentation. ) Tj ET Q q 0 0 0 rg BT 287.93 323.25 Td (The Runof) Tj ET Q q 0 0 0 rg BT 330.80 323.25 Td (f Business disposal group excludes investing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (financing activities from amounts classified as discontinued operations. OneBeacon's investing and financing operations are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (conducted on an overall consolidated level and, accordingly) Tj ET Q q 0 0 0 rg BT 289.26 299.25 Td (, there are no separately identifiable investing or financing cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (flows associated with the Runof) Tj ET Q q 0 0 0 rg BT 178.13 287.25 Td (f Business. Pursuant to the terms of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 400.61 287.25 Td (Agreement, the legal entities included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (in the sale and expected to be transferred to ) Tj ET Q q 0 0 0 rg BT 225.76 275.25 Td (Armour will hold an agreed upon level of invested assets and capital at closing. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 255.25 Td (In anticipation of the Runof) Tj ET Q q 0 0 0 rg BT 183.40 255.25 Td (f ) Tj ET Q q 0 0 0 rg BT 189.05 255.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.81 255.25 Td (ransaction, and as means to separate the Runof) Tj ET Q q 0 0 0 rg BT 381.79 255.25 Td (f Business from the ongoing specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 243.25 Td (business, OneBeacon sought and received various regulatory approvals to terminate, incept or amend various intercompany ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.25 Td (reinsurance agreements which took af) Tj ET Q q 0 0 0 rg BT 201.42 231.25 Td (fect on October 1, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 211.25 Td (On February 22, 2012, OneBeacon completed the sale of its ) Tj ET Q q 0 0 0 rg BT 314.11 211.25 Td (AutoOne Insurance business \("AutoOne"\) to Interboro ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (Holdings, Inc. \("Interboro"\) \(the "AutoOne ) Tj ET Q q 0 0 0 rg BT 225.08 199.25 Td (T) Tj ET Q q 0 0 0 rg BT 230.83 199.25 Td (ransaction"\). See Note 2 and Note 19. ) Tj ET Q q 0 0 0 rg BT 384.04 199.25 Td (AutoOne had of) Tj ET Q q 0 0 0 rg BT 448.29 199.25 Td (fered products and services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (to assigned risk markets primarily in New ) Tj ET Q q 0 0 0 rg BT 219.87 187.25 Td (Y) Tj ET Q q 0 0 0 rg BT 226.09 187.25 Td (ork and New Jersey) Tj ET Q q 0 0 0 rg BT 304.58 187.25 Td (. ) Tj ET Q q 0 0 0 rg BT 309.03 187.25 Td (AutoOne has been presented as discontinued operations in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (statements of operations and cash flows with the prior periods reclassified to conform to the current presentation. ) Tj ET Q q 0 0 0 rg BT 504.69 175.25 Td (The ) Tj ET Q q 0 0 0 rg BT 522.18 175.25 Td (AutoOne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (disposal group excludes investing and financing activities from amounts classified as discontinued operations. OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.25 Td (investing and financing operations are conducted on an overall consolidated level and, accordingly) Tj ET Q q 0 0 0 rg BT 444.49 151.25 Td (, there are no separately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (identifiable investing or financing cash flows associated with ) Tj ET Q q 0 0 0 rg BT 296.61 139.25 Td (AutoOne. Pursuant to the terms of the ) Tj ET Q q 0 0 0 rg BT 450.47 139.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 489.45 139.25 Td (T) Tj ET Q q 0 0 0 rg BT 495.21 139.25 Td (ransaction, at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 127.25 Td (closing, the legal entities included in the sale held an agreed upon level of invested assets and capital. ) Tj ET Q q 0 0 0 rg BT 458.02 127.25 Td (The assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 115.25 Td (associated with the ) Tj ET Q q 0 0 0 rg BT 128.04 115.25 Td (AutoOne business as of December 31, 201) Tj ET Q q 0 0 0 rg BT 298.46 115.25 Td (1 have been presented in the balance sheet as held for sale ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (assuming the investing and financing steps required to ef) Tj ET Q q 0 0 0 rg BT 277.54 103.25 Td (fect the sale were completed as of December 31, 201) Tj ET Q q 0 0 0 rg BT 488.75 103.25 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 83.25 Td (As a result of recent transactions \(including the Runof) Tj ET Q q 0 0 0 rg BT 288.93 83.25 Td (f ) Tj ET Q q 0 0 0 rg BT 294.58 83.25 Td (T) Tj ET Q q 0 0 0 rg BT 300.33 83.25 Td (ransaction, ) Tj ET Q q 0 0 0 rg BT 345.87 83.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 384.85 83.25 Td (T) Tj ET Q q 0 0 0 rg BT 390.61 83.25 Td (ransaction and agreement to sell Essentia ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (Insurance Company) Tj ET Q q 0 0 0 rg BT 129.60 71.25 Td (, as described in Note 2\), the Company revised its reporting segment structure in the fourth quarter of 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (into Specialty Products, Specialty Industries and Investing, Financing and Corporate. Certain amounts in the prior period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (financial statements have been reclassified to conform to the current presentation) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 175.30 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 211.52 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 218.01 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.11 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 367.29 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 381.28 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 387.76 748.60 Td (TEMENTS) Tj ET Q endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F - 7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The Specialty Products segment is comprised of seven underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (based on those that of) Tj ET Q q 0 0 0 rg BT 137.02 692.10 Td (fer distinct products and tailored coverages and services to a broad customer base across the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (States. ) Tj ET Q q 0 0 0 rg BT 78.71 680.10 Td (The Specialty Industries segment is comprised of six underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (based on those that focus on solving the unique needs of a particular customer or industry group. ) Tj ET Q q 0 0 0 rg BT 439.17 668.10 Td (The Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (Corporate segment includes the investing and financing activities for OneBeacon on a consolidated basis, and certain other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (activities conducted through the Company and its intermediate subsidiaries, as well as operations associated with personal lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (business that it sold in 2010 \(see Note 2"Acquisitions and Dispositions"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 612.10 Td (All significant intercompany transactions have been eliminated in consolidation. ) Tj ET Q q 0 0 0 rg BT 398.17 612.10 Td (The preparation of financial statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 154.35 600.10 Td ( requires management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 413.26 600.10 Td (fect the reported amounts of assets ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.00 576.10 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 173.40 576.10 Td (fer from those estimates. ) Tj ET Q q 0 0 0 rg BT 274.21 576.10 Td (As described above, certain amounts in the prior period financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (statements have been reclassified to conform to the current presentation.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 97.70 544.10 Td (Accounting Policies) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (Investment Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 504.10 Td (OneBeacon records its investments in accordance with Financial ) Tj ET Q q 0 0 0 rg BT 334.47 504.10 Td (Accounting Standards Board \("F) Tj ET Q q 0 0 0 rg BT 464.74 504.10 Td (ASB"\) ) Tj ET Q q 0 0 0 rg BT 493.55 504.10 Td (Accounting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (Standards Codification \("ASC"\) 825, which allows companies to make an election, on an individual instrument basis, to report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (financial assets and liabilities at fair value. ) Tj ET Q q 0 0 0 rg BT 222.53 480.10 Td (The election must be made at the inception of a transaction and may not be reversed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (OneBeacon believes that reporting its investment results under ) Tj ET Q q 0 0 0 rg BT 302.71 468.10 Td (ASC 825 is consistent with one of its operating principles, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (namely to manage investments for total return.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 436.10 Td (OneBeacon classifies its portfolio of fixed maturity investments and common equity securities, including convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (fixed maturity investments, held for general investment purposes as trading securities. ) Tj ET Q q 0 0 0 rg BT 396.67 424.10 Td (T) Tj ET Q q 0 0 0 rg BT 402.43 424.10 Td (rading securities are reported at fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (value as of the balance sheet date as determined by quoted market prices when available. Realized and changes in unrealized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (investment gains and losses on trading securities are reported, on a pre-tax basis, in revenues as net realized and change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (unrealized investment gains \(losses\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 368.10 Td (Short-term investments consist of money market funds, certificates of deposit and other securities which, at the time of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (purchase, mature or become available for use within one year) Tj ET Q q 0 0 0 rg BT 295.45 356.10 Td (. Short-term investments are carried at amortized cost, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (approximated fair value as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.67 344.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.26 344.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.70 344.10 Td (201) Tj ET Q q 0 0 0 rg BT 282.32 344.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.32 344.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 324.10 Td (Other investments primarily include hedge funds and private equity funds. OneBeacon measures its investments in hedge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (funds and private equity funds at fair value with changes therein reported in total revenues as net realized and change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (unrealized investment gains \(losses\). Other investments also includes an investment in a community reinvestment vehicle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (which is accounted for at fair value and a tax advantaged federal af) Tj ET Q q 0 0 0 rg BT 318.02 288.10 Td (fordable housing development fund which is accounted for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (under the equity method.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 256.10 Td (OneBeacon records its investments in accordance with ) Tj ET Q q 0 0 0 rg BT 294.76 256.10 Td (ASC 820 which defines fair value, establishes a framework for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (measuring fair value and identifies financial statement disclosure requirements for fair value information. Under ) Tj ET Q q 0 0 0 rg BT 501.23 244.10 Td (ASC 820, fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (between market participants \(an "exit price"\). Fair value measurements are categorized into a hierarchy that distinguishes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (between inputs based on market data from independent sources \("observable inputs"\) and a reporting entity's internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (assumptions based upon the best information available when external market data is limited or unavailable \("unobservable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (inputs"\). Quoted prices in active markets for identical assets or liabilities have the highest priority \("Level1"\), followed by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (observable inputs other than quoted prices, including prices for similar but not identical assets or liabilities \("Level2"\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (unobservable inputs, including the reporting entity's estimates of the assumptions that market participants would use, having ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (the lowest priority \("Level3"\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 128.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.44 128.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.03 128.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.47 128.10 Td (201) Tj ET Q q 0 0 0 rg BT 211.09 128.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.09 128.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.35 128.10 Td (92%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.68 128.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.12 128.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.45 128.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 390.11 128.10 Td (, of the investment portfolio recorded at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (fair value was priced based upon quoted market prices or other observable inputs. Investments valued using Level1 inputs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (include fixed maturity investments, primarily investments in U.S. ) Tj ET Q q 0 0 0 rg BT 314.50 104.10 Td (T) Tj ET Q q 0 0 0 rg BT 320.26 104.10 Td (reasuries, common equities and short-term investments, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (which include U.S. ) Tj ET Q q 0 0 0 rg BT 128.97 92.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.73 92.10 Td (reasury Bills. Investments valued using Level2 inputs comprise fixed maturity investments including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (corporate debt, state and other governmental debt, convertible fixed maturity investments and mortgage and asset-backed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (securities. Fair value estimates for investments that trade infrequently and have few or no observable market prices are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (classified as Level3 measurements. Level3 fair value estimates based upon unobservable inputs include OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 1. Natur) Tj ET Q q 0 0 0 rg BT 116.21 728.60 Td (e of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 306.50 728.60 Td (Accounting Policies) Tj ET Q endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F - 8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (investments in hedge funds and private equity funds, as well as certain investments in debt and equity securities, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (asset-backed securities, where quoted market prices are unavailable or are not considered reasonable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 672.10 Td (OneBeacon uses brokers and outside pricing services to assist in determining fair values. For investments in active ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (markets, OneBeacon uses the quoted market prices provided by outside pricing services to determine fair value. ) Tj ET Q q 0 0 0 rg BT 499.67 660.10 Td (The outside ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (pricing services OneBeacon uses have indicated that they will only provide prices where observable inputs are available. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (circumstances where quoted market prices are unavailable or are not considered reasonable, OneBeacon estimates the fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (using industry standard pricing models and observable inputs such as benchmark interest rates, matrix pricing, market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (comparables, broker quotes, issuer spreads, bids, of) Tj ET Q q 0 0 0 rg BT 255.88 612.10 Td (fers, credit rating prepayment speeds and other relevant inputs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 592.10 Td (OneBeacon's process to assess the reasonableness of the market prices obtained from the outside pricing sources covers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (substantially all of its fixed maturity investments and includes, but is not limited to, evaluation of model pricing methodologies, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (review of the pricing services' quality control processes and procedures on at least an annual basis, comparison of market prices ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (to prices obtained from dif) Tj ET Q q 0 0 0 rg BT 156.46 556.10 Td (ferent independent pricing vendors on at least an annual basis, monthly analytical reviews of certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (prices and review of assumptions utilized by the pricing service for selected measurements on an ad hoc basis throughout the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 532.10 Td (. OneBeacon also performs back-testing of selected purchases and sales activity to determine whether there are any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (significant dif) Tj ET Q q 0 0 0 rg BT 105.64 520.10 Td (ferences between the market price used to value the security prior to purchase or sale and the actual purchase or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (sale price on at least an annual basis. Prices provided by the pricing services that vary by more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.43 508.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.76 508.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.20 508.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.09 508.10 Td ( from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (the expected price based on the procedures are considered outliers. In circumstances where the results of OneBeacon's review ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (process does not appear to support the market price provided by the pricing services, OneBeacon challenges the price. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (the past year) Tj ET Q q 0 0 0 rg BT 100.13 472.10 Td (, approximately 10 securities fell outside OneBeacon's expected results, thereby triggering the challenge with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (pricing service. If OneBeacon cannot gain satisfactory evidence to support the challenged price, it relies upon its own pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (methodologies to estimate the fair value of the security in question. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 428.10 Td (OneBeacon's investments in debt securities, including asset-backed securities, are generally valued using matrix and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (other pricing models. Key inputs include benchmark yields, benchmark securities, reported trades, issuer spreads, bids, of) Tj ET Q q 0 0 0 rg BT 536.63 416.10 Td (fers, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (credit ratings and prepayment speeds. Income on mortgage-backed and asset-backed securities is recognized using an ef) Tj ET Q q 0 0 0 rg BT 530.19 404.10 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (yield based on anticipated prepayments and the estimated economic life of the securities. ) Tj ET Q q 0 0 0 rg BT 408.03 392.10 Td (When actual prepayments dif) Tj ET Q q 0 0 0 rg BT 525.30 392.10 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (significantly from anticipated prepayments, the estimated economic life is recalculated and the remaining unamortized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (premium or discount is amortized prospectively over the remaining economic life.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 348.10 Td (Other investments, which are primarily comprised of hedge funds and private equity funds for which the fair value option ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (has been elected, are carried at fair value based upon OneBeacon's proportionate interest in the underlying fund's net asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (value, which is deemed to approximate fair value. ) Tj ET Q q 0 0 0 rg BT 251.97 324.10 Td (The fair value of OneBeacon's investments in hedge funds and private equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (funds has been estimated using net asset value because it reflects the fair value of the funds' underlying investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (accordance with ) Tj ET Q q 0 0 0 rg BT 117.19 300.10 Td (ASC 820. OneBeacon employs a number of procedures to assess the reasonableness of the fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (measurements, including obtaining and reviewing each fund's audited financial statements and discussing each fund's pricing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (with the fund's manager) Tj ET Q q 0 0 0 rg BT 145.39 276.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 256.10 Td (In circumstances where the underlying investments are publicly traded, such as the investments made by hedge funds, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (fair value of the underlying investments is determined using current market prices. In circumstances where the underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (investments are not publicly traded, such as the investments made by private equity funds, the private equity fund managers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (have considered the need for a liquidity discount on each of the underlying investments when determining the fund's net asset ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (value in accordance with ) Tj ET Q q 0 0 0 rg BT 151.62 208.10 Td (ASC 820. In circumstances where OneBeacon's portion of a fund's net asset value is deemed to dif) Tj ET Q q 0 0 0 rg BT 545.77 208.10 Td (fer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (from fair value due to illiquidity or other factors associated with OneBeacon's investment in the fund, including counterparty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (credit risk, the net asset value is adjusted accordingly) Tj ET Q q 0 0 0 rg BT 262.34 184.10 Td (. See Note5.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 144.10 Td (Cash includes amounts on hand and demand deposits with banks and other financial institutions. ) Tj ET Q q 0 0 0 rg BT 462.00 144.10 Td (Amounts presented in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (the statements of cash flows are shown net of balances acquired and sold in the purchase or sale of the Company's consolidated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (subsidiaries.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (Insurance Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 80.10 Td (OneBeacon accounts for insurance policies that it writes in accordance with ) Tj ET Q q 0 0 0 rg BT 379.17 80.10 Td (ASC 944. Premiums written are recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (as revenues and are earned ratably over the term of the related policy) Tj ET Q q 0 0 0 rg BT 325.33 68.10 Td (. Unearned premiums represent the portion of premiums ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (written that are applicable to future insurance coverage provided by policies. ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 1. Natur) Tj ET Q q 0 0 0 rg BT 116.21 728.60 Td (e of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 306.50 728.60 Td (Accounting Policies) Tj ET Q endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.55 33.60 Td (F - 9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (Deferred acquisition costs represent commissions, premium taxes, brokerage expenses and other costs which are directly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (attributable to and vary with the production of business. ) Tj ET Q q 0 0 0 rg BT 275.88 692.10 Td (These costs are deferred and amortized to the extent they relate to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (successful contract acquisitions over the applicable premium recognition period as policy acquisition expenses. Deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (acquisition costs are limited to the amount expected to be recovered from future earned premiums and anticipated investment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (income. ) Tj ET Q q 0 0 0 rg BT 84.25 656.10 Td (This limitation is referred to as a premium deficiency) Tj ET Q q 0 0 0 rg BT 296.87 656.10 Td (. ) Tj ET Q q 0 0 0 rg BT 301.31 656.10 Td (A) Tj ET Q q 0 0 0 rg BT 307.98 656.10 Td ( premium deficiency is recognized if the sum of expected loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (and loss adjustment expenses \("LAE"\), unamortized acquisition costs, and maintenance costs exceeds related unearned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (premiums and anticipated investment income. ) Tj ET Q q 0 0 0 rg BT 236.06 632.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.73 632.10 Td ( premium deficiency is recognized by char) Tj ET Q q 0 0 0 rg BT 413.04 632.10 Td (ging any unamortized acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (costs to expense to the extent required in order to eliminate the deficiency) Tj ET Q q 0 0 0 rg BT 344.80 620.10 Td (. If the premium deficiency exceeds unamortized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (acquisition costs then a liability is accrued for the excess deficiency) Tj ET Q q 0 0 0 rg BT 320.37 608.10 Td (. ) Tj ET Q q 0 0 0 rg BT 325.19 608.10 Td (There were no premium deficiencies recognized for any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (years presented. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 576.10 Td (Loss and LAE are char) Tj ET Q q 0 0 0 rg BT 166.00 576.10 Td (ged against income as incurred. Unpaid insurance loss and LAE are based on estimates \(generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (determined by claims adjusters, legal counsel and actuarial staf) Tj ET Q q 0 0 0 rg BT 302.23 564.10 Td (f\) of the ultimate costs of settling claims, including the ef) Tj ET Q q 0 0 0 rg BT 531.16 564.10 Td (fects of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (inflation and other societal and economic factors. Unpaid reinsurance loss and LAE reserves are based primarily on reports ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (received from ceding companies and actuarial projections. Unpaid loss and LAE reserves represent management's best estimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (of ultimate loss and LAE, net of estimated salvage and subrogation recoveries, if applicable. Such estimates are regularly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (reviewed and updated and any adjustments resulting therefrom are reflected in the current period. ) Tj ET Q q 0 0 0 rg BT 442.16 516.10 Td (The process of estimating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (unpaid loss and LAE reserves involves a considerable degree of judgment by management and the ultimate amount of expense ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (to be incurred could be considerably greater than or less than the amounts currently reflected in the financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 472.10 Td (OneBeacon discounts certain of its long-term workers compensation loss and LAE reserves when such liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (constitute unpaid but settled claims under which the payment pattern and ultimate costs are fixed and determinable on an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (individual claim basis. OneBeacon discounts these reserves using an average discount rate which is determined based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (various assumptions including consideration of when the claims will be settled \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.77 436.10 Td (3.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.60 436.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.04 436.10 Td (4.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.87 436.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.09 436.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.67 436.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 424.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 424.10 Td (, respectively\). ) Tj ET Q q 0 0 0 rg BT 130.72 424.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.16 424.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.75 424.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.18 424.10 Td (201) Tj ET Q q 0 0 0 rg BT 267.81 424.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.81 424.10 Td (, the discount on OneBeacon's workers' compensation loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (reserves amounted to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.47 412.10 Td ($4.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.36 412.10 Td ( \(excluding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.13 412.10 Td ($77.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.02 412.10 Td ( which relates to reserves that have been reclassified to liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (held for sale on the December 31, 2012 balance sheet\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.57 400.10 Td ($108.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.46 400.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 398.13 400.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 380.10 Td (OneBeacon's insurance subsidiaries enter into ceded reinsurance contracts from time to time to protect their businesses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (from losses due to concentration of risk, to manage their operating leverage ratios and to limit losses arising from catastrophic ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 80.37 356.10 Td (The majority of such reinsurance contracts are executed through excess of loss treaties and catastrophe contracts under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (which the reinsurer indemnifies for a specified part or all of certain types of losses over stipulated amounts arising from any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (one occurrence or event. OneBeacon has also entered into quota share treaties with reinsurers under which all risks meeting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (prescribed criteria are covered on a pro rata basis. ) Tj ET Q q 0 0 0 rg BT 251.38 320.10 Td (The amount of each risk ceded by OneBeacon is subject to maximum limits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (which vary by line of business and type of coverage. ) Tj ET Q q 0 0 0 rg BT 262.44 308.10 Td (Amounts related to reinsurance contracts are recorded in accordance with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (ASC 944, as applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 276.10 Td (Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (reinsured policies. ) Tj ET Q q 0 0 0 rg BT 125.63 264.10 Td (The collectibility of reinsurance recoverables is subject to the solvency of the reinsurers. OneBeacon is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (selective in regard to its reinsurers, principally placing reinsurance with those reinsurers with strong financial condition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (reputation, industry ratings and underwriting ability) Tj ET Q q 0 0 0 rg BT 256.53 240.10 Td (. Management monitors the financial condition and ratings of its reinsurers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (on an ongoing basis.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 208.10 Td (Reinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (contracts. Premiums ceded to other companies are reported as a reduction of premiums written. Expense allowances received in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (connection with reinsurance ceded have been accounted for as a reduction of the related policy acquisition costs and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (deferred and amortized accordingly) Tj ET Q q 0 0 0 rg BT 191.78 160.10 Td (. Funds held by ceding companies represent amounts due to OneBeacon in connection with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (certain assumed reinsurance agreements in which the ceding company retains a portion of the premium to provide security ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (against future loss payments. ) Tj ET Q q 0 0 0 rg BT 168.41 136.10 Td (The funds held by ceding companies are generally invested by the ceding company and interest is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (credited to OneBeacon and recognized as investment income. Funds held under reinsurance treaties represent contractual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (payments due to the reinsurer that OneBeacon has retained to secure obligations of the reinsurer) Tj ET Q q 0 0 0 rg BT 433.76 112.10 Td (. Such amounts are recorded as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (liabilities in the consolidated financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (Accounting for Mandatory Shar) Tj ET Q q 0 0 0 rg BT 177.67 80.10 Td (ed Market Mechanisms) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 60.10 Td (As a condition of its licenses to do business in certain states, OneBeacon's insurance operations are required to participate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (in various mandatory shared market mechanisms commonly referred to as "residual" or "involuntary" markets. ) Tj ET Q q 0 0 0 rg BT 495.19 48.10 Td (These markets ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 1. Natur) Tj ET Q q 0 0 0 rg BT 116.21 728.60 Td (e of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 306.50 728.60 Td (Accounting Policies) Tj ET Q endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (generally consist of risks considered to be undesirable from a standard or routine underwriting perspective. Each state dictates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (the levels of insurance coverage that are mandatorily assigned to participating insurers within these markets. ) Tj ET Q q 0 0 0 rg BT 485.79 692.10 Td (The total amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (of such business an insurer must accept in a particular state is generally based on that insurer's market share of voluntary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (business written within that state. In certain cases, OneBeacon is obligated to write business from shared market mechanisms at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (a future date based on its historical market share of all voluntary policies written within that state. Involuntary business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (generated from mandatory shared market mechanisms, which may be treated as assumed reinsurance depending on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (structure of the mechanism, is accounted for in accordance with ) Tj ET Q q 0 0 0 rg BT 307.40 632.10 Td (ASC 944.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 612.10 Td (OneBeacon's market assignments are typically required to be written in the current period, although, in certain cases ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (OneBeacon is required to accept policy assignments at a future date. ) Tj ET Q q 0 0 0 rg BT 325.46 600.10 Td (Anticipated losses associated with future market ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (assignments are recognized in accordance with ) Tj ET Q q 0 0 0 rg BT 239.92 588.10 Td (ASC450 when the amount of such anticipated losses is determined to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (probable and can be reasonably estimated.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Accounting for Insurance Related ) Tj ET Q q 0 0 0 rg BT 187.56 556.10 Td (Assessments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 536.10 Td (Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (obligations of insolvent insurance companies to policyholders and claimants. In accordance with ) Tj ET Q q 0 0 0 rg BT 438.51 524.10 Td (ASC 405, OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (insurance subsidiaries record guaranty fund assessments when such assessments are billed by the respective guaranty funds. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (addition, each insurance subsidiary's policy is to accrue for any significant insolvencies when the loss is probable and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (assessment amount can be reasonably estimated.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (Capital Lease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 448.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 143.04 448.10 Td (1, OneBeacon Insurance Company \("OBIC"\), a wholly-owned insurance operating subsidiary) Tj ET Q q 0 0 0 rg BT 517.40 448.10 Td (, sold the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (majority of its fixed assets and capitalized software to OneBeacon ServicesLLC \("OB Services"\), an indirect wholly-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (subsidiary of the Company) Tj ET Q q 0 0 0 rg BT 157.39 424.10 Td (. ) Tj ET Q q 0 0 0 rg BT 162.21 424.10 Td (The fixed assets and capitalized software were sold at a cost equal to book value with no gain or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (loss recorded on the sale. Subsequent to purchasing the fixed assets and capitalized software from OBIC, OB Services entered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (into lease financing arrangements with US Bancorp Equipment Finance,Inc. \("US Bancorp"\) and Fifth ) Tj ET Q q 0 0 0 rg BT 465.10 400.10 Td (Third Equipment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (Finance Company \("Fifth ) Tj ET Q q 0 0 0 rg BT 154.72 388.10 Td (Third"\) whereby OB Services sold its furniture and equipment and its capitalized software, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 376.10 Td (, to US Bancorp and Fifth ) Tj ET Q q 0 0 0 rg BT 203.31 376.10 Td (Third. ) Tj ET Q q 0 0 0 rg BT 230.34 376.10 Td (The assets were sold at a cost equal to net book value. OB Services then leased the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (assets back from US Bancorp for a lease term of five years and leased the capitalized software back from Fifth ) Tj ET Q q 0 0 0 rg BT 494.65 364.10 Td (Third for a lease ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (term of four years. OBIC recorded the sale of the assets with no gain or loss recognized while OB Services has recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (capital lease obligation. See Note16"Commitments and Contingencies.") Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 76.29 320.10 Td (ed Softwar) Tj ET Q q 0 0 0 rg BT 118.97 320.10 Td (e Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 300.10 Td (OneBeacon capitalizes costs related to computer software developed for internal use during the application development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (stage of software development projects in accordance with ) Tj ET Q q 0 0 0 rg BT 286.58 288.10 Td (ASC 350. ) Tj ET Q q 0 0 0 rg BT 328.35 288.10 Td (These costs generally consist of certain external, payroll ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (and payroll related costs. OneBeacon begins amortization of these costs once the project or the respective phase of the project ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (is completed and ready for its intended use. ) Tj ET Q q 0 0 0 rg BT 225.79 264.10 Td (Amortization is on a straight line basis and over the useful life which generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (ranges from three to five years. ) Tj ET Q q 0 0 0 rg BT 176.89 252.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.39 252.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.98 252.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.42 252.10 Td (201) Tj ET Q q 0 0 0 rg BT 302.05 252.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.05 252.10 Td (, OneBeacon had unamortized deferred software costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.67 252.10 Td ($7.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 240.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 240.10 Td ($15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 152.22 240.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 204.88 240.10 Td (. Unamortized deferred software costs subject to the sale-leaseback described above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.93 228.10 Td ($3.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.82 228.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.26 228.10 Td ($13.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.15 228.10 Td ( at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.37 228.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.95 228.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.39 228.10 Td (201) Tj ET Q q 0 0 0 rg BT 319.02 228.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.02 228.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 376.68 228.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Federal and For) Tj ET Q q 0 0 0 rg BT 116.28 208.10 Td (eign Income T) Tj ET Q q 0 0 0 rg BT 172.57 208.10 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 188.10 Td (The majority of the Company's subsidiaries file consolidated tax returns in the United States. Income earned or losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (generated by companies outside the United States are generally subject to an overall ef) Tj ET Q q 0 0 0 rg BT 396.64 176.10 Td (fective tax rate lower than that imposed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (by the United States.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 144.10 Td (Deferred tax assets and liabilities are recorded when a dif) Tj ET Q q 0 0 0 rg BT 303.44 144.10 Td (ference between the carrying amounts of assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (for financial reporting purposes and the amounts for tax purposes exists, and for other temporary dif) Tj ET Q q 0 0 0 rg BT 450.26 132.10 Td (ferences as defined by ) Tj ET Q q 0 0 0 rg BT 541.33 132.10 Td (ASC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (740. ) Tj ET Q q 0 0 0 rg BT 69.82 120.10 Td (The deferred tax asset or liability is recorded based on tax rates expected to be in ef) Tj ET Q q 0 0 0 rg BT 403.39 120.10 Td (fect when the dif) Tj ET Q q 0 0 0 rg BT 470.68 120.10 Td (ference reverses. ) Tj ET Q q 0 0 0 rg BT 540.17 120.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (deferred tax asset is recognized when it is more likely than not that it will be realized.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (For) Tj ET Q q 0 0 0 rg BT 64.63 88.10 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 103.43 88.10 Td (ency Exchange) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 68.10 Td (The U.S. dollar is the functional currency for all of OneBeacon's businesses. OneBeacon is subject to foreign currency ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (fluctuations associated with foreign investment securities and also certain reinsurance arrangements. ) Tj ET Q q 0 0 0 rg BT 453.75 56.10 Td (Assets and liabilities ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 1. Natur) Tj ET Q q 0 0 0 rg BT 116.21 728.60 Td (e of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 306.50 728.60 Td (Accounting Policies) Tj ET Q endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.20 33.60 Td (F - 1) Tj ET Q q 0 0 0 rg BT 312.72 33.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (recorded in foreign currencies are translated into U.S. dollars at exchange rates in ef) Tj ET Q q 0 0 0 rg BT 386.06 704.10 Td (fect at the balance sheet date, and revenues ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (and expenses are converted using the average exchange rates for the period. In accordance with ) Tj ET Q q 0 0 0 rg BT 433.71 692.10 Td (ASC 825, net foreign exchange ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (gains and losses arising from the translation are generally reported as a component of net income in the period in which they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (arise.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (V) Tj ET Q q 0 0 0 rg BT 55.00 648.10 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 105.45 648.10 Td (est Entities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 628.10 Td (OneBeacon consolidates a reciprocal insurance exchange \("reciprocal"\) as a variable interest entity \("VIE"\), which is an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (entity in which the equity investors do not have the characteristics of a controlling interest or do not have suf) Tj ET Q q 0 0 0 rg BT 484.98 616.10 Td (ficient equity at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (risk for the entity to finance its activities without additional subordinated financial support from other parties. ) Tj ET Q q 0 0 0 rg BT 490.54 604.10 Td (The primary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (beneficiary of a ) Tj ET Q q 0 0 0 rg BT 115.06 592.10 Td (VIE is required to consolidate the ) Tj ET Q q 0 0 0 rg BT 252.06 592.10 Td (VIE in its financial statements. ) Tj ET Q q 0 0 0 rg BT 377.96 592.10 Td (The primary beneficiary is an entity that has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (the controlling financial interest in the ) Tj ET Q q 0 0 0 rg BT 205.33 580.10 Td (VIE when it has both of the following: \(1\) the power to direct the activities of a variable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (interest entity that most significantly impact the entity) Tj ET Q q 0 0 0 rg BT 269.12 568.10 Td (s economic performance and \(2\) the obligation to absorb losses of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (entity that could potentially be significant to the ) Tj ET Q q 0 0 0 rg BT 244.22 556.10 Td (VIE or the right to receive benefits from the entity that could potentially be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (significant to the ) Tj ET Q q 0 0 0 rg BT 119.53 544.10 Td (VIE. ) Tj ET Q q 0 0 0 rg BT 140.63 544.10 Td (A) Tj ET Q q 0 0 0 rg BT 147.30 544.10 Td ( reporting entity must assess whether it has an implicit financial responsibility to ensure that a ) Tj ET Q q 0 0 0 rg BT 524.82 544.10 Td (VIE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (operates as designed when determining if it has the power to direct the activities of the ) Tj ET Q q 0 0 0 rg BT 398.60 532.10 Td (VIE that most significantly af) Tj ET Q q 0 0 0 rg BT 517.28 532.10 Td (fect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (entity) Tj ET Q q 0 0 0 rg BT 75.55 520.10 Td (s economic performance. Ongoing reassessments of whether a reporting entity is the primary beneficiary of a ) Tj ET Q q 0 0 0 rg BT 514.94 520.10 Td (VIE are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (required. See Note 13 for more information ) Tj ET Q q 0 0 0 rg BT 228.93 508.10 Td (VIEs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (Defined Benefit Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 468.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 100.94 468.10 Td (ASC 715, an employer that sponsors a defined benefit plan is required to recognize the funded status of a benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (plan, measured as the dif) Tj ET Q q 0 0 0 rg BT 149.51 456.10 Td (ference between plan assets at fair value and the projected benefit obligation \(for defined benefit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (pension plans\) or the accumulated benefit obligation \(for other postretirement benefit plans\) in its statement of financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (position. ) Tj ET Q q 0 0 0 rg BT 86.67 432.10 Td (ASC 715 also requires recognition of amounts previously deferred and amortized in other comprehensive income in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (the period in which they occur) Tj ET Q q 0 0 0 rg BT 171.35 420.10 Td (. Under ) Tj ET Q q 0 0 0 rg BT 203.29 420.10 Td (ASC 715, plan assets and obligations must be measured as of the fiscal year end. See ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (Note8.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (Recently ) Tj ET Q q 0 0 0 rg BT 87.67 388.10 Td (Adopted Changes in ) Tj ET Q q 0 0 0 rg BT 173.15 388.10 Td (Accounting Principles) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (Policy ) Tj ET Q q 0 0 0 rg BT 77.86 368.10 Td (Acquisition Costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 348.10 Td (On January 1, 2012, OneBeacon adopted ) Tj ET Q q 0 0 0 rg BT 238.57 348.10 Td (Accounting Standards Update \(ASU\) 2010-26, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 437.41 348.10 Td (Accounting for Costs ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (Associated with ) Tj ET Q q 0 0 0 rg BT 115.37 336.10 Td (Acquiring or Renewing Insurance Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.13 336.10 Td ( \(ASC 944\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 339.24 336.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.74 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.69 336.10 Td (ASU 2010-26 changes the types of policy acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (costs that are eligible for deferral. Specifically) Tj ET Q q 0 0 0 rg BT 234.55 324.10 Td (, ) Tj ET Q q 0 0 0 rg BT 238.99 324.10 Td (ASU 2010-26 limits deferrable costs to those that are incremental direct costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (contract acquisition and certain costs related to acquisition activities performed by the insurer) Tj ET Q q 0 0 0 rg BT 423.92 312.10 Td (, such as underwriting, policy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (issuance and processing, medical and inspection costs and sales force contract selling. ) Tj ET Q q 0 0 0 rg BT 396.01 300.10 Td (ASU 2010-26 defines incremental direct ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (costs as those costs that result directly from and were essential to the contract acquisition and would not have been incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (absent the acquisition. ) Tj ET Q q 0 0 0 rg BT 141.09 276.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 190.43 276.10 Td (, under ) Tj ET Q q 0 0 0 rg BT 220.15 276.10 Td (ASU 2010-26, deferrable acquisition costs are limited to costs related to successful ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (contract acquisitions. ) Tj ET Q q 0 0 0 rg BT 136.92 264.10 Td (Acquisition costs that are not eligible for deferral are to be char) Tj ET Q q 0 0 0 rg BT 390.25 264.10 Td (ged to expense in the period incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 244.10 Td (OneBeacon adopted ) Tj ET Q q 0 0 0 rg BT 156.75 244.10 Td (ASU 2010-26 prospectively) Tj ET Q q 0 0 0 rg BT 268.31 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.75 244.10 Td (As a result of adopting ) Tj ET Q q 0 0 0 rg BT 365.80 244.10 Td (ASU 2010-26, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.63 244.10 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.52 244.10 Td ( of unamortized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (deferred acquisition costs as of January 1, 2012, primarily relating to a portion of profit sharing commission that had been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (deferred under prior guidance, were determined to no longer be deferrable and were recognized in expense over the original ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (amortization period. During the year ended December 31, 2012, all of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.84 208.10 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.73 208.10 Td ( of unamortized acquisitions costs as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (January 1, 2012 were recognized in expense. If OneBeacon had followed ) Tj ET Q q 0 0 0 rg BT 344.61 196.10 Td (ASU 2010-26 in 201) Tj ET Q q 0 0 0 rg BT 427.86 196.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.86 196.10 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.75 196.10 Td ( of acquisition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (costs that were deferred would have been recognized in expense during the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 471.95 184.10 Td (1.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 75.28 164.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 125.18 164.10 Td (ements and Disclosur) Tj ET Q q 0 0 0 rg BT 211.46 164.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 140.10 Td (On January 1, 2012, OneBeacon adopted ) Tj ET Q q 0 0 0 rg BT 238.57 140.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 275.70 140.10 Td (1-04, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.03 140.10 Td (Amendments to ) Tj ET Q q 0 0 0 rg BT 362.73 140.10 Td (Achieve Common Fair V) Tj ET Q q 0 0 0 rg BT 460.76 140.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 510.66 140.10 Td (ement and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 88.52 128.10 Td (e Requir) Tj ET Q q 0 0 0 rg BT 122.30 128.10 Td (ements in US GAAP) Tj ET Q q 0 0 0 rg BT 202.94 128.10 Td ( and IFRS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.49 128.10 Td ( \(ASC 820\). ) Tj ET Q q 0 0 0 rg BT 294.05 128.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 331.18 128.10 Td (1-04 clarifies existing guidance with respect to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (concepts of highest and best use and valuation premise and measuring instruments classified within a reporting entity's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (shareholders' equity) Tj ET Q q 0 0 0 rg BT 129.18 104.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.63 104.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 170.77 104.10 Td (1-04 also clarifies disclosure requirements, requiring disclosure of quantitative information about ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (unobservable inputs used in Level 3 fair value measurements. ) Tj ET Q q 0 0 0 rg BT 298.82 92.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 335.95 92.10 Td (1-04 also amends existing guidance. In circumstances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (where a reporting entity manages a portfolio of financial assets and liabilities based on the net market and counterparty credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (risk exposures, ) Tj ET Q q 0 0 0 rg BT 111.94 68.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 149.07 68.10 Td (1-04 permits determination of the fair value of those instruments to be based on the net risk exposure. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (In addition, ) Tj ET Q q 0 0 0 rg BT 98.05 56.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 135.19 56.10 Td (1-04 permits the application of premiums or discounts to be applied in a fair value measurement to the ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 1. Natur) Tj ET Q q 0 0 0 rg BT 116.21 728.60 Td (e of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 306.50 728.60 Td (Accounting Policies) Tj ET Q endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (extent that market participants would consider them in valuing the financial instruments. ) Tj ET Q q 0 0 0 rg BT 406.30 704.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 443.43 704.10 Td (1-04 also expands the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (required disclosures for Level 3 measurements, requiring that reporting entities provide a narrative description of the sensitivity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (of Level 3 fair value measurements to changes in unobservable inputs and the interrelationships between those inputs, if any) Tj ET Q q 0 0 0 rg BT 546.71 680.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (As a result of adopting ) Tj ET Q q 0 0 0 rg BT 143.04 668.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 180.18 668.10 Td (1-04, OneBeacon expanded its fair value disclosures. See Note 5.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (Compr) Tj ET Q q 0 0 0 rg BT 77.41 644.10 Td (ehensive Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 620.10 Td (On January 1, 2012, OneBeacon adopted ) Tj ET Q q 0 0 0 rg BT 238.57 620.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 275.70 620.10 Td (1-05, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 299.03 620.10 Td (Compr) Tj ET Q q 0 0 0 rg BT 326.45 620.10 Td (ehensive Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 620.10 Td ( \(ASC 220\). ) Tj ET Q q 0 0 0 rg BT 443.36 620.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 480.49 620.10 Td (1-05 requires all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (components of comprehensive income to be reported in a continuous financial statement or in consecutive statements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (displaying the components of net income and the components of other comprehensive income. Since OneBeacon already ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (presents comprehensive income in a continuous financial statement, adoption of ) Tj ET Q q 0 0 0 rg BT 372.41 584.10 Td (ASU 201) Tj ET Q q 0 0 0 rg BT 409.55 584.10 Td (1-05 had no ef) Tj ET Q q 0 0 0 rg BT 467.40 584.10 Td (fect on OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (financial statement presentation.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (Recently Issued ) Tj ET Q q 0 0 0 rg BT 116.85 552.10 Td (Accounting Pronouncements) Tj ET Q BT /F2 10.00 Tf ET 1 1 1 rg /GS0 gs 72.50 539.03 475.44 -9.09 re f /GS0 gs q 0 0 0 rg BT 72.50 532.10 Td (There were no recently issued accounting pronouncements that were expected to have a material ef) Tj ET Q q 0 0 0 rg BT 468.81 532.10 Td (fect on OneBeacon.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (NOTE 2. ) Tj ET Q q 0 0 0 rg BT 90.29 505.25 Td (Acquisitions and Dispositions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 485.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.76 485.25 Td (fective January 1, 2013, OneBeacon completed the sale of Essentia Insurance Company \("Essentia"\), an indirect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (wholly-owned subsidiary which wrote the collector car and boat business, to Markel Corporation. Concurrently therewith, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (OneBeacon and Hagerty Insurance ) Tj ET Q q 0 0 0 rg BT 191.61 461.25 Td (Agency \("Hagerty"\) terminated their underwriting arrangement with respect to the collector ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (car and boat business. OneBeacon anticipates recognizing a pre-tax gain on sale of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.47 449.25 Td ($23.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.36 449.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.19 449.25 Td ($15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.08 449.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (after tax\) in the first quarter of 2013. ) Tj ET Q q 0 0 0 rg BT 198.93 437.25 Td (The business associated with this agreement generated net written premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.56 437.25 Td ($179.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 425.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.89 425.25 Td ($166.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.78 425.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.22 425.25 Td ($153.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.11 425.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.94 425.25 Td (15.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.77 425.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.77 425.25 Td (15.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.60 425.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.04 425.25 Td (13.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.87 425.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 391.53 425.25 Td (, of consolidated net written premiums, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 413.25 Td (for the years ended December 31, 2012, 201) Tj ET Q q 0 0 0 rg BT 227.07 413.25 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 324.17 413.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 393.25 Td (As described in Note 1, on October 17, 2012, OneBeacon entered into the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 433.52 393.25 Td (Agreement with respect to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.25 Td (sale of its Runof) Tj ET Q q 0 0 0 rg BT 115.64 381.25 Td (f Business to ) Tj ET Q q 0 0 0 rg BT 169.26 381.25 Td (Armour) Tj ET Q q 0 0 0 rg BT 200.37 381.25 Td (. Pursuant to the terms of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 381.46 381.25 Td (Agreement, at closing, OneBeacon will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (transfer to ) Tj ET Q q 0 0 0 rg BT 92.76 369.25 Td (Armour all of the issued and outstanding shares of common stock of certain legal entities that will contain the assets, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (liabilities \(including gross and ceded loss reserves\) and capital supporting the business as well as certain elements of the Runof) Tj ET Q q 0 0 0 rg BT 558.30 357.25 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (Business infrastructure, including staf) Tj ET Q q 0 0 0 rg BT 201.46 345.25 Td (f and of) Tj ET Q q 0 0 0 rg BT 232.37 345.25 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 276.51 345.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 326.42 345.25 Td (, as part of the Runof) Tj ET Q q 0 0 0 rg BT 410.66 345.25 Td (f ) Tj ET Q q 0 0 0 rg BT 416.31 345.25 Td (T) Tj ET Q q 0 0 0 rg BT 422.07 345.25 Td (ransaction, OneBeacon may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 Td (provide, under certain scenarios, financing in the form of surplus notes. ) Tj ET Q q 0 0 0 rg BT 338.07 333.25 Td (The Runof) Tj ET Q q 0 0 0 rg BT 380.94 333.25 Td (f ) Tj ET Q q 0 0 0 rg BT 386.59 333.25 Td (T) Tj ET Q q 0 0 0 rg BT 392.34 333.25 Td (ransaction is expected to close in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.25 Td (second half of 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 301.25 Td (In anticipation of the Runof) Tj ET Q q 0 0 0 rg BT 183.40 301.25 Td (f ) Tj ET Q q 0 0 0 rg BT 189.05 301.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.81 301.25 Td (ransaction, and as means to separate the Runof) Tj ET Q q 0 0 0 rg BT 381.79 301.25 Td (f Business from the ongoing specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (business, OneBeacon sought and received various regulatory approvals to terminate, incept or amend various intercompany ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (reinsurance agreements which took ef) Tj ET Q q 0 0 0 rg BT 201.42 277.25 Td (fect on October 1, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 257.25 Td (The Runof) Tj ET Q q 0 0 0 rg BT 115.37 257.25 Td (f ) Tj ET Q q 0 0 0 rg BT 121.02 257.25 Td (T) Tj ET Q q 0 0 0 rg BT 126.77 257.25 Td (ransaction is subject to various closing conditions, primarily the receipt of regulatory approvals. ) Tj ET Q q 0 0 0 rg BT 512.51 257.25 Td (At closing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 245.25 Td (Armour and/or OneBeacon Insurance Company \(OBIC\) and certain legal entities within the ongoing OneBeacon structure will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 233.25 Td (enter into various ancillary agreements, including the amendment of existing reinsurance agreements and administrative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.25 Td (services agreements, to support the separation of the Runof) Tj ET Q q 0 0 0 rg BT 286.69 221.25 Td (f Business and subsequent transfer to ) Tj ET Q q 0 0 0 rg BT 437.23 221.25 Td (Armour) Tj ET Q q 0 0 0 rg BT 468.33 221.25 Td (. ) Tj ET Q q 0 0 0 rg BT 472.78 221.25 Td (Also as part of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (Runof) Tj ET Q q 0 0 0 rg BT 74.82 209.25 Td (f ) Tj ET Q q 0 0 0 rg BT 80.47 209.25 Td (T) Tj ET Q q 0 0 0 rg BT 86.23 209.25 Td (ransaction, at closing, OneBeacon and ) Tj ET Q q 0 0 0 rg BT 241.46 209.25 Td (Armour will enter into a ) Tj ET Q q 0 0 0 rg BT 340.97 209.25 Td (T) Tj ET Q q 0 0 0 rg BT 346.73 209.25 Td (ransition Services ) Tj ET Q q 0 0 0 rg BT 420.05 209.25 Td (Agreement \(TSA\), pursuant to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (which OneBeacon will provide certain transition services to ) Tj ET Q q 0 0 0 rg BT 291.60 197.25 Td (Armour during the term of the ) Tj ET Q q 0 0 0 rg BT 415.27 197.25 Td (TSA, which has an initial term of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (one year) Tj ET Q q 0 0 0 rg BT 83.59 185.25 Td (. OneBeacon has concluded that continuing involvement after the closing of the transaction is insignificant relative to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.25 Td (the business being sold.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 153.25 Td (As described in Note 1, the Runof) Tj ET Q q 0 0 0 rg BT 208.68 153.25 Td (f Business is presented as held for sale as of December 31, 2012 and as discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.25 Td (operations for the years ended December 31, 2012, 201) Tj ET Q q 0 0 0 rg BT 271.22 141.25 Td (1 and 2010. See Note 19 for further information regarding balances ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.25 Td (classified as held for sale and activity reported as discontinued operations. During 2012, OneBeacon recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.74 129.25 Td ($91.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.63 129.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.25 Td (after tax estimated loss on sale of the Runof) Tj ET Q q 0 0 0 rg BT 225.33 117.25 Td (f Business and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.16 117.25 Td ($24.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.05 117.25 Td ( in after tax losses from discontinued operations, which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 105.25 Td (included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.93 105.25 Td ($9.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.83 105.25 Td ( of after tax incurred loss and loss adjustment expenses relating to an adjustment to the workers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.25 Td (compensation discount rate applied to the loss reserves being transferred, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.56 93.25 Td ($6.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.45 93.25 Td ( of after tax underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.25 Td (losses primarily related to adverse prior year loss reserve development related to a legacy assumed reinsurance treaty) Tj ET Q q 0 0 0 rg BT 517.50 81.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 61.25 Td (On October 1, 2012, OneBeacon completed the sale of a shell insurance company) Tj ET Q q 0 0 0 rg BT 398.96 61.25 Td (, Pennsylvania General Insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 49.25 Td (, which resulted in a pre-tax gain on sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.46 49.25 Td ($4.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.35 49.25 Td (, which is included in net other revenues \(expenses\).) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 1. Natur) Tj ET Q q 0 0 0 rg BT 116.21 728.60 Td (e of Operations and Summary of Significant ) Tj ET Q q 0 0 0 rg BT 306.50 728.60 Td (Accounting Policies) Tj ET Q endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (On February 22, 2012, OneBeacon completed the sale of the ) Tj ET Q q 0 0 0 rg BT 318.38 704.10 Td (AutoOne business to Interboro. Pursuant to the terms of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (sale, at closing, OneBeacon transferred to Interboro all of the issued and outstanding shares of common stock of ) Tj ET Q q 0 0 0 rg BT 500.43 692.10 Td (AutoOne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (Insurance Company \(AOIC\) and ) Tj ET Q q 0 0 0 rg BT 191.62 680.10 Td (AutoOne Select Insurance Company \(AOSIC\), through which substantially all of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (AutoOne business was written on a direct basis. ) Tj ET Q q 0 0 0 rg BT 243.58 668.10 Td (At closing, OneBeacon also transferred the assets, liabilities \(including loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (reserves and unearned premiums\) and capital of the business as well as substantially all of the ) Tj ET Q q 0 0 0 rg BT 427.11 656.10 Td (AutoOne infrastructure including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (systems and of) Tj ET Q q 0 0 0 rg BT 109.26 644.10 Td (fice space as well as certain staf) Tj ET Q q 0 0 0 rg BT 236.79 644.10 Td (f. ) Tj ET Q q 0 0 0 rg BT 244.94 644.10 Td (The ) Tj ET Q q 0 0 0 rg BT 262.43 644.10 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 301.41 644.10 Td (T) Tj ET Q q 0 0 0 rg BT 307.17 644.10 Td (ransaction also included the execution of a reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (agreement with certain subsidiaries of the Company pursuant to which OneBeacon cedes, on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.72 632.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.05 632.10 Td ( quota share basis, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (AutoOne business not directly written by ) Tj ET Q q 0 0 0 rg BT 216.65 620.10 Td (AOIC and ) Tj ET Q q 0 0 0 rg BT 259.98 620.10 Td (AOSIC. ) Tj ET Q q 0 0 0 rg BT 294.43 620.10 Td (As described in Note 1, the assets and liabilities associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.17 608.10 Td (AutoOne business as of December 31, 201) Tj ET Q q 0 0 0 rg BT 234.59 608.10 Td (1 have been presented as held for sale and underwriting results for ) Tj ET Q q 0 0 0 rg BT 501.72 608.10 Td (AutoOne, net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (of tax, have been reported as discontinued operations for all periods presented. See Note 19 for further information regarding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (balances classified as held for sale and activity reported as discontinued operations. During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 551.12 584.10 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (OneBeacon recorded an after tax net char) Tj ET Q q 0 0 0 rg BT 215.83 572.10 Td (ge of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.86 572.10 Td ($19.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.75 572.10 Td ( in discontinued operations reflecting the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (loss on sale of the ) Tj ET Q q 0 0 0 rg BT 123.60 560.10 Td (AutoOne business. During 2012, OneBeacon and Interboro reached conclusion on post-closing adjustments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (to the closing balance sheet, resulting in OneBeacon recording an after tax net char) Tj ET Q q 0 0 0 rg BT 381.91 548.10 Td (ge of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.68 548.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.57 548.10 Td ( relating to underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (activity and an after tax net gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.16 536.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.05 536.10 Td ( to true up the estimated loss on sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 516.10 Td (As part of the ) Tj ET Q q 0 0 0 rg BT 142.66 516.10 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 181.63 516.10 Td (T) Tj ET Q q 0 0 0 rg BT 187.39 516.10 Td (ransaction, Interboro LLC, the parent company of Interboro, issued a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.91 516.10 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.80 516.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (promissory note to OBIC. Interboro LLC is required to repay the note in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.16 504.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.05 504.10 Td ( increments on each of the third, fourth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (and fifth anniversaries of the closing date, or February 22, 2015, 2016 and 2017. In addition, Interboro LLC is required to pre-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (pay principal in an amount equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.13 480.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.46 480.10 Td ( of any dividend or distribution received from its subsidiaries, net of taxes and less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 468.10 Td ( on the same anniversary dates. Interest accrues and is payable quarterly at a rate of LIBOR plus ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 468.10 Td (550) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.25 468.10 Td ( basis points.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 444.10 Td (On January 24, 2012, OneBeacon sold all of the issued and outstanding shares of common stock of OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (Holdings \(Luxembour) Tj ET Q q 0 0 0 rg BT 138.97 432.10 Td (g\) S. r) Tj ET Q q 0 0 0 rg BT 167.58 432.10 Td (.l. \(OB Lux\) to ) Tj ET Q q 0 0 0 rg BT 238.50 432.10 Td (White Sands Holdings \(Luxembour) Tj ET Q q 0 0 0 rg BT 380.80 432.10 Td (g\) S. r) Tj ET Q q 0 0 0 rg BT 409.40 432.10 Td (.l \(White Sands\), a subsidiary of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (White Mountains, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.87 420.10 Td ($24.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.76 420.10 Td (. ) Tj ET Q q 0 0 0 rg BT 197.21 420.10 Td (As a result of the sale, OneBeacon recorded a gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.68 420.10 Td ($14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.57 420.10 Td ( as additional paid in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (capital. Net of transaction costs expensed through the statement of operations, the gain was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.11 408.10 Td ($13.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.01 408.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 388.10 Td (On July1, 2010, OneBeacon completed the sale of its traditional personal lines business \(the "Personal Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 376.10 Td (ransaction"\) to ) Tj ET Q q 0 0 0 rg BT 116.86 376.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.27 376.10 Td (ower Group,Inc. \("T) Tj ET Q q 0 0 0 rg BT 205.90 376.10 Td (ower"\). ) Tj ET Q q 0 0 0 rg BT 237.75 376.10 Td (As consideration, based upon the carrying value of the traditional personal lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (business as of July1, 2010, OneBeacon received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.73 364.10 Td ($166.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.62 364.10 Td (. For the year ended December31, 2010, OneBeacon recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (a total after tax net gain on the sale of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.27 352.10 Td ($24.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.16 352.10 Td ( that is comprised of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.31 352.10 Td ($8.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.21 352.10 Td ( included in net other revenues and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.66 352.10 Td ($16.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 340.10 Td ( included in the tax provision. During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 365.66 340.10 Td (1, OneBeacon and ) Tj ET Q q 0 0 0 rg BT 441.56 340.10 Td (T) Tj ET Q q 0 0 0 rg BT 446.97 340.10 Td (ower reached agreement on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (post-closing adjustments resulting in no material change to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 328.10 Td ($24.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.89 328.10 Td ( after tax net gain on sale that OneBeacon had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (recorded during 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 296.10 Td (As part of the Personal Lines ) Tj ET Q q 0 0 0 rg BT 192.68 296.10 Td (T) Tj ET Q q 0 0 0 rg BT 198.44 296.10 Td (ransaction, OneBeacon and ) Tj ET Q q 0 0 0 rg BT 310.44 296.10 Td (T) Tj ET Q q 0 0 0 rg BT 315.85 296.10 Td (ower also entered into a ) Tj ET Q q 0 0 0 rg BT 413.68 296.10 Td (TSA) Tj ET Q q 0 0 0 rg BT 432.02 296.10 Td ( pursuant to which OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (is providing certain services to ) Tj ET Q q 0 0 0 rg BT 175.06 284.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.47 284.10 Td (ower) Tj ET Q q 0 0 0 rg BT 199.91 284.10 Td (. ) Tj ET Q q 0 0 0 rg BT 204.73 284.10 Td (T) Tj ET Q q 0 0 0 rg BT 210.14 284.10 Td (ower reimburses OneBeacon for all expenses incurred to provide these services. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (Reimbursement for these services is netted against the expense incurred. ) Tj ET Q q 0 0 0 rg BT 342.22 272.10 Td (The Personal Lines ) Tj ET Q q 0 0 0 rg BT 421.74 272.10 Td (T) Tj ET Q q 0 0 0 rg BT 427.50 272.10 Td (ransaction did not meet the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (criteria for discontinued operations accounting because of significant continuing cash flows between OneBeacon and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (business sold relating to ) Tj ET Q q 0 0 0 rg BT 148.70 248.10 Td (TSA) Tj ET Q q 0 0 0 rg BT 167.04 248.10 Td ( services and reinsurance activities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 228.10 Td (Except as described above, during the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.09 228.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.67 228.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.67 228.10 Td (201) Tj ET Q q 0 0 0 rg BT 376.30 228.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.30 228.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.74 228.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.74 228.10 Td (, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 228.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 228.10 Td ( significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (acquisitions or dispositions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 189.25 Td (NOTE 3. Unpaid Loss and Loss ) Tj ET Q q 0 0 0 rg BT 189.00 189.25 Td (Adjustment Expense \(LAE\) Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 169.25 Td (OneBeacon's insurance subsidiaries establish loss and LAE reserves that are estimates of amounts needed to pay claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 157.25 Td (and related expenses in the future for insured events that have already occurred. ) Tj ET Q q 0 0 0 rg BT 370.85 157.25 Td (The process of estimating reserves involves a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 145.25 Td (considerable degree of judgment by management and, as of any given date, is inherently uncertain.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 125.25 Td (Reserves are typically comprised of \(1\)case reserves for claims reported and \(2\)reserves for losses that have occurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 113.25 Td (but for which claims have not yet been reported, referred to as incurred but not reported \("IBNR"\) reserves, which include a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 101.25 Td (provision for expected future development on case reserves. Case reserves are estimated based on the experience and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 89.25 Td (knowledge of claims staf) Tj ET Q q 0 0 0 rg BT 149.57 89.25 Td (f regarding the nature and potential cost of each claim and are adjusted as additional information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 77.25 Td (becomes known or payments are made. IBNR reserves are derived by subtracting paid loss and LAE and case reserves from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 65.25 Td (estimates of ultimate loss and LAE. ) Tj ET Q q 0 0 0 rg BT 194.20 65.25 Td (Actuaries estimate ultimate loss and LAE using various generally accepted actuarial ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 2. ) Tj ET Q q 0 0 0 rg BT 90.29 728.60 Td (Acquisitions and Dispositions) Tj ET Q endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (methods applied to known losses and other relevant information. Like case reserves, IBNR reserves are adjusted as additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (information becomes known or payments are made.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 672.10 Td (Ultimate loss and LAE are generally determined by extrapolation of claim emer) Tj ET Q q 0 0 0 rg BT 392.92 672.10 Td (gence and settlement patterns observed in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (the past that can reasonably be expected to persist into the future. In forecasting ultimate loss and LAE with respect to any line ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (of business, past experience with respect to that line of business is the primary resource, but cannot be relied upon in isolation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (OneBeacon's own experience, particularly claims development experience, such as trends in case reserves, payments on and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (closings of claims, as well as changes in business mix and coverage limits, is the most important information for estimating its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (reserves. External data, available from or) Tj ET Q q 0 0 0 rg BT 213.96 612.10 Td (ganizations such as statistical bureaus, consulting firms and reinsurance companies, is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (sometimes used to supplement or corroborate OneBeacon's own experience, and can be especially useful for estimating costs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (new business. For some lines of business, such as "long-tail" coverages discussed below) Tj ET Q q 0 0 0 rg BT 401.96 588.10 Td (, claims data reported in the most recent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (accident year is often too limited to provide a meaningful basis for analysis due to the typical delay in reporting of claims. For ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (this type of business, OneBeacon uses a selected loss ratio method for the initial accident year or years. ) Tj ET Q q 0 0 0 rg BT 464.75 564.10 Td (This is a standard and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (accepted actuarial reserve estimation method in these circumstances in which the loss ratio is selected based upon information ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (used in pricing policies for that line of business, as well as any publicly available industry data, such as industry pricing, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (experience and trends, for that line of business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 508.10 Td (Uncertainties in estimating ultimate loss and LAE are magnified by the time lag between when a claim actually occurs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (and when it is reported and settled. ) Tj ET Q q 0 0 0 rg BT 191.50 496.10 Td (This time lag is sometimes referred to as the "claim-tail." ) Tj ET Q q 0 0 0 rg BT 422.47 496.10 Td (The claim-tail for most property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (coverages is typically short \(usually a few days up to a few months\). ) Tj ET Q q 0 0 0 rg BT 325.92 484.10 Td (The claim-tail for liability/casualty coverages, such as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (automobile liability) Tj ET Q q 0 0 0 rg BT 127.45 472.10 Td (, general liability) Tj ET Q q 0 0 0 rg BT 194.83 472.10 Td (, products liability) Tj ET Q q 0 0 0 rg BT 267.23 472.10 Td (, multiple peril coverage, and workers compensation, can be especially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (long as claims are often reported and ultimately paid or settled years, even decades, after the related loss events occur) Tj ET Q q 0 0 0 rg BT 519.04 460.10 Td (. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (the long claims reporting and settlement period, additional facts regarding coverages written in prior accident years, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (about actual claims and trends may become known and, as a result, OneBeacon may adjust its reserves. If management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (determines that an adjustment is appropriate, the adjustment is booked in the accounting period in which such determination is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (made. ) Tj ET Q q 0 0 0 rg BT 75.60 412.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 124.94 412.10 Td (, should reserves need to be increased or decreased in the future from amounts currently established, future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (results of operations would be negatively or positively impacted, respectively) Tj ET Q q 0 0 0 rg BT 358.77 400.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 380.10 Td (In determining ultimate loss and LAE, the cost to indemnify claimants, provide needed legal defense and other services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (for insureds and administer the investigation and adjustment of claims are considered. ) Tj ET Q q 0 0 0 rg BT 395.61 368.10 Td (These claim costs are influenced by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (many factors that change over time, such as expanded coverage definitions as a result of new court decisions, inflation in costs ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (to repair or replace damaged property) Tj ET Q q 0 0 0 rg BT 199.61 344.10 Td (, inflation in the cost of medical services and legislated changes in statutory benefits, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (well as by the particular) Tj ET Q q 0 0 0 rg BT 145.17 332.10 Td (, unique facts that pertain to each claim. ) Tj ET Q q 0 0 0 rg BT 306.78 332.10 Td (As a result, the rate at which claims arose in the past and the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (costs to settle them may not always be representative of what will occur in the future. ) Tj ET Q q 0 0 0 rg BT 393.38 320.10 Td (The factors influencing changes in claim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (costs are often dif) Tj ET Q q 0 0 0 rg BT 120.68 308.10 Td (ficult to isolate or quantify and developments in paid and incurred losses from historical trends are frequently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (subject to multiple and conflicting interpretations. Changes in coverage terms or claims handling practices may also cause ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (future experience and/or development patterns to vary from the past. ) Tj ET Q q 0 0 0 rg BT 325.79 284.10 Td (A) Tj ET Q q 0 0 0 rg BT 332.46 284.10 Td ( key objective of actuaries in developing estimates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (ultimate loss and LAE, and resulting IBNR reserves, is to identify aberrations and systemic changes occurring within historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (experience and accurately adjust for them so that the future can be projected reliably) Tj ET Q q 0 0 0 rg BT 386.75 260.10 Td (. Because of the factors previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (discussed, this process requires the use of informed judgment and is inherently uncertain.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 228.10 Td (OneBeacon's actuaries use several generally accepted actuarial methods to evaluate its loss reserves, each of which has its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (own strengths and weaknesses. OneBeacon places more or less reliance on a particular method based on the facts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (circumstances at the time the reserve estimates are made. ) Tj ET Q q 0 0 0 rg BT 280.33 204.10 Td (These methods generally fall into one of the following categories or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (are hybrids of one or more of the following categories:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 172.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 172.10 Td (Historical paid loss development methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.59 172.10 Td () Tj ET Q q 0 0 0 rg BT 297.41 172.10 Td (These methods use historical loss payments over discrete periods ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 160.10 Td (of time to estimate future losses. Historical paid loss development methods assume that the ratio of losses ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 148.10 Td (paid in one period to losses paid in an earlier period will remain constant. ) Tj ET Q q 0 0 0 rg BT 417.63 148.10 Td (These methods necessarily assume ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 136.10 Td (that factors that have af) Tj ET Q q 0 0 0 rg BT 215.16 136.10 Td (fected paid losses in the past, such as inflation or the ef) Tj ET Q q 0 0 0 rg BT 435.47 136.10 Td (fects of litigation, will remain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 124.10 Td (constant in the future. Because historical paid loss development methods do not use case reserves to estimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 112.10 Td (ultimate losses, they can be more reliable than the other methods discussed below that look to case reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 100.10 Td (\(such as actuarial methods that use incurred losses\) in situations where there are significant changes in how ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 88.10 Td (case reserves are established by a company's claims adjusters. However) Tj ET Q q 0 0 0 rg BT 407.79 88.10 Td (, historical paid loss development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 76.10 Td (methods are more leveraged, meaning that small changes in payments have a lar) Tj ET Q q 0 0 0 rg BT 442.59 76.10 Td (ger impact on estimates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 64.10 Td (ultimate losses, than actuarial methods that use incurred losses because cumulative loss payments take much ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 52.10 Td (longer to equal the expected ultimate losses than cumulative incurred amounts. In addition, and for similar ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 3. Unpaid Loss and Loss ) Tj ET Q q 0 0 0 rg BT 187.00 728.60 Td (Adjustment Expense \(LAE\) Reserves) Tj ET Q endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 704.10 Td (reasons, historical paid loss development methods are often slow to react to situations when new or dif) Tj ET Q q 0 0 0 rg BT 532.06 704.10 Td (ferent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 692.10 Td (factors arise than those that have af) Tj ET Q q 0 0 0 rg BT 262.37 692.10 Td (fected paid losses in the past.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 672.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 672.10 Td (Historical incurr) Tj ET Q q 0 0 0 rg BT 189.19 672.10 Td (ed loss development methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.88 672.10 Td () Tj ET Q q 0 0 0 rg BT 313.70 672.10 Td (These methods, like historical paid loss development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 660.10 Td (methods, assume that the ratio of losses in one period to losses in an earlier period will remain constant in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 648.10 Td (future. However) Tj ET Q q 0 0 0 rg BT 186.63 648.10 Td (, instead of using paid losses, these methods use incurred losses \(i.e.,the sum of cumulative ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 636.10 Td (historical loss payments plus outstanding case reserves\) over discrete periods of time to estimate future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 624.10 Td (losses. Historical incurred loss development methods can be preferable to historical paid loss development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 612.10 Td (methods because they explicitly take into account open cases and the claims adjusters' evaluations of the cost ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 600.10 Td (to settle all known claims. However) Tj ET Q q 0 0 0 rg BT 264.95 600.10 Td (, historical incurred loss development methods necessarily assume that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 588.10 Td (case reserving practices are consistently applied over time. ) Tj ET Q q 0 0 0 rg BT 358.72 588.10 Td (Therefore, when there have been significant ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 576.10 Td (changes in how case reserves are established, using incurred loss data to project ultimate losses can be less ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 564.10 Td (reliable than other methods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 544.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 544.10 Td (Expected loss ratio methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.31 544.10 Td () Tj ET Q q 0 0 0 rg BT 242.13 544.10 Td (These methods are based on the assumption that ultimate losses vary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 532.10 Td (proportionately with premiums. Expected loss ratios are typically developed based upon the information used ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 520.10 Td (in pricing, and are multiplied by the total amount of premiums written to calculate ultimate losses. Expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 508.10 Td (loss ratio methods are useful for estimating ultimate losses in the early years of long-tailed lines of business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 496.10 Td (when little or no paid or incurred loss information is available.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 476.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 121.50 476.10 Td (Adjusted historical paid and incurr) Tj ET Q q 0 0 0 rg BT 262.24 476.10 Td (ed loss development methods:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.93 476.10 Td () Tj ET Q q 0 0 0 rg BT 386.75 476.10 Td (These methods take traditional historical ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 464.10 Td (paid and incurred loss development methods and adjust them for the estimated impact of changes from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 452.10 Td (past in factors such as inflation, the speed of claim payments or the adequacy of case reserves. ) Tj ET Q q 0 0 0 rg BT 500.53 452.10 Td (Adjusted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 440.10 Td (historical paid and incurred loss development methods are often more reliable methods of predicting ultimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 428.10 Td (losses in periods of significant change, provided the actuaries can develop methods to reasonably quantify the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 121.50 416.10 Td (impact of changes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 396.10 Td (OneBeacon performs an actuarial review of its recorded reserves each quarter) Tj ET Q q 0 0 0 rg BT 383.90 396.10 Td (. OneBeacon's actuaries compare the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (previous quarter's estimates of paid loss and LAE, case reserves and IBNR to amounts indicated by actual experience. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (Dif) Tj ET Q q 0 0 0 rg BT 62.65 372.10 Td (ferences between previous estimates and actual experience are evaluated to determine whether a given actuarial method for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (estimating loss and LAE should be relied upon to a greater or lesser extent than it had been in the past. ) Tj ET Q q 0 0 0 rg BT 461.99 360.10 Td (While some variance is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (expected each quarter due to the inherent uncertainty in loss and LAE, persistent or lar) Tj ET Q q 0 0 0 rg BT 395.58 348.10 Td (ge variances would indicate that prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (assumptions and/or reliance on certain reserving methods may need to be revised going forward.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 3. Unpaid Loss and Loss ) Tj ET Q q 0 0 0 rg BT 187.00 728.60 Td (Adjustment Expense \(LAE\) Reserves) Tj ET Q endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 16) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (Loss and LAE reserve summary - Ongoing Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 684.25 Td (The following table summarizes the loss and LAE reserve activities of OneBeacon's insurance subsidiaries for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.88 672.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.46 672.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.46 672.25 Td (201) Tj ET Q q 0 0 0 rg BT 174.09 672.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.09 672.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.53 672.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.53 672.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 613.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 613.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 613.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 613.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 613.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 583.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 583.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 583.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 583.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 583.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 553.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 553.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 553.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 553.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 553.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 523.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 523.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 523.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 523.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 523.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 493.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 493.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 493.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 493.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 493.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 463.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 463.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 463.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 463.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 463.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 433.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 433.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 433.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 433.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 433.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 403.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 403.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 403.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 403.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 403.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 373.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 373.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 373.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 373.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 373.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 84.50 343.75 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 343.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 343.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 343.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 343.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 343.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.50 343.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 639.75 m 398.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 639.75 m 402.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 639.75 m 462.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 639.75 m 466.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 639.75 m 526.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 639.75 m 398.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 626.75 m 398.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 639.75 m 402.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 639.75 m 462.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 626.75 m 462.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 639.75 m 466.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 639.75 m 526.5 639.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 626.75 m 526.5 626.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 583.75 m 398.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 583.75 m 462.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 583.75 m 526.5 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 523.75 m 398.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 523.75 m 462.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 523.75 m 526.5 523.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 463.75 m 398.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 463.75 m 462.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 463.75 m 526.5 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 448.75 m 398.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 448.75 m 462.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 448.75 m 526.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 403.75 m 398.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 403.75 m 462.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 403.75 m 526.5 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 358.75 m 398.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 358.75 m 462.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 358.75 m 526.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 358.75 m 398.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 358.75 m 462.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 358.75 m 526.5 358.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 328.75 m 398.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 328.75 m 462.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 328.75 m 526.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 328.75 m 398.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 314.75 m 398.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 312.75 m 398.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 328.75 m 462.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 314.75 m 462.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 312.75 m 462.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 328.75 m 526.5 328.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 314.75 m 526.5 314.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 312.75 m 526.5 312.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 87.00 644.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.60 643.98 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 630.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.00 630.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.20 630.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 488.00 630.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 87.00 617.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.40 617.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 603.42 Td (Gross beginning balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 603.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 603.42 Td (3,358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.00 603.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 603.42 Td (3,295.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 603.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 603.42 Td (3,934.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 588.42 Td (Less beginning reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.30 588.47 Td (\(2,167.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 588.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.30 588.47 Td (\(1,893.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 588.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.30 588.47 Td (\(2,192.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 588.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 573.42 Td (Net beginning loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 573.42 Td (1,191.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 573.42 Td (1,402.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 573.42 Td (1,741.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 558.42 Td (Loss and LAE incurred relating to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 558.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.00 558.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 558.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 543.42 Td (Current year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.15 543.42 Td (657.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 543.42 Td (578.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 543.42 Td (721.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 528.42 Td (Prior year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.80 528.47 Td (\(7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 528.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.80 528.47 Td (\(29.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 528.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.80 528.47 Td (\(36.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 528.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 513.42 Td (Total incurred loss and LAE from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.15 513.42 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.15 513.42 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 513.42 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 498.42 Td (Loss and LAE paid relating to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 498.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.00 498.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 498.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 483.42 Td (Current year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.80 483.47 Td (\(224.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 483.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 483.47 Td (\(216.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 483.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.80 483.47 Td (\(285.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 483.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 468.42 Td (Prior year losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.80 468.47 Td (\(340.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 468.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 468.47 Td (\(306.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 468.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.80 468.47 Td (\(369.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 468.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 453.42 Td (Total loss and LAE payments from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.80 453.47 Td (\(565.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 453.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 453.47 Td (\(523.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 453.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.80 453.47 Td (\(654.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 453.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 438.42 Td (Net loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 438.42 Td (1,276.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 438.42 Td (1,427.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 438.42 Td (1,772.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 423.42 Td (Total incurred loss and LAE from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.15 423.42 Td (48.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 423.42 Td (89.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.15 423.42 Td (244.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 408.42 Td (Total loss and LAE payments from discontinued operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.80 408.47 Td (\(220.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 408.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.80 408.47 Td (\(261.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 408.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.80 408.47 Td (\(384.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 408.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 393.42 Td (Net loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 393.42 Td (1,103.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 393.42 Td (1,255.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 393.42 Td (1,633.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 378.42 Td (Net loss and LAE reserves reclassified to held for sale) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 303.87 382.95 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.80 378.47 Td (\(147.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 378.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.80 378.47 Td (\(64.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 378.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.65 378.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 363.42 Td (Net loss and LAE reserves sold) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 212.81 367.95 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.80 363.47 Td (\(63.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 363.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.65 363.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.80 363.47 Td (\(231.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.65 363.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 348.42 Td (Net ending loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.15 348.42 Td (892.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 348.42 Td (1,191.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 348.42 Td (1,402.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 333.42 Td (Plus ending reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.15 333.42 Td (107.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 333.42 Td (2,167.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 333.42 Td (1,893.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.00 318.42 Td (Gross ending loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.00 318.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.65 318.42 Td (1,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.00 318.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 318.42 Td (3,358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.00 318.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.65 318.42 Td (3,295.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 304.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 85.50 294.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 289.65 Td (During the year ended December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.21 289.65 Td ($21) Tj ET Q q 0 0 0 rg BT 288.84 289.65 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.74 289.65 Td ( of net loss and LAE reserves related to the Runof) Tj ET Q q 0 0 0 rg BT 532.50 289.65 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 277.65 Td (Business were reclassified to held for sale and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.16 277.65 Td ($64.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.05 277.65 Td ( of net loss and LAE reserves related to the ) Tj ET Q q 0 0 0 rg BT 514.44 277.65 Td (AutoOne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 265.65 Td (T) Tj ET Q q 0 0 0 rg BT 104.76 265.65 Td (ransaction were reclassified from held for sale. In the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.89 265.65 Td (201) Tj ET Q q 0 0 0 rg BT 439.52 265.65 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.52 265.65 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.52 265.65 Td ($64.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.41 265.65 Td ( of net loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 253.65 Td (and LAE reserves related to the ) Tj ET Q q 0 0 0 rg BT 227.28 253.65 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 266.26 253.65 Td (T) Tj ET Q q 0 0 0 rg BT 272.02 253.65 Td (ransaction were reclassified to held for sale. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 85.50 243.18 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 238.65 Td (During the year ended December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.21 238.65 Td ($63.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.11 238.65 Td ( of net loss and LAE reserves related to the ) Tj ET Q q 0 0 0 rg BT 502.50 238.65 Td (AutoOne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 226.65 Td (T) Tj ET Q q 0 0 0 rg BT 104.76 226.65 Td (ransaction were sold. During the year ended December31, 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.16 226.65 Td ($231.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.06 226.65 Td ( of net loss and LAE reserves ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 214.65 Td (related to the Personal Lines ) Tj ET Q q 0 0 0 rg BT 215.17 214.65 Td (T) Tj ET Q q 0 0 0 rg BT 220.93 214.65 Td (ransaction were sold.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 186.65 Td (Loss and LAE development - Ongoing Business) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 166.65 Td (Loss and LAE development2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 146.65 Td (During the year ended December31, 2012, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.16 146.65 Td ($7.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.05 146.65 Td ( of favorable loss and LAE reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 134.65 Td (development on prior accident year reserves. During 2010, management began separately reviewing loss reserves for some ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 122.65 Td (business which had been previously managed as a part of OneBeacon's former commercial lines underwriting unit. ) Tj ET Q q 0 0 0 rg BT 510.89 122.65 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 110.65 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.71 110.65 Td (1, the reserves for these businesses had been selected based on expected emer) Tj ET Q q 0 0 0 rg BT 433.24 110.65 Td (gence which was based in lar) Tj ET Q q 0 0 0 rg BT 549.96 110.65 Td (ge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 98.65 Td (part on the historic loss development of the former commercial lines underwriting unit. ) Tj ET Q q 0 0 0 rg BT 400.34 98.65 Td (The favorable reserve development was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 86.65 Td (primarily due to emer) Tj ET Q q 0 0 0 rg BT 136.23 86.65 Td (gence which continued to be lower than expected for these businesses, particularly in the workers' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 74.65 Td (compensation, multiple peril liability and general liability lines. ) Tj ET Q q 0 0 0 rg BT 306.48 74.65 Td (This favorable development was partially of) Tj ET Q q 0 0 0 rg BT 483.19 74.65 Td (fset by adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 62.65 Td (development on excess property claims.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 3. Unpaid Loss and Loss ) Tj ET Q q 0 0 0 rg BT 187.00 728.60 Td (Adjustment Expense \(LAE\) Reserves) Tj ET Q endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 17) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 704.10 Td (Loss and LAE development201) Tj ET Q q 0 0 0 rg BT 201.80 704.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 684.10 Td (During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 238.34 684.10 Td (1, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.29 684.10 Td ($29.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.18 684.10 Td ( of favorable loss and LAE reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (development on prior accident year loss reserves. ) Tj ET Q q 0 0 0 rg BT 249.25 672.10 Td (The favorable loss reserve development was primarily due to lower than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (expected severity on non-catastrophe losses related to professional liability lines, multiple peril liability lines and other general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (liability lines. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 628.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.54 628.10 Td (ith respect to the favorable loss reserve development, at December31, 2010, management had revised its expectations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 616.10 Td (downward for future loss emer) Tj ET Q q 0 0 0 rg BT 172.62 616.10 Td (gence in the professional liability business, which had initially been based on market analysis ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (when this business was initiated in 2002 and 2003. However) Tj ET Q q 0 0 0 rg BT 291.29 604.10 Td (, during the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 458.91 604.10 Td (1, losses continued to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (lower than these revised expectations. ) Tj ET Q q 0 0 0 rg BT 203.34 592.10 Td (As a result, management lowered its selected reserves on the earliest years which af) Tj ET Q q 0 0 0 rg BT 538.03 592.10 Td (fected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (more recent years as total loss expectations for those years are based in part on prior years' results. ) Tj ET Q q 0 0 0 rg BT 445.15 580.10 Td (The impact of this revised ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (estimate was a decrease to professional liability reserves of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.58 568.10 Td ($1) Tj ET Q q 0 0 0 rg BT 298.21 568.10 Td (1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.10 568.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 548.10 Td (During 2010, management began separately reviewing loss reserves for some business which had been previously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (managed as a part of OneBeacon's former commercial lines underwriting unit. ) Tj ET Q q 0 0 0 rg BT 364.53 536.10 Td (As of December31, 2010, the reserves for these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (businesses had been selected based on expected emer) Tj ET Q q 0 0 0 rg BT 262.84 524.10 Td (gence which was based on the historic loss development of the former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (commercial lines underwriting unit. However) Tj ET Q q 0 0 0 rg BT 231.55 512.10 Td (, during 201) Tj ET Q q 0 0 0 rg BT 279.78 512.10 Td (1 the actual emer) Tj ET Q q 0 0 0 rg BT 348.18 512.10 Td (ged experience for these businesses was significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (lower than the expected emer) Tj ET Q q 0 0 0 rg BT 167.04 500.10 Td (gence. ) Tj ET Q q 0 0 0 rg BT 194.80 500.10 Td (As a result of this favorable emer) Tj ET Q q 0 0 0 rg BT 327.91 500.10 Td (gence, management lowered the loss reserves for these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (businesses by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.72 488.10 Td ($14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.61 488.10 Td (, which also af) Tj ET Q q 0 0 0 rg BT 218.75 488.10 Td (fected the Specialty Industries and Specialty Products segments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 468.10 Td (In addition to the development described for the lines of business above, management also recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.54 468.10 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.43 468.10 Td ( net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (decrease in reserves in other lines of business as a result of its review of loss reserves at December31, 201) Tj ET Q q 0 0 0 rg BT 475.94 456.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 485.75 456.10 Td (The change in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (reserves for each other line of business was not individually significant.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 424.10 Td (Loss and LAE development2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 404.10 Td (During the year ended December31, 2010, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.66 404.10 Td ($36.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.55 404.10 Td ( of favorable loss and LAE reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (development on prior accident year loss reserves. ) Tj ET Q q 0 0 0 rg BT 249.25 392.10 Td (The favorable loss reserve development was primarily due to lower than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (expected severity on non-catastrophe losses related to professional liability lines, multiple peril liability lines and other general ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (liability lines, as well as development on personal lines business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 348.10 Td (The favorable development also included a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.43 348.10 Td ($7.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.32 348.10 Td ( release of commercial catastrophe reserves associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (storms occurring in 2004 and 2005 related to excess property business. During the year ended December31, 2010, these claims ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (were resolved for amounts below OneBeacon's policy coverage therefore the reserves were no longer necessary) Tj ET Q q 0 0 0 rg BT 495.46 324.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 304.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 120.61 304.10 Td (, at December31, 2009, management had revised its expectations downward with respect to future loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (emer) Tj ET Q q 0 0 0 rg BT 69.30 292.10 Td (gence in the professional liability business, which had initially been based on market analysis when this business was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (initiated in 2002 and 2003. However) Tj ET Q q 0 0 0 rg BT 195.74 280.10 Td (, during the year ended December31, 2010, losses continued to be significantly lower than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (these revised expectations. ) Tj ET Q q 0 0 0 rg BT 158.35 268.10 Td (As a result, management lowered its selected reserves on the earliest years which af) Tj ET Q q 0 0 0 rg BT 493.04 268.10 Td (fected more ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (recent years as total loss expectations for those years are based in part on prior years' results. ) Tj ET Q q 0 0 0 rg BT 422.10 256.10 Td (The impact of this revised estimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (was a decrease to professional liability reserves of $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.76 244.10 Td (19.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.65 244.10 Td (. In addition to the development described for the lines of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (business above, management also recorded a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.38 232.10 Td ($9.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.27 232.10 Td ( net decrease in IBNR in other lines of business, primarily personal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (lines, as a result of its review of loss reserves at December31, 2010. ) Tj ET Q q 0 0 0 rg BT 325.63 220.10 Td (The change in reserves for each other line of business was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (not individually significant.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 168.10 Td (See Note 19"Discontinued Operations" for a discussion of impacts to reserves for unpaid losses and LAE related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (discontinued operations. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (Asbestos and Environmental) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 116.10 Td (Substantially all of OneBeacon's unpaid loss and LAE reserves for ) Tj ET Q q 0 0 0 rg BT 340.41 116.10 Td (Asbestos and Environmental \("A&E"\) relates to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (operations that have been discontinued. See Note 19"Discontinued Operations" for more detail on this exposure. ) Tj ET Q q 0 0 0 rg BT 511.54 104.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 92.10 Td (remaining unpaid loss and LAE reserves for ) Tj ET Q q 0 0 0 rg BT 228.06 92.10 Td (Asbestos and Environmental related to continuing operations is less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.34 92.10 Td ($1.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 80.10 Td ( on both a gross and net basis as of December 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 3. Unpaid Loss and Loss ) Tj ET Q q 0 0 0 rg BT 187.00 728.60 Td (Adjustment Expense \(LAE\) Reserves) Tj ET Q endstream endobj 221 0 obj <>] /Rotate 0 /Contents 222 0 R>> endobj 222 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 18) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (NOTE 4. Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 676.25 Td (In the normal course of business, OneBeacon's insurance subsidiaries seek to limit losses that may arise from catastrophes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (or other events by reinsuring with third-party reinsurers. OneBeacon remains liable for risks reinsured even if the reinsurer does ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (not honor its obligations under reinsurance contracts. See Note 19"Discontinued Operations" for amounts related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (Runof) Tj ET Q q 0 0 0 rg BT 74.32 640.25 Td (f Business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 620.25 Td (The ef) Tj ET Q q 0 0 0 rg BT 99.13 620.25 Td (fects of reinsurance on OneBeacon's insurance subsidiaries' written and earned premiums and on loss and LAE, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (excluding the Runof) Tj ET Q q 0 0 0 rg BT 130.97 608.25 Td (f Business, were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 560.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 560.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 560.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 560.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 560.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 560.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 560.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 532.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 532.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 532.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 532.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 532.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 532.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 532.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 504.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 504.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 504.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 504.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 504.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 504.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 504.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 476.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 476.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 476.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 476.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 476.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 476.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 476.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 448.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 448.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 448.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 448.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 448.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 420.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 420.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 420.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 420.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 420.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 392.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 392.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 392.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 392.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 392.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 392.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 392.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 364.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 364.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 364.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 364.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 364.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 364.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 364.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 584.75 m 373.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 584.75 m 377.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 584.75 m 437.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 584.75 m 441.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 584.75 m 501.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 584.75 m 373.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 572.75 m 373.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 584.75 m 377.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 584.75 m 437.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 572.75 m 437.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 584.75 m 441.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 584.75 m 501.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 572.75 m 501.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 504.75 m 373.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 504.75 m 437.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 504.75 m 501.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 504.75 m 373.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 504.75 m 437.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 504.75 m 501.5 504.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 489.75 m 373.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 491.75 m 373.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 489.75 m 437.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 491.75 m 437.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 489.75 m 501.5 489.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 491.75 m 501.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 434.75 m 373.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 434.75 m 437.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 434.75 m 501.5 434.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 419.75 m 373.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 421.75 m 373.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 419.75 m 437.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 421.75 m 437.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 419.75 m 501.5 419.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 421.75 m 501.5 421.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 364.75 m 373.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 351.75 m 373.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 349.75 m 373.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 364.75 m 437.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 351.75 m 437.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 349.75 m 437.5 349.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 364.75 m 501.5 364.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 351.75 m 501.5 351.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 349.75 m 501.5 349.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 588.48 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 588.98 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 576.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 576.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 576.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.95 576.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 475.95 580.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 564.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 564.83 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 551.43 Td (Written premiums:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 551.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 551.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 551.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 537.32 Td (Direct) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 537.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 537.32 Td (1,204.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 537.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 537.32 Td (1,079.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 537.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 537.32 Td (1,236.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 523.32 Td (Assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 523.32 Td (55.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 523.32 Td (49.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 523.32 Td (55.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 509.32 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 509.37 Td (\(80.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 509.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 509.37 Td (\(65.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 509.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.80 509.37 Td (\(124.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 509.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 495.32 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 495.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 495.32 Td (1,179.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 495.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 495.32 Td (1,062.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 495.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 495.32 Td (1,167.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 481.43 Td (Earned premiums:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 481.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 481.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 481.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 467.32 Td (Direct) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 467.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 467.32 Td (1,158.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 467.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 467.32 Td (1,035.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 467.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 467.32 Td (1,242.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 453.32 Td (Assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 453.32 Td (52.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 453.32 Td (42.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 453.32 Td (60.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 439.32 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 439.37 Td (\(79.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 439.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 439.37 Td (\(66.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 439.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.80 439.37 Td (\(122.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 439.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 425.32 Td (Net earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 425.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.65 425.32 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 425.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.65 425.32 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 425.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 425.32 Td (1,181.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 411.43 Td (Loss and LAE:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 411.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 411.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 411.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 397.32 Td (Direct) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 397.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 397.32 Td (687.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 397.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 397.32 Td (551.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 397.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 397.32 Td (677.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 383.32 Td (Assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 383.32 Td (29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 383.32 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 383.32 Td (45.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 369.32 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 369.37 Td (\(67.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 369.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 369.37 Td (\(12.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 369.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.80 369.37 Td (\(36.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 369.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 355.32 Td (Net loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 355.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 355.32 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 355.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.15 355.32 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 355.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 355.32 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 341.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 108.00 331.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 326.65 Td (Amounts shown for 2010 includes impact of activity prior to the close of the Personal Lines ) Tj ET Q q 0 0 0 rg BT 496.30 326.65 Td (T) Tj ET Q q 0 0 0 rg BT 502.06 326.65 Td (ransaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 298.65 Td (In the normal course of its business, OneBeacon purchases reinsurance from high-quality) Tj ET Q q 0 0 0 rg BT 429.97 298.65 Td (, highly rated, third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 286.65 Td (reinsurers in order to minimize loss from lar) Tj ET Q q 0 0 0 rg BT 226.22 286.65 Td (ge losses or catastrophic events.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 266.65 Td (The timing and size of catastrophe losses are unpredictable and the level of losses experienced in any year could be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 254.65 Td (material to OneBeacon's operating results and financial position. Examples of catastrophes include losses caused by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 242.65 Td (earthquakes, wildfires, hurricanes and other types of storms and terrorist acts. ) Tj ET Q q 0 0 0 rg BT 362.00 242.65 Td (The extent of losses caused by catastrophes is a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 230.65 Td (function of the amount and type of insured exposure in an area af) Tj ET Q q 0 0 0 rg BT 310.34 230.65 Td (fected by the event as well as the severity of the event. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 218.65 Td (OneBeacon continually assesses and implements programs to manage its exposure to catastrophe losses through individual risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 206.65 Td (selection and by limiting its concentration of insurance written in catastrophe-prone areas such as coastal regions. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 194.65 Td (OneBeacon imposes wind deductibles on existing coastal windstorm exposures. OneBeacon uses probable maximum loss ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 182.65 Td (\("PML"\) forecasting to quantify its exposure to catastrophic losses. PML) Tj ET Q q 0 0 0 rg BT 341.13 182.65 Td ( is a statistical modeling technique that measures a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 170.65 Td (company's catastrophic exposure as the maximum probable loss in a given time period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 150.65 Td (OneBeacon seeks to further reduce its potential loss from catastrophe exposures through the purchase of catastrophe ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 138.65 Td (reinsurance. Ef) Tj ET Q q 0 0 0 rg BT 109.84 138.65 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.54 138.65 Td (May1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.37 138.65 Td (, OneBeacon renewed its property catastrophe reinsurance program through ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.26 138.65 Td (April30, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.87 138.65 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.65 Td (The program provides coverage for OneBeacon's property business as well as certain acts of terrorism. Under the program, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 114.65 Td (first ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.11 114.65 Td ($25.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.00 114.65 Td ( of losses resulting from any single catastrophe are retained and the next ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.29 114.65 Td ($155.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.19 114.65 Td ( of losses resulting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.65 Td (from the catastrophe are reinsured in three layers, although OneBeacon retains a co-participation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.61 102.65 Td (55%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.94 102.65 Td ( of losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.60 102.65 Td ($25.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.65 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 90.65 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.17 90.65 Td ($40.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.06 90.65 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.06 90.65 Td (15%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.39 90.65 Td ( of losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.05 90.65 Td ($40.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.94 90.65 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.72 90.65 Td ($80.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.61 90.65 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.55 90.65 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.88 90.65 Td ( of losses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.54 90.65 Td ($80.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.43 90.65 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.21 90.65 Td ($180.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 78.65 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 78.65 Td (. ) Tj ET Q q 0 0 0 rg BT 82.84 78.65 Td (Any loss above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.00 78.65 Td ($180.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.89 78.65 Td ( would be retained in full. In the event of a catastrophe, OneBeacon's property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 66.65 Td (catastrophe reinsurance program is reinstated for the remainder of the original contract term by paying a reinstatement premium ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 54.65 Td (that is based on the percentage of coverage reinstated and the original property catastrophe coverage premium. ) Tj ET Q q 0 0 0 rg BT 494.04 54.65 Td (As a result of ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (hurricane Sandy in October 2012, OneBeacon recorded ceded losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.90 704.10 Td ($15.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.79 704.10 Td ( and reinstatement premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.92 704.10 Td ($1.9 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 692.10 Td ( related to property catastrophe reinsurance program treaty) Tj ET Q q 0 0 0 rg BT 312.36 692.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 672.10 Td (OneBeacon's property catastrophe reinsurance program does not cover property losses resulting from any nuclear events ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (or biological, chemical or radiological terrorist attacks or losses resulting from acts of terrorism as defined under the ) Tj ET Q q 0 0 0 rg BT 517.22 660.10 Td (T) Tj ET Q q 0 0 0 rg BT 522.63 660.10 Td (errorism ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (Act, as amended, committed by an individual or individuals acting on behalf of any foreign person or foreign interest, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (domestic acts of terrorism.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 616.10 Td (Since the terrorist attacks of September1) Tj ET Q q 0 0 0 rg BT 238.08 616.10 Td (1, 2001, OneBeacon has sought to mitigate the risk associated with any future ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (terrorist attacks by limiting the aggregate insured value of policies in geographic areas with exposure to losses from terrorist ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (attacks. ) Tj ET Q q 0 0 0 rg BT 82.08 592.10 Td (This is accomplished by either limiting the total insured values exposed, or) Tj ET Q q 0 0 0 rg BT 381.62 592.10 Td (, where applicable, through the use of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (terrorism exclusions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 560.10 Td (In December 2007, the United States government extended the ) Tj ET Q q 0 0 0 rg BT 327.13 560.10 Td (T) Tj ET Q q 0 0 0 rg BT 332.54 560.10 Td (errorism Risk Insurance ) Tj ET Q q 0 0 0 rg BT 430.57 560.10 Td (Act \(the "T) Tj ET Q q 0 0 0 rg BT 475.05 560.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 510.87 560.10 Td (Act"\) until ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (December31, 2014. ) Tj ET Q q 0 0 0 rg BT 132.90 548.10 Td (The ) Tj ET Q q 0 0 0 rg BT 150.77 548.10 Td (T) Tj ET Q q 0 0 0 rg BT 156.18 548.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 192.00 548.10 Td (Act, originally enacted in 2002, established a federal "backstop" for commercial property ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (and casualty losses, including workers compensation, resulting from acts of terrorism by or on behalf of any foreign person or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (foreign interest. ) Tj ET Q q 0 0 0 rg BT 114.76 524.10 Td (As extended, the law now also covers domestic acts of terrorism. ) Tj ET Q q 0 0 0 rg BT 377.00 524.10 Td (The law limits the industry's aggregate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (liability by requiring the federal government to share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.88 512.10 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.21 512.10 Td ( of certified losses once a company meets a specific retention or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (deductible as determined by its prior year's direct written premiums and limits the aggregate liability to be paid by the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (government and industry without further action by Congress at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.62 488.10 Td ($100 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.23 488.10 Td (. In exchange for this "back-stop," primary insurers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (are required to make coverage available to commercial insureds for losses from acts of terrorism as specified in the ) Tj ET Q q 0 0 0 rg BT 512.20 476.10 Td (T) Tj ET Q q 0 0 0 rg BT 517.61 476.10 Td (errorism ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (Act. ) Tj ET Q q 0 0 0 rg BT 68.76 464.10 Td (The following types of coverage are excluded from the program: commercial automobile, bur) Tj ET Q q 0 0 0 rg BT 443.16 464.10 Td (glary and theft, surety) Tj ET Q q 0 0 0 rg BT 530.26 464.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (farmowners multi-peril and all professional liability coverage except directors and of) Tj ET Q q 0 0 0 rg BT 389.20 452.10 Td (ficers coverage.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 432.10 Td (In addition to the corporate catastrophe reinsurance protection, OneBeacon may also purchase dedicated reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (protection for specific businesses. In 2012, OneBeacon purchased insurance to protect the collector car and boat business from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (catastrophic losses. ) Tj ET Q q 0 0 0 rg BT 129.02 408.10 Td (This treaty covered losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.81 408.10 Td ($2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.70 408.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.98 408.10 Td ($25 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.37 408.10 Td ( in two layers. ) Tj ET Q q 0 0 0 rg BT 464.34 408.10 Td (The first layer) Tj ET Q q 0 0 0 rg BT 520.58 408.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.58 408.10 Td ($2.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 396.10 Td ( in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.60 396.10 Td ($2.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.49 396.10 Td ( carried a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.18 396.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.51 396.10 Td ( co-participation. OneBeacon held a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.12 396.10 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.45 396.10 Td ( co-participation on the second layer) Tj ET Q q 0 0 0 rg BT 542.83 396.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td ($20 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.89 384.10 Td ( in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.10 384.10 Td ($5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.49 384.10 Td (. Catastrophe losses above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.52 384.10 Td ($25 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.91 384.10 Td ( are retained by the company in full. Reinstatement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (premiums are paid if the coverage is attached. ) Tj ET Q q 0 0 0 rg BT 237.76 372.10 Td (As a result of hurricane Sandy in October 2012, OneBeacon recorded ceded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.72 360.10 Td ($1) Tj ET Q q 0 0 0 rg BT 96.35 360.10 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.24 360.10 Td ( and reinstatement premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.37 360.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.26 360.10 Td ( related to this treaty) Tj ET Q q 0 0 0 rg BT 399.81 360.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 343.10 Td (OneBeacon also purchased a per occurrence treaty for its International Marine Underwriters \("IMU"\) business that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (protects against lar) Tj ET Q q 0 0 0 rg BT 124.85 331.10 Td (ge occurrences, whether a single lar) Tj ET Q q 0 0 0 rg BT 267.93 331.10 Td (ge claim or a catastrophe. ) Tj ET Q q 0 0 0 rg BT 372.70 331.10 Td (The IMU treaty attaches at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.37 331.10 Td ($2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.76 331.10 Td ( per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td (occurrence. Coverage is provided up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.16 319.10 Td ($60 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.55 319.10 Td (. ) Tj ET Q q 0 0 0 rg BT 260.37 319.10 Td (The first layer of the marine treaty is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.76 319.10 Td ($5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 319.10 Td ( in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.36 319.10 Td ($2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.75 319.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (with an annual aggregate deductible of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.21 307.10 Td ($1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.11 307.10 Td ( for lar) Tj ET Q q 0 0 0 rg BT 283.13 307.10 Td (ge losses and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.40 307.10 Td ($5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.79 307.10 Td ( for catastrophes losses. For losses in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (layer ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.99 295.10 Td ($10 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.38 295.10 Td ( excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 160.31 295.10 Td ($50 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.70 295.10 Td (, the company retains half of the loss. ) Tj ET Q q 0 0 0 rg BT 358.70 295.10 Td (The portion of loss above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.40 295.10 Td ($60 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.79 295.10 Td ( is retained ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (in full by the company) Tj ET Q q 0 0 0 rg BT 139.39 283.10 Td (. Reinstatement premiums are paid in full or in part depending on the layer and the occurrence if the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (coverage is attached. Losses retained under both the collector car and marine reinsurance treaties are subject to the corporate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (catastrophe treaty) Tj ET Q q 0 0 0 rg BT 119.65 259.10 Td (. ) Tj ET Q q 0 0 0 rg BT 124.09 259.10 Td (As a result of hurricane Sandy in October 2012, OneBeacon recorded ceded loss of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.26 259.10 Td ($41.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.15 259.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (reinstatement premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.19 247.10 Td ($5.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.08 247.10 Td ( related to this treaty) Tj ET Q q 0 0 0 rg BT 289.63 247.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 227.10 Td (OneBeacon estimates its individual retention level for commercial policies subject to the ) Tj ET Q q 0 0 0 rg BT 430.43 227.10 Td (T) Tj ET Q q 0 0 0 rg BT 435.84 227.10 Td (errorism ) Tj ET Q q 0 0 0 rg BT 471.67 227.10 Td (Act to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 215.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.76 215.10 Td ($100 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.15 215.10 Td ( in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.93 215.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.93 215.10 Td (. ) Tj ET Q q 0 0 0 rg BT 198.75 215.10 Td (The federal government will pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.31 215.10 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.64 215.10 Td ( of covered terrorism losses that exceed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 203.10 Td (OneBeacon's or the industry's retention levels in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.00 203.10 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.00 203.10 Td (, up to a total of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.82 203.10 Td ($100 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.44 203.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 183.10 Td (OneBeacon also purchases property-per) Tj ET Q q 0 0 0 rg BT 232.96 183.10 Td (-risk reinsurance coverage to reduce lar) Tj ET Q q 0 0 0 rg BT 390.75 183.10 Td (ge loss volatility) Tj ET Q q 0 0 0 rg BT 456.21 183.10 Td (. ) Tj ET Q q 0 0 0 rg BT 461.02 183.10 Td (The property-per) Tj ET Q q 0 0 0 rg BT 528.85 183.10 Td (-risk ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td (reinsurance program reinsures losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.16 171.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.05 171.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.33 171.10 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.22 171.10 Td (. Individual risk facultative reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 159.10 Td (may be purchased above ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.57 159.10 Td ($100.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.46 159.10 Td ( where OneBeacon deems it appropriate. OneBeacon retains a co-participation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.55 159.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 554.88 159.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (for losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.76 147.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.65 147.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.93 147.10 Td ($50.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.82 147.10 Td ( and a co-participation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.83 147.10 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.16 147.10 Td ( for losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.92 147.10 Td ($50.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.81 147.10 Td (. ) Tj ET Q q 0 0 0 rg BT 545.63 147.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td (property-per) Tj ET Q q 0 0 0 rg BT 99.28 135.10 Td (-risk treaty also provides one limit of reinsurance protection for losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.96 135.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.85 135.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.13 135.10 Td ($100.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 123.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 123.10 Td ( on an individual risk basis for acts of foreign terrorism. However) Tj ET Q q 0 0 0 rg BT 340.70 123.10 Td (, any nuclear events, or biological, chemical or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (radiological terrorist attacks are not covered.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 91.10 Td (OneBeacon also maintains a casualty reinsurance program that provides protection for individual policies involving ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (general liability) Tj ET Q q 0 0 0 rg BT 111.88 79.10 Td (, automobile liability) Tj ET Q q 0 0 0 rg BT 194.83 79.10 Td (, professional liability or umbrella liability) Tj ET Q q 0 0 0 rg BT 364.15 79.10 Td (. OneBeacon's healthcare professional liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (treaty covers losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.46 67.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.35 67.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.63 67.10 Td ($20 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.02 67.10 Td ( in two layers. ) Tj ET Q q 0 0 0 rg BT 359.00 67.10 Td (The first layer) Tj ET Q q 0 0 0 rg BT 415.24 67.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.24 67.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.13 67.10 Td ( excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.06 67.10 Td ($5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 552.45 67.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 55.10 Td (has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.27 55.10 Td (20%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.60 55.10 Td ( co-participation. ) Tj ET Q q 0 0 0 rg BT 163.35 55.10 Td (All other casualty business is covered in a separate treaty covering losses in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.97 55.10 Td ($5.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.86 55.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.28 704.10 Td ($21.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.17 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 130.99 704.10 Td (The casualty treaty has a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.33 704.10 Td (22.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.16 704.10 Td ( co-participation in the first layer \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.89 704.10 Td ($6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.28 704.10 Td ( excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.21 704.10 Td ($5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.60 704.10 Td (\) and a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.83 692.10 Td ( co-participation in the second layer of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.71 692.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.61 692.10 Td ( excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.54 692.10 Td ($1) Tj ET Q q 0 0 0 rg BT 330.16 692.10 Td (1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.06 692.10 Td (. OneBeacon purchases a treaty to protect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (against lar) Tj ET Q q 0 0 0 rg BT 90.69 680.10 Td (ge workers compensation losses that covers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.87 680.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.20 680.10 Td ( of the loss in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.01 680.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.91 680.10 Td ( up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.18 680.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.08 680.10 Td ( per person. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (In addition, for casualty losses involving more than one insured, OneBeacon maintains a dedicated treaty that covers up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td ($40.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.39 656.10 Td ( in excess of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.54 656.10 Td ($10.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.43 656.10 Td ( retention.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 636.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 636.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.58 636.10 Td (, OneBeacon had reinsurance recoverable on paid losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.82 636.10 Td ($3.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.71 636.10 Td ( and reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (recoverables on unpaid losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.96 624.10 Td ($107.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.85 624.10 Td (. Reinsurance contracts do not relieve OneBeacon of its obligations. ) Tj ET Q q 0 0 0 rg BT 515.04 624.10 Td (Therefore, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (collectibility of balances due from reinsurers is critical to OneBeacon's financial strength. ) Tj ET Q q 0 0 0 rg BT 410.16 612.10 Td (The following table provides a listing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (of OneBeacon's top reinsurers for its continuing insurance operations, excluding industry pools and associations and af) Tj ET Q q 0 0 0 rg BT 524.90 600.10 Td (filiates ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (of OneBeacon, based upon recoverable amounts, the percentage of total reinsurance recoverable and the reinsurer's) Tj ET Q q 0 0 0 rg BT 511.93 588.10 Td (A.M. Best ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 576.10 Td (,Inc. \("A.M. Best"\) ratings.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 528.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 528.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 528.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 528.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 528.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 498.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 498.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 498.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 498.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 498.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 468.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 468.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 468.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 468.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 468.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 468.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 468.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 528.6 m 373.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 528.6 m 437.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 528.6 m 501.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 528.6 m 373.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 528.6 m 437.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 528.6 m 501.5 528.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 532.83 Td (\($ in millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.10 548.83 Td (Balance at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.75 540.83 Td (December) Tj ET Q q 0 0 0 rg BT 354.25 540.83 Td (31, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 532.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.85 532.83 Td (% of total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.00 540.83 Td (A.M. Best) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.40 532.83 Td (Rating) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 479.51 536.46 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 518.27 Td (Hannover Ruckversich) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 518.27 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 518.27 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 518.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.70 518.27 Td (A++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 503.27 Td (Everest Reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 503.27 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 503.27 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 503.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.55 503.27 Td (A+) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 488.27 Td (Munich Reinsurance America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 488.27 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 488.27 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 488.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.70 488.27 Td (A++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 473.27 Td (Swiss Reinsurance America Corp) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 473.27 Td (5.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 473.27 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 473.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.55 473.27 Td (A+) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 458.27 Td (Hartford Steam Boiler) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 458.27 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 458.27 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.65 458.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.65 458.27 Td (A) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 444.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 112.50 434.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 429.50 Td (A.M. Best ratings as detailed above are: "A++" \(Superior) Tj ET Q q 0 0 0 rg BT 354.98 429.50 Td (, which is the highest of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.03 429.50 Td (fifteen) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.12 429.50 Td ( financial strength ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 417.50 Td (ratings\), "A+" \(Superior) Tj ET Q q 0 0 0 rg BT 222.44 417.50 Td (, which is the second highest of fifteen financial strength ratings\) and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.00 405.50 Td ("A" \(Excellent, which is the third highest of fifteen financial strength ratings\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 377.50 Td (Greater than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.19 377.50 Td (90%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 142.52 377.50 Td ( of reinsurance recoverables on unpaid and paid losses are from reinsurers rated ) Tj ET Q q 0 0 0 rg BT 463.23 377.50 Td (A) Tj ET Q q 0 0 0 rg BT 469.90 377.50 Td ( or better) Tj ET Q q 0 0 0 rg BT 505.44 377.50 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (NOTE 5. Investment Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 334.25 Td (OneBeacon's net investment income is comprised primarily of interest income associated with OneBeacon's fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (maturity investments, dividend income from its equity investments, and interest income from its short-term investments. Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (investments primarily include hedge funds and private equity funds. Net investment income for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.04 310.25 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 298.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 298.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 298.25 Td (201) Tj ET Q q 0 0 0 rg BT 89.63 298.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.63 298.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.07 298.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.07 298.25 Td ( consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 247.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 247.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 247.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 247.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 247.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 247.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 247.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 217.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 217.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 217.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 217.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 217.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 217.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 217.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 187.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 187.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 187.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 187.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 187.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 187.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 187.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 157.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 157.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 157.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 157.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 157.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 157.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 157.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 273.75 m 373.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 273.75 m 377.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 273.75 m 437.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 273.75 m 441.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 273.75 m 501.5 273.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 260.75 m 373.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 260.75 m 437.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 260.75 m 501.5 260.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 172.75 m 373.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 172.75 m 437.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 172.75 m 501.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 172.75 m 373.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 172.75 m 437.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 172.75 m 501.5 172.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 142.75 m 373.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 142.75 m 437.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 142.75 m 501.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 142.75 m 373.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 128.75 m 373.5 128.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 126.75 m 373.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 142.75 m 437.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 128.75 m 437.5 128.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 126.75 m 437.5 126.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 142.75 m 501.5 142.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 128.75 m 501.5 128.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 126.75 m 501.5 126.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 278.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 277.98 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 264.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 264.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 264.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.00 264.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 251.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 251.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 237.42 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 237.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 237.42 Td (49.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 237.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 237.42 Td (69.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 237.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 237.42 Td (94.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 222.42 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 222.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 222.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 222.42 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 207.42 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 207.42 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 207.42 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 207.42 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 192.42 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 192.42 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 192.42 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 192.42 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 177.42 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 177.47 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 177.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 177.47 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 177.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 177.42 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 162.42 Td (Gross investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 162.42 Td (60.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 162.42 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 162.42 Td (105.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 147.42 Td (Less investment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 147.47 Td (\(6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 147.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 147.47 Td (\(6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 147.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 147.47 Td (\(8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 147.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 132.42 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 132.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 132.42 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 132.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 132.42 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 132.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 132.42 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The composition of net realized investment gains \(losses\) consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 653.60 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 653.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 653.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 653.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 653.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 653.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 653.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 623.60 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 623.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 623.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 623.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 593.60 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 593.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 593.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 593.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.00 563.60 239.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.00 563.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 563.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 563.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 563.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 679.6 m 393 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 679.6 m 397 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 679.6 m 457 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 679.6 m 461 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 679.6 m 521 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 666.6 m 393 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 666.6 m 457 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 666.6 m 521 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 578.6 m 393 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 578.6 m 457 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 578.6 m 521 578.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 548.6 m 393 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 534.6 m 393 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 532.6 m 393 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 548.6 m 457 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 534.6 m 457 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 532.6 m 457 532.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 548.6 m 521 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 534.6 m 521 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 532.6 m 521 532.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 92.50 684.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.10 683.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 92.50 670.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.50 670.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.70 670.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.50 670.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 92.50 657.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.90 657.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 643.27 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 643.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 643.27 Td (27.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.50 643.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 643.27 Td (32.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.50 643.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 643.27 Td (56.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 628.27 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 628.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 628.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.15 628.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 613.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.65 613.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 613.27 Td (16.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.65 613.27 Td (4.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 598.27 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.65 598.27 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.30 598.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 598.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 598.27 Td (16.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 583.27 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 583.27 Td (21.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.65 583.27 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.65 583.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 568.27 Td (Net realized investment gains \(losses\), pre-tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 568.27 Td (50.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 568.27 Td (56.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 568.27 Td (81.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.50 553.27 Td (Income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.30 553.32 Td (\(17.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 553.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.30 553.32 Td (\(19.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 553.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.30 553.32 Td (\(28.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 553.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.50 538.27 Td (Net realized investment gains \(losses\), after tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.50 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 538.27 Td (33.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.50 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 538.27 Td (36.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.50 538.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.65 538.27 Td (53.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 506.10 Td (OneBeacon recognized gross realized investment gains of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.08 506.10 Td ($68.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.97 506.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.97 506.10 Td ($77.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.87 506.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.30 506.10 Td ($101.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.20 506.10 Td ( and gross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (realized investment losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.74 494.10 Td ($17.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.64 494.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.64 494.10 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.53 494.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.97 494.10 Td ($19.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.86 494.10 Td ( on sales and other) Tj ET Q q 0 0 0 rg BT 428.08 494.10 Td (-than-temporary impairment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 482.10 Td (ges on investment securities during the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 373.52 482.10 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 470.62 482.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 462.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.44 462.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.03 462.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.47 462.10 Td (201) Tj ET Q q 0 0 0 rg BT 211.09 462.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.09 462.10 Td (, OneBeacon reported ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.06 462.10 Td ($6.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.95 462.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.39 462.10 Td ($22.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.28 462.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 480.94 462.10 Td (, in accounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (payable on unsettled investment purchases and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.95 450.10 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.84 450.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.28 450.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.17 450.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 409.83 450.10 Td (, in accounts receivable on unsettled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (investment sales.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 418.10 Td (The net changes in fair value for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.13 418.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.72 418.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.72 418.10 Td (201) Tj ET Q q 0 0 0 rg BT 369.35 418.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.35 418.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.79 418.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.79 418.10 Td ( are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 79.50 343.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 343.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 343.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 343.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 343.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.50 313.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 313.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 313.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 313.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 313.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.50 283.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 283.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 283.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 283.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 283.60 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 393.6 m 363.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 393.6 m 367.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 393.6 m 447.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 393.6 m 451.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 393.6 m 531.5 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 356.6 m 363.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 356.6 m 447.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 356.6 m 531.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 268.6 m 531.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 268.6 m 363.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 254.60000000000002 m 363.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 252.60000000000002 m 363.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 268.6 m 447.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 254.60000000000002 m 447.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 252.60000000000002 m 447.5 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 268.6 m 531.5 268.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 254.60000000000002 m 531.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 252.60000000000002 m 531.5 252.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.00 398.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.60 397.83 Td (Y) Tj ET Q q 0 0 0 rg BT 359.49 397.83 Td (ear) Tj ET Q q 0 0 0 rg BT 370.45 397.83 Td ( ended December) Tj ET Q q 0 0 0 rg BT 429.40 397.83 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 82.00 360.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.65 384.83 Td (Changes in net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 305.05 376.83 Td (unr) Tj ET Q q 0 0 0 rg BT 317.35 376.83 Td (ealized ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.30 368.83 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.85 360.83 Td (gains \(losses\)) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 342.08 364.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.65 384.83 Td (Changes in net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.55 376.83 Td (for) Tj ET Q q 0 0 0 rg BT 388.62 376.83 Td (eign curr) Tj ET Q q 0 0 0 rg BT 419.80 376.83 Td (ency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.30 368.83 Td (translation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.85 360.83 Td (gains \(losses\)) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 426.08 364.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.35 376.83 Td (T) Tj ET Q q 0 0 0 rg BT 465.95 376.83 Td (otal net changes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.60 368.83 Td (in fair) Tj ET Q q 0 0 0 rg BT 475.56 368.83 Td ( value r) Tj ET Q q 0 0 0 rg BT 501.19 368.83 Td (eflected) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.55 360.83 Td (in r) Tj ET Q q 0 0 0 rg BT 480.63 360.83 Td (evenues) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 507.29 364.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 82.00 347.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 347.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 333.27 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.00 333.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 333.27 Td (7.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 333.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 333.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 333.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 333.27 Td (7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 318.27 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 318.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 318.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.65 318.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 303.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 303.27 Td (11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 303.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.15 303.27 Td (11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 288.27 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.80 288.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 288.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 288.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.80 288.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 288.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 273.27 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 155.04 277.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.80 273.32 Td (\(13.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 273.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 273.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.80 273.32 Td (\(13.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 273.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 258.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.00 258.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 258.27 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 258.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 258.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 258.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 258.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 79.50 163.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 163.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 163.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 163.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 163.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 163.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 163.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.50 133.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 133.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 133.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 133.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 133.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 133.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 133.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.50 103.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.50 103.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 103.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 103.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 103.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 103.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 103.60 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 213.60000000000002 m 363.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 213.60000000000002 m 367.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 213.60000000000002 m 447.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 213.60000000000002 m 451.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 213.60000000000002 m 531.5 213.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 176.60000000000002 m 363.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 176.60000000000002 m 447.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 176.60000000000002 m 531.5 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 88.60000000000002 m 531.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 88.60000000000002 m 363.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 74.60000000000002 m 363.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 72.60000000000002 m 363.5 72.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 88.60000000000002 m 447.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 74.60000000000002 m 447.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 72.60000000000002 m 447.5 72.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 88.60000000000002 m 531.5 88.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 74.60000000000002 m 531.5 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 72.60000000000002 m 531.5 72.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.00 218.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.80 217.83 Td (Y) Tj ET Q q 0 0 0 rg BT 359.69 217.83 Td (ear) Tj ET Q q 0 0 0 rg BT 370.65 217.83 Td ( ended December) Tj ET Q q 0 0 0 rg BT 429.60 217.83 Td (31, 201) Tj ET Q q 0 0 0 rg BT 455.16 217.83 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 82.00 180.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.65 204.83 Td (Changes in net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 305.05 196.83 Td (unr) Tj ET Q q 0 0 0 rg BT 317.35 196.83 Td (ealized ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.30 188.83 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.85 180.83 Td (gains \(losses\)) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 342.08 184.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.65 204.83 Td (Changes in net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.55 196.83 Td (for) Tj ET Q q 0 0 0 rg BT 388.62 196.83 Td (eign curr) Tj ET Q q 0 0 0 rg BT 419.80 196.83 Td (ency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.30 188.83 Td (translation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.85 180.83 Td (gains \(losses\)) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 426.08 184.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 461.35 196.83 Td (T) Tj ET Q q 0 0 0 rg BT 465.95 196.83 Td (otal net changes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.60 188.83 Td (in fair) Tj ET Q q 0 0 0 rg BT 475.56 188.83 Td ( value r) Tj ET Q q 0 0 0 rg BT 501.19 188.83 Td (eflected) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 468.55 180.83 Td (in r) Tj ET Q q 0 0 0 rg BT 480.63 180.83 Td (evenues) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 507.29 184.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 82.00 167.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 167.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 153.27 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.00 153.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.80 153.32 Td (\(18.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 153.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 153.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.80 153.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 153.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 153.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.80 153.32 Td (\(18.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 153.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 138.27 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.65 138.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.15 138.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 138.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 123.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.80 123.32 Td (\(22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 123.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.80 123.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 123.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.80 123.32 Td (\(22.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 123.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 108.27 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.80 108.32 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 108.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 108.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.80 108.32 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 108.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 93.27 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 93.27 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 93.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.15 93.27 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 78.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.00 78.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.80 78.32 Td (\(46.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 78.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.00 78.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.80 78.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.65 78.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 78.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.80 78.32 Td (\(46.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 78.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. 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284.75 616.50 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 616.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.75 616.50 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.75 616.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.75 616.50 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 80.75 586.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.75 586.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.75 586.50 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.75 586.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.75 586.50 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.75 586.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.75 586.50 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.75 696.5 m 364.75 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.75 696.5 m 368.75 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.75 696.5 m 448.75 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.75 696.5 m 452.75 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 696.5 m 532.75 696.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.75 659.5 m 364.75 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.75 659.5 m 448.75 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 659.5 m 532.75 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 571.5 m 532.75 571.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.75 571.5 m 364.75 571.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.75 557.5 m 364.75 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.75 555.5 m 364.75 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.75 571.5 m 448.75 571.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.75 557.5 m 448.75 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368.75 555.5 m 448.75 555.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 571.5 m 532.75 571.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 557.5 m 532.75 557.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.75 555.5 m 532.75 555.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.25 701.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.85 700.73 Td (Y) Tj ET Q q 0 0 0 rg BT 360.74 700.73 Td (ear) Tj ET Q q 0 0 0 rg BT 371.70 700.73 Td ( ended December) Tj ET Q q 0 0 0 rg BT 430.65 700.73 Td (31, 2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.25 663.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 298.90 687.73 Td (Changes in net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 306.30 679.73 Td (unr) Tj ET Q q 0 0 0 rg BT 318.60 679.73 Td (ealized ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 305.55 671.73 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.10 663.73 Td (gains \(losses\)) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 343.33 667.36 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.90 687.73 Td (Changes in net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 379.80 679.73 Td (for) Tj ET Q q 0 0 0 rg BT 389.87 679.73 Td (eign curr) Tj ET Q q 0 0 0 rg BT 421.05 679.73 Td (ency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.55 671.73 Td (translation) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.10 663.73 Td (gains \(losses\)) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 427.33 667.36 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.60 679.73 Td (T) Tj ET Q q 0 0 0 rg BT 467.20 679.73 Td (otal net changes) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.85 671.73 Td (in fair) Tj ET Q q 0 0 0 rg BT 476.81 671.73 Td ( value r) Tj ET Q q 0 0 0 rg BT 502.44 671.73 Td (eflected) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 469.80 663.73 Td (in r) Tj ET Q q 0 0 0 rg BT 481.88 663.73 Td (evenues) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 508.54 667.36 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 83.25 650.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.65 650.73 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.25 636.17 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.25 636.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.05 636.22 Td (\(40.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.90 636.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.25 636.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.05 636.22 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.90 636.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.25 636.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.05 636.22 Td (\(42.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.90 636.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.25 621.17 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.90 621.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.05 621.22 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.90 621.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 621.22 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.90 621.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.25 606.17 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.40 606.17 Td (36.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.40 606.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.40 606.17 Td (36.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.25 591.17 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.05 591.22 Td (\(4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.90 591.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.90 591.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 591.22 Td (\(4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.90 591.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.25 576.17 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.40 576.17 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.90 576.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.40 576.17 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.25 561.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.25 561.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.05 561.22 Td (\(5.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.90 561.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.25 561.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.05 561.22 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.90 561.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.25 561.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.05 561.22 Td (\(7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.90 561.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 547.40 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 536.93 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 532.40 Td (Includes changes in net deferred gains and losses on sales of investments between OneBeacon and entities under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 520.40 Td (White Mountains' common control of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.16 520.40 Td ($\(0.2\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.72 520.40 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.72 520.40 Td ($\(5.2\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.27 520.40 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.71 520.40 Td ($\(4.3\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.26 520.40 Td (, pre-tax, for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 508.40 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.58 508.40 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 178.58 508.40 Td (201) Tj ET Q q 0 0 0 rg BT 193.21 508.40 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.21 508.40 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.65 508.40 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.65 508.40 Td (, respectively) Tj ET Q q 0 0 0 rg BT 290.31 508.40 Td (. Changes in net deferred gains and losses for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 496.40 Td (December31, 2010 includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.91 496.40 Td ($\(0.2\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.46 496.40 Td ( related to net deferred foreign currency gains and losses.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 485.93 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 481.40 Td (The year ended December 31, 2012, includes a change in net unrealized gains and losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.20 481.40 Td ($\(1) Tj ET Q q 0 0 0 rg BT 476.16 481.40 Td (1.6\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.38 481.40 Td ( related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 469.40 Td (to the sale of a limited partnership that had been consolidated into OneBeacon's results. See Note 15.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 441.40 Td (The components of OneBeacon's ending net unrealized investment gains and losses, excluding the impact of net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 429.40 Td (unrealized foreign currency translation gains and losses, on its trading investment portfolio as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 550.61 429.40 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 417.40 Td (were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 366.90 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 366.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 366.90 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 366.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 366.90 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 336.90 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 336.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 336.90 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 336.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 336.90 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 306.90 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 306.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 306.90 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 306.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 306.90 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 392.9 m 405.5 392.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 392.9 m 409.5 392.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 392.9 m 469.5 392.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 379.9 m 405.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 379.9 m 469.5 379.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 321.9 m 405.5 321.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 321.9 m 469.5 321.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 321.9 m 405.5 321.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 321.9 m 469.5 321.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 291.9 m 405.5 291.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 277.9 m 405.5 277.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 275.9 m 405.5 275.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 291.9 m 469.5 291.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 277.9 m 469.5 277.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 275.9 m 469.5 275.9 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 397.58 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 397.13 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 384.13 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 384.13 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 384.13 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 371.13 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 371.13 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 356.58 Td (Investment securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 356.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 356.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 341.57 Td (Gross unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 341.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 341.57 Td (127.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 341.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 341.57 Td (123.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 326.57 Td (Gross unrealized investment losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 326.62 Td (\(8.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 326.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.80 326.62 Td (\(21.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 326.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 311.57 Td (Net unrealized gains from investment securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 311.57 Td (118.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 311.57 Td (101.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 296.57 Td (Income taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 296.62 Td (\(39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 296.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.80 296.62 Td (\(33.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 296.57 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 281.57 Td (Total net unrealized investment gains, after tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 281.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 281.57 Td (79.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 281.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 281.57 Td (68.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 231 0 obj <>] /Rotate 0 /Contents 232 0 R>> endobj 232 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency losses and carrying values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (of OneBeacon's fixed maturity investments as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 359.68 692.10 Td (1 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 625.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 625.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 625.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 625.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 625.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 625.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 625.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 625.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 625.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 625.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 625.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 575.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 545.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 545.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 545.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 545.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 545.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 545.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 545.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 515.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 515.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 515.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 515.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 515.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 515.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 515.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 667.6 m 284.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 667.6 m 288.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 667.6 m 348.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 667.6 m 352.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 667.6 m 412.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 667.6 m 416.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 667.6 m 476.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 667.6 m 480.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 667.6 m 540.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 638.6 m 284.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 638.6 m 348.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 638.6 m 412.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 638.6 m 476.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 638.6 m 540.5 638.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 515.6 m 540.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 515.6 m 284.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 501.6 m 284.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 499.6 m 284.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 515.6 m 348.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 501.6 m 348.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 499.6 m 348.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 515.6 m 412.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 501.6 m 412.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 499.6 m 412.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 515.6 m 476.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 501.6 m 476.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 499.6 m 476.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 515.6 m 540.5 515.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 501.6 m 540.5 501.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 499.6 m 540.5 499.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.00 672.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.70 671.83 Td (December) Tj ET Q q 0 0 0 rg BT 381.20 671.83 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 411.20 675.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 642.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.50 658.83 Td (Cost or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.65 650.83 Td (amortized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.30 642.83 Td (cost) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.05 658.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 317.68 658.83 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 300.05 650.83 Td (unr) Tj ET Q q 0 0 0 rg BT 312.35 650.83 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.10 642.83 Td (gains) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.05 658.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 381.68 658.83 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.05 650.83 Td (unr) Tj ET Q q 0 0 0 rg BT 376.35 650.83 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.40 642.83 Td (losses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.85 658.83 Td (Net for) Tj ET Q q 0 0 0 rg BT 450.91 658.83 Td (eign) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.70 650.83 Td (curr) Tj ET Q q 0 0 0 rg BT 445.66 650.83 Td (ency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.40 642.83 Td (losses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.20 650.83 Td (Carrying) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.85 642.83 Td (value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 629.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 629.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 615.27 Td (U.S. Government and agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 605.27 Td (obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 605.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 605.27 Td (197.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 605.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 605.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 605.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 605.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 605.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 605.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 605.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 605.27 Td (197.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 590.27 Td (Debt securities issued by industrial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 580.27 Td (corporations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 580.27 Td (678.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 580.27 Td (32.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 580.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 580.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 580.27 Td (711.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 565.27 Td (Municipal obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 565.27 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 565.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 565.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 565.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 565.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 565.27 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 550.27 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 550.27 Td (918.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 550.27 Td (9.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 550.32 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 550.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 550.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 550.27 Td (927.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 535.27 Td (Foreign government obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 535.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 535.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 535.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 535.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 535.27 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 520.27 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 520.27 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 520.27 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 520.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 520.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 520.27 Td (84.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 505.27 Td (Total fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 505.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.65 505.27 Td (1,881.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 505.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 505.27 Td (49.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 505.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 505.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 505.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 505.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 505.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 505.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 505.27 Td (1,931.4) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 418.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 418.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 418.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 418.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 418.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 418.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 418.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 418.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 418.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 418.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 418.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 368.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 368.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 368.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 368.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 368.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 368.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 368.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 338.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 338.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 338.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 338.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 338.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 338.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 338.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 308.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 308.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 308.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 308.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 308.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 308.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 308.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 460.6 m 284.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 460.6 m 288.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 460.6 m 348.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 460.6 m 352.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 460.6 m 412.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 460.6 m 416.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 460.6 m 476.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 460.6 m 480.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 460.6 m 540.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 431.6 m 284.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 431.6 m 348.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 431.6 m 412.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 431.6 m 476.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 431.6 m 540.5 431.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 308.6 m 348.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 308.6 m 412.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 308.6 m 540.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 308.6 m 284.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 294.6 m 284.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 292.6 m 284.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 308.6 m 348.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 294.6 m 348.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 292.6 m 348.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 308.6 m 412.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 294.6 m 412.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 292.6 m 412.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 308.6 m 476.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 294.6 m 476.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 292.6 m 476.5 292.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 308.6 m 540.5 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 294.6 m 540.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 292.6 m 540.5 292.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.00 465.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.90 464.83 Td (December) Tj ET Q q 0 0 0 rg BT 381.40 464.83 Td (31, 201) Tj ET Q q 0 0 0 rg BT 406.96 464.83 Td (1) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 410.96 468.46 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 435.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.50 451.83 Td (Cost or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.65 443.83 Td (amortized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.30 435.83 Td (cost) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.05 451.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 317.68 451.83 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 300.05 443.83 Td (unr) Tj ET Q q 0 0 0 rg BT 312.35 443.83 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.10 435.83 Td (gains) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.05 451.83 Td (Gr) Tj ET Q q 0 0 0 rg BT 381.68 451.83 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.05 443.83 Td (unr) Tj ET Q q 0 0 0 rg BT 376.35 443.83 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.40 435.83 Td (losses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.85 451.83 Td (Net for) Tj ET Q q 0 0 0 rg BT 450.91 451.83 Td (eign) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.70 443.83 Td (curr) Tj ET Q q 0 0 0 rg BT 445.66 443.83 Td (ency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.10 435.83 Td (gains) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.20 443.83 Td (Carrying) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.85 435.83 Td (value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 422.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 422.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 408.27 Td (U.S. Government and agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 398.27 Td (obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 398.27 Td (213.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 398.27 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 398.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 398.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 398.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 398.27 Td (215.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 383.27 Td (Debt securities issued by industrial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 373.27 Td (corporations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 373.27 Td (725.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 373.27 Td (34.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 373.32 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 373.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 373.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 373.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 373.27 Td (758.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 358.27 Td (Municipal obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 358.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 358.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 358.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 358.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 358.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 343.27 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 343.27 Td (928.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 343.27 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 343.32 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 343.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 343.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 343.27 Td (938.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 328.27 Td (Foreign government obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 328.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 328.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 328.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 328.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 328.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 328.27 Td (8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 313.27 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 313.27 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 313.27 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 313.32 Td (\(6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 313.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 313.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 313.27 Td (75.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 298.27 Td (Total fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 298.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.65 298.27 Td (1,956.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 298.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 298.27 Td (51.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 298.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 298.32 Td (\(9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 298.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 298.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.80 298.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 298.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 298.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 298.27 Td (1,998.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 284.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 72.50 274.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 269.50 Td (Includes carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.18 269.50 Td ($338.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.07 269.50 Td ( of fixed maturity investments reclassified to assets held for sale in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 257.50 Td (consolidated balance sheet as part of the Runof) Tj ET Q q 0 0 0 rg BT 274.36 257.50 Td (f ) Tj ET Q q 0 0 0 rg BT 280.01 257.50 Td (T) Tj ET Q q 0 0 0 rg BT 285.77 257.50 Td (ransaction as of December 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 72.50 247.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 242.50 Td (Includes carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.18 242.50 Td ($1) Tj ET Q q 0 0 0 rg BT 202.81 242.50 Td (1) Tj ET Q q 0 0 0 rg BT 207.44 242.50 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.33 242.50 Td ( of fixed maturity investments reclassified to assets held for sale in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 230.50 Td (consolidated balance sheet as part of the ) Tj ET Q q 0 0 0 rg BT 248.99 230.50 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 287.97 230.50 Td (T) Tj ET Q q 0 0 0 rg BT 293.73 230.50 Td (ransaction as of December 31, 201) Tj ET Q q 0 0 0 rg BT 432.20 230.50 Td (1.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 233 0 obj <>] /Rotate 0 /Contents 234 0 R>> endobj 234 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The cost or amortized cost and carrying value of OneBeacon's fixed maturity investments and convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (investments at December31, 2012 is presented below by contractual maturity) Tj ET Q q 0 0 0 rg BT 360.65 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 365.10 692.10 Td (Actual maturities could dif) Tj ET Q q 0 0 0 rg BT 472.39 692.10 Td (fer from contractual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (penalties.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 601.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 601.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 601.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 571.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 541.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 511.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 511.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 511.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 643.6 m 405.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 643.6 m 409.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 643.6 m 469.5 643.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 614.6 m 405.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 614.6 m 469.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 511.6 m 405.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 497.6 m 405.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 495.6 m 405.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 511.6 m 469.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 497.6 m 469.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 495.6 m 469.5 495.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 648.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.70 647.83 Td (December) Tj ET Q q 0 0 0 rg BT 406.20 647.83 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 436.20 651.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 618.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.50 634.83 Td (Cost or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.65 626.83 Td (amortized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.30 618.83 Td (cost) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.20 626.83 Td (Carrying) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.85 618.83 Td (value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 605.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 605.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 591.27 Td (Due in one year or less) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 591.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 591.27 Td (158.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 591.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 591.27 Td (160.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 576.27 Td (Due after one year through five years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 576.27 Td (629.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 576.27 Td (652.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 561.27 Td (Due after five years through ten years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 561.27 Td (141.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 561.27 Td (151.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 546.27 Td (Due after ten years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 546.27 Td (15.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 546.27 Td (17.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 531.27 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 531.27 Td (918.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 531.27 Td (927.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 516.27 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 516.27 Td (78.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 516.27 Td (84.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 501.27 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 501.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.65 501.27 Td (1,941.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 501.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.65 501.27 Td (1,994.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 487.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 144.50 477.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 472.50 Td (Includes carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.18 472.50 Td ($338.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.07 472.50 Td ( of fixed maturity investments reclassified to assets held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.00 460.50 Td (for sale in the consolidated balance sheet as part of the Runof) Tj ET Q q 0 0 0 rg BT 403.57 460.50 Td (f ) Tj ET Q q 0 0 0 rg BT 409.22 460.50 Td (T) Tj ET Q q 0 0 0 rg BT 414.97 460.50 Td (ransaction as of December 31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 440.50 Td (The cost or amortized cost, gross unrealized investment gains and losses, net foreign currency gains and carrying values ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 428.50 Td (of OneBeacon's common equity securities, convertible fixed maturity investments and other investments as of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 416.50 Td (2012 and 201) Tj ET Q q 0 0 0 rg BT 104.07 416.50 Td (1 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 350.00 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 350.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 350.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 350.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 350.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 350.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 350.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 350.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 350.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 350.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 350.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 310.00 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 310.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 310.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 310.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 310.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 310.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 310.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 310.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 310.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 310.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 310.00 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 392 m 284.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 392 m 288.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 392 m 348.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 392 m 352.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 392 m 412.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 392 m 416.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 392 m 476.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 392 m 480.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 392 m 540.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 363 m 284.5 363 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 363 m 348.5 363 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 363 m 412.5 363 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 363 m 476.5 363 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 363 m 540.5 363 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 295 m 284.5 295 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 261 m 284.5 261 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 259 m 284.5 259 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 295 m 348.5 295 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 261 m 348.5 261 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 259 m 348.5 259 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 295 m 412.5 295 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 261 m 412.5 261 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 259 m 412.5 259 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 295 m 476.5 295 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 261 m 476.5 261 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 259 m 476.5 259 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 295 m 540.5 295 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 261 m 540.5 261 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 259 m 540.5 259 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.00 396.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.75 396.23 Td (December) Tj ET Q q 0 0 0 rg BT 384.25 396.23 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 367.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.50 383.23 Td (Cost or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.65 375.23 Td (amortized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.30 367.23 Td (cost) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.05 383.23 Td (Gr) Tj ET Q q 0 0 0 rg BT 317.68 383.23 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 300.05 375.23 Td (unr) Tj ET Q q 0 0 0 rg BT 312.35 375.23 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.10 367.23 Td (gains) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.05 383.23 Td (Gr) Tj ET Q q 0 0 0 rg BT 381.68 383.23 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.05 375.23 Td (unr) Tj ET Q q 0 0 0 rg BT 376.35 375.23 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.40 367.23 Td (losses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.85 383.23 Td (Net for) Tj ET Q q 0 0 0 rg BT 450.91 383.23 Td (eign) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.70 375.23 Td (curr) Tj ET Q q 0 0 0 rg BT 445.66 375.23 Td (ency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.10 367.23 Td (gains) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.20 375.23 Td (Carrying) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.85 367.23 Td (value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 354.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 354.23 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 339.67 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 339.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 339.67 Td (221.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 339.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 339.67 Td (39.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 339.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 339.72 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 339.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 339.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 339.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 339.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 339.67 Td (259.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 324.67 Td (Convertible fixed maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 314.67 Td (investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 314.67 Td (59.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 314.67 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 314.72 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 314.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 314.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 314.67 Td (62.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 299.67 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 299.67 Td (115.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 299.67 Td (34.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 299.72 Td (\(5.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 299.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 299.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 299.67 Td (143.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 284.67 Td (T) Tj ET Q q 0 0 0 rg BT 78.41 284.67 Td (otal common equity securities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 274.67 Td (convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 264.67 Td (investments and other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 264.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 264.67 Td (396.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 264.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 264.67 Td (77.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 264.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 264.72 Td (\(8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 264.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 264.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 264.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 264.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 264.67 Td (465.4) Tj ET Q BT /F2 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 178.00 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 178.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 178.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 178.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 178.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 178.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 178.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 178.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 178.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 178.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 178.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 138.00 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 138.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 138.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 138.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 138.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 138.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 138.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 138.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 138.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 138.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 138.00 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 220 m 284.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 220 m 288.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 220 m 348.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 220 m 352.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 220 m 412.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 220 m 416.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 220 m 476.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 220 m 480.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 220 m 540.5 220 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 191 m 284.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 191 m 348.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 191 m 412.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 191 m 476.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 191 m 540.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 123 m 284.5 123 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 89 m 284.5 89 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 87 m 284.5 87 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 123 m 348.5 123 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 89 m 348.5 89 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 87 m 348.5 87 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 123 m 412.5 123 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 89 m 412.5 89 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 87 m 412.5 87 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 123 m 476.5 123 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 89 m 476.5 89 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 87 m 476.5 87 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 123 m 540.5 123 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 89 m 540.5 89 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 87 m 540.5 87 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.00 224.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.95 224.23 Td (December) Tj ET Q q 0 0 0 rg BT 384.45 224.23 Td (31, 201) Tj ET Q q 0 0 0 rg BT 410.01 224.23 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 195.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 241.50 211.23 Td (Cost or) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.65 203.23 Td (amortized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.30 195.23 Td (cost) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 308.05 211.23 Td (Gr) Tj ET Q q 0 0 0 rg BT 317.68 211.23 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 300.05 203.23 Td (unr) Tj ET Q q 0 0 0 rg BT 312.35 203.23 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.10 195.23 Td (gains) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.05 211.23 Td (Gr) Tj ET Q q 0 0 0 rg BT 381.68 211.23 Td (oss) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 364.05 203.23 Td (unr) Tj ET Q q 0 0 0 rg BT 376.35 203.23 Td (ealized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.40 195.23 Td (losses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 426.85 211.23 Td (Net for) Tj ET Q q 0 0 0 rg BT 450.91 211.23 Td (eign) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.70 203.23 Td (curr) Tj ET Q q 0 0 0 rg BT 445.66 203.23 Td (ency) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.10 195.23 Td (gains) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.20 203.23 Td (Carrying) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.85 195.23 Td (value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 182.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 182.23 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 167.67 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 167.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 167.67 Td (240.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 167.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 167.67 Td (30.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 167.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 167.72 Td (\(4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 167.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 167.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 167.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 167.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 167.67 Td (266.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 152.67 Td (Convertible fixed maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 142.67 Td (investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 142.67 Td (76.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 142.67 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 142.72 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 142.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 142.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 142.67 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 127.67 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 127.67 Td (124.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 127.67 Td (37.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.80 127.72 Td (\(7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 127.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 127.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 127.67 Td (155.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 112.67 Td (T) Tj ET Q q 0 0 0 rg BT 78.41 112.67 Td (otal common equity securities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 102.67 Td (convertible fixed maturity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 92.67 Td (investments and other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 92.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 92.67 Td (441.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 92.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 92.67 Td (72.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 92.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.80 92.72 Td (\(12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 92.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 92.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 92.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 92.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 92.67 Td (501.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 235 0 obj <>] /Rotate 0 /Contents 236 0 R>> endobj 236 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 25) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (Sales and maturities of investments, excluding short-term investments and other investments, totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.47 704.10 Td ($2,050.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.87 704.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td ($2,032.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.39 692.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.83 692.10 Td ($2,470.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.22 692.10 Td ( for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 381.79 692.10 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 478.89 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 483.71 692.10 Td (There were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.45 692.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.45 692.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (non-cash exchanges or involuntary sales of investment securities during the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 503.11 680.10 Td (1 and 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 660.10 Td (OneBeacon's consolidated insurance operations are required to maintain deposits with certain insurance regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (agencies in order to maintain their insurance licenses. ) Tj ET Q q 0 0 0 rg BT 266.68 648.10 Td (The fair value of such deposits totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.91 648.10 Td ($174.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.81 648.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.24 648.10 Td ($182.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 559.14 648.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 636.10 Td (, as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 236.97 636.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (As of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 211.09 616.10 Td (1, investments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.20 616.10 Td ($50.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.09 616.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.53 616.10 Td ($62.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.42 616.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 462.08 616.10 Td (, were held in trusts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (required to be maintained in relation to various reinsurance agreements and will be transferred to ) Tj ET Q q 0 0 0 rg BT 439.58 604.10 Td (Armour upon the closing of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (the Runof) Tj ET Q q 0 0 0 rg BT 89.54 592.10 Td (f ) Tj ET Q q 0 0 0 rg BT 95.19 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 100.94 592.10 Td (ransaction. ) Tj ET Q q 0 0 0 rg BT 146.86 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 152.61 592.10 Td (rust balances as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 341.35 592.10 Td (1 include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.78 592.10 Td ($15.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.67 592.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.11 592.10 Td ($20.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.00 592.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 580.10 Td (, related to investments held in a trust established in conjunction with the Personal Lines ) Tj ET Q q 0 0 0 rg BT 453.52 580.10 Td (T) Tj ET Q q 0 0 0 rg BT 459.28 580.10 Td (ransaction. ) Tj ET Q q 0 0 0 rg BT 504.82 580.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (December31, 2012 and 2012, the trust balance also included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.59 568.10 Td ($25.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.48 568.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.92 568.10 Td ($34.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.81 568.10 Td ( related to investments held in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (trust established in conjunction with ) Tj ET Q q 0 0 0 rg BT 197.30 556.10 Td (White Mountains' sale of Esurance Holdings,Inc. \("Esurance Holdings"\) and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 149.04 544.10 Td (, "Esurance Insurance"\). See Note15.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (Fair value measur) Tj ET Q q 0 0 0 rg BT 123.51 524.10 Td (ements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 504.10 Td (As of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 211.09 504.10 Td (1, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.35 504.10 Td (92%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.68 504.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.12 504.10 Td (93%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.45 504.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 390.11 504.10 Td (, of the investment portfolio recorded at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (fair value was priced based upon observable inputs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 472.10 Td (The fair values of OneBeacon's investments in hedge funds and private equity funds have been classified as Level3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (under the fair value hierarchy since the fund managers do not provide suf) Tj ET Q q 0 0 0 rg BT 343.05 460.10 Td (ficient information to independently evaluate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (pricing inputs and methods for each underlying investment, and therefore the inputs are considered to be unobservable. ) Tj ET Q q 0 0 0 rg BT 528.47 448.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 162.65 436.10 Td (1, OneBeacon did not record a liquidity adjustment to the net asset value related to its investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (in hedge funds or private equity funds.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 404.10 Td (As of both December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 231.37 404.10 Td (1, other investments reported at fair value represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 404.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.93 404.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (investment portfolio recorded at fair value. Other investments accounted for at fair value as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 541.40 392.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (were comprised of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 126.91 380.10 Td ($47.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.81 380.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.24 380.10 Td ($53.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.14 380.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 306.80 380.10 Td (, in hedge funds, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.67 380.10 Td ($61.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.57 380.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.00 380.10 Td ($65.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.90 380.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 555.56 380.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (in private equity funds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.70 368.10 Td ($14.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.59 368.10 Td ( for both periods of an investment in a community reinvestment vehicle. ) Tj ET Q q 0 0 0 rg BT 504.36 368.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 162.65 356.10 Td (1, OneBeacon held investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.07 356.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.07 356.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.50 356.10 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 356.10 Td ( hedge funds, respectively) Tj ET Q q 0 0 0 rg BT 435.26 356.10 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.20 356.10 Td (17) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.20 356.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.64 356.10 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.64 356.10 Td ( private equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 344.10 Td (funds, respectively) Tj ET Q q 0 0 0 rg BT 124.88 344.10 Td (. ) Tj ET Q q 0 0 0 rg BT 129.70 344.10 Td (The lar) Tj ET Q q 0 0 0 rg BT 158.12 344.10 Td (gest investment in a single fund was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.59 344.10 Td ($12.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.48 344.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.92 344.10 Td ($13.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.81 344.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 485.47 344.10 Td (, at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (2012 and 201) Tj ET Q q 0 0 0 rg BT 104.07 332.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 113.52 332.10 Td (As of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 250.61 332.10 Td (1, other investments also included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.47 332.10 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.36 332.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 332.10 Td ($21.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.69 332.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 320.10 Td (, of an investment in a tax advantaged federal af) Tj ET Q q 0 0 0 rg BT 289.62 320.10 Td (fordable housing development fund which is accounted for using ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (the equity method.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 237 0 obj <>] /Rotate 0 /Contents 238 0 R>> endobj 238 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 26) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The fair value measurements at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 314.65 704.10 Td (1 and their related inputs are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 651.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 651.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 651.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 651.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 651.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 611.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 611.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 611.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 611.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 611.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 611.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 571.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 571.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 571.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 571.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 571.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 541.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 541.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 541.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 541.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 541.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 511.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 511.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 511.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 511.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 511.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 481.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 481.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 481.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 481.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 481.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 441.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 441.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 441.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 441.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 441.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 441.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 441.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 441.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 441.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 411.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 411.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 411.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 411.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 411.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 411.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 411.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 411.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 411.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 381.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 381.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 381.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 381.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 381.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 381.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 381.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 381.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 381.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 351.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 351.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 351.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 351.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 351.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 351.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 321.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 321.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 321.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 321.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 321.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 321.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 291.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 291.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 291.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 291.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 291.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 291.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 261.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 261.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 261.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 261.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 261.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 261.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 231.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 231.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 231.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 231.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 231.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 231.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 231.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 231.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 231.60 80.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 62.50 191.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 191.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 216.50 191.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 191.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.50 191.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 191.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 191.60 80.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 191.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 191.60 80.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 664.6 m 296.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 664.6 m 380.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 664.6 m 464.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 664.6 m 548.5 664.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 466.6 m 296.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 466.6 m 296.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 466.6 m 380.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 466.6 m 464.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 466.6 m 548.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 381.6 m 296.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 381.6 m 380.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 381.6 m 464.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 381.6 m 548.5 381.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 216.5 366.6 m 296.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300.5 366.6 m 380.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 366.6 m 464.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 366.6 m 548.5 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 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ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 641.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 641.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 626.27 Td (U.S. Government and agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 616.27 Td (obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.00 616.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 616.27 Td (197.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 616.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 616.27 Td (197.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 616.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 616.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 601.27 Td (Debt securities issued by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 591.27 Td (corporations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 591.27 Td () Tj 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 202.5 m 464.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 200.5 m 464.5 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 216.5 m 548.5 216.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 202.5 m 548.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 200.5 m 548.5 200.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.25 701.73 Td (Fair) Tj ET Q q 0 0 0 rg BT 248.77 701.73 Td ( value at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 220.90 693.73 Td (December) Tj ET Q q 0 0 0 rg BT 255.40 693.73 Td (31, 201) Tj ET Q q 0 0 0 rg BT 280.96 693.73 Td (1) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 284.96 697.36 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 315.55 693.73 Td (Level1 Inputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.55 693.73 Td (Level2 Inputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 483.55 693.73 Td (Level3 Inputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 65.00 680.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 680.73 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 666.17 Td (Fixed maturity investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.00 666.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 666.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 666.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 666.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 651.17 Td (U.S. Government and agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 641.17 Td (obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.00 641.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 641.17 Td (215.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 641.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 641.17 Td (215.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 641.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 641.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 641.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 641.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 626.17 Td (Debt securities issued by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 616.17 Td (corporations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.00 616.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 601.17 Td (Consumer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 601.17 Td (299.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 601.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 601.17 Td (299.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 601.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 586.17 Td (Industrial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 586.17 Td (140.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 586.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 586.17 Td (140.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 586.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 571.17 Td (Financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 571.17 Td (66.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 571.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 571.17 Td (66.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 571.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 556.17 Td (Communications) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 556.17 Td (53.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 556.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 556.17 Td (53.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 556.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 541.17 Td (Energy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 541.17 Td (60.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 541.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 541.17 Td (60.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 541.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 526.17 Td (Basic materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 526.17 Td (81.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 526.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 526.17 Td (81.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 526.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 511.17 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 511.17 Td (42.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 511.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 511.17 Td (42.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 511.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 496.17 Td (Technology) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 496.17 Td (14.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 496.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 496.17 Td (14.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 496.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 481.17 Td (Debt securities issued by) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 471.17 Td (corporations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 471.17 Td (758.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 471.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 471.17 Td (758.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 471.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 456.17 Td (Municipal obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 456.17 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 456.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 456.17 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 456.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 441.17 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 441.17 Td (938.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 441.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 441.17 Td (936.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 441.17 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 426.17 Td (Foreign government obligations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.15 426.17 Td (8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 426.17 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 426.17 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 426.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 411.17 Td (Preferred stocks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 411.17 Td (75.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 411.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 411.17 Td (11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 411.17 Td (63.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 396.17 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.65 396.17 Td (1,998.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 396.17 Td (222.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 396.17 Td (1,709.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.15 396.17 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 381.17 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 381.17 Td (320.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 381.17 Td (320.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 381.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 381.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 366.17 Td (Common equity securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.00 366.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 351.17 Td (Financials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 351.17 Td (69.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 351.17 Td (69.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 351.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 351.17 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 336.17 Td (Basic Materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 336.17 Td (56.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 336.17 Td (56.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 336.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 336.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 321.17 Td (Consumer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 321.17 Td (71.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 321.17 Td (71.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 321.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 321.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 306.17 Td (Energy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 306.17 Td (32.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 306.17 Td (32.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 306.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 306.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 291.17 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 291.17 Td (17.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 291.17 Td (17.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 291.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 291.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.00 276.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 276.17 Td (18.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 276.17 Td (18.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 276.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 276.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 261.17 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 261.17 Td (266.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 261.17 Td (265.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 261.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.15 261.17 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 246.17 Td (Convertible fixed maturity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 236.17 Td (investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.15 236.17 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 236.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 236.17 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 236.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 221.17 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 138.04 225.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.15 221.17 Td (133.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.65 221.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 221.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.15 221.17 Td (133.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 65.00 206.17 Td (T) Tj ET Q q 0 0 0 rg BT 70.41 206.17 Td (otal) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 85.41 210.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.00 206.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.65 206.17 Td (2,797.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.00 206.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 206.17 Td (808.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.00 206.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 206.17 Td (1,789.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.00 206.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.15 206.17 Td (200.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 192.40 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 63.50 181.93 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 177.40 Td (Excludes the carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.67 177.40 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.56 177.40 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 177.40 Td ($21.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.89 177.40 Td (, respectively) Tj ET Q q 0 0 0 rg BT 381.56 177.40 Td (, associated with a tax advantaged federal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 165.40 Td (af) Tj ET Q q 0 0 0 rg BT 84.59 165.40 Td (fordable housing development fund accounted for using the equity method as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 519.93 165.40 Td (1.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 63.50 154.93 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 150.40 Td (Fair value includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.59 150.40 Td ($338.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.48 150.40 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.92 150.40 Td ($1) Tj ET Q q 0 0 0 rg BT 243.55 150.40 Td (1) Tj ET Q q 0 0 0 rg BT 248.18 150.40 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.07 150.40 Td ( of fixed maturity investments reclassified to assets held for sale in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 138.40 Td (the December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 204.37 138.40 Td (1 consolidated balance sheets as part of the Runof) Tj ET Q q 0 0 0 rg BT 404.12 138.40 Td (f ) Tj ET Q q 0 0 0 rg BT 409.77 138.40 Td (T) Tj ET Q q 0 0 0 rg BT 415.53 138.40 Td (ransaction and ) Tj ET Q q 0 0 0 rg BT 475.51 138.40 Td (AutoOne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 126.40 Td (T) Tj ET Q q 0 0 0 rg BT 82.76 126.40 Td (ransaction, respectively) Tj ET Q q 0 0 0 rg BT 176.51 126.40 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 98.40 Td (At December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 199.15 98.40 Td (1, OneBeacon held one private preferred stock that represented approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.30 98.40 Td (84%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.63 98.40 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 86.40 Td (85%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.33 86.40 Td (, respectively) Tj ET Q q 0 0 0 rg BT 120.99 86.40 Td (, of its preferred stock portfolio. OneBeacon used quoted market prices for similar securities that were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 74.40 Td (adjusted to reflect management's best estimate of fair value; this security is classified as a Level3 measurement.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (In addition to the investment portfolio described above, OneBeacon had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.75 704.10 Td ($36.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.64 704.10 Td ( of liabilities recorded at fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (and included in other liabilities as of December31, 201) Tj ET Q q 0 0 0 rg BT 271.79 692.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 281.61 692.10 Td (These liabilities related to securities that were sold short by a limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (partnership that OneBeacon invested in and was required to consolidate. ) Tj ET Q q 0 0 0 rg BT 341.30 680.10 Td (As of December31, 201) Tj ET Q q 0 0 0 rg BT 438.96 680.10 Td (1, all of the liabilities included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 668.10 Td ($36.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.89 668.10 Td ( were classified as Level1 measurements. ) Tj ET Q q 0 0 0 rg BT 299.19 668.10 Td (These liabilities were no longer held at December 31, 2012 as the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (partnership was sold. See Note 15.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 636.10 Td (The following table summarizes the ratings of OneBeacon's corporate debt securities as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 550.28 636.10 Td (1:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 585.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 555.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 525.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 525.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 525.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 611.6 m 405.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 611.6 m 409.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 611.6 m 469.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 598.6 m 405.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 598.6 m 469.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 510.6 m 405.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 510.6 m 469.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 510.6 m 405.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 496.6 m 405.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 494.6 m 405.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 510.6 m 469.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 496.6 m 469.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 494.6 m 469.5 494.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 616.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 615.83 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 602.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 602.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 602.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 589.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 589.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 575.27 Td (AA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 575.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 575.27 Td (37.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 575.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 575.27 Td (61.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 560.27 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 560.27 Td (301.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 560.27 Td (307.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 545.27 Td (BBB) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 545.27 Td (362.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 545.27 Td (378.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 530.27 Td (BB) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 530.27 Td (7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 530.27 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 515.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 515.27 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 515.27 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 500.27 Td (Debt securities issued by corporations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 500.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 500.27 Td (711.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 500.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 500.27 Td (758.7) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (Rollforwar) Tj ET Q q 0 0 0 rg BT 93.53 468.10 Td (ds of Fair V) Tj ET Q q 0 0 0 rg BT 140.47 468.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 190.37 468.10 Td (ements by Level) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 448.10 Td (The changes in Level1 fair value measurements for the year ended December31, 2012 are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 379.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 349.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 349.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 349.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 349.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 349.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 349.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 349.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 349.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 349.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 349.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 349.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 309.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 309.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 309.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 309.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 309.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 309.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 309.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 309.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 309.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 309.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 309.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 279.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 279.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 279.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 279.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 279.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 279.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 279.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 279.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 279.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 279.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 279.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 392.6 m 284.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 392.6 m 348.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 392.6 m 412.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 392.6 m 476.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 392.6 m 540.5 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 264.6 m 348.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 264.6 m 540.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 264.6 m 284.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 250.60000000000002 m 284.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 248.60000000000002 m 284.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 264.6 m 348.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 250.60000000000002 m 348.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 248.60000000000002 m 348.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 264.6 m 412.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 250.60000000000002 m 412.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 248.60000000000002 m 412.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 264.6 m 476.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 250.60000000000002 m 476.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 248.60000000000002 m 476.5 248.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 264.6 m 540.5 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 250.60000000000002 m 540.5 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 248.60000000000002 m 540.5 248.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.40 412.83 Td (Fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.85 404.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.75 396.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.20 412.83 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.30 404.83 Td (equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.00 396.83 Td (securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 420.83 Td (Convertible) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.55 412.83 Td (fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.85 404.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 396.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.85 404.83 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.75 396.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.20 396.83 Td (T) Tj ET Q q 0 0 0 rg BT 502.80 396.83 Td (otal) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 515.69 400.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 383.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 383.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 369.27 Td (Balance at January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 369.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 369.27 Td (222.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 369.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 369.27 Td (265.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 369.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 369.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 369.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 369.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 369.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 369.27 Td (488.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 354.27 Td (Amortization/accretion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 354.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 354.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 354.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 354.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 354.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 339.27 Td (Total net realized and unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 329.27 Td (gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.80 329.27 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 329.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 329.27 Td (13.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 329.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 329.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 329.27 Td (12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 314.27 Td (Purchases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 314.27 Td (110.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.15 314.27 Td (94.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 314.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 314.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 314.27 Td (204.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 299.27 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.80 299.27 Td (\(129.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 299.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.80 299.32 Td (\(114.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 299.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 299.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 299.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.80 299.32 Td (\(243.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 299.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 284.27 Td (Transfers in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 284.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 284.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 284.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 284.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 284.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 269.27 Td (Transfers out) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 269.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 269.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 269.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 269.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 269.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 254.27 Td (Balance at December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 254.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 254.27 Td (203.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 254.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.15 254.27 Td (258.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 254.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 254.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 254.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 254.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 254.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 254.27 Td (462.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 240.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 77.00 230.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 225.50 Td (Excludes short-term investments which are deemed to have a Level1 designation.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 29) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The changes in Level2 fair value measurements for the year ended December31, 2012 are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 643.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 643.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 643.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 643.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 643.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 643.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 643.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 613.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 613.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 613.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 613.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 613.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 613.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 573.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 573.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 573.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 573.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 573.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 573.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 543.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 543.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 543.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 543.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 543.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 543.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 656.6 m 284.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 656.6 m 348.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 656.6 m 412.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 656.6 m 476.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 656.6 m 540.5 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 528.6 m 540.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 528.6 m 284.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 514.6 m 284.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 512.6 m 284.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 528.6 m 348.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 514.6 m 348.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 512.6 m 348.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 528.6 m 412.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 514.6 m 412.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 512.6 m 412.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 528.6 m 476.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 514.6 m 476.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 512.6 m 476.5 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 528.6 m 540.5 528.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 514.6 m 540.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 512.6 m 540.5 512.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.40 676.83 Td (Fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.85 668.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.75 660.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.20 676.83 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.30 668.83 Td (equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.00 660.83 Td (securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 684.83 Td (Convertible) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.55 676.83 Td (fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.85 668.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 660.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.85 668.83 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.75 660.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 660.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 647.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 647.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 633.27 Td (Balance at January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.65 633.27 Td (1,709.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 633.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 633.27 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 633.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 633.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 633.27 Td (1,789.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 618.27 Td (Amortization/accretion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.80 618.27 Td (\(11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 618.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 618.27 Td (2.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.80 618.32 Td (\(8.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 618.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 603.27 Td (Total net realized and unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 593.27 Td (gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 593.27 Td (30.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 593.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 593.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 593.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 593.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 593.27 Td (30.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 578.27 Td (Purchases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.65 578.27 Td (1,295.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 578.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 578.27 Td (9.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 578.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 578.27 Td (1,304.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 563.27 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.30 563.27 Td (\(1,379.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 563.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 563.32 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 563.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.80 563.32 Td (\(29.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.65 563.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 563.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.30 563.32 Td (\(1,409.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 563.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 548.27 Td (Transfers in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 548.27 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 548.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 548.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 548.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 548.27 Td (14.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 533.27 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 533.27 Td (ransfer out) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.80 533.27 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 533.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 533.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 533.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 533.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.80 533.32 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 533.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 518.27 Td (Balance at December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.65 518.27 Td (1,651.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 518.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 518.27 Td (62.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 518.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 518.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 518.27 Td (1,714.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 486.10 Td (The changes in Level3 fair value measurements for the year ended December31, 2012 are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 425.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 395.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 395.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 395.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 395.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 395.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 395.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 395.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 355.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 355.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 355.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 355.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 355.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 355.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 355.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 325.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 325.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 325.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 325.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 325.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 325.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 325.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 438.6 m 284.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 438.6 m 348.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 438.6 m 412.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 438.6 m 476.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 438.6 m 540.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 310.6 m 540.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 310.6 m 284.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 296.6 m 284.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 294.6 m 284.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 310.6 m 348.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 296.6 m 348.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 294.6 m 348.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 310.6 m 412.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 296.6 m 412.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 294.6 m 412.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 310.6 m 476.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 296.6 m 476.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 294.6 m 476.5 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 310.6 m 540.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 296.6 m 540.5 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 294.6 m 540.5 294.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 244.40 458.83 Td (Fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.85 450.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.75 442.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.20 458.83 Td (Common) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.30 450.83 Td (equity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.00 442.83 Td (securities) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 466.83 Td (Convertible) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.55 458.83 Td (fixed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.85 450.83 Td (maturity) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.75 442.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.85 450.83 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 422.70 442.83 Td (investments) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 463.14 446.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 498.20 442.83 Td (T) Tj ET Q q 0 0 0 rg BT 502.80 442.83 Td (otal) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 515.69 446.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 429.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 429.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 415.27 Td (Balance at January1, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 415.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 415.27 Td (66.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 415.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 415.27 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 415.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 415.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 415.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 415.27 Td (133.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 415.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 415.27 Td (200.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 400.27 Td (Amortization/accretion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 400.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 400.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 400.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 400.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 400.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 385.27 Td (Total net realized and unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 375.27 Td (gains \(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 375.27 Td (7.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 375.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 375.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 375.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 375.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 375.27 Td (14.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 360.27 Td (Purchases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 360.27 Td (53.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 360.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 360.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 360.27 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 360.27 Td (62.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 345.27 Td (Sales) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.80 345.27 Td (\(42.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 345.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 345.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 345.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.80 345.32 Td (\(26.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.65 345.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 345.32 Td (\(69.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 345.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 330.27 Td (T) Tj ET Q q 0 0 0 rg BT 78.76 330.27 Td (ransfer in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.15 330.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 330.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 330.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 330.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 330.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 315.27 Td (Transfers out) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.80 315.27 Td (\(13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.65 315.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.80 315.32 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.65 315.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 315.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 315.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.80 315.32 Td (\(14.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.65 315.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 300.27 Td (Balance at December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 300.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 300.27 Td (76.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 300.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 300.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 300.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 300.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 300.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.15 300.27 Td (122.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 300.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 300.27 Td (198.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 286.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 72.50 276.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 271.50 Td (Excludes the carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.67 271.50 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.56 271.50 Td ( associated with a tax advantaged federal af) Tj ET Q q 0 0 0 rg BT 438.47 271.50 Td (fordable housing development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 259.50 Td (fund accounted for using the equity method.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 231.50 Td (T) Tj ET Q q 0 0 0 rg BT 82.70 231.50 Td (ransfer in to Level 3 fixed maturity investments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.25 231.50 Td ($5.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.14 231.50 Td ( for the year ended December 31, 2012 consists of one ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 219.50 Td (asset-backed security for which the estimated fair value was determined using a single broker quote.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 199.50 Td ("T) Tj ET Q q 0 0 0 rg BT 83.84 199.50 Td (ransfers out" of Level3 fixed maturity investments and common equity securities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.67 199.50 Td ($14.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.56 199.50 Td (for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.50 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 187.50 Td ( were comprised of securities which had been previously classified as Level3 and were recategorized as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.50 Td (Level2 when quoted market prices for similar securities that were considered reliable and could be validated against an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.50 Td (alternative source became available.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 143.50 Td (Significant Unobservable Inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 123.50 Td (As described above, in certain circumstances, OneBeacon estimates the fair value of investments using industry ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.50 Td (standard pricing models and both observable and unobservable inputs.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 245 0 obj <>] /Rotate 0 /Contents 246 0 R>> endobj 246 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 704.10 Td (The following summarizes significant unobservable inputs used in estimating the fair value of investment securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (classified within Level 3 at December31, 2012:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 657.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 657.60 7.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 657.60 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 657.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 657.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 657.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 657.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 627.60 135.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 627.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 627.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 627.60 97.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 627.60 98.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 627.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 627.60 44.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 657.6 m 189.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 657.6 m 200.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 200.5 657.6 m 247.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 657.6 m 305.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 657.6 m 406.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 657.6 m 508.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 657.6 m 556.5 657.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 264.85 673.68 Td (Ratings) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 524.40 673.68 Td (Input) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 661.68 Td (Description) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 202.15 661.68 Td (FairValue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 264.05 661.68 Td (Range) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 285.83 665.31 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 322.40 661.68 Td (ValuationTechnique) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.30 661.68 Td (UnobservableInputs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.40 661.68 Td (Range\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 632.27 Td (Asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.00 632.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.15 632.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.95 632.27 Td (AA+) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 632.27 Td (Broker pricing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 632.27 Td (Prepayment rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.65 632.27 Td (N/A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.00 602.27 Td (Preferred stock) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.00 602.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 602.27 Td (70.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.05 602.27 Td (NR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.00 602.27 Td (Discounted cash flow) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 602.27 Td (Discount yield) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.55 602.27 Td (7.6%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 588.50 Td (_________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 63.50 578.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 573.50 Td (As of December 31, 2012, each asset type consists of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.50 573.50 Td (one) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.94 573.50 Td ( security) Tj ET Q q 0 0 0 rg BT 340.44 573.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 545.50 Td (The following table summarizes the change in net unrealized gains or losses for assets designated as Level3 for the years ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 533.50 Td (ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 174.59 533.50 Td (1 and 2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 483.00 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 483.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 483.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 483.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 483.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 483.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 483.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 453.00 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 453.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 453.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 453.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 453.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 453.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 453.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 423.00 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 423.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 423.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 423.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 423.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 423.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 423.00 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 509 m 373.5 509 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 509 m 377.5 509 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 509 m 437.5 509 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 509 m 441.5 509 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 509 m 501.5 509 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 496 m 373.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 496 m 437.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 496 m 501.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 408 m 373.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 408 m 437.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 408 m 501.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 408 m 373.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 394 m 373.5 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 392 m 373.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 408 m 437.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 394 m 437.5 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 392 m 437.5 392 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 408 m 501.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 394 m 501.5 394 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 392 m 501.5 392 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 513.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 513.23 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 500.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 500.23 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 500.23 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.00 500.23 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 487.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 487.23 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 472.67 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 472.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 472.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 472.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 472.72 Td (\(7.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 472.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 472.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 472.67 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 457.67 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 457.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 457.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 457.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 442.67 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 442.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 442.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 442.67 Td (6.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 427.67 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 427.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 427.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 427.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 412.67 Td (Other investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 412.72 Td (\(13.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 412.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 412.67 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 412.67 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 397.67 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 397.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 397.72 Td (\(6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 397.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 397.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 397.72 Td (\(4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 397.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 397.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 397.67 Td (11.6) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 365.50 Td (Asset-backed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 345.50 Td (OneBeacon purchases commercial and residential mortgage-backed securities to maximize its risk adjusted returns in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.50 Td (context of a diversified portfolio. OneBeacon's non-agency commercial mortgage-backed portfolio \("CMBS"\) is generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 321.50 Td (short tenor and structurally senior) Tj ET Q q 0 0 0 rg BT 184.57 321.50 Td (, with more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.61 321.50 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.61 321.50 Td ( points of subordination on average for fixed rate CMBS and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 309.50 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 309.50 Td (50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.26 309.50 Td ( points of subordination on average for floating rate CMBS as of December31, 2012. In general, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 297.50 Td (subordination represents the percentage of principal loss on the underlying collateral that would have to occur before the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 285.50 Td (security incurs a loss. ) Tj ET Q q 0 0 0 rg BT 138.41 285.50 Td (These collateral losses, instead, are first absorbed by other securities lower in the capital structure. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.50 Td (OneBeacon believes this structural protection mitigates the risk of loss tied to refinancing challenges facing the commercial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.50 Td (real estate market. ) Tj ET Q q 0 0 0 rg BT 124.96 261.50 Td (As of December31, 2012, on average less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.29 261.50 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.62 261.50 Td ( of the underlying loans were reported as non-performing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.50 Td (for all CMBS held by OneBeacon. OneBeacon is not an originator of residential mortgage loans and did not hold any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.50 Td (residential mortgage-backed securities \("RMBS"\) categorized as sub-prime as of December31, 2012. OneBeacon's investments ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 225.50 Td (in hedge funds and private equity funds contain negligible amounts of sub-prime mortgage-backed securities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 213.50 Td (December31, 2012. OneBeacon considers sub-prime mortgage-backed securities to be those that have underlying loan pools ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.50 Td (that exhibit weak credit characteristics or are issued from dedicated sub-prime shelves or dedicated second-lien shelf ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.50 Td (registrations \(i.e.,OneBeacon considers investments backed primarily by second-liens to be sub-prime risks regardless of credit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.50 Td (scores or other metrics\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 157.50 Td (There are also mortgage backed securities that OneBeacon categorizes as "non-prime" \(also called "Alt ) Tj ET Q q 0 0 0 rg BT 488.85 157.50 Td (A" or "A-"\) that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.50 Td (are backed by collateral that has overall credit quality between prime and sub-prime, as determined based on OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.50 Td (review of the characteristics of their underlying mortgage loan pools, such as credit scores and financial ratios. ) Tj ET Q q 0 0 0 rg BT 494.57 133.50 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.50 Td (December31, 2012, OneBeacon held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.45 121.50 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.45 121.50 Td ( mortgage-backed securities that were classified as non-prime. OneBeacon's non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.50 Td (agency residential mortgage-backed portfolio is generally of moderate average life, fixed rate and structurally senior) Tj ET Q q 0 0 0 rg BT 515.08 109.50 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.50 Td (OneBeacon does not own any collateralized debt obligations, including residential mortgage-backed collateralized debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.50 Td (obligations.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 247 0 obj <>] /Rotate 0 /Contents 248 0 R>> endobj 248 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The following table summarizes the carrying value of OneBeacon's asset-backed securities as of December31, 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 692.10 Td (1:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 628.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.00 628.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 628.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 628.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 628.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 628.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 628.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 628.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 628.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 628.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 628.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 628.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 628.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 598.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.00 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 598.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 598.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 598.60 60.00 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0.9333333333333333 1 rg /GS0 gs 372.00 358.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 358.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 358.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 358.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 667.6 m 240 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 667.6 m 244 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 667.6 m 304 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 667.6 m 308 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 667.6 m 368 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 667.6 m 372 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 667.6 m 432 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 667.6 m 436 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 667.6 m 496 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 667.6 m 500 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 667.6 m 560 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 654.6 m 240 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 654.6 m 244 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 654.6 m 304 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 654.6 m 308 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 654.6 m 368 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 654.6 m 432 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 654.6 m 436 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 654.6 m 496 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 654.6 m 500 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 654.6 m 560 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 641.6 m 240 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 641.6 m 304 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 641.6 m 368 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 641.6 m 432 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 641.6 m 496 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 641.6 m 560 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 553.6 m 304 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 553.6 m 240 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 553.6 m 304 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 553.6 m 368 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 553.6 m 432 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 553.6 m 496 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 553.6 m 560 553.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 493.6 m 368 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 493.6 m 240 493.6 l s 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383.6 m 496 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 383.6 m 560 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 358.6 m 240 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 344.6 m 240 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 342.6 m 240 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 358.6 m 304 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 344.6 m 304 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 342.6 m 304 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 358.6 m 368 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 344.6 m 368 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 342.6 m 368 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 358.6 m 432 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 344.6 m 432 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 342.6 m 432 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 358.6 m 496 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 344.6 m 496 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 342.6 m 496 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 358.6 m 560 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 344.6 m 560 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 342.6 m 560 342.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.50 672.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.25 671.83 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 658.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.50 658.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.70 658.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 645.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.65 645.83 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 261.15 645.83 Td (Level2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.15 645.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.65 645.83 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.15 645.83 Td (Level2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.15 645.83 Td (Level3) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 632.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.90 632.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 618.27 Td (Mortgage-backed securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 618.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 603.27 Td (Agency:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 603.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 588.27 Td (GNMA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 588.27 Td (551.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 588.27 Td (551.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 588.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 588.27 Td (631.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 588.27 Td (631.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 588.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 588.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 573.27 Td (FNMA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 573.27 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 573.27 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 573.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 573.27 Td (166.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 573.27 Td (166.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 573.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 558.27 Td (FHLMC) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 558.27 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 558.27 Td (10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 558.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 558.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 558.27 Td (4.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 558.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 543.27 Td (T) Tj ET Q q 0 0 0 rg BT 64.91 543.27 Td (otal agency) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 110.72 547.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 543.27 Td (575.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 543.27 Td (575.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 543.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 543.27 Td (802.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 543.27 Td (802.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 543.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 528.27 Td (Non-agency:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 528.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.50 513.27 Td (Residential) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 513.27 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 513.27 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 513.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 513.27 Td (13.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 513.27 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 513.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.50 498.27 Td (Commercial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 498.27 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 498.27 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 498.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 498.27 Td (68.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 498.27 Td (68.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 498.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.50 483.27 Td (Total Non-agency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 483.27 Td (213.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 483.27 Td (213.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 483.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 483.27 Td (82.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 483.27 Td (79.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 483.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 468.27 Td (Total mortgage-backed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 458.27 Td (securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 458.27 Td (789.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 458.27 Td (789.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 458.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 458.27 Td (884.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 458.27 Td (882.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 458.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 443.27 Td (Other asset-backed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 433.27 Td (securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 433.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 433.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 433.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 433.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 433.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 433.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 418.27 Td (Credit card receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 418.27 Td (49.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 418.27 Td (43.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 418.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 418.27 Td (48.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 418.27 Td (48.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 418.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 403.27 Td (Vehicle receivables) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 403.27 Td (81.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.65 403.27 Td (81.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 403.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 403.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 403.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 403.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 388.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.65 388.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 388.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 388.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 388.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 388.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 388.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 373.27 Td (Total other asset-backed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 363.27 Td (securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 363.27 Td (138.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 363.27 Td (133.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 363.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 363.27 Td (53.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 363.27 Td (53.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 363.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 348.27 Td (Total asset-backed securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 348.27 Td (927.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.65 348.27 Td (922.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 348.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.65 348.27 Td (938.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.65 348.27 Td (936.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 348.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 348.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 334.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 54.50 324.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 319.50 Td (Represents publicly traded mortgage-backed securities which carry the full faith and credit guaranty of the U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 307.50 Td (government \(i.e.,GNMA\) or are guaranteed by a government sponsored entity \(i.e.,FNMA, FHLMC\).) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 279.50 Td (Non-agency Mortgage-backed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 259.50 Td (The security issuance years of OneBeacon's investments in non-agency RMBS and non-agency CMBS securities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 247.50 Td (December31, 2012 are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 198.00 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.00 198.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 198.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 198.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 198.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 198.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 198.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 198.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 198.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 198.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 198.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 198.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 198.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 168.00 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.00 168.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 168.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 168.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 168.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 168.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 168.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 168.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 168.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 168.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 168.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 168.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 168.00 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 224 m 304 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 224 m 308 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 224 m 368 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 224 m 372 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 224 m 432 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 224 m 436 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 224 m 496 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 224 m 500 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 224 m 560 224 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 211 m 240 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 211 m 304 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 211 m 368 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 211 m 432 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 211 m 496 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 211 m 500 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 211 m 560 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 168 m 304 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 168 m 368 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 168 m 240 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 154 m 240 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 152 m 240 152 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 168 m 304 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 154 m 304 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 152 m 304 152 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 168 m 368 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 154 m 368 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 152 m 368 152 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 168 m 432 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 154 m 432 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 152 m 432 152 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 168 m 496 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 154 m 496 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 152 m 496 152 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 168 m 500 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 154 m 500 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 152 m 500 152 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 168 m 560 168 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 154 m 560 154 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 152 m 560 152 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 228.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.80 228.23 Td (Security Issuance Year) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 215.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 191.65 215.23 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.50 215.23 Td (2006) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 329.50 215.23 Td (2007) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.50 215.23 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.70 215.23 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.50 215.23 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 202.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 313.90 202.23 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 187.67 Td (Non-agency RMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 187.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.65 187.67 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 187.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 187.67 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 187.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 187.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 187.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 187.67 Td (17.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 187.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 187.67 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 187.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 187.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 172.67 Td (Non-agency CMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 172.67 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 172.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 172.67 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 172.67 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 172.67 Td (37.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.65 172.67 Td (127.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 157.67 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.50 157.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.65 157.67 Td (213.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 157.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.65 157.67 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.50 157.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.65 157.67 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 157.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 157.67 Td (23.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.50 157.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 157.67 Td (53.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 157.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.65 157.67 Td (127.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 249 0 obj <>] /Rotate 0 /Contents 250 0 R>> endobj 250 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 32) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (Non-agency Residential Mortgage-backed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 684.10 Td (The classification of the underlying collateral quality and the tranche levels of OneBeacon's non-agency RMBS securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (are as follows as of December31, 2012:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 628.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 628.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 628.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 628.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 628.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 79.00 600.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 600.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 600.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.00 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 600.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 600.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 600.60 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 640.6 m 342 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 640.6 m 406 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 640.6 m 469 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 640.6 m 532 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 600.6 m 532 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 600.6 m 342 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 587.6 m 342 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 585.6 m 342 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 600.6 m 406 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 587.6 m 406 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 585.6 m 406 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 600.6 m 469 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 587.6 m 469 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 585.6 m 469 585.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 600.6 m 532 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 587.6 m 532 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 585.6 m 532 585.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.15 644.83 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.20 644.83 Td (Super) Tj ET Q q 0 0 0 rg BT 370.50 644.83 Td ( Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 394.73 648.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.85 644.83 Td (Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 447.07 648.46 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 477.85 644.83 Td (Subordinate) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 520.08 648.46 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 81.50 632.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 632.68 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 619.17 Td (Prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.50 619.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 619.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.50 619.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 619.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.50 619.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 619.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 619.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.15 619.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 605.17 Td (Non-prime) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.15 605.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 605.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 605.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.15 605.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.50 591.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.50 591.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 591.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.50 591.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 591.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.50 591.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.65 591.17 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.50 591.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.15 591.17 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 577.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 567.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 562.50 Td (At issuance, Super Senior were rated ) Tj ET Q q 0 0 0 rg BT 244.68 562.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 265.79 562.50 Td ( by Standard& Poor's Financial ServicesLLC \("Standard& Poor's"\) or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 550.50 Td (Aaa by Moody's Investors Service,Inc. \("Moody's"\) and were senior to other ) Tj ET Q q 0 0 0 rg BT 405.59 550.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 426.70 550.50 Td ( or ) Tj ET Q q 0 0 0 rg BT 439.48 550.50 Td (Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 540.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 535.50 Td (At issuance, Senior were rated ) Tj ET Q q 0 0 0 rg BT 218.85 535.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 239.96 535.50 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 340.65 535.50 Td (Aaa by Moody's and were senior to non-AAA) Tj ET Q q 0 0 0 rg BT 524.36 535.50 Td ( or non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 523.50 Td (Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 513.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 508.50 Td (At issuance, Subordinate were not rated ) Tj ET Q q 0 0 0 rg BT 256.34 508.50 Td (AAA) Tj ET Q q 0 0 0 rg BT 277.46 508.50 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 378.14 508.50 Td (Aaa by Moody's and were junior to other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 496.50 Td (bonds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 468.50 Td (Non-agency Commer) Tj ET Q q 0 0 0 rg BT 134.89 468.50 Td (cial Mortgage-backed Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 448.50 Td (The amount of fixed and floating rate securities and their tranche levels are as follows as of December31, 2012:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 414.00 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 414.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 414.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 414.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 414.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 414.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 414.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 414.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 414.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 386.00 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 386.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 386.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 386.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 386.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 386.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 386.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 386.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 386.00 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 426 m 341.5 426 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 426 m 405.5 426 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 426 m 469.5 426 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 426 m 533.5 426 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 386 m 405.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 386 m 469.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 386 m 533.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 386 m 341.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 373 m 341.5 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 371 m 341.5 371 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 386 m 405.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 373 m 405.5 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 371 m 405.5 371 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 386 m 469.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 373 m 469.5 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 371 m 469.5 371 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 386 m 533.5 386 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 373 m 533.5 373 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 371 m 533.5 371 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.15 430.08 Td (Fair Value) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.70 430.08 Td (Super) Tj ET Q q 0 0 0 rg BT 370.00 430.08 Td ( Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 394.23 433.71 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.85 430.08 Td (Senior) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 447.07 433.71 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.85 430.08 Td (Subordinate) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 521.08 433.71 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.00 418.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 418.08 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 404.57 Td (Fixed rate CMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 404.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 404.57 Td (170.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 404.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 404.57 Td (132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 404.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 404.57 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 404.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 404.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 390.57 Td (Floating rate CMBS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 390.57 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 390.57 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 390.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 390.57 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 376.57 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 376.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 376.57 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 376.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 376.57 Td (135.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 376.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 376.57 Td (38.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 376.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 376.57 Td (1.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 362.90 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 352.43 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 347.90 Td (At issuance, Super Senior were rated ) Tj ET Q q 0 0 0 rg BT 244.68 347.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 265.79 347.90 Td ( by Standard& Poor's, ) Tj ET Q q 0 0 0 rg BT 358.15 347.90 Td (Aaa by Moody's or ) Tj ET Q q 0 0 0 rg BT 436.61 347.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 457.72 347.90 Td ( by Fitch Ratings and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 335.90 Td (were senior to other ) Tj ET Q q 0 0 0 rg BT 176.64 335.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 197.75 335.90 Td ( or ) Tj ET Q q 0 0 0 rg BT 210.53 335.90 Td (Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 325.43 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 320.90 Td (At issuance, Senior were rated ) Tj ET Q q 0 0 0 rg BT 218.85 320.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 239.96 320.90 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 340.65 320.90 Td (Aaa by Moody's and were senior to non-AAA) Tj ET Q q 0 0 0 rg BT 524.36 320.90 Td ( or non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 308.90 Td (Aaa bonds.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 298.43 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 293.90 Td (At issuance, Subordinate were not rated ) Tj ET Q q 0 0 0 rg BT 256.34 293.90 Td (AAA) Tj ET Q q 0 0 0 rg BT 277.46 293.90 Td ( by Standard& Poor's or ) Tj ET Q q 0 0 0 rg BT 378.14 293.90 Td (Aaa by Moody's and were senior to other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 281.90 Td (bonds.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 251 0 obj <>] /Rotate 0 /Contents 252 0 R>> endobj 252 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 33) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (Other Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 684.10 Td (OneBeacon holds investments in hedge funds and private equity funds which are included in other investments. ) Tj ET Q q 0 0 0 rg BT 522.88 684.10 Td (The fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (value of these investments has been estimated using the net asset value of the funds. ) Tj ET Q q 0 0 0 rg BT 388.62 672.10 Td (The decrease in the fair value of hedge ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (funds and private equity funds is due to net redemptions during the period. ) Tj ET Q q 0 0 0 rg BT 350.87 660.10 Td (The following table summarizes investments in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (hedge funds and private equity funds at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 322.89 648.10 Td (1:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 589.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 589.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 589.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 589.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 589.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 559.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 559.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 559.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 559.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 559.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 529.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 529.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 529.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 529.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 529.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 499.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 499.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 499.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 499.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 499.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 469.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 469.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 469.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 469.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 469.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 439.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 439.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 439.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 439.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 439.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 439.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 439.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 439.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 439.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 409.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 409.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 409.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 409.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 409.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 409.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 379.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 379.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 379.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 379.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 623.6 m 341.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 623.6 m 345.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 623.6 m 405.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 623.6 m 469.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 623.6 m 473.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 623.6 m 533.5 623.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 602.6 m 341.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 602.6 m 405.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 602.6 m 469.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 602.6 m 533.5 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 514.6 m 341.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 514.6 m 341.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 514.6 m 405.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 514.6 m 469.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 514.6 m 533.5 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 499.6 m 341.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 499.6 m 405.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 499.6 m 469.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 499.6 m 533.5 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 379.6 m 341.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 379.6 m 405.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 379.6 m 469.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 379.6 m 533.5 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 364.6 m 341.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 350.6 m 341.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 348.6 m 341.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 364.6 m 405.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 350.6 m 405.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 348.6 m 405.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 364.6 m 469.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 350.6 m 469.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 348.6 m 469.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 364.6 m 533.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 350.6 m 533.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 348.6 m 533.5 348.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 628.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 310.75 627.83 Td (December) Tj ET Q q 0 0 0 rg BT 345.25 627.83 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 438.95 627.83 Td (December) Tj ET Q q 0 0 0 rg BT 473.45 627.83 Td (31, 201) Tj ET Q q 0 0 0 rg BT 499.01 627.83 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.00 606.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 303.70 614.83 Td (Fair) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 301.35 606.83 Td (V) Tj ET Q q 0 0 0 rg BT 306.39 606.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.85 614.83 Td (Unfunded) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 350.75 606.83 Td (Commitments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.70 614.83 Td (Fair) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.35 606.83 Td (V) Tj ET Q q 0 0 0 rg BT 434.39 606.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 485.85 614.83 Td (Unfunded) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.75 606.83 Td (Commitments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.00 593.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 593.83 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 579.28 Td (Hedge funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 579.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 579.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 579.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 579.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 564.27 Td (Long/short credit and distressed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 564.27 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 564.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 564.27 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 564.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 564.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 549.27 Td (Long bank loan) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 549.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 549.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 549.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 549.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 534.27 Td (Long/short equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 534.27 Td (36.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 534.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 534.27 Td (36.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 534.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 519.27 Td (Long/short equity activist) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 519.27 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 519.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.00 504.27 Td (Total hedge funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 504.27 Td (47.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 504.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 504.27 Td (53.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 504.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 489.28 Td (Private equity funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 489.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 489.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 489.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 489.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 474.27 Td (Insurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 474.27 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 474.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 474.27 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 474.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 459.27 Td (Distressed residential real estate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 459.27 Td (7.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 459.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 459.27 Td (13.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 459.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 444.27 Td (Energy infrastructure and services) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 444.27 Td (20.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 444.27 Td (7.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 444.27 Td (16.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 444.27 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 429.27 Td (Healthcare) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 429.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 429.27 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 429.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 429.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 414.27 Td (Multi-sector) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 414.27 Td (14.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 414.27 Td (3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 414.27 Td (19.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 414.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 399.27 Td (Private equity secondaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 399.27 Td (7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 399.27 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 399.27 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 399.27 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 384.27 Td (Real estate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 384.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 384.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 384.27 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 384.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.00 369.27 Td (Total private equity funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.15 369.27 Td (61.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 369.27 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 369.27 Td (65.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 369.27 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 354.27 Td (T) Tj ET Q q 0 0 0 rg BT 85.41 354.27 Td (otal hedge funds and private equity funds) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 250.92 358.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 354.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 354.27 Td (108.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 354.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 354.27 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 354.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 354.27 Td (119.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 354.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 354.27 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 340.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 77.00 330.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 325.50 Td (Other investments also includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.48 325.50 Td ($14.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.37 325.50 Td ( of an investment in a community reinvestment vehicle as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 313.50 Td (December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 203.15 313.50 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.59 313.50 Td ($21.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.48 313.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.92 313.50 Td ($21.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.81 313.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 407.47 313.50 Td (, of an investment in a tax advantaged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 301.50 Td (federal af) Tj ET Q q 0 0 0 rg BT 128.34 301.50 Td (fordable housing development fund as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 407.62 301.50 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 273.50 Td (Redemptions of investments in certain funds are subject to restrictions including lock-up periods where no redemptions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.50 Td (or withdrawals are allowed, restrictions on redemption frequency and advance notice periods for redemptions. ) Tj ET Q q 0 0 0 rg BT 492.63 261.50 Td (Amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 249.50 Td (requested for redemptions remain subject to market fluctuations until the redemption ef) Tj ET Q q 0 0 0 rg BT 399.43 249.50 Td (fective date, which generally falls at the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 237.50 Td (end of the defined redemption period. ) Tj ET Q q 0 0 0 rg BT 203.38 237.50 Td (The following summarizes the December31, 2012 fair value of hedge funds subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 225.50 Td (restrictions on redemption frequency and advance notice period requirements for investments in active hedge funds:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 170.00 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 170.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 170.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 170.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 170.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 170.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 170.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 170.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 170.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 170.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 170.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 141.00 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 141.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 141.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 141.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 141.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 141.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 141.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 141.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 141.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 141.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 141.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 113.00 150.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 113.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 113.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 113.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 113.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 113.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 113.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 113.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 113.00 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 113.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 113.00 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 202 m 284.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 202 m 288.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 202 m 348.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 202 m 352.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 202 m 412.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 202 m 416.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 202 m 476.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 202 m 480.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 202 m 540.5 202 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 182 m 284.5 182 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 182 m 348.5 182 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 182 m 412.5 182 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 182 m 476.5 182 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 182 m 540.5 182 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 113 m 284.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 100 m 284.5 100 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 98 m 284.5 98 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 113 m 348.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 100 m 348.5 100 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 98 m 348.5 98 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 113 m 412.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 100 m 412.5 100 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 98 m 412.5 98 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 113 m 476.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 100 m 476.5 100 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 98 m 476.5 98 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 113 m 540.5 113 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 100 m 540.5 100 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 98 m 540.5 98 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.00 205.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.85 206.23 Td (Hedge FundsActive Funds) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 186.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.85 194.08 Td (30-59days) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 243.75 186.08 Td (notice) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.85 194.08 Td (60-89days) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.75 186.08 Td (notice) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.10 194.08 Td (90-1) Tj ET Q q 0 0 0 rg BT 378.32 194.08 Td (19days) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 371.75 186.08 Td (notice) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 428.90 194.08 Td (120+ days) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.75 186.08 Td (notice) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 186.23 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 174.08 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 174.08 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.00 159.68 Td (Redemption frequency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 159.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 159.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 159.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 159.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 159.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 145.57 Td (Monthly) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 145.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 145.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 145.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 145.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 145.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 145.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 145.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 145.57 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 145.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 145.57 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 131.57 Td (Quarterly) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 131.57 Td (25.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 131.57 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 131.57 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 131.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 131.57 Td (38.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.00 117.57 Td (Annual) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.65 117.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.65 117.57 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 117.57 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 117.57 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.15 117.57 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.00 103.57 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 103.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 103.57 Td (25.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 103.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 103.57 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 103.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 103.57 Td (6.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 103.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.15 103.57 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 103.57 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 103.57 Td (47.3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 71.50 Td (Certain of the hedge fund investments are no longer active and are in the process of disposing of their underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.50 Td (investments. Distributions from such funds are remitted to investors as the fund's underlying investments are liquidated. ) Tj ET Q q 0 0 0 rg BT 531.72 59.50 Td (At ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 253 0 obj <>] /Rotate 0 /Contents 254 0 R>> endobj 254 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 704.10 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.48 704.10 Td ( of hedge funds were in liquidation. ) Tj ET Q q 0 0 0 rg BT 327.26 704.10 Td (The actual amount of the final distribution is subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (market fluctuations. ) Tj ET Q q 0 0 0 rg BT 132.29 692.10 Td (The date at which such distributions will be received is not determinable at December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 672.10 Td (OneBeacon has also submitted redemption requests for certain of its investments in active hedge funds. ) Tj ET Q q 0 0 0 rg BT 489.45 672.10 Td (At December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (2012, redemptions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.76 660.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.66 660.10 Td ( were outstanding. ) Tj ET Q q 0 0 0 rg BT 262.57 660.10 Td (The date at which such redemptions will be received is not determinable at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (December31, 2012. Redemptions are recorded as receivables when approved by the hedge funds and when no longer subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (market fluctuations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (Investments in private equity funds are generally subject to "lock-up" periods during which investors may not request a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (redemption. Distributions prior to the expected termination date of the fund may be limited to dividends or proceeds arising ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (from the liquidation of the fund's underlying investment. In addition, certain private equity funds provide an option to extend ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (the lock-up period at either the sole discretion of the fund manager or upon agreement between the fund and the investors. ) Tj ET Q q 0 0 0 rg BT 540.40 580.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (December31, 2012, investments in private equity funds were subject to lock-up periods as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 70.50 533.60 150.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.50 533.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 533.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 533.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 533.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 533.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.50 533.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 533.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 533.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.50 533.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.50 533.60 60.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 545.6 m 284.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 545.6 m 348.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352.5 545.6 m 412.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 545.6 m 476.5 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480.5 545.6 m 540.5 545.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 236.55 549.68 Td (1-3years) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 300.55 549.68 Td (3-5years) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.55 549.68 Td (5-10years) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 429.60 549.68 Td (>10years) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.25 549.68 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 73.00 537.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.40 537.68 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 523.27 Td (Private Equity Fundsexpected) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 513.27 Td (lock-up period remaining) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 513.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.15 513.27 Td (10.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.00 513.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 513.27 Td (8.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.00 513.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 513.27 Td (42.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 513.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.65 513.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.00 513.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.15 513.27 Td (61.3) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (Securities Lending) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 461.10 Td (As of December31, 201) Tj ET Q q 0 0 0 rg BT 171.66 461.10 Td (1, all loaned securities under the OneBeacon legacy securities lending program had been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (returned except for two illiquid instruments for which OneBeacon held ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.59 449.10 Td ($1.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.48 449.10 Td ( in collateral. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.45 449.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.68 449.10 Td ( balance remained as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (December 31, 2012 as these securities were returned in 2012 and the collateral was used to settle the outstanding liability) Tj ET Q q 0 0 0 rg BT 534.20 437.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 410.25 Td (NOTE 6. Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 390.25 Td (OneBeacon's debt outstanding as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.38 390.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.96 390.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.40 390.25 Td (201) Tj ET Q q 0 0 0 rg BT 332.03 390.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.03 390.25 Td ( consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 331.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 331.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 331.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 331.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 301.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 301.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 301.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 301.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 357.75 m 405.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 357.75 m 409.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 357.75 m 469.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 357.75 m 405.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 344.75 m 405.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 357.75 m 409.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 357.75 m 469.5 357.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 344.75 m 469.5 344.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 301.75 m 405.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 301.75 m 469.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 301.75 m 405.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 287.75 m 405.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 285.75 m 405.5 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 301.75 m 469.5 301.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 287.75 m 469.5 287.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 285.75 m 469.5 285.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 362.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 361.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 348.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 348.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 348.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 335.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 335.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 321.42 Td (Senior unsecured notes, at face value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 321.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 321.42 Td (275.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 321.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 321.42 Td (269.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 306.42 Td (Unamortized original issue discount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 306.47 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 306.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.80 306.47 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 306.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 291.42 Td (Senior unsecured notes, carrying value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 291.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 291.42 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 291.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 291.42 Td (269.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 267.25 Td (Contractual repayments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.57 267.25 Td ($275.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.47 267.25 Td ( for OneBeacon's outstanding debt are due more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.26 267.25 Td (five) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.80 267.25 Td ( years after December ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 255.25 Td (31, 2012. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 235.25 Td (2012 Senior Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 215.25 Td (In November 2012, OBH issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.65 215.25 Td ($275.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.54 215.25 Td ( face value of senior unsecured debt \("2012 Senior Notes"\) through a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (public of) Tj ET Q q 0 0 0 rg BT 85.64 203.25 Td (fering, at an issue price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.99 203.25 Td (99.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.82 203.25 Td ( and received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.62 203.25 Td ($272.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.51 203.25 Td ( of proceeds. ) Tj ET Q q 0 0 0 rg BT 386.20 203.25 Td (The 2012 Senior Notes bear an annual ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (interest rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.25 191.25 Td (4.60%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.08 191.25 Td ( payable semi-annually in arrears on May 9 and November 9, until maturity on November 9, 2022, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (are fully and unconditionally guaranteed as to the payment of principal and interest by the Company) Tj ET Q q 0 0 0 rg BT 450.62 179.25 Td (. OBH incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.05 179.25 Td ($2.8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 167.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 167.25 Td ( in expenses related to the issuance of the 2012 Senior Notes \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.15 167.25 Td ($1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.04 167.25 Td ( underwriting discount\), which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (have been deferred and are being recognized into interest expense over the life of the 2012 Senior Notes. ) Tj ET Q q 0 0 0 rg BT 471.60 155.25 Td (T) Tj ET Q q 0 0 0 rg BT 477.01 155.25 Td (aking into ef) Tj ET Q q 0 0 0 rg BT 527.37 155.25 Td (fect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (amortization of the original issue discount and all underwriting and issuance expenses, the 2012 Senior Notes have an ef) Tj ET Q q 0 0 0 rg BT 531.64 143.25 Td (fective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (yield to maturity of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.24 131.25 Td (4.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.07 131.25 Td ( per annum. ) Tj ET Q q 0 0 0 rg BT 260.88 131.25 Td (The proceeds from the 2012 Senior Notes notes were utilized to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (repurchase and retire the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.10 119.25 Td ($269.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.99 119.25 Td ( of 2003 Senior Notes for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.42 119.25 Td ($275.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.31 119.25 Td (, which resulted in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.62 119.25 Td ($6.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.51 119.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (loss in the fourth quarter of 2012. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 87.25 Td (2003 Senior Notes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 67.25 Td (In May 2003, OBH issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.77 67.25 Td ($700.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.67 67.25 Td ( face value of senior unsecured debt \("2003 Senior Notes"\) through a public ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 55.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 55.25 Td (fering, at an issue price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.50 55.25 Td (99.7%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.33 55.25 Td ( and received ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.13 55.25 Td ($693.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.02 55.25 Td ( of proceeds. ) Tj ET Q q 0 0 0 rg BT 358.71 55.25 Td (The 2003 Senior Notes had an annual interest rate ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 5. Investment Securities) Tj ET Q endstream endobj 255 0 obj <>] /Rotate 0 /Contents 256 0 R>> endobj 256 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 35) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.83 704.10 Td (5.875%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 91.66 704.10 Td (, payable semi-annually in arrears on May15 and November15, and were scheduled to mature on May15, 2013. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (The 2003 Senior Notes were fully and unconditionally guaranteed as to the payment of principal and interest by ) Tj ET Q q 0 0 0 rg BT 499.69 692.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (Mountains. See Note15. OBH incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.08 680.10 Td ($7.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.98 680.10 Td ( in expenses related to the issuance of the 2003 Senior Notes \(including the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 668.10 Td ( underwriting discount\), which was deferred and was being recognized into interest expense over the life of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (2003 Senior Notes. ) Tj ET Q q 0 0 0 rg BT 129.26 656.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.67 656.10 Td (aking into ef) Tj ET Q q 0 0 0 rg BT 185.03 656.10 Td (fect the amortization of the original issue discount and all underwriting and issuance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (expenses, the 2003 Senior Notes had an ef) Tj ET Q q 0 0 0 rg BT 219.22 644.10 Td (fective yield to maturity of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.17 644.10 Td (6.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.00 644.10 Td ( per annum. In December 2012, OBH ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (repurchased and retired the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.10 632.10 Td ($269.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.99 632.10 Td ( of 2003 Senior Notes for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.42 632.10 Td ($275.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.31 632.10 Td (, which resulted in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.62 632.10 Td ($6.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.51 632.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (loss, including transaction fees and the write-of) Tj ET Q q 0 0 0 rg BT 239.49 620.10 Td (f of the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.91 620.10 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.80 620.10 Td ( in unamortized deferred costs and original issue ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (discount at the time of repurchase, in the year ended December 31, 2012. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 588.10 Td (On March24, 201) Tj ET Q q 0 0 0 rg BT 146.95 588.10 Td (1, OBH commenced a cash tender of) Tj ET Q q 0 0 0 rg BT 294.21 588.10 Td (fer for up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.75 588.10 Td ($150.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.64 588.10 Td ( in aggregate principal amount of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (2003 Senior Notes at a price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.91 576.10 Td ($1,045) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 204.41 576.10 Td ( per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.18 576.10 Td ($1,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.68 576.10 Td ( principal amount. ) Tj ET Q q 0 0 0 rg BT 325.03 576.10 Td (The cash tender of) Tj ET Q q 0 0 0 rg BT 398.98 576.10 Td (fer) Tj ET Q q 0 0 0 rg BT 409.68 576.10 Td (, which was not subject to the tender ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (of any minimum principal amount of 2003 Senior Notes, expired on ) Tj ET Q q 0 0 0 rg BT 324.40 564.10 Td (April20, 201) Tj ET Q q 0 0 0 rg BT 377.64 564.10 Td (1. Holders of 2003 Senior Notes who ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (tendered on or before ) Tj ET Q q 0 0 0 rg BT 137.74 552.10 Td (April6, 201) Tj ET Q q 0 0 0 rg BT 185.98 552.10 Td (1 received an early tender payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.51 552.10 Td ($30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.51 552.10 Td ( for every ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.88 552.10 Td ($1,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.38 552.10 Td ( principal amount of 2003 Senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (Notes validly tendered. Payment for the 2003 Senior Notes included accrued and unpaid interest up to the settlement date. OBH ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (accepted and retired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.00 528.10 Td ($150.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.89 528.10 Td ( aggregate principal amount of the 2003 Senior Notes for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.94 528.10 Td ($161.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.83 528.10 Td (, which resulted in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.94 516.10 Td ($12.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.83 516.10 Td ( pre-tax loss, including transaction fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 496.10 Td (On May3, 2010, OBH commenced a cash tender of) Tj ET Q q 0 0 0 rg BT 281.82 496.10 Td (fer for up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.35 496.10 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.25 496.10 Td ( in aggregate principal amount of the 2003 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Senior Notes at a price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.41 484.10 Td ($1,027.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.41 484.10 Td ( per ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.18 484.10 Td ($1,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.68 484.10 Td ( principal amount. ) Tj ET Q q 0 0 0 rg BT 315.03 484.10 Td (The cash tender of) Tj ET Q q 0 0 0 rg BT 388.98 484.10 Td (fer) Tj ET Q q 0 0 0 rg BT 399.68 484.10 Td (, which was not subject to the tender of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (any minimum principal amount of 2003 Senior Notes, expired on May28, 2010. Holders of 2003 Senior Notes who tendered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (on or before May14, 2010 received an early tender payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.73 460.10 Td ($30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.73 460.10 Td ( for every ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.10 460.10 Td ($1,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.60 460.10 Td ( principal amount of 2003 Senior Notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (validly tendered. Payment for the 2003 Senior Notes included accrued and unpaid interest up to the settlement date. OBH ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (accepted and retired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.00 436.10 Td ($156.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.89 436.10 Td ( aggregate principal amount of the 2003 Senior Notes, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.05 436.10 Td ($155.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.94 436.10 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (tendered by the early tender deadline, for purchase for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.34 424.10 Td ($165.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.23 424.10 Td (, which resulted in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.54 424.10 Td ($9.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.43 424.10 Td ( pre-tax loss, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (transaction fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 392.10 Td (During the year ended December31, 2010, OBH repurchased and retired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.17 392.10 Td ($29.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.06 392.10 Td ( of outstanding 2003 Senior Notes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.16 380.10 Td ($30.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.05 380.10 Td (, which resulted in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.36 380.10 Td ($1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.25 380.10 Td ( loss. During the year ended December31, 2010, OBIC purchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.96 380.10 Td ($1.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 368.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 368.10 Td ( of outstanding 2003 Senior Notes for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.49 368.10 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.38 368.10 Td (. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (Other Debt of Operating Subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 328.10 Td (In connection with the acquisition of ) Tj ET Q q 0 0 0 rg BT 222.86 328.10 Td (Atlantic Specialty Insurance Company on March31, 2004, OneBeacon issued a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td ($20.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 316.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.39 316.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 116.39 316.10 Td (-year note to the seller \(the "Atlantic Specialty Note"\). ) Tj ET Q q 0 0 0 rg BT 336.52 316.10 Td (The ) Tj ET Q q 0 0 0 rg BT 354.01 316.10 Td (Atlantic Specialty Note accrued interest at a rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (5.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.83 304.10 Td ( except that the outstanding principal amount in excess of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.54 304.10 Td ($15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.44 304.10 Td ( accrued interest at a rate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.42 304.10 Td (3.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.25 304.10 Td (. During the three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (months ended March31, 2010, OneBeacon repaid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.55 292.10 Td ($14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.45 292.10 Td ( on the ) Tj ET Q q 0 0 0 rg BT 336.61 292.10 Td (Atlantic Specialty Note, representing the outstanding ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (principal on the note.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (Interest) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 240.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 240.10 Td (otal interest expense incurred by OneBeacon for its indebtedness was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.32 240.10 Td ($16.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.21 240.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.21 240.10 Td ($20.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.11 240.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.54 240.10 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.44 240.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 228.10 Td (, during the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 294.17 228.10 Td (1 and 2010. ) Tj ET Q q 0 0 0 rg BT 343.43 228.10 Td (T) Tj ET Q q 0 0 0 rg BT 348.84 228.10 Td (otal cash interest paid by OneBeacon for its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (indebtedness was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 122.21 216.10 Td ($16.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.10 216.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.10 216.10 Td ($20.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.99 216.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.43 216.10 Td ($29.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.32 216.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 360.98 216.10 Td (, during the years ended December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 204.10 Td (1 and 2010.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (NOTE 7. Income ) Tj ET Q q 0 0 0 rg BT 124.82 177.25 Td (T) Tj ET Q q 0 0 0 rg BT 130.57 177.25 Td (axes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 157.25 Td (OneBeacon and its Bermuda-domiciled subsidiaries are not subject to Bermuda income tax under current Bermuda law) Tj ET Q q 0 0 0 rg BT 550.15 157.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (In the event that there is a change in the current law such that taxes are imposed, OneBeacon and its Bermuda-domiciled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (subsidiaries would be exempt from such tax until March31, 2035, pursuant to the Bermuda Exempted Undertakings ) Tj ET Q q 0 0 0 rg BT 518.33 133.25 Td (T) Tj ET Q q 0 0 0 rg BT 523.75 133.25 Td (ax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (Protection ) Tj ET Q q 0 0 0 rg BT 93.05 121.25 Td (Act of 1966. OneBeacon also has subsidiaries that operate in Gibraltar) Tj ET Q q 0 0 0 rg BT 374.51 121.25 Td (, Luxembour) Tj ET Q q 0 0 0 rg BT 425.99 121.25 Td (g and the United States. U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (operations are financed with a combination of debt and equity and the financing income currently accounts for the majority of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (non-U.S. income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 77.25 Td (OneBeacon's U.S. subsidiaries join in the filing of a federal consolidated tax return. ) Tj ET Q q 0 0 0 rg BT 410.53 77.25 Td (The consolidated parent is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (OneBeacon U.S. Financial Services,Inc. \("OBFS"\). For all years, the companies included within the U.S. consolidated tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 53.25 Td (return are parties to a tax sharing agreement which provides that each company pays the amount of income taxes or estimated ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 6. Debt) Tj ET Q endstream endobj 257 0 obj <>] /Rotate 0 /Contents 258 0 R>> endobj 258 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (tax or receives refunds that it would have to make or be entitled to if it filed its own separate tax return. ) Tj ET Q q 0 0 0 rg BT 465.15 704.10 Td (As a result, certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (companies have made payments, and received refunds from the consolidated parent that are dif) Tj ET Q q 0 0 0 rg BT 430.22 692.10 Td (ferent than amounts payable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (the Internal Revenue Service \("IRS"\). ) Tj ET Q q 0 0 0 rg BT 203.49 680.10 Td (The companies that are domiciled outside of the United States file separate returns for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (the appropriate jurisdictions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 648.10 Td (The total income tax \(expense\) benefit from continuing operations for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 519.03 648.10 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (2010 consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 585.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 555.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 525.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 525.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 525.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 525.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 495.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 495.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 495.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 495.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 465.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 465.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 465.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 465.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 465.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 435.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 435.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 435.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 435.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 435.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 611.6 m 373.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 611.6 m 377.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 611.6 m 437.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 611.6 m 441.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 611.6 m 501.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 598.6 m 373.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 598.6 m 437.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 598.6 m 501.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 525.6 m 373.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 525.6 m 437.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 525.6 m 501.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 525.6 m 373.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 525.6 m 437.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 525.6 m 501.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 510.6 m 373.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 510.6 m 437.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 510.6 m 501.5 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 450.6 m 373.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 450.6 m 437.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 450.6 m 501.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 450.6 m 373.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 450.6 m 437.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 450.6 m 501.5 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 435.6 m 373.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 421.6 m 373.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 419.6 m 373.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 435.6 m 437.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 421.6 m 437.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 419.6 m 437.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 435.6 m 501.5 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 421.6 m 501.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 419.6 m 501.5 419.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 616.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 615.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 602.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 602.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 602.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.00 602.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 589.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 589.83 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 575.28 Td (Current tax benefit \(expense\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 575.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 575.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 575.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 560.27 Td (Federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 560.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 560.27 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 560.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 560.27 Td (18.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 560.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 560.27 Td (49.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 545.27 Td (State) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 545.32 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 545.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 545.32 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 545.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 545.32 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 545.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 530.27 Td (Non-U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 530.32 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 530.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 530.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 530.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 530.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 530.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 515.27 Td (Total current tax benefit \(expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 515.27 Td (8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 515.27 Td (16.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 515.27 Td (47.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 500.28 Td (Deferred tax expense:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 500.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 500.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 500.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 485.27 Td (Federal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 485.32 Td (\(16.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 485.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 485.32 Td (\(31.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 485.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.80 485.32 Td (\(72.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 485.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 470.27 Td (State) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 470.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 470.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 470.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 455.27 Td (Non-U.S.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 455.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 455.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 455.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 440.27 Td (Total deferred tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 440.32 Td (\(16.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 440.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 440.32 Td (\(31.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 440.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.80 440.32 Td (\(72.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 440.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 425.27 Td (Total income tax expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 425.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 425.32 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 425.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 425.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 425.32 Td (\(14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 425.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 425.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.80 425.32 Td (\(25.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 425.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 393.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 393.10 Td ( reconciliation of taxes calculated using the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.44 393.10 Td (35%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.77 393.10 Td ( U.S. statutory rate \(the tax rate at which the majority of OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (worldwide operations are taxed\) to the income tax \(expense\) benefit on pre-tax income from continuing operations follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 330.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 330.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 330.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 330.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 300.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 300.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 300.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 300.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 270.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 270.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 270.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 270.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 270.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 240.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 240.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 240.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 210.60 200.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 210.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 210.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 210.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 210.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 210.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 210.60 60.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 356.6 m 373.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 356.6 m 377.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 356.6 m 437.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 356.6 m 441.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 356.6 m 501.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 343.6 m 373.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 343.6 m 437.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 343.6 m 501.5 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 210.60000000000002 m 437.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 210.60000000000002 m 501.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 210.60000000000002 m 373.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 186.60000000000002 m 373.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 184.60000000000002 m 373.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 210.60000000000002 m 437.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 186.60000000000002 m 437.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 184.60000000000002 m 437.5 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 210.60000000000002 m 501.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 186.60000000000002 m 501.5 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 184.60000000000002 m 501.5 184.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 361.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.60 360.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 347.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 347.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.20 347.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 463.00 347.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 334.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 334.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 320.27 Td (Tax expense at the U.S. statutory rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 320.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 320.32 Td (\(37.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 320.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 320.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 320.32 Td (\(41.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 320.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 320.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.80 320.32 Td (\(61.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 320.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 305.28 Td (Differences in taxes resulting from:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 290.27 Td (Non-U.S. earnings, net of foreign taxes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 290.27 Td (26.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.15 290.27 Td (25.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 290.27 Td (29.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 275.27 Td (Tax reserve adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 275.32 Td (\(1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 275.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 275.32 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 275.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 275.32 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 275.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 260.27 Td (Tax exempt interest and dividends) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 260.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 260.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 260.27 Td (1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 245.27 Td (Change in valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 245.32 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 245.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 245.32 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 245.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 245.27 Td (3.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 230.27 Td (Sale of subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 230.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 230.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 230.27 Td (4.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.00 215.27 Td (Other, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 215.27 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 215.27 Td (2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 215.32 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 215.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 200.27 Td (Total income tax expense on pre-tax income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 190.27 Td (from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 190.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 190.32 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 190.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 190.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.80 190.32 Td (\(14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 190.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 190.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.80 190.32 Td (\(25.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 190.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 158.10 Td (The non-U.S. component of pre-tax income from continuing operations which, as described above, primarily relates to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (interest income, was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.42 146.10 Td ($75.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 188.31 146.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.31 146.10 Td ($73.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.20 146.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.64 146.10 Td ($77.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.53 146.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 373.19 146.10 Td (, for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 555.26 146.10 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (and 2010. ) Tj ET Q q 0 0 0 rg BT 91.76 134.10 Td (The income tax expense related to pre-tax income from continuing operations for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (2012, 201) Tj ET Q q 0 0 0 rg BT 89.63 122.10 Td (1 and 2010 represented net ef) Tj ET Q q 0 0 0 rg BT 207.46 122.10 Td (fective tax rates of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.08 122.10 Td (7.9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.91 122.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.91 122.10 Td (12.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.74 122.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.18 122.10 Td (14.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.01 122.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 433.67 122.10 Td (. ) Tj ET Q q 0 0 0 rg BT 438.49 122.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 464.13 122.10 Td (fective tax rate on non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 Td (U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.27 110.10 Td (0.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.10 110.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.10 110.10 Td (0.3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.93 110.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.37 110.10 Td (0.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.20 110.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 259.86 110.10 Td (, and the ef) Tj ET Q q 0 0 0 rg BT 304.10 110.10 Td (fective tax rate on U.S. income was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.77 110.10 Td (26.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.60 110.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.60 110.10 Td (31.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.43 110.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.87 110.10 Td (25.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 550.70 110.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 98.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 7. Income ) Tj ET Q q 0 0 0 rg BT 124.82 728.60 Td (T) Tj ET Q q 0 0 0 rg BT 130.57 728.60 Td (axes) Tj ET Q endstream endobj 259 0 obj <>] /Rotate 0 /Contents 260 0 R>> endobj 260 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (Deferred income taxes reflect the net tax ef) Tj ET Q q 0 0 0 rg BT 246.78 704.10 Td (fects of temporary dif) Tj ET Q q 0 0 0 rg BT 333.51 704.10 Td (ferences between the carrying amounts of assets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (liabilities for financial reporting purposes and the amounts for tax purposes. ) Tj ET Q q 0 0 0 rg BT 355.48 692.10 Td (An outline of the significant components of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (OneBeacon's deferred tax assets and liabilities follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 629.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 599.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 569.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 539.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 509.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 509.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 509.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 479.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 479.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 479.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 449.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 449.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 449.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 419.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 419.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 419.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 419.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 419.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 389.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 389.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 389.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 389.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 389.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 359.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 359.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 359.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 359.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 329.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 329.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 329.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 329.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 299.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 299.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 299.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 299.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 299.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 269.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 269.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 269.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 269.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 269.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 239.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 239.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 239.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 239.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 239.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 655.6 m 405.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 655.6 m 409.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 655.6 m 469.5 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 642.6 m 405.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 642.6 m 469.5 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 359.6 m 405.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 359.6 m 469.5 359.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 329.6 m 405.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 329.6 m 469.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 314.6 m 405.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 314.6 m 469.5 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 254.60000000000002 m 405.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 254.60000000000002 m 469.5 254.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 239.60000000000002 m 469.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 239.60000000000002 m 405.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 225.60000000000002 m 405.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 223.60000000000002 m 405.5 223.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 239.60000000000002 m 469.5 239.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 225.60000000000002 m 469.5 225.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 223.60000000000002 m 469.5 223.60000000000002 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 660.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 659.83 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 646.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 646.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 646.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 633.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 633.83 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 619.28 Td (Deferred income tax assets related to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 619.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 619.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 604.27 Td (Sale of Runoff Business) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 604.27 Td (49.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 604.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 604.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 589.27 Td (Sale of AutoOne) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 589.27 Td (10.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 574.27 Td (U.S. net operating loss carryforwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 574.27 Td (42.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 574.27 Td (15.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 559.27 Td (Discounting of loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 559.27 Td (41.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 559.27 Td (54.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 544.27 Td (Unearned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 544.27 Td (39.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 544.27 Td (36.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 529.27 Td (Compensation and bonus accruals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 529.27 Td (15.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 529.27 Td (18.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 514.27 Td (Deferred compensation plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 514.27 Td (8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 514.27 Td (9.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 499.27 Td (Pension and benefit accruals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 499.27 Td (8.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 499.27 Td (5.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 484.27 Td (Tax credit carryforwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 484.27 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 484.27 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 469.27 Td (Investment basis differences) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 469.27 Td (4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 469.27 Td (12.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 454.27 Td (Accrued rent) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 454.27 Td (3.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 454.27 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 439.27 Td (Fixed assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 439.27 Td (3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 439.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 424.27 Td (Allowance for doubtful accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 424.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 424.27 Td (1.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 409.27 Td (Other accrued compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 409.27 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 409.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 394.27 Td (Non-U.S. net operating loss carryforwards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 394.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 394.27 Td (297.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 379.27 Td (Involuntary pool and guaranty fund accruals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 379.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 379.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 364.27 Td (Other items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 364.27 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 364.27 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 349.27 Td (Total gross deferred income tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 349.27 Td (234.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 349.27 Td (479.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 334.27 Td (Less valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 334.32 Td (\(7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 334.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.80 334.32 Td (\(304.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 334.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 319.27 Td (Total net deferred income tax assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 319.27 Td (226.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 319.27 Td (175.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 304.28 Td (Deferred income tax liabilities related to:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 304.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 304.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 289.27 Td (Deferred acquisition costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 289.27 Td (43.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 289.27 Td (43.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 274.27 Td (Net unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 274.27 Td (39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 274.27 Td (33.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 259.27 Td (Other items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 259.27 Td (5.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 259.27 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 244.27 Td (Total deferred income tax liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 244.27 Td (88.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 244.27 Td (81.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 229.27 Td (Net deferred tax asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 229.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 229.27 Td (137.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 229.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 229.27 Td (93.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 197.10 Td (OneBeacon's deferred tax assets are net of federal and non-U.S. valuation allowances and, to the extent they relate to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 185.10 Td (non-U.S. jurisdictions, they are shown at year) Tj ET Q q 0 0 0 rg BT 232.82 185.10 Td (-end exchange rates. Of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.99 185.10 Td ($7.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.88 185.10 Td ( valuation allowance at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 173.10 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.89 173.10 Td ( relates to deferred tax assets on net operating losses \(NOLs\) in Luxembour) Tj ET Q q 0 0 0 rg BT 434.72 173.10 Td (g subsidiaries that are not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (expected to have significant income in the future, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.14 161.10 Td ($7.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.04 161.10 Td ( relates to deferred tax assets of Houston General Insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (Exchange, which files its own tax return. ) Tj ET Q q 0 0 0 rg BT 215.79 149.10 Td (At December31, 201) Tj ET Q q 0 0 0 rg BT 301.50 149.10 Td (1, the valuation allowance was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.02 149.10 Td ($304.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.91 149.10 Td ( of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.18 149.10 Td ($297.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 137.10 Td ( related to deferred tax assets on NOLs in Luxembour) Tj ET Q q 0 0 0 rg BT 293.92 137.10 Td (g and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.36 137.10 Td ($6.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.25 137.10 Td ( related to deferred tax assets of Houston ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (General Insurance Exchange.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 105.10 Td (On January24, 2012, OneBeacon sold the issued and outstanding shares of common stock of OneBeacon Holdings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (\(Luxembour) Tj ET Q q 0 0 0 rg BT 99.80 93.10 Td (g\) S. r) Tj ET Q q 0 0 0 rg BT 128.41 93.10 Td (.l. \("OB Lux"\) to ) Tj ET Q q 0 0 0 rg BT 198.61 93.10 Td (White Sands Holdings \(Luxembour) Tj ET Q q 0 0 0 rg BT 340.91 93.10 Td (g\) S. r) Tj ET Q q 0 0 0 rg BT 369.52 93.10 Td (.l \("White Sands"\), a subsidiary of ) Tj ET Q q 0 0 0 rg BT 509.15 93.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (Mountains, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.94 81.10 Td ($24.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.83 81.10 Td (. ) Tj ET Q q 0 0 0 rg BT 170.28 81.10 Td (As a result of this sale, the Luxembour) Tj ET Q q 0 0 0 rg BT 325.06 81.10 Td (g NOL) Tj ET Q q 0 0 0 rg BT 352.74 81.10 Td ( carryovers from OB Lux will no longer be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 69.10 Td (available for use by OneBeacon. See Note15"Related Party Disclosures.") Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 7. Income ) Tj ET Q q 0 0 0 rg BT 124.82 728.60 Td (T) Tj ET Q q 0 0 0 rg BT 130.57 728.60 Td (axes) Tj ET Q endstream endobj 261 0 obj <>] /Rotate 0 /Contents 262 0 R>> endobj 262 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (OneBeacon believes that, based upon its prior earnings history) Tj ET Q q 0 0 0 rg BT 323.57 704.10 Td (, expected future earnings, reversing temporary dif) Tj ET Q q 0 0 0 rg BT 526.08 704.10 Td (ferences ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (and capacity for carry-back of losses, it is more likely than not that the net deferred tax asset balances \(net of valuation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (allowance\) carried at December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 248.98 680.10 Td (1 will be realized. It is possible that projected earnings may not be suf) Tj ET Q q 0 0 0 rg BT 528.73 680.10 Td (ficient ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (to utilize the entire deferred tax asset, which could result in material changes to OneBeacon's valuation allowance on deferred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (tax assets and tax expense.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 636.10 Td (Net operating loss carryforwards as of December31, 2012 and the expiration dates are as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 585.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 585.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 585.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 555.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 555.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 555.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 525.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 525.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 525.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 525.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 525.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 109.50 495.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 495.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.50 495.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 495.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 495.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 611.6 m 373.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 611.6 m 377.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 611.6 m 437.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 611.6 m 441.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 611.6 m 501.5 611.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 598.6 m 373.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 598.6 m 437.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 598.6 m 501.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 525.6 m 373.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 525.6 m 373.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 525.6 m 437.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 525.6 m 501.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 509.6 m 373.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 511.6 m 373.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 509.6 m 437.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 511.6 m 437.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 509.6 m 501.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 511.6 m 501.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 480.6 m 373.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 466.6 m 373.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 464.6 m 373.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 480.6 m 437.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 466.6 m 437.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 464.6 m 437.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 480.6 m 501.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 466.6 m 501.5 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 464.6 m 501.5 464.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 112.00 616.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 374.75 615.83 Td (December) Tj ET Q q 0 0 0 rg BT 409.25 615.83 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.20 602.83 Td (United States) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.75 602.83 Td (Luxembourg) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.25 602.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 112.00 589.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 589.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 575.27 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 575.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 575.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 575.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 575.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 575.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.65 575.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 560.27 Td (From years 2014 to 2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 357.15 560.27 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 560.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 560.27 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 545.27 Td (From years 2023 to 2032) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 545.27 Td (121.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 545.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 545.27 Td (121.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 530.27 Td (No expiration date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.65 530.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 530.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.15 530.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 515.27 Td (Totals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 515.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 515.27 Td (121.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 515.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 515.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 515.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.15 515.27 Td (122.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 500.27 Td (Gross deferred tax asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 500.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 500.27 Td (42.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 500.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.15 500.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 500.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 500.27 Td (42.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 485.27 Td (Valuation allowance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.80 485.32 Td (\(1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 485.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.80 485.32 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.65 485.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.80 485.32 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.65 485.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.00 470.27 Td (Net deferred tax asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.00 470.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.15 470.27 Td (41.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.00 470.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.65 470.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 470.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.15 470.27 Td (41.1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 438.10 Td (OneBeacon does not anticipate future taxable income in Luxembour) Tj ET Q q 0 0 0 rg BT 345.56 438.10 Td (g. ) Tj ET Q q 0 0 0 rg BT 355.38 438.10 Td (Therefore, OneBeacon does not believe that it is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.10 Td (more likely than not that these losses will be realized and has recorded a full valuation allowance against the tax benefits ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.10 Td (associated with these NOLs. Ef) Tj ET Q q 0 0 0 rg BT 175.62 414.10 Td (fective January 1, 2013, the Luxembour) Tj ET Q q 0 0 0 rg BT 335.11 414.10 Td (g statutory tax rate increased from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.50 414.10 Td (28.80%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.33 414.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.11 414.10 Td (29.22%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.94 414.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 394.10 Td (At December31, 2012, there were U.S. net operating loss carryforwards of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.49 394.10 Td ($121.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.38 394.10 Td (, which begin to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (expire in 2021. Included in these tax losses are losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.61 382.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.50 382.10 Td ( subject to an annual limitation on utilization under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (Internal Revenue Code Section382. ) Tj ET Q q 0 0 0 rg BT 196.63 370.10 Td (Also included in these losses are NOLs of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.15 370.10 Td ($4.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.04 370.10 Td ( related to Houston General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Insurance Exchange, a reciprocal, which files its own tax return. In addition, at December31, 2012, OBFS had Low Income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 346.10 Td (Housing Credit carryovers of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.41 346.10 Td ($4.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.31 346.10 Td (, which expire in 2031 and 2032, and alternative minimum tax credit carryovers of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td ($1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 334.10 Td (, which do not expire.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 314.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 100.94 314.10 Td (ASC 740-10, recognition of the benefit of a given tax position is based upon whether or not a company determines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td (that it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (position. In evaluating the more-likely-than-not recognition threshold, OneBeacon must presume that the tax position will be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (subject to examination by a taxing authority with full knowledge of all relevant information. If the recognition threshold is met, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (then the tax position is measured at the lar) Tj ET Q q 0 0 0 rg BT 218.66 266.10 Td (gest amount of benefit that is more than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.29 266.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.62 266.10 Td ( likely of being realized upon ultimate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (settlement.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 7. Income ) Tj ET Q q 0 0 0 rg BT 124.82 728.60 Td (T) Tj ET Q q 0 0 0 rg BT 130.57 728.60 Td (axes) Tj ET Q endstream endobj 263 0 obj <>] /Rotate 0 /Contents 264 0 R>> endobj 264 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 704.10 Td ( reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 659.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 659.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 659.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 659.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 659.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 629.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 629.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 599.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 599.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 599.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 569.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 569.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 569.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 539.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 539.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 539.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 509.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 509.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 509.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 509.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 509.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 479.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 479.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 479.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 479.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 479.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 449.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 281.50 449.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 449.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 449.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 449.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 672.6 m 341.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 672.6 m 405.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 672.6 m 469.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 672.6 m 533.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 584.6 m 341.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 584.6 m 533.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 584.6 m 341.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 569.6 m 341.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 584.6 m 405.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 569.6 m 405.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 584.6 m 469.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 569.6 m 469.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 584.6 m 533.5 584.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 569.6 m 533.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 569.6 m 341.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 569.6 m 405.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 569.6 m 469.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 569.6 m 533.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 509.6 m 341.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 494.6 m 341.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 509.6 m 405.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 509.6 m 469.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 509.6 m 533.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 494.6 m 341.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 494.6 m 405.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 494.6 m 469.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 494.6 m 533.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 434.6 m 341.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 434.6 m 341.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 420.6 m 341.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 281.5 418.6 m 341.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 434.6 m 405.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 420.6 m 405.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 418.6 m 405.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 434.6 m 469.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 420.6 m 469.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 418.6 m 469.5 418.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 434.6 m 533.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 420.6 m 533.5 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 418.6 m 533.5 418.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.10 684.83 Td (Permanent) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 289.35 676.83 Td (differ) Tj ET Q q 0 0 0 rg BT 308.31 676.83 Td (ences) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 326.52 680.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.80 684.83 Td (T) Tj ET Q q 0 0 0 rg BT 360.40 684.83 Td (emporary) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.35 676.83 Td (differ) Tj ET Q q 0 0 0 rg BT 372.31 676.83 Td (ences) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 390.52 680.46 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.25 684.83 Td (Inter) Tj ET Q q 0 0 0 rg BT 435.43 684.83 Td (est and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 420.85 676.83 Td (penalties) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 451.07 680.46 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.25 676.83 Td (Total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.00 663.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 663.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 649.27 Td (January1, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 649.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 649.27 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 649.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 649.27 Td (67.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 649.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 649.27 Td (3.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 649.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 649.27 Td (77.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 634.27 Td (Changes in prior year tax positions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 634.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 634.32 Td (\(8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 634.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 634.27 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.80 634.32 Td (\(7.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 634.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 619.27 Td (Tax positions taken during the current year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 619.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 619.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 619.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 619.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 604.27 Td (Lapse in statute of limitations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 604.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 604.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 604.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 604.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 589.27 Td (Settlements with tax authorities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 574.27 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 574.27 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 574.27 Td (58.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 574.27 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 574.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 574.27 Td (70.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 559.27 Td (Changes in prior year tax positions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 559.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 559.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 559.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 559.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 544.27 Td (Tax positions taken during the current year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 544.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 544.32 Td (\(21.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 544.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 544.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.80 544.32 Td (\(21.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 544.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 529.27 Td (Lapse in statute of limitations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 529.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 529.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 529.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 529.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 514.27 Td (Settlements with tax authorities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 514.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 514.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 514.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 514.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 499.27 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 153.21 499.27 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 499.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 499.27 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 499.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 499.27 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 499.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 499.27 Td (6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 499.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 499.27 Td (51.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 484.27 Td (Changes in prior year tax positions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 484.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 484.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 484.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 484.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 469.27 Td (Tax positions taken during the current year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 469.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 469.32 Td (\(13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 469.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 469.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.80 469.32 Td (\(13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 469.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 454.27 Td (Lapse in statute of limitations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 454.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 454.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 454.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 454.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.00 439.27 Td (Settlements with tax authorities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.65 439.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 439.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 439.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 439.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 424.28 Td (December) Tj ET Q q 0 0 0 rg BT 123.13 424.28 Td (31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.00 424.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 424.27 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 424.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 424.27 Td (23.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 424.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 424.27 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 424.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.15 424.27 Td (39.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 410.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 400.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 395.50 Td (Represents the amount of unrecognized tax benefits that, if recognized, would impact the ef) Tj ET Q q 0 0 0 rg BT 461.64 395.50 Td (fective tax rate.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 385.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 380.50 Td (Represents the amount of unrecognized tax benefits that, if recognized, would create a temporary dif) Tj ET Q q 0 0 0 rg BT 497.44 380.50 Td (ference ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 368.50 Td (between the reported amount of an item in OneBeacon's Consolidated Balance Sheet and its tax basis.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.50 358.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 353.50 Td (Net of tax benefit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 325.50 Td (If recognized, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.02 325.50 Td ($15.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.91 325.50 Td ( \(tax plus interest and penalties\) would be recorded as a reduction to income tax expense. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 313.50 Td (Also included in the balance at December31, 2012 are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.86 313.50 Td ($23.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.75 313.50 Td ( of tax positions for which ultimate deductibility is highly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 301.50 Td (certain but the timing of deductibility is uncertain. Because of the impact of deferred tax accounting, other than interest and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 289.50 Td (penalties, the disallowance of the shorter deductibility period would not af) Tj ET Q q 0 0 0 rg BT 347.24 289.50 Td (fect the ef) Tj ET Q q 0 0 0 rg BT 387.03 289.50 Td (fective tax rate but would accelerate the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 277.50 Td (payment of cash to the taxing authority to an earlier period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 257.50 Td (OneBeacon classifies all interest and penalties on unrecognized tax benefits as part of income tax expense. During the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 245.50 Td (years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 198.19 245.50 Td (1 and 2010, OneBeacon recognized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.13 245.50 Td ($1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.03 245.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.03 245.50 Td ($1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.92 245.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.36 245.50 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.25 245.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 233.50 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 233.50 Td (, in interest expense \(benefit\), net of federal benefit. ) Tj ET Q q 0 0 0 rg BT 307.39 233.50 Td (The balance of accrued interest at December31, 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 221.50 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 221.50 Td (1 is $) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.30 221.50 Td (7.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.19 221.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.63 221.50 Td ($6.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.52 221.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 251.18 221.50 Td (, net of any tax benefit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 201.50 Td (W) Tj ET Q q 0 0 0 rg BT 83.04 201.50 Td (ith few exceptions, OneBeacon is no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.50 Td (authorities for years before 2005. In October 2008, the IRS commenced examination of OneBeacon's U.S. income tax returns ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.50 Td (for 2005 and 2006. On January5, 201) Tj ET Q q 0 0 0 rg BT 201.55 177.50 Td (1, OneBeacon received a revised Form4549-A) Tj ET Q q 0 0 0 rg BT 389.54 177.50 Td ( \(Income ) Tj ET Q q 0 0 0 rg BT 427.68 177.50 Td (T) Tj ET Q q 0 0 0 rg BT 433.09 177.50 Td (ax Discrepancy ) Tj ET Q q 0 0 0 rg BT 496.95 177.50 Td (Adjustments\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.50 Td (from the IRS relating to the examination of tax years 2005 and 2006. ) Tj ET Q q 0 0 0 rg BT 328.09 165.50 Td (The estimated total assessment, including interest and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 153.50 Td (utilization of alternative minimum and foreign tax credit carryovers, is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.63 153.50 Td ($20.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.52 153.50 Td (. OneBeacon disagrees with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.50 Td (adjustments proposed by the IRS and intends to defend its position. ) Tj ET Q q 0 0 0 rg BT 322.02 141.50 Td (The timing of the resolution of these issues is uncertain, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 129.50 Td (however) Tj ET Q q 0 0 0 rg BT 84.03 129.50 Td (, it is reasonably possible that the resolution could occur within the next twelve months. ) Tj ET Q q 0 0 0 rg BT 437.02 129.50 Td (An estimate of the range of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 117.50 Td (potential outcomes cannot be made at this time. ) Tj ET Q q 0 0 0 rg BT 242.82 117.50 Td (When ultimately settled, OneBeacon does not expect the resolution of this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 105.50 Td (examination to result in a material change to its financial position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 85.50 Td (On July 28, 201) Tj ET Q q 0 0 0 rg BT 136.02 85.50 Td (1, the IRS commenced an examination of OneBeacon) Tj ET Q q 0 0 0 rg BT 353.73 85.50 Td (s U.S. income tax returns for 2007, 2008 and 2009. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 50.00 72.30 Td (OneBeacon has received proposed adjustments but does not expect the resolution ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.76 72.30 Td (of this examination to result in a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 60.30 Td (material change to its financial position.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 7. Income ) Tj ET Q q 0 0 0 rg BT 124.82 728.60 Td (T) Tj ET Q q 0 0 0 rg BT 130.57 728.60 Td (axes) Tj ET Q endstream endobj 265 0 obj <>] /Rotate 0 /Contents 266 0 R>> endobj 266 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 704.10 Td (Upon completion of the Runof) Tj ET Q q 0 0 0 rg BT 195.08 704.10 Td (f ) Tj ET Q q 0 0 0 rg BT 200.73 704.10 Td (T) Tj ET Q q 0 0 0 rg BT 206.48 704.10 Td (ransaction, it is expected that the unrecognized tax benefits associated with tax positions ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (where the deductibility is certain but the timing is uncertain, will decrease by approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.27 692.10 Td ($3.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.17 692.10 Td (. OneBeacon does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (expect the decrease to result in a material change to its financial position.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 660.10 Td (Net cash \(refunds\) payments for federal, state and non-U.S. income taxes, including tax sharing payments to related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (companies, totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 127.48 648.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.37 648.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.37 648.10 Td ($\(1.6\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.92 648.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.36 648.10 Td ($\(56.5\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.91 648.10 Td ( for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 496.47 648.10 Td (1 and 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 636.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 609.25 Td (NOTE 8. Retir) Tj ET Q q 0 0 0 rg BT 112.37 609.25 Td (ement Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 589.25 Td (OneBeacon sponsors qualified and non-qualified, non-contributory) Tj ET Q q 0 0 0 rg BT 341.12 589.25 Td (, defined benefit pension plans covering substantially ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 577.25 Td (all employees who were employed as of December31, 2001 and former employees who had met the eligibility requirements, as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 565.25 Td (well as retirees. Current plans include the OneBeacon qualified pension plan \(the "Qualified Plan"\) and the OneBeacon non-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 553.25 Td (qualified pension plan \(the "Non-qualified Plan"\) \(collectively the "Plans"\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 533.25 Td (OneBeacon's Plans were frozen and curtailed in 2002 and, as a result, the projected benefit obligation is equal to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (accumulated benefit obligation. ) Tj ET Q q 0 0 0 rg BT 178.16 521.25 Td (The benefits for the Plans are based primarily on years of service and employees' compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (through December31, 2002. OneBeacon's funding policy is consistent with the funding requirements of U.S. federal laws and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (regulations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 477.25 Td (The following tables set forth the obligations and funded status, assumptions, plan assets and cash flows associated with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 465.25 Td (the Plans at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.69 465.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.69 465.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.13 465.25 Td (201) Tj ET Q q 0 0 0 rg BT 210.75 465.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.75 465.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 414.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 414.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 414.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 414.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 384.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 384.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 384.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 384.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 354.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 354.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 354.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 354.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 354.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 324.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 324.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 324.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 324.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 324.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 294.75 220.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 294.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 294.75 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 294.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 294.75 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 254.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 254.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 254.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 254.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 254.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 209.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 209.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 209.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 209.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 179.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 179.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 179.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 179.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 131.50 139.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 139.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 139.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 139.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 139.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 440.75 m 415.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 440.75 m 419.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 440.75 m 479.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 440.75 m 415.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 427.75 m 415.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 440.75 m 419.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 440.75 m 479.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 427.75 m 479.5 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 254.75 m 415.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 254.75 m 479.5 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 238.75 m 415.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 240.75 m 415.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 238.75 m 479.5 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 240.75 m 479.5 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 139.75 m 415.5 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 139.75 m 479.5 139.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 124.75 m 415.5 124.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 110.75 m 415.5 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 108.75 m 415.5 108.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 124.75 m 479.5 124.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 110.75 m 479.5 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 108.75 m 479.5 108.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.00 445.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.75 444.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 134.00 431.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.00 431.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.20 431.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 134.00 418.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.40 418.98 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.00 404.43 Td (Change in projected benefit obligation:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 404.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 404.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.00 389.43 Td (Projected benefit obligation at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 389.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 389.42 Td (113.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 389.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 389.42 Td (110.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 374.42 Td (Service cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 374.42 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 374.42 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 359.42 Td (Interest cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 359.42 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 359.42 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 344.42 Td (Settlement gain) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 344.47 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 344.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.80 344.47 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 344.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 329.42 Td (Special termination benefits expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 329.42 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 329.42 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 314.42 Td (Assumption changes) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 314.42 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 314.42 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 299.42 Td (Actuarial gain) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 299.47 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 299.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.80 299.47 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 299.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 284.42 Td (Benefits and expenses paid with plan assets, net of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 274.42 Td (participant contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 274.47 Td (\(7.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 274.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.80 274.47 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 274.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 259.42 Td (Benefits paid directly by OneBeacon) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 259.47 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 259.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.80 259.47 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 259.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.00 244.43 Td (Projected benefit obligation at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 244.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 244.42 Td (119.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 244.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 244.42 Td (113.0) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.00 214.43 Td (Change in plan assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 214.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 214.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 199.42 Td (Fair value of plan assets at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 199.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 199.42 Td (120.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 199.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 199.42 Td (133.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 184.42 Td (Actual return on plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.15 184.42 Td (11.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.80 184.47 Td (\(3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 184.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 169.42 Td (Employer contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 169.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 169.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 154.42 Td (Benefits and expenses paid, net of participant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.00 144.42 Td (contributions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.80 144.47 Td (\(7.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 144.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.80 144.47 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 144.42 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.00 129.43 Td (Fair) Tj ET Q q 0 0 0 rg BT 152.14 129.43 Td ( value of plan assets at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 129.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 129.42 Td (124.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 129.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 129.42 Td (120.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 134.00 114.43 Td (Funded status at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.00 114.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 114.42 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 114.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 114.42 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 82.25 Td (The funded status of the consolidated pension plans at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.20 82.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.20 82.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.75 82.25 Td ($5.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.64 82.25 Td (, which represents an over) Tj ET Q q 0 0 0 rg BT 545.13 82.25 Td (-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (funding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.94 70.25 Td ($32.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.83 70.25 Td ( related to the Qualified Plan and an under) Tj ET Q q 0 0 0 rg BT 317.01 70.25 Td (-funding of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.78 70.25 Td ($27.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.67 70.25 Td ( related to the Non-qualified Plan. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (The Non-qualified Plan, which is unfunded, does not hold any assets. OneBeacon has set aside ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.08 58.25 Td ($13.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.97 58.25 Td ( in an irrevocable ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 7. Income ) Tj ET Q q 0 0 0 rg BT 124.82 728.60 Td (T) Tj ET Q q 0 0 0 rg BT 130.57 728.60 Td (axes) Tj ET Q endstream endobj 267 0 obj <>] /Rotate 0 /Contents 268 0 R>> endobj 268 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (rabbi trust for the benefit of Non-qualified Plan participants. ) Tj ET Q q 0 0 0 rg BT 292.77 704.10 Td (Assets held in the rabbi trust are not reflected in the funded status ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (of the consolidated pension plans as presented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 672.10 Td (Amounts recognized in the financial statements as of December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.46 672.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.46 672.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.90 672.10 Td (201) Tj ET Q q 0 0 0 rg BT 400.53 672.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.53 672.10 Td ( consist of:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 621.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 621.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 621.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 581.60 200.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 581.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 581.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 581.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 581.60 60.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 647.6 m 405.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 647.6 m 409.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 647.6 m 469.5 647.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 634.6 m 405.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 634.6 m 469.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 581.6 m 405.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 558.6 m 405.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 556.6 m 405.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 581.6 m 469.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 558.6 m 469.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 556.6 m 469.5 556.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 652.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 651.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 638.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 638.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 638.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 625.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 625.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 611.27 Td (Net balance sheet asset recorded in other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 611.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 611.27 Td (32.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 611.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 611.27 Td (34.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 596.27 Td (Net balance sheet liability recorded in other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 586.27 Td (liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.80 586.32 Td (\(27.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 586.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.80 586.32 Td (\(26.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 586.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 572.28 Td (Net amount recognized in the financial) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 562.28 Td (statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 562.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 562.27 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 562.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 562.27 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 530.10 Td (Information for the Non-qualified Plan, which had accumulated benefit obligations in excess of plan assets, was as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 467.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 467.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 467.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 467.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 437.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 437.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 437.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 437.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 493.6 m 405.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 493.6 m 409.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 493.6 m 469.5 493.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 480.6 m 405.5 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 480.6 m 469.5 480.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 498.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 497.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 484.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 484.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 484.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 471.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 471.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 457.27 Td (Projected benefit obligation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 457.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 457.27 Td (27.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 457.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 457.27 Td (26.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 442.27 Td (Accumulated benefit obligation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 442.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 442.27 Td (27.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 442.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 442.27 Td (26.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 427.27 Td (Fair value of plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 427.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 427.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 427.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 427.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 395.10 Td (Information for the Qualified Plan, which had accumulated benefit obligations less than plan assets, was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 344.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 344.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 344.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 344.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 314.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 314.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 314.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 314.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 370.6 m 405.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 370.6 m 409.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 370.6 m 469.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 357.6 m 405.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 357.6 m 469.5 357.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 375.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 374.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 361.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 361.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 361.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 348.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 348.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 334.27 Td (Projected benefit obligation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 334.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 334.27 Td (91.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 334.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 334.27 Td (86.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 319.27 Td (Accumulated benefit obligation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 319.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 319.27 Td (91.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 319.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 319.27 Td (86.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 304.27 Td (Fair value of plan net assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 304.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 304.27 Td (124.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 304.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 304.27 Td (120.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 8. Retir) Tj ET Q q 0 0 0 rg BT 112.87 728.60 Td (ement Plans) Tj ET Q endstream endobj 269 0 obj <>] /Rotate 0 /Contents 270 0 R>> endobj 270 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 704.10 Td (The amounts recognized in accumulated other comprehensive income \(loss\) on a before tax basis for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.08 692.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 692.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.52 692.10 Td (201) Tj ET Q q 0 0 0 rg BT 162.15 692.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.15 692.10 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 641.60 211.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 641.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 641.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 641.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 641.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 591.60 211.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 591.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 591.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 591.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 591.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 136.00 551.60 211.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.00 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 551.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 551.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 667.6 m 411 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 667.6 m 415 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 667.6 m 475 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 654.6 m 411 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 654.6 m 475 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 536.6 m 411 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 536.6 m 475 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 536.6 m 411 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 512.6 m 411 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351 510.6 m 411 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 536.6 m 475 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 512.6 m 475 512.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 510.6 m 475 510.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.50 672.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 389.25 671.83 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 138.50 658.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.50 658.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 436.70 658.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 138.50 645.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.90 645.83 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.50 631.28 Td (Accumulated other) Tj ET Q q 0 0 0 rg BT 220.25 631.28 Td ( compr) Tj ET Q q 0 0 0 rg BT 250.34 631.28 Td (ehensive income ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.50 621.28 Td (\(loss\) at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.30 621.32 Td (\(16.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 621.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.50 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 621.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.50 606.27 Td (Increase \(decrease\) in accumulated other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.50 596.27 Td (comprehensive income \(loss\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 581.27 Td (Amortization of net actuarial losses recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 571.27 Td (during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 571.27 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 571.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 556.27 Td (Net actuarial losses occurring during the year) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 326.10 560.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.30 556.32 Td (\(5.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 556.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.30 556.32 Td (\(18.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 556.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 541.27 Td (Other adjustments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.65 541.27 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.65 541.27 Td (0.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.50 526.28 Td (Accumulated other) Tj ET Q q 0 0 0 rg BT 220.25 526.28 Td ( compr) Tj ET Q q 0 0 0 rg BT 250.34 526.28 Td (ehensive \(loss\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 138.50 516.28 Td (income at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.50 516.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.30 516.32 Td (\(21.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 516.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.50 516.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.30 516.32 Td (\(16.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 516.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 139.50 492.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 487.50 Td (Net actuarial losses resulted from a decrease in investment returns on plan assets in the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 475.50 Td (December 31, 201) Tj ET Q q 0 0 0 rg BT 226.21 475.50 Td (1 and changes in assumptions in estimating the projected benefit obligation in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.00 463.50 Td (years ended December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 315.63 463.50 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 435.50 Td (The amount in accumulated other comprehensive loss, on a pre-tax basis, that has not yet been recognized as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 423.50 Td (component of net periodic benefit cost for the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.66 423.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.66 423.50 Td ( is attributable to net losses. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 411.50 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.08 411.50 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.08 411.50 Td (, OneBeacon expects ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.71 411.50 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.61 411.50 Td ( will be amortized from accumulated other comprehensive loss into net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 399.50 Td (periodic benefit cost.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 379.50 Td (The components of net periodic benefit cost for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.49 379.50 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.49 379.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.49 379.50 Td (201) Tj ET Q q 0 0 0 rg BT 429.12 379.50 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.12 379.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.56 379.50 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.56 379.50 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 321.00 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 321.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 321.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 321.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 321.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 321.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 321.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 291.00 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 291.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 291.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 291.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 291.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 291.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 291.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 261.00 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 261.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 261.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 261.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 261.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 261.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 261.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 221.00 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 221.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 221.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 221.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 221.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 221.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 221.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 77.50 191.00 264.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 191.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 191.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 191.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 191.00 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 191.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 191.00 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 347 m 405.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 347 m 409.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 347 m 469.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 347 m 473.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 347 m 533.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 347 m 405.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 334 m 405.5 334 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 347 m 409.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 347 m 469.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 334 m 469.5 334 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 347 m 473.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 347 m 533.5 347 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 334 m 533.5 334 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 246 m 405.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 246 m 469.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 246 m 533.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 191 m 405.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 177 m 405.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 175 m 405.5 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 191 m 469.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 177 m 469.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 175 m 469.5 175 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 191 m 533.5 191 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 177 m 533.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 175 m 533.5 175 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 351.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.75 351.23 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.00 338.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 338.23 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 338.23 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.00 338.23 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 80.00 325.23 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.40 325.23 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 310.67 Td (Service cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 310.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 310.67 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 310.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 310.67 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 310.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 310.67 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 295.67 Td (Interest cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 295.67 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 295.67 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 295.67 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 280.67 Td (Expected return on plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 280.72 Td (\(6.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 280.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.80 280.72 Td (\(7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 280.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.80 280.72 Td (\(7.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 280.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 265.67 Td (Amortization of prior service benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 265.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 265.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.65 265.67 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 250.67 Td (Amortization of unrecognized loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 250.67 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 250.67 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 250.67 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 235.67 Td (Net periodic pension \(income\) cost before settlements,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 225.67 Td (curtailments and special termination benefits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.80 225.72 Td (\(0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 225.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.80 225.72 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 225.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 225.67 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 210.67 Td (Settlement loss \(gain\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 210.67 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 210.67 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.80 210.72 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.65 210.67 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 80.00 195.67 Td (Special termination benefits expense) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 226.89 200.20 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 195.67 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 195.67 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 195.67 Td (1.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 80.00 180.68 Td (Total net periodic benefit cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 180.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 180.67 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 180.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 180.67 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.00 180.67 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.15 180.67 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 166.90 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 81.00 151.43 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.50 146.90 Td (Special termination benefits represent additional payments made from the Qualified Plan to certain vested ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.50 134.90 Td (participants when their employment was terminated due to a reduction in force.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 8. Retir) Tj ET Q q 0 0 0 rg BT 112.87 728.60 Td (ement Plans) Tj ET Q endstream endobj 271 0 obj <>] /Rotate 0 /Contents 272 0 R>> endobj 272 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 43) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (Assumptions) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 684.25 Td (The weighted average assumptions used to determine benefit obligations at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.33 684.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.33 684.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.77 684.25 Td (201) Tj ET Q q 0 0 0 rg BT 489.40 684.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 684.25 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 638.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 638.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 638.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 638.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 651.75 m 405.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 651.75 m 409.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 651.75 m 469.5 651.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 638.75 m 405.5 638.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 638.75 m 469.5 638.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 656.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 655.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 642.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 642.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 642.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 628.42 Td (Discount rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 628.42 Td (3.64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 628.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 628.42 Td (4.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 628.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 604.25 Td (The weighted average assumptions used to determine net periodic benefit cost for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.11 604.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.11 604.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.25 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 592.25 Td (201) Tj ET Q q 0 0 0 rg BT 81.07 592.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 86.07 592.25 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 546.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 546.75 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 546.75 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 559.75 m 405.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 559.75 m 409.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 559.75 m 469.5 559.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 546.75 m 405.5 546.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 546.75 m 469.5 546.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 564.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 563.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 550.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 550.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 550.98 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 536.42 Td (Discount rate) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 536.42 Td (4.38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 536.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 536.42 Td (4.94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 536.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 521.42 Td (Expected long-term rate of return on plan assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 521.42 Td (5.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 521.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 521.42 Td (5.75) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 521.42 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 497.25 Td (OneBeacon's discount rate assumptions used to account for the Plans reflect the rates at which the benefit obligations ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (could be ef) Tj ET Q q 0 0 0 rg BT 93.74 485.25 Td (fectively settled. In addition to consideration of published yields for high quality long-term corporate bonds, U.S. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 473.25 Td (reasuries and insurance company annuity contract pricings, consideration was given to cash flow matching analyses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 453.25 Td (OneBeacon performed an analysis of expected long-term rates of return based on the allocation of its Qualified Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 441.25 Td (assets at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.63 441.25 Td (201) Tj ET Q q 0 0 0 rg BT 158.26 441.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.26 441.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.70 441.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.70 441.25 Td ( to develop expected rates of return for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.41 441.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.41 441.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.85 441.25 Td (201) Tj ET Q q 0 0 0 rg BT 414.48 441.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.48 441.25 Td ( for each significant asset class or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 429.25 Td (economic indicator) Tj ET Q q 0 0 0 rg BT 125.86 429.25 Td (. ) Tj ET Q q 0 0 0 rg BT 130.31 429.25 Td (A) Tj ET Q q 0 0 0 rg BT 136.98 429.25 Td ( range of returns was developed based both on forecasts and on broad-market historical benchmarks for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 417.25 Td (expected return, correlation, and volatility for each asset class.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 397.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 71.08 397.25 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 377.25 Td (The majority of the Qualified Plan's assets are managed by Prospector Partners,LLC \("Prospector"\), a related party \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (Note15\). ) Tj ET Q q 0 0 0 rg BT 89.59 365.25 Td (The investment policy places an emphasis on preserving invested assets through a diversified portfolio of high-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (quality income producing investments and equity investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 333.25 Td (The investment management process integrates the risks and returns available in the investment arena with the risks and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 321.25 Td (returns available to the Qualified Plan in establishing the proper allocation of invested assets. ) Tj ET Q q 0 0 0 rg BT 424.50 321.25 Td (The asset classes may include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 309.25 Td (fixed maturity) Tj ET Q q 0 0 0 rg BT 105.78 309.25 Td (, equity) Tj ET Q q 0 0 0 rg BT 135.13 309.25 Td (, convertible fixed maturity investments, and cash and short-term investments. ) Tj ET Q q 0 0 0 rg BT 450.70 309.25 Td (The factors examined in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 297.25 Td (establishing the appropriate investment mix include the outlook for risk and return in the various investment markets and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 285.25 Td (sectors, and the long-term need for capital growth.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 265.25 Td (The Qualified Plan's investments are stated at fair value. Many factors are considered in arriving at fair market value. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 253.25 Td (general, fixed maturity investments such as corporate bonds and government securities are valued based on yields currently ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 241.25 Td (available on comparable securities of issuers with similar credit ratings. Shares of common and preferred stock are valued at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 229.25 Td (quoted market prices when available. Convertible fixed maturity investments are valued based on quoted market prices, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 217.25 Td (analysis of listed markets and use of sensitivity analyses. Registered investment companies are valued at the net asset value as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 205.25 Td (reported by the fund at year) Tj ET Q q 0 0 0 rg BT 160.09 205.25 Td (-end.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 8. Retir) Tj ET Q q 0 0 0 rg BT 112.87 728.60 Td (ement Plans) Tj ET Q endstream endobj 273 0 obj <>] /Rotate 0 /Contents 274 0 R>> endobj 274 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 704.10 Td (The fair value of the Qualified Plan's assets and their related inputs at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.41 704.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.41 704.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.84 704.10 Td (201) Tj ET Q q 0 0 0 rg BT 466.47 704.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.47 704.10 Td ( by asset category ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 652.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 652.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 652.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 652.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 652.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 652.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 622.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 622.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 622.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 622.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 622.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 622.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 622.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 622.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 622.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 592.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 592.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 592.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 592.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 592.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 592.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 592.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 592.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 592.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 562.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 562.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 562.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 562.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 562.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 562.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 562.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 562.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 562.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 532.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 257.50 532.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 261.50 532.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 532.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 532.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 532.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 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0.9333333333333333 1 rg /GS0 gs 405.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 352.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 352.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 352.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 652.6 m 331.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 652.6 m 405.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 652.6 m 479.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 652.6 m 553.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 622.6 m 405.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 261.5 622.6 m 331.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 622.6 m 405.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 622.6 m 479.5 622.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.5 622.6 m 553.5 622.6 l s 0 0 0 RG 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Tf ET q 0 0 0 rg BT 66.00 627.27 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 627.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 627.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 627.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 627.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 627.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 627.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 627.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 627.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 612.27 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 612.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 612.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 612.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 612.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 597.27 Td (Short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 597.27 Td (8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 597.27 Td (8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 597.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 597.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 582.27 Td (Common equity securities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 582.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 567.27 Td (Financials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 567.27 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 567.27 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 567.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 567.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 552.27 Td (Basic Materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 552.27 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 552.27 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 552.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 552.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 537.27 Td (Consumer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 537.27 Td (26.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 537.27 Td (26.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 537.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 537.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 522.27 Td (Energy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 522.27 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 522.27 Td (12.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 522.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 522.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 507.27 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 507.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 507.27 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 507.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 507.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 492.27 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 492.27 Td (17.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 492.27 Td (17.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 492.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 492.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 477.27 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 477.27 Td (79.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 477.27 Td (79.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 477.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 477.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 462.27 Td (Convertible fixed maturity investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 462.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 462.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 462.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 462.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 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ET q 0 0 0 rg BT 465.65 596.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 596.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 581.17 Td (Basic Materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 581.17 Td (13.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 581.17 Td (13.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 581.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 581.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 566.17 Td (Consumer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 566.17 Td (19.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 566.17 Td (19.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 566.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 566.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 551.17 Td (Energy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 551.17 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 551.17 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 536.17 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 536.17 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.15 536.17 Td (3.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 536.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 536.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 521.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 521.17 Td (18.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 521.17 Td (18.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 521.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 521.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 506.17 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 506.17 Td (72.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 506.17 Td (72.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 506.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 506.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 491.17 Td (Convertible fixed maturity investments:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 491.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 491.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 491.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 491.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 476.17 Td (Financials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 476.17 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 476.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 476.17 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 476.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 461.17 Td (Basic Materials) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 461.17 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 461.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 461.17 Td (4.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 461.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 446.17 Td (Consumer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 446.17 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 446.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 446.17 Td (4.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 446.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 431.17 Td (Energy) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 431.17 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 431.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 431.17 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 431.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 416.17 Td (Utilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.15 416.17 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 416.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 416.17 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 416.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 401.17 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 401.17 Td (25.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 401.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 401.17 Td (25.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 401.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 386.17 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.15 386.17 Td (42.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 386.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 386.17 Td (42.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 386.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 371.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.00 371.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 371.17 Td (120.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 371.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 371.17 Td (75.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 371.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.15 371.17 Td (45.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.00 371.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 371.17 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 339.00 Td (There were no transfers between Levels1, 2 or 3 during the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.36 339.00 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.36 339.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.80 339.00 Td (201) Tj ET Q q 0 0 0 rg BT 477.43 339.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.43 339.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 319.00 Td (The Qualified Plan's asset allocations at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 293.84 319.00 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.84 319.00 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.28 319.00 Td (201) Tj ET Q q 0 0 0 rg BT 347.91 319.00 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.91 319.00 Td ( by asset category were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 276.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 276.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 276.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 276.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 276.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 246.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 246.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 246.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 246.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 246.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 216.50 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 216.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 216.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 216.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 216.50 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 289.5 m 405.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 289.5 m 409.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 289.5 m 469.5 289.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 276.5 m 405.5 276.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 276.5 m 469.5 276.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 216.5 m 405.5 216.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 202.5 m 405.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 200.5 m 405.5 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 216.5 m 469.5 216.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 202.5 m 469.5 202.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 200.5 m 469.5 200.5 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 294.18 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 300.58 Td (Plan ) Tj ET Q q 0 0 0 rg BT 400.52 300.58 Td (Assets at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.75 292.58 Td (December) Tj ET Q q 0 0 0 rg BT 418.25 292.58 Td (31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 280.73 Td (Asset Category) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 367.00 280.73 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 431.20 280.73 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 266.17 Td (Fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 266.17 Td (1.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 266.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 266.17 Td (2.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 266.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 251.17 Td (Common equity securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 251.17 Td (64.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 251.17 Td (59.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 236.17 Td (Convertible fixed maturity investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.15 236.17 Td (27.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 236.17 Td (35.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 221.17 Td (Cash and short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 221.17 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.15 221.17 Td (2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 206.17 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.15 206.17 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 206.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 206.17 Td (100.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 206.17 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 174.00 Td (As described above, the Qualified Plan's investment securities are exposed to various risks such as interest rate, market, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 162.00 Td (and credit risks. Market prices of common equity securities, in general, are subject to fluctuations which would cause the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 150.00 Td (amount to be realized upon sale or exercise of the instruments to dif) Tj ET Q q 0 0 0 rg BT 320.90 150.00 Td (fer significantly from the current reported value. ) Tj ET Q q 0 0 0 rg BT 516.75 150.00 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 138.00 Td (fluctuations may result from perceived changes in the underlying economic characteristics of the investee, the relative price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.00 Td (alternative investments, general market conditions and supply and demand imbalances for a particular security) Tj ET Q q 0 0 0 rg BT 490.92 126.00 Td (. Increases and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 114.00 Td (decreases in prevailing interest rates generally translate into decreases and increases in fair values of fixed maturity and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.00 Td (convertible fixed maturity investments, respectively) Tj ET Q q 0 0 0 rg BT 256.84 102.00 Td (. ) Tj ET Q q 0 0 0 rg BT 261.29 102.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 311.19 102.00 Td (, fair values of interest rate sensitive instruments may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.00 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 90.00 Td (fected by the creditworthiness of the issuer) Tj ET Q q 0 0 0 rg BT 228.30 90.00 Td (, prepayment options, relative values of alternative investments, the liquidity of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 78.00 Td (instrument and other general market conditions.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 8. Retir) Tj ET Q q 0 0 0 rg BT 112.87 728.60 Td (ement Plans) Tj ET Q endstream endobj 277 0 obj <>] /Rotate 0 /Contents 278 0 R>> endobj 278 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 46) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (Cash Flows) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 684.25 Td (OneBeacon does not expect to make a contribution to its Qualified Plan in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.15 684.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 684.25 Td (. OneBeacon anticipates contributing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.93 684.25 Td ($2.4 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 672.25 Td ( to the Non-qualified Plan in 2013, for which OneBeacon has assets held in a rabbi trust.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 652.25 Td (The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 599.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 599.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 569.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 569.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.50 539.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 539.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 612.75 m 440.5 612.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 173.00 617.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 376.00 624.98 Td (Expected Benefit) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 388.30 616.98 Td (Payments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 173.00 603.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 381.40 603.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 589.42 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 589.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.15 589.42 Td (5.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 574.42 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.15 574.42 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 559.42 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.15 559.42 Td (5.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 544.42 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.15 544.42 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 529.42 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.15 529.42 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 173.00 514.42 Td (2018-2022) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 514.42 Td (35.0) Tj ET Q BT /F2 10.00 Tf ET BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (Other Benefit Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 470.25 Td (OneBeacon sponsors an employee savings plan \(defined contribution plan\) covering the majority of employees. ) Tj ET Q q 0 0 0 rg BT 522.92 470.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (contributory plan provides qualifying employees with matching contributions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.05 458.25 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.38 458.25 Td ( of the first ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.04 458.25 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.37 458.25 Td ( of salary \(subject to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 446.25 Td (federal limits on allowable contributions in a given year\). ) Tj ET Q q 0 0 0 rg BT 281.47 446.25 Td (T) Tj ET Q q 0 0 0 rg BT 286.88 446.25 Td (otal expense for the plan was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.73 446.25 Td ($2.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.62 446.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.62 446.25 Td ($3.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.51 446.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.95 446.25 Td ($3.8 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 434.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 434.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.05 434.25 Td (, in the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.61 434.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.61 434.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.61 434.25 Td (201) Tj ET Q q 0 0 0 rg BT 309.24 434.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.24 434.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.67 434.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.67 434.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 406.34 434.25 Td (. ) Tj ET Q q 0 0 0 rg BT 411.16 434.25 Td (The employee savings plan includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (an employee stock ownership component. See Note9.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 402.25 Td (OneBeacon had a post-employment benefit liability related to disability and health benefits available to former employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (that are no longer employed by the Company) Tj ET Q q 0 0 0 rg BT 229.64 390.25 Td (, of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.47 390.25 Td ($7.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.36 390.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.80 390.25 Td ($6.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.69 390.25 Td ( at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.49 390.25 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.49 390.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.93 390.25 Td (201) Tj ET Q q 0 0 0 rg BT 487.56 390.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.56 390.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 545.22 390.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (NOTE 9. Employee Shar) Tj ET Q q 0 0 0 rg BT 155.94 363.25 Td (e-Based Incentive Compensation Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 343.25 Td (The OneBeacon Long-T) Tj ET Q q 0 0 0 rg BT 171.04 343.25 Td (erm Incentive Plan \(the "Incentive Plan"\) provides for granting various types of share-based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.25 Td (incentive awards including performance shares, performance units, options, share appreciation rights and restricted shares to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 319.25 Td (certain key employees of OneBeacon. ) Tj ET Q q 0 0 0 rg BT 204.20 319.25 Td (The Incentive Plan was adopted by the Board of Directors \(the "Board"\) in October ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.25 Td (2006. In 2007, the Board and shareholders approved the 2007 OneBeacon Long-T) Tj ET Q q 0 0 0 rg BT 378.38 307.25 Td (erm Incentive Plan \(the "2007 Incentive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.25 Td (Plan"\). ) Tj ET Q q 0 0 0 rg BT 80.01 295.25 Td (The 2007 Incentive Plan provides for all of the awards referenced above as well as restricted stock units. ) Tj ET Q q 0 0 0 rg BT 500.14 295.25 Td (A) Tj ET Q q 0 0 0 rg BT 506.45 295.25 Td (wards are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (granted under the 2007 Incentive Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 263.25 Td (OneBeacon's share-based compensation plans consist of performance shares, stock options granted in connection with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (initial public of) Tj ET Q q 0 0 0 rg BT 111.47 251.25 Td (fering, restricted stock units and restricted shares. OneBeacon's share-based compensation plans are designed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (maximize shareholder value over long periods of time by aligning the financial interests of its management with those of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (owners. Performance shares are payable only upon achievement of pre-defined business goals and are valued based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 215.25 Td (market value of OneBeacon's common shares at the time awards are earned. See "Performance Shares" below) Tj ET Q q 0 0 0 rg BT 488.59 215.25 Td (. Performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 203.25 Td (shares are typically paid in cash, though, in some instances, they may be paid in common shares or may be deferred in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 191.25 Td (accordance with the terms of OneBeacon's deferred compensation plan. OneBeacon expenses the full cost of all its share-based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 179.25 Td (compensation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 159.25 Td (OneBeacon records its share-based compensation in accordance with ) Tj ET Q q 0 0 0 rg BT 352.23 159.25 Td (ASC 718. ) Tj ET Q q 0 0 0 rg BT 393.63 159.25 Td (ASC 718 applies to new grants of share-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 147.25 Td (based awards, award modifications and the remaining portion of the fair value of the unvested awards. ) Tj ET Q q 0 0 0 rg BT 461.90 147.25 Td (The unvested portion of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.25 Td (OneBeacon performance share awards, as well as the stock options granted in connection with the initial public of) Tj ET Q q 0 0 0 rg BT 506.34 135.25 Td (fering are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 123.25 Td (subject to the fair value measurement and recognition requirements of ) Tj ET Q q 0 0 0 rg BT 332.12 123.25 Td (ASC 718.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 103.25 Td (Performance Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 83.25 Td (Performance shares are conditional grants of a specified maximum number of common shares or an equivalent amount of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 71.25 Td (cash. In general, grants are earned, subject to the attainment of pre-specified performance goals, at the end of a three-year ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 59.25 Td (period or as otherwise determined by the Compensation Committee of the Board \(the "Compensation Committee"\) and are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 47.25 Td (valued based on the market price of an underlying OneBeacon common share at the time awards are paid \("OB Performance ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 8. Retir) Tj ET Q q 0 0 0 rg BT 112.87 728.60 Td (ement Plans) Tj ET Q endstream endobj 279 0 obj <>] /Rotate 0 /Contents 280 0 R>> endobj 280 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (Shares"\). Results that significantly exceed pre-specified tar) Tj ET Q q 0 0 0 rg BT 286.32 704.10 Td (gets can result in a performance share payout of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.18 704.10 Td (200%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.51 704.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (granted shares whereas results significantly below tar) Tj ET Q q 0 0 0 rg BT 263.64 692.10 Td (get result in no payout.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 672.10 Td (For awards granted in February 2010, the Compensation Committee granted performance shares with a goal of GBVPS. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (The tar) Tj ET Q q 0 0 0 rg BT 78.41 660.10 Td (geted performance goal for full payment of the outstanding performance shares granted during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (December31, 2010 is the attainment of a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.01 648.10 Td (12%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.34 648.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.79 648.10 Td (At a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.80 648.10 Td (5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.13 648.10 Td ( or less, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.46 648.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.46 648.10 Td ( performance shares would be earned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (and at a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.16 636.10 Td (19%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.49 636.10 Td ( or more, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.37 636.10 Td (200%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.70 636.10 Td ( of performance shares would be earned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (For awards granted in February 201) Tj ET Q q 0 0 0 rg BT 217.20 616.10 Td (1, the Compensation Committee granted performance shares with a goal of GBVPS. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (The tar) Tj ET Q q 0 0 0 rg BT 78.41 604.10 Td (geted performance goal for full payment of the outstanding performance shares granted during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 592.10 Td (1 is the attainment of a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.64 592.10 Td (1) Tj ET Q q 0 0 0 rg BT 267.27 592.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.60 592.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.05 592.10 Td (At a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.05 592.10 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.38 592.10 Td ( or less, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.71 592.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.71 592.10 Td ( performance shares would be earned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (and at a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.16 580.10 Td (18%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.49 580.10 Td ( or more, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.37 580.10 Td (200%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.70 580.10 Td ( of performance shares would be earned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 560.10 Td (For awards granted in February 2012, the Compensation Committee granted performance shares with a goal of GBVPS. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (The tar) Tj ET Q q 0 0 0 rg BT 78.41 548.10 Td (geted performance goal for full payment of the outstanding performance shares granted during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (December31, 2012 is the attainment of a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.01 536.10 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.34 536.10 Td (. ) Tj ET Q q 0 0 0 rg BT 285.79 536.10 Td (At a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.80 536.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.13 536.10 Td ( or less, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.46 536.10 Td (no) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.46 536.10 Td ( performance shares would be earned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (and at a GBVPS of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.16 524.10 Td (17%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.49 524.10 Td ( or more, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.37 524.10 Td (200%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.70 524.10 Td ( of performance shares would be earned.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 504.10 Td (The following summarizes performance share activity for OB Performance Shares for the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 492.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 492.10 Td (201) Tj ET Q q 0 0 0 rg BT 89.63 492.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.63 492.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.07 492.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.07 492.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 404.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 404.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 404.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 404.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 404.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 404.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 404.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 404.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 374.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 374.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 374.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 374.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 374.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 374.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 374.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 374.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 334.60 149.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 334.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.50 334.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 334.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.50 334.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.50 334.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.50 334.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.50 334.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.50 334.60 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 334.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 334.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 334.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 334.60 53.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 467.6 m 262.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 467.6 m 266.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 467.6 m 319.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 467.6 m 323.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 467.6 m 383.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 467.6 m 387.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 467.6 m 440.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 467.6 m 444.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 467.6 m 504.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 467.6 m 508.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 467.6 m 561.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 467.6 m 262.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 454.6 m 262.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 467.6 m 266.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 454.6 m 266.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 467.6 m 319.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 454.6 m 319.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 467.6 m 323.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 467.6 m 383.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 454.6 m 383.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 467.6 m 387.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 383.5 454.6 m 387.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 467.6 m 440.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 454.6 m 440.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 467.6 m 444.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 467.6 m 504.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 454.6 m 504.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 467.6 m 508.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 454.6 m 508.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 467.6 m 561.5 467.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 454.6 m 561.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 417.6 m 262.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 417.6 m 319.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 417.6 m 383.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 417.6 m 440.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 417.6 m 504.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 417.6 m 561.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 319.6 m 262.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 305.6 m 262.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202.5 303.6 m 262.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 319.6 m 319.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 305.6 m 319.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266.5 303.6 m 319.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 319.6 m 383.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 305.6 m 383.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 303.6 m 383.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 319.6 m 440.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 305.6 m 440.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 303.6 m 440.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 319.6 m 504.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 305.6 m 504.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 303.6 m 504.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 319.6 m 561.5 319.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 305.6 m 561.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 303.6 m 561.5 303.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 472.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 338.10 471.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 458.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.50 458.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 373.70 458.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 494.50 458.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 421.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 214.00 445.83 Td (T) Tj ET Q q 0 0 0 rg BT 218.60 445.83 Td (arget OB) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 209.75 437.83 Td (Performance) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 220.50 429.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 236.80 429.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.75 421.83 Td (outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 278.05 429.83 Td (Accrued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.15 421.83 Td (expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 335.00 445.83 Td (T) Tj ET Q q 0 0 0 rg BT 339.60 445.83 Td (arget OB) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 330.75 437.83 Td (Performance) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 341.50 429.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 357.80 429.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 332.75 421.83 Td (outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.05 429.83 Td (Accrued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 400.15 421.83 Td (expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 456.00 445.83 Td (T) Tj ET Q q 0 0 0 rg BT 460.60 445.83 Td (arget OB) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.75 437.83 Td (Performance) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.50 429.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 478.80 429.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.75 421.83 Td (outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 520.05 429.83 Td (Accrued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.15 421.83 Td (expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 408.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.90 408.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 394.27 Td (Beginning of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 394.27 Td (642,667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.00 394.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.15 394.27 Td (9.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.60 394.27 Td (1,464,295) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.00 394.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.15 394.27 Td (18.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 394.27 Td (2,224,215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 394.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 394.27 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 379.27 Td (Payments and deferrals) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 151.30 383.80 Td (\(1\)\(2\)\(3\)\(4\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.80 379.27 Td (\(258,901) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 379.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.80 379.32 Td (\(7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.65 379.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.80 379.32 Td (\(936,150) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 379.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.80 379.32 Td (\(10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 379.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.80 379.32 Td (\(889,594) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 379.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 379.32 Td (\(4.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 379.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 364.27 Td (New awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 364.27 Td (181,290) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.65 364.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 364.27 Td (194,900) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 364.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 364.27 Td (270,691) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 364.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 349.27 Td (Forfeitures and net change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 339.27 Td (assumed forfeitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.80 339.27 Td (\(1,866) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.65 339.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.65 339.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.80 339.32 Td (\(80,378) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.65 339.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.80 339.32 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.65 339.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.80 339.32 Td (\(141,017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.65 339.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 339.32 Td (\(2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 339.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 324.27 Td (Expense \(Benefit\) recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.65 324.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.80 324.32 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.65 324.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.65 324.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.15 324.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.65 324.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 324.27 Td (10.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 309.27 Td (End of period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 309.27 Td (563,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.00 309.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.15 309.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.15 309.27 Td (642,667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.00 309.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.15 309.27 Td (9.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.60 309.27 Td (1,464,295) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.00 309.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 309.27 Td (18.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 295.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 285.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 280.50 Td (Performance share payments in 2012 for the 2009-201) Tj ET Q q 0 0 0 rg BT 281.12 280.50 Td (1 performance cycle were based upon a performance factor of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 268.50 Td (138.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.33 268.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 258.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 253.50 Td (Performance share payments in 201) Tj ET Q q 0 0 0 rg BT 206.42 253.50 Td (1 for the 2008-2010 performance cycle were based upon a performance factor of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.54 253.50 Td (68.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.37 253.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 243.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 238.50 Td (Performance share payments in 2010 for the 2007-2009 performance cycle were based upon a performance factor of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.91 238.50 Td (14.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.74 238.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 228.03 Td (\(4\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 223.50 Td (As a result of the sales of the commercial lines and personal lines businesses, payments were made to certain former ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 211.50 Td (employees of OneBeacon prior to the end of the performance cycle \(2008-2010, 2009-201) Tj ET Q q 0 0 0 rg BT 424.39 211.50 Td (1 and 2010-2012 performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 199.50 Td (cycles\) on a pro rata basis based upon a performance factor of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.94 199.50 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.27 199.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 9. Employee Shar) Tj ET Q q 0 0 0 rg BT 155.94 728.60 Td (e-Based Incentive Compensation Plans) Tj ET Q endstream endobj 281 0 obj <>] /Rotate 0 /Contents 282 0 R>> endobj 282 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The following summarizes performance shares outstanding and accrued performance share expense at December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 692.10 Td ( for each performance cycle:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 631.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 631.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 631.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 601.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 601.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 601.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 571.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 141.50 541.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 405.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 541.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 644.6 m 405.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 644.6 m 469.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 571.6 m 405.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 571.6 m 405.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 571.6 m 469.5 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 541.6 m 405.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 527.6 m 405.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 525.6 m 405.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 541.6 m 469.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 527.6 m 469.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 525.6 m 469.5 525.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.00 672.83 Td (T) Tj ET Q q 0 0 0 rg BT 361.60 672.83 Td (arget OB) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 352.75 664.83 Td (Performance) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.50 656.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 379.80 656.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.75 648.83 Td (outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.55 656.83 Td (Accrued) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.65 648.83 Td (expense) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 144.00 635.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.40 635.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 621.27 Td (Performance cycle:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.00 621.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 621.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 606.27 Td (2010-2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 606.27 Td (238,658) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 606.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 591.27 Td (201) Tj ET Q q 0 0 0 rg BT 164.63 591.27 Td (1-2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 591.27 Td (151,563) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 591.27 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 576.27 Td (2012-2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 576.27 Td (181,290) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 576.27 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.00 561.27 Td (Subtotal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 561.27 Td (571,511) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 561.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.00 546.27 Td (Assumed forfeitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.80 546.32 Td (\(8,321) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.65 546.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 531.27 Td (T) Tj ET Q q 0 0 0 rg BT 149.41 531.27 Td (otal at December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 531.27 Td (563,190) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.00 531.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.15 531.27 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 499.10 Td (If ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.16 499.10 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.49 499.10 Td ( of the outstanding performance shares had been vested on December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.66 499.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.66 499.10 Td (, the total additional compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (cost to be recognized would have been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.44 487.10 Td ($1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 256.33 487.10 Td (, based on current accrual factors \(common share price, accumulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (dividends and payout assumptions\) at December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 455.10 Td (All performance shares earned and paid for the 2010-2012, 2009-201) Tj ET Q q 0 0 0 rg BT 350.76 455.10 Td (1, 2008-2010 and 2007-2009 performance cycles ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (were settled in cash or by deferral into OneBeacon's deferred compensation plan.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (Stock Options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 403.10 Td (In November 2006, in connection with the initial public of) Tj ET Q q 0 0 0 rg BT 307.66 403.10 Td (fering, OneBeacon issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.18 403.10 Td (1,420,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.18 403.10 Td ( options to acquire ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (common shares of the Company at an above-market fixed exercise price to certain key employees as a one-time incentive. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.47 391.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 553.70 391.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (options remained outstanding as of December 31, 2012 as the options expired five and a half years from the anniversary of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 88.70 367.10 Td (The options vested in equal installments on each of the third, fourth and fifth anniversaries of their issuance. ) Tj ET Q q 0 0 0 rg BT 523.95 367.10 Td (The fair ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (value of each option award at grant date was estimated using a Black-Scholes option pricing model using an expected volatility ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (assumption of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 343.10 Td (30.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 134.72 343.10 Td (, a risk-free interest rate assumption of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.33 343.10 Td (4.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.16 343.10 Td (, a forfeiture assumption of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.24 343.10 Td (5.0%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.07 343.10 Td (, an expected dividend rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (assumption of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 331.10 Td (3.4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.72 331.10 Td ( and an expected term assumption of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.84 331.10 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.34 331.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 319.76 331.10 Td (The options originally had a per share exercise price of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td ($30.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.50 319.10 Td (. On May27, 2008, the Compensation Committee adjusted the exercise price to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.54 319.10 Td ($27.97) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.04 319.10 Td ( as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.57 319.10 Td ($2.03) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.07 319.10 Td ( per share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (special dividend paid in the first quarter of 2008. On November16, 2010, the Compensation Committee adjusted the exercise ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (price to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.76 295.10 Td ($25.47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 295.10 Td ( as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.80 295.10 Td ($2.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.30 295.10 Td ( per share special dividend paid in the third quarter of 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 275.10 Td (The compensation expense associated with the options and the incremental fair value of the award modifications was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (recognized ratably over the vesting period. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.54 263.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.77 263.10 Td ( expense was recognized for the year ended December 31, 2012, as the options ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (were fully vested prior to 2012. ) Tj ET Q q 0 0 0 rg BT 178.40 251.10 Td (The Company recognized compensation expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.77 251.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.67 251.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.10 251.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.00 251.10 Td ( in connection ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (with these options during the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 291.79 239.10 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 388.89 239.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 9. Employee Shar) Tj ET Q q 0 0 0 rg BT 155.94 728.60 Td (e-Based Incentive Compensation Plans) Tj ET Q endstream endobj 283 0 obj <>] /Rotate 0 /Contents 284 0 R>> endobj 284 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 49) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The following summarizes option activity for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 421.31 704.10 Td (1 and 2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 624.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 624.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 624.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 624.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 624.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 624.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 624.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 624.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 594.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 594.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 594.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 594.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 594.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 594.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 594.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 594.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 564.60 125.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 176.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 180.00 564.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 244.00 564.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 564.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 564.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 564.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 564.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 679.6 m 240 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 679.6 m 244 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 679.6 m 304 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 679.6 m 308 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 679.6 m 368 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 679.6 m 372 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 679.6 m 432 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432 679.6 m 436 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 679.6 m 496 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 679.6 m 500 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 679.6 m 560 679.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 666.6 m 240 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240 666.6 m 244 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 666.6 m 304 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 666.6 m 368 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 368 666.6 m 372 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 666.6 m 432 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 666.6 m 496 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 666.6 m 500 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 666.6 m 560 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 637.6 m 240 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 666.6 m 304 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 637.6 m 304 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 637.6 m 368 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 666.6 m 432 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 637.6 m 432 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 637.6 m 496 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 666.6 m 560 666.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 637.6 m 560 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 564.6 m 240 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 564.6 m 368 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 564.6 m 496 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 564.6 m 560 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 564.6 m 240 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 550.6 m 240 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 180 548.6 m 240 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 564.6 m 304 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 550.6 m 304 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 244 548.6 m 304 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 564.6 m 368 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 550.6 m 368 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 308 548.6 m 368 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 564.6 m 432 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 550.6 m 432 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 548.6 m 432 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 564.6 m 496 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 550.6 m 496 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 548.6 m 496 548.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 564.6 m 560 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 550.6 m 560 550.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 548.6 m 560 548.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.50 684.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.10 683.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 670.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 233.50 670.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.70 670.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.50 670.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 641.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 198.30 657.83 Td (T) Tj ET Q q 0 0 0 rg BT 202.90 657.83 Td (arget) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 197.05 649.83 Td (options) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 189.25 641.83 Td (outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 259.25 649.83 Td (Expense ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 255.10 641.83 Td (r) Tj ET Q q 0 0 0 rg BT 258.51 641.83 Td (ecognized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.30 657.83 Td (T) Tj ET Q q 0 0 0 rg BT 330.90 657.83 Td (arget) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 325.05 649.83 Td (options) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.25 641.83 Td (outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.25 649.83 Td (Expense ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 383.10 641.83 Td (r) Tj ET Q q 0 0 0 rg BT 386.51 641.83 Td (ecognized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.30 657.83 Td (T) Tj ET Q q 0 0 0 rg BT 458.90 657.83 Td (arget) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.05 649.83 Td (options) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 445.25 641.83 Td (outstanding) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.25 649.83 Td (Expense ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.10 641.83 Td (r) Tj ET Q q 0 0 0 rg BT 514.51 641.83 Td (ecognized) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.50 628.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 345.90 628.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 614.27 Td (Beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.65 614.27 Td (740,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 614.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 614.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 614.27 Td (768,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 614.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 614.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.10 614.27 Td (1,015,610) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 614.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 614.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 599.27 Td (Forfeitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 599.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 599.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.30 599.32 Td (\(27,782) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 599.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 599.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.30 599.32 Td (\(37,044) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 599.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 599.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 584.27 Td (V) Tj ET Q q 0 0 0 rg BT 65.61 584.27 Td (ested and expired) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 135.58 588.80 Td (\(1\)\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.30 584.27 Td (\(740,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.15 584.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 584.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 584.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.15 584.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.30 584.32 Td (\(209,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 584.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 546.15 584.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 569.27 Td (Expense recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 569.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 569.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.15 569.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 569.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.15 569.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 569.27 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 554.27 Td (End of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.15 554.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.50 554.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.15 554.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 554.27 Td (740,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.50 554.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.65 554.27 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.65 554.27 Td (768,652) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.50 554.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 543.65 554.27 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 540.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 54.50 530.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 525.50 Td (During the year ended December31, 2012, the remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.97 525.50 Td (740,870) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.47 525.50 Td ( options expired unexercised.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 54.50 515.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 510.50 Td (During the year ended December31, 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.21 510.50 Td (209,914) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.71 510.50 Td ( options that vested as a result of the Commercial Lines ) Tj ET Q q 0 0 0 rg BT 500.20 510.50 Td (T) Tj ET Q q 0 0 0 rg BT 505.96 510.50 Td (ransaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 498.50 Td (and Personal Lines ) Tj ET Q q 0 0 0 rg BT 146.41 498.50 Td (T) Tj ET Q q 0 0 0 rg BT 152.17 498.50 Td (ransaction expired unexercised.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 470.50 Td (Restricted Stock Units) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 450.50 Td (The options granted in connection OneBeacon's initial public of) Tj ET Q q 0 0 0 rg BT 329.44 450.50 Td (fering did not include a mechanism in the options to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 438.50 Td (reflect the contribution to total return from the regular quarterly dividend. ) Tj ET Q q 0 0 0 rg BT 346.57 438.50 Td (As a result, during the first quarter of 2008, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 426.50 Td (OneBeacon granted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.63 426.50 Td (1) Tj ET Q q 0 0 0 rg BT 136.26 426.50 Td (16,270) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.76 426.50 Td ( Restricted Stock Units \("RSUs"\) to actively employed option holders. ) Tj ET Q q 0 0 0 rg BT 448.10 426.50 Td (The RSUs were scheduled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 414.50 Td (to vest ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 414.50 Td (one-third) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 115.54 414.50 Td ( on each of November9, 2009, 2010 and 201) Tj ET Q q 0 0 0 rg BT 295.96 414.50 Td (1 subject to, for each vesting tranche of units, the attainment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 402.50 Td (4%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.33 402.50 Td ( growth in adjusted book value per share from January1, 2008 through the end of the calendar year immediately following ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 390.50 Td (the applicable vesting date.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 370.50 Td (All ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.28 370.50 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.26 370.50 Td ( tranches of RSUs vested and were deferred into the non-qualified deferred compensation in 201) Tj ET Q q 0 0 0 rg BT 494.87 370.50 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.50 Td (distributed in May 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 338.50 Td (The expense associated with the RSUs was recognized ratably over the vesting period. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.78 338.50 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.01 338.50 Td ( expense was recognized for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.50 Td (the year ended December 31, 2012, as the RSUs were fully vested in 201) Tj ET Q q 0 0 0 rg BT 342.05 326.50 Td (1. For the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 506.34 326.50 Td (1 and 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.50 Td (OneBeacon recognized expense of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.04 314.50 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.94 314.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.38 314.50 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.27 314.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 360.93 314.50 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 294.50 Td (Restricted Shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 274.50 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 274.50 Td (On March 1, 2012, OneBeacon issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.97 274.50 Td (300,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.47 274.50 Td ( shares of restricted stock to certain employees that vest in equal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 262.50 Td (installments on February 28, 2014 and 2015. On May25, 201) Tj ET Q q 0 0 0 rg BT 296.55 262.50 Td (1, OneBeacon issued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.19 262.50 Td (630,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.69 262.50 Td ( shares of restricted stock to its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 250.50 Td (CEO that vest in equal installments on February22, 2014, 2015, 2016 and 2017. Concurrently with the 201) Tj ET Q q 0 0 0 rg BT 479.29 250.50 Td (1 grant of restricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 238.50 Td (stock, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.11 238.50 Td (35,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.61 238.50 Td ( performance shares issued to the CEO for the 201) Tj ET Q q 0 0 0 rg BT 305.12 238.50 Td (1-2013 performance share cycle were forfeited. Performance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 226.50 Td (share awards to the CEO for each of the next five years are being reduced by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.87 226.50 Td (35,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.37 226.50 Td ( shares. ) Tj ET Q q 0 0 0 rg BT 419.68 226.50 Td (The restricted shares contain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 214.50 Td (dividend participation features, and therefore, are considered participating securities. ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 9. Employee Shar) Tj ET Q q 0 0 0 rg BT 155.94 728.60 Td (e-Based Incentive Compensation Plans) Tj ET Q endstream endobj 285 0 obj <>] /Rotate 0 /Contents 286 0 R>> endobj 286 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The following summarizes restricted shares activity for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 460.45 704.10 Td (1 and 2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 616.60 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 616.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 616.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 616.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 616.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 616.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 616.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 586.60 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 586.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 586.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 586.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 586.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 586.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 586.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 556.60 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 177.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 556.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 556.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 556.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 556.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 556.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 556.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 671.6 m 241.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 671.6 m 245.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 671.6 m 305.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 671.6 m 309.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 671.6 m 369.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 671.6 m 373.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 671.6 m 433.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 671.6 m 437.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 671.6 m 497.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 671.6 m 501.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 671.6 m 561.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 658.6 m 241.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241.5 658.6 m 245.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 658.6 m 305.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 658.6 m 369.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 658.6 m 373.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 658.6 m 433.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 658.6 m 497.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 658.6 m 501.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 658.6 m 561.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 629.6 m 241.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 629.6 m 305.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 658.6 m 369.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 629.6 m 369.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 658.6 m 433.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 629.6 m 433.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 658.6 m 497.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 629.6 m 497.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 658.6 m 561.5 658.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 629.6 m 561.5 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 541.6 m 241.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 541.6 m 305.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 541.6 m 369.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 541.6 m 433.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 541.6 m 497.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 541.6 m 561.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 541.6 m 241.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 527.6 m 241.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 525.6 m 241.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 541.6 m 305.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 527.6 m 305.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 525.6 m 305.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 541.6 m 369.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 527.6 m 369.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 525.6 m 369.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 541.6 m 433.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 527.6 m 433.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 525.6 m 433.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 541.6 m 497.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 527.6 m 497.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 525.6 m 497.5 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 541.6 m 561.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 527.6 m 561.5 527.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 525.6 m 561.5 525.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 676.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.60 675.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 662.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 235.00 662.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.20 662.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 491.00 662.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 633.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 193.45 641.83 Td (Restricted ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 199.50 633.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 215.80 633.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 252.55 649.83 Td (Unamortized ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 249.05 641.83 Td (Issue Date Fair) Tj ET Q q 0 0 0 rg BT 300.90 641.83 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 265.35 633.83 Td (V) Tj ET Q q 0 0 0 rg BT 270.39 633.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.45 641.83 Td (Restricted ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 327.50 633.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 343.80 633.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 380.55 649.83 Td (Unamortized ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 377.05 641.83 Td (Issue Date Fair) Tj ET Q q 0 0 0 rg BT 428.90 641.83 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 393.35 633.83 Td (V) Tj ET Q q 0 0 0 rg BT 398.39 633.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.45 641.83 Td (Restricted ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 455.50 633.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 471.80 633.83 Td (es) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.55 649.83 Td (Unamortized ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.05 641.83 Td (Issue Date Fair) Tj ET Q q 0 0 0 rg BT 556.90 641.83 Td ( ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 521.35 633.83 Td (V) Tj ET Q q 0 0 0 rg BT 526.39 633.83 Td (alue) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 620.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.40 620.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 606.27 Td (Beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.15 606.27 Td (630,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.00 606.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.15 606.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 606.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 606.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 591.27 Td (New awards) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.15 591.27 Td (300,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.15 591.27 Td (4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 591.27 Td (630,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 591.27 Td (8.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 591.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 591.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 576.27 Td (Forfeitures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.80 576.27 Td (\(2,333) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.65 576.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 561.27 Td (V) Tj ET Q q 0 0 0 rg BT 64.11 561.27 Td (ested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.30 561.27 Td (\(667) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.65 561.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 546.27 Td (Expense recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.80 546.27 Td (\(2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.65 546.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 546.32 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 546.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 531.27 Td (End of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.15 531.27 Td (927,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.00 531.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.15 531.27 Td (9.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.15 531.27 Td (630,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 531.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 531.27 Td (7.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 531.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 531.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.65 531.27 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 499.10 Td (At December31, 2012, the Company had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.63 499.10 Td (927,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.13 499.10 Td ( unvested restricted shares. During the years ended December31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (and 201) Tj ET Q q 0 0 0 rg BT 81.57 487.10 Td (1, OneBeacon recognized expense for restricted shares of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.96 487.10 Td ($2.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.86 487.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.29 487.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.19 487.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 483.85 487.10 Td (. ) Tj ET Q q 0 0 0 rg BT 488.30 487.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 162.65 475.10 Td (1, the unrecognized compensation cost associated with the outstanding restricted share awards was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td ($9.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 463.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.33 463.10 Td ($7.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.22 463.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 219.88 463.10 Td (, to be recognized ratably over the remaining vesting periods.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 443.10 Td (Other Share-Based Compensation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 423.10 Td (OneBeacon sponsors a defined contribution plan, the OneBeacon 401\(k\) Savings and Employee Stock Ownership Plan ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (\("KSOP"\). Under the KSOP) Tj ET Q q 0 0 0 rg BT 162.06 411.10 Td (, participants have the ability to invest their balances in several dif) Tj ET Q q 0 0 0 rg BT 426.79 411.10 Td (ferent investment options, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (including the common shares of ) Tj ET Q q 0 0 0 rg BT 180.63 399.10 Td (White Mountains and the common shares of the Company) Tj ET Q q 0 0 0 rg BT 413.26 399.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 379.10 Td (The employee stock ownership component of the KSOP) Tj ET Q q 0 0 0 rg BT 298.86 379.10 Td ( provides all participants with an annual base contribution in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (common shares of the Company equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.35 367.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.68 367.10 Td ( of their salary) Tj ET Q q 0 0 0 rg BT 287.07 367.10 Td (, up to the applicable Social Security wage base \(or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 367.10 Td ($1) Tj ET Q q 0 0 0 rg BT 504.13 367.10 Td (10,100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.63 367.10 Td ( with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (respect to 2012\). ) Tj ET Q q 0 0 0 rg BT 118.87 355.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 168.77 355.10 Td (, those participants not otherwise eligible to receive certain other Company benefits can earn a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (variable contribution up to an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.29 343.10 Td (6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.62 343.10 Td ( of their salary) Tj ET Q q 0 0 0 rg BT 284.00 343.10 Td (, capped at the annual covered compensation limits \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.21 343.10 Td ($250,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.71 343.10 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (2012\), contingent upon OneBeacon's performance. ) Tj ET Q q 0 0 0 rg BT 255.72 331.10 Td (The variable contribution amounts for eligible participants constituted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 319.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.59 319.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.59 319.10 Td (2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.92 319.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.36 319.10 Td (1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 174.69 319.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 227.35 319.10 Td (, of salary for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 446.62 319.10 Td (1 and 2010. OneBeacon has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.48 307.10 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.37 307.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.37 307.10 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.26 307.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.70 307.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.59 307.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 311.25 307.10 Td (, in compensation expense to pay benefits and allocate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (common shares to participants' accounts for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 390.77 295.10 Td (1 and 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 275.10 Td (As of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 211.09 275.10 Td (1, the KSOP) Tj ET Q q 0 0 0 rg BT 261.01 275.10 Td ( owned less than ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.88 275.10 Td (3%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.21 275.10 Td ( of either of the total ) Tj ET Q q 0 0 0 rg BT 427.45 275.10 Td (White Mountains common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (shares outstanding or the total Company common shares outstanding. ) Tj ET Q q 0 0 0 rg BT 329.96 263.10 Td (All common shares held by the KSOP) Tj ET Q q 0 0 0 rg BT 482.35 263.10 Td ( are considered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (outstanding for earnings \(loss\) per share computations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 231.10 Td (As of December31, 2012, the Company has no outstanding share appreciation rights.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (NOTE 10. Common Shar) Tj ET Q q 0 0 0 rg BT 157.66 204.25 Td (eholders' Equity) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (Common Shar) Tj ET Q q 0 0 0 rg BT 106.63 184.25 Td (es Repur) Tj ET Q q 0 0 0 rg BT 141.53 184.25 Td (chased and Retir) Tj ET Q q 0 0 0 rg BT 208.92 184.25 Td (ed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 164.25 Td (On ) Tj ET Q q 0 0 0 rg BT 87.67 164.25 Td (August22, 2007, the Company's Board authorized the repurchase of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.63 164.25 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.52 164.25 Td ( of its Class) Tj ET Q q 0 0 0 rg BT 494.42 164.25 Td (A) Tj ET Q q 0 0 0 rg BT 501.09 164.25 Td ( common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (shares from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (negotiated transactions. ) Tj ET Q q 0 0 0 rg BT 146.23 140.25 Td (This authorization does not have a stated expiration date. During the year ended December31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (and 201) Tj ET Q q 0 0 0 rg BT 81.07 128.25 Td (1, no shares were repurchased. During the year ended December31, 2010, the Company repurchased and retired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.95 128.25 Td (0.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 116.25 Td ( of its Class) Tj ET Q q 0 0 0 rg BT 127.29 116.25 Td (A) Tj ET Q q 0 0 0 rg BT 133.96 116.25 Td ( common shares under this authorization for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.08 116.25 Td ($10.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.97 116.25 Td (. ) Tj ET Q q 0 0 0 rg BT 371.79 116.25 Td (The average cost per share repurchased was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td ($14.42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 104.25 Td (. See Note18 for discussion regarding the share repurchase authorization.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (Dividends on Common Shar) Tj ET Q q 0 0 0 rg BT 162.18 84.25 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 64.25 Td (During the year ended December 31, 2012, the Company declared and paid cash dividends totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.54 64.25 Td ($80.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.43 64.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 52.25 Td ($0.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 52.25 Td ( per common share. During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 318.21 52.25 Td (1, the Company declared and paid cash dividends totaling ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 9. Employee Shar) Tj ET Q q 0 0 0 rg BT 155.94 728.60 Td (e-Based Incentive Compensation Plans) Tj ET Q endstream endobj 287 0 obj <>] /Rotate 0 /Contents 288 0 R>> endobj 288 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 51) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td ($174.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.39 704.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.22 704.10 Td ($1.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.72 704.10 Td ( per common share, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.36 704.10 Td ($79.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.25 704.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.08 704.10 Td ($0.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.58 704.10 Td ( per common share, of regular quarterly cash ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (dividends and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 107.83 692.10 Td ($95.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 161.72 692.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.55 692.10 Td ($1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 200.05 692.10 Td ( per common share, of a special dividend. During the year ended December31, 2010, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (Company declared and paid cash dividends totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.61 680.10 Td ($315.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.50 680.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.33 680.10 Td ($3.34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.83 680.10 Td ( per common share, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.47 680.10 Td ($79.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.36 680.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td ($0.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 668.10 Td ( per common share, of regular quarterly cash dividends and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.20 668.10 Td ($236.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.09 668.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.92 668.10 Td ($2.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.42 668.10 Td ( per common share, of a special ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (dividend. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (Accumulated Other Compr) Tj ET Q q 0 0 0 rg BT 157.44 636.10 Td (ehensive Income \(Loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 616.10 Td (For the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 252.80 616.10 Td (1 and 2010, OneBeacon recorded changes to accumulated other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 604.10 Td (comprehensive income \(loss\) for net increases \(decreases\) in net benefit plan assets and obligations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.19 604.10 Td ($\(2.9\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.75 604.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.75 604.10 Td ($\(1) Tj ET Q q 0 0 0 rg BT 533.70 604.10 Td (1.2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 592.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 592.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 83.39 592.10 Td ($5.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 132.28 592.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 184.94 592.10 Td (, which were net of tax benefit \(expense\) of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.54 592.10 Td ($1.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.43 592.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.43 592.10 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.32 592.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.76 592.10 Td ($\(3.1\) million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.31 592.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 580.10 Td (. See Note8.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 553.25 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 85.29 553.25 Td (1. Statutory Capital and Surplus) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 533.25 Td (OneBeacon's insurance operations are subject to regulation and supervision in each of the jurisdictions where they are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 Td (domiciled and licensed to conduct business. Generally) Tj ET Q q 0 0 0 rg BT 266.79 521.25 Td (, regulatory authorities have broad supervisory and administrative powers ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (over such matters as licenses, standards of solvency) Tj ET Q q 0 0 0 rg BT 256.51 509.25 Td (, premium rates, policy forms, investments, security deposits, methods of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (accounting, form and content of financial statements, reserves for unpaid loss and LAE, reinsurance, minimum capital and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (surplus requirements, dividends and other distributions to shareholders, periodic examinations and annual and other report ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (filings. In general, such regulation is for the protection of policyholders rather than shareholders. Most states have implemented ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (laws that establish standards for current, as well as continued, state accreditation. In addition, the National ) Tj ET Q q 0 0 0 rg BT 476.54 461.25 Td (Association of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (Insurance Commissioners uses risk-based capital \("RBC"\) standards for property and casualty insurers as a means of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (monitoring certain aspects af) Tj ET Q q 0 0 0 rg BT 165.61 437.25 Td (fecting the overall financial condition of insurance companies. ) Tj ET Q q 0 0 0 rg BT 417.47 437.25 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.97 437.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.55 437.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 425.25 Td (OneBeacon's active insurance operating subsidiaries met their respective RBC requirements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 405.25 Td (OneBeacon's combined policyholders' surplus as reported to various regulatory authorities as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.23 405.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.81 405.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 393.25 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 393.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.63 393.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.18 393.25 Td ($0.9 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.29 393.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.73 393.25 Td ($1.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.85 393.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 254.51 393.25 Td (. OneBeacon's combined statutory net income for the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 381.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 381.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.58 381.25 Td (201) Tj ET Q q 0 0 0 rg BT 148.21 381.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.21 381.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.65 381.25 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.65 381.25 Td ( was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.20 381.25 Td ($82.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.09 381.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.09 381.25 Td ($1) Tj ET Q q 0 0 0 rg BT 281.72 381.25 Td (19.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.62 381.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.05 381.25 Td ($257.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.95 381.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 461.61 381.25 Td (. ) Tj ET Q q 0 0 0 rg BT 466.43 381.25 Td (The principal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 369.25 Td (ferences between OneBeacon's combined statutory amounts and the amounts reported in accordance with GAAP) Tj ET Q q 0 0 0 rg BT 511.93 369.25 Td ( include ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (deferred acquisition costs, deferred taxes and market value adjustments for debt securities. OneBeacon's insurance subsidiaries' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (statutory policyholders' surplus at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.34 345.25 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.92 345.25 Td ( was in excess of the minimum requirements of relevant state insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 Td (regulations.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (Dividend Capacity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 293.25 Td (Under the insurance laws of the states and jurisdictions under which OneBeacon's operating subsidiaries are domiciled, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 281.25 Td (an insurer is restricted with respect to the timing or the amount of dividends it may pay without prior approval by regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 269.25 Td (authorities. ) Tj ET Q q 0 0 0 rg BT 96.66 269.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 146.00 269.25 Td (, there can be no assurance regarding the amount of such dividends that may be paid by such ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 257.25 Td (subsidiaries in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 237.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 111.27 237.25 Td (, OneBeacon's top tier regulated insurance operating subsidiaries have the ability to pay dividends during any ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 225.25 Td (12-month period without the prior approval of regulatory authorities in an amount set by formula based on the greater of prior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 213.25 Td (year statutory net income or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.68 213.25 Td (10%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.01 213.25 Td ( of prior year end statutory surplus, subject to the availability of unassigned funds. OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 201.25 Td (Insurance Company \("OBIC"\), OneBeacon's primary top tier regulated insurance operating subsidiary) Tj ET Q q 0 0 0 rg BT 457.81 201.25 Td (, has the ability to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td ($329.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 189.25 Td ( of dividends during 2013 without prior approval of regulatory authorities, subject to the availability of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (unassigned funds. ) Tj ET Q q 0 0 0 rg BT 123.98 177.25 Td (The amount of dividends available to be paid by OBIC in any given year is also subject to cash flow and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 165.25 Td (earnings generated by OBIC's business, which now just comprises the Runof) Tj ET Q q 0 0 0 rg BT 357.41 165.25 Td (f Business, as well as to dividends received from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td (its subsidiaries, including ) Tj ET Q q 0 0 0 rg BT 153.89 153.25 Td (Atlantic Specialty Insurance Company \("ASIC"\). ) Tj ET Q q 0 0 0 rg BT 353.12 153.25 Td (At December 31, 2012, OBIC had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.53 153.25 Td ($0.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 538.65 153.25 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 141.25 Td (unassigned funds and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.60 141.25 Td ($0.9 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.71 141.25 Td ( of statutory surplus.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 121.25 Td (As disclosed in Note 2, during the fourth quarter of 2012, OneBeacon executed various intercompany reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (agreements which, along with other internal capital transactions among its insurance operating subsidiaries, resulted in ) Tj ET Q q 0 0 0 rg BT 526.81 109.25 Td (ASIC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 97.25 Td (becoming the lead insurance company for the ongoing specialty business and OBIC becoming the lead insurance company for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 85.25 Td (the Runof) Tj ET Q q 0 0 0 rg BT 89.54 85.25 Td (f Business. ) Tj ET Q q 0 0 0 rg BT 135.38 85.25 Td (As a result of the internal restructuring transactions, OBIC's 2012 statutory net income was significantly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 73.25 Td (higher than that of OneBeacon's consolidated combined statutory net income as statutory net losses at lower) Tj ET Q q 0 0 0 rg BT 481.77 73.25 Td (-tiered subsidiaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 61.25 Td (more than of) Tj ET Q q 0 0 0 rg BT 100.91 61.25 Td (fset the income recorded at OBIC. Notwithstanding these restructuring transactions, OneBeacon continues to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.25 Td (manage its statutory capital on a combined basis. ) Tj ET Q q 0 0 0 rg BT 248.01 49.25 Td (Although OBIC remains a top tier regulated insurance operating subsidiary ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 289 0 obj <>] /Rotate 0 /Contents 290 0 R>> endobj 290 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 52) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (and maintains suf) Tj ET Q q 0 0 0 rg BT 120.36 704.10 Td (ficient statutory capital to support the Runof) Tj ET Q q 0 0 0 rg BT 297.36 704.10 Td (f Business, the majority of the group's statutory capital is now ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (included in ) Tj ET Q q 0 0 0 rg BT 96.66 692.10 Td (ASIC to support the ongoing specialty business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 672.10 Td (ASIC has the ability to pay dividends during any 12-month period without the prior approval of regulatory authorities in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (an amount set by formula based on the lesser of net investment income, as defined by statute, or 10% of statutory surplus, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (both cases as most recently reported to regulatory authorities, subject to the availability of earned surplus. Given the changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (structure noted above, ) Tj ET Q q 0 0 0 rg BT 140.53 636.10 Td (ASIC will likely require prior approval by regulatory authorities in order to pay dividends until it builds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (up a historical net investment income stream and earned surplus balance under its new structure. ) Tj ET Q q 0 0 0 rg BT 437.66 624.10 Td (At December 31, 2012, ) Tj ET Q q 0 0 0 rg BT 533.19 624.10 Td (ASIC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (had negative earned surplus and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.79 612.10 Td ($0.7 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.90 612.10 Td ( of statutory surplus. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 592.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.13 592.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.71 592.10 Td (, OneBeacon's top tier regulated insurance operating subsidiaries distributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td ($173.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 580.10 Td ( to their immediate parent, representing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.11 580.10 Td ($1) Tj ET Q q 0 0 0 rg BT 278.74 580.10 Td (14.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.63 580.10 Td ( of dividends, which included the distribution of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (regulated insurance subsidiary with a value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.33 568.10 Td ($34.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.22 568.10 Td (, and a return of capital to OneBeacon LLC of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.09 568.10 Td ($58.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.99 568.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.63 556.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 214.84 556.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 219.84 556.10 Td (, OneBeacon's top tier regulated operating subsidiaries distributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.74 556.10 Td ($150.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.63 556.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (extraordinary dividends to OneBeaconLLC. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.69 544.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.27 544.10 Td (, OneBeacon's top tier regulated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (operating subsidiaries distributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.25 532.10 Td ($776.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.15 532.10 Td ( of dividends, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.64 532.10 Td ($71.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.53 532.10 Td ( of ordinary dividends, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.12 532.10 Td ($535.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.01 532.10 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (extraordinary dividends and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.69 520.10 Td ($170.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.58 520.10 Td ( representing return of capital to OneBeaconLLC. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 500.10 Td (During the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.02 500.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.61 500.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.61 500.10 Td (201) Tj ET Q q 0 0 0 rg BT 266.24 500.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.24 500.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.67 500.10 Td (2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.67 500.10 Td (, OneBeacon's unregulated insurance operating subsidiaries ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 69.72 488.10 Td ($4.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 118.61 488.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.61 488.10 Td ($4.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 172.50 488.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.94 488.10 Td ($8.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.83 488.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 293.49 488.10 Td (, of dividends to their immediate parent. ) Tj ET Q q 0 0 0 rg BT 455.95 488.10 Td (At December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (OneBeacon's unregulated insurance operating subsidiaries had approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.53 476.10 Td ($28.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.43 476.10 Td ( of net unrestricted cash, short-term ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (investments and fixed maturity investments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 447.10 Td (As described in Note10, during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.55 447.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.14 447.10 Td (, the Company declared and paid dividends totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td ($80.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 103.89 435.10 Td ( of regular quarterly dividends to its common shareholders. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.91 435.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 508.12 435.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.12 435.10 Td (, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (Company declared and paid dividends totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.84 423.10 Td ($174.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.73 423.10 Td (, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.01 423.10 Td ($79.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.90 423.10 Td ( of regular quarterly dividends and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.96 423.10 Td ($95.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 411.10 Td ( of a special dividend. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.05 411.10 Td (December31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.63 411.10 Td (, the Company declared and paid dividends totaling ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td ($315.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.89 399.10 Td (, including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.17 399.10 Td ($79.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.06 399.10 Td ( of regular quarterly dividends and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.12 399.10 Td ($236.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.01 399.10 Td ( of a special dividend. See Note21 for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (further information regarding dividends.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 367.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.00 367.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.58 367.10 Td (, OneBeacon Ltd. and it's intermediate holding companies had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.04 367.10 Td ($272.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.93 367.10 Td ( of net unrestricted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (cash, short-term investments and fixed maturity investments and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.78 355.10 Td ($33.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.67 355.10 Td ( of common equity securities and convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (fixed maturity investments outside of its regulated and unregulated insurance operating subsidiaries. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (NOTE 12. Segment Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 296.25 Td (As a result of recent transactions \(including the Runof) Tj ET Q q 0 0 0 rg BT 288.93 296.25 Td (f ) Tj ET Q q 0 0 0 rg BT 294.58 296.25 Td (T) Tj ET Q q 0 0 0 rg BT 300.33 296.25 Td (ransaction, ) Tj ET Q q 0 0 0 rg BT 345.87 296.25 Td (AutoOne sale and agreement to sell Essentia\), the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (Company revised its reporting segment structure in the fourth quarter of 2012 into Specialty Products, Specialty Industries and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.25 Td (Investing, Financing and Corporate. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 255.25 Td (The Company has thirteen underwriting operating segments which are managed by the chief operating decision maker ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 243.25 Td (and are aggregated into two underwriting reportable segments. ) Tj ET Q q 0 0 0 rg BT 302.79 243.25 Td (The two underwriting reportable segments were determined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 231.25 Td (based on the nature of products or services, the production process, method of distribution and the nature of the regulatory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 219.25 Td (environment. ) Tj ET Q q 0 0 0 rg BT 105.36 219.25 Td (The principal dif) Tj ET Q q 0 0 0 rg BT 172.38 219.25 Td (ference between the reportable segments is the type or class of customer) Tj ET Q q 0 0 0 rg BT 460.88 219.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 199.25 Td (The Specialty Products segment is comprised of seven underwriting operating segments representing an aggregation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (based on those that of) Tj ET Q q 0 0 0 rg BT 137.02 187.25 Td (fer distinct products and tailored coverages and services to a broad customer base across the United ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (States. ) Tj ET Q q 0 0 0 rg BT 78.71 175.25 Td (The Specialty Products segment includes the Professional Insurance, Specialty Property) Tj ET Q q 0 0 0 rg BT 429.64 175.25 Td (, Excess and Surplus, ) Tj ET Q q 0 0 0 rg BT 517.23 175.25 Td (T) Tj ET Q q 0 0 0 rg BT 522.98 175.25 Td (uition ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (Reimbursement, Programs, Surety) Tj ET Q q 0 0 0 rg BT 187.11 163.25 Td (, and Collector Cars and Boats underwriting operating segments. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 143.25 Td (The Specialty Industries segment is comprised of six underwriting operating segments representing an aggregation based ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 131.25 Td (on those that focus on solving the unique needs of a particular customer or industry group. ) Tj ET Q q 0 0 0 rg BT 413.91 131.25 Td (The Specialty Industries segment ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (includes the International Marine Underwriters, ) Tj ET Q q 0 0 0 rg BT 243.09 119.25 Td (T) Tj ET Q q 0 0 0 rg BT 248.50 119.25 Td (echnology) Tj ET Q q 0 0 0 rg BT 289.50 119.25 Td (, ) Tj ET Q q 0 0 0 rg BT 293.95 119.25 Td (Accident, Government Risks, Entertainment, and Ener) Tj ET Q q 0 0 0 rg BT 512.04 119.25 Td (gy ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 107.25 Td (underwriting operating segments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 87.25 Td (The Investing, Financing and Corporate segment includes the investing and financing activities for OneBeacon on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.25 Td (consolidated basis, and certain other activities conducted through the Company and its intermediate subsidiaries, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 63.25 Td (operations associated with personal lines business that it sold in 2010 \(see Note 2"Acquisitions and Dispositions"\). ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 85.29 728.60 Td (1. Statutory Capital and Surplus) Tj ET Q endstream endobj 291 0 obj <>] /Rotate 0 /Contents 292 0 R>> endobj 292 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 53) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (Previously) Tj ET Q q 0 0 0 rg BT 116.13 704.10 Td (, the Company reported its insurance operations through a Specialty Insurance Operations segment and an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (Other Insurance Operations segment. ) Tj ET Q q 0 0 0 rg BT 201.16 692.10 Td (The former Specialty Insurance Operations segment was comprised of twelve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (underwriting operating segments that were aggregated into a single reportable segment, with supplemental disclosures of three ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (major underwriting units for financial reporting: MGA) Tj ET Q q 0 0 0 rg BT 268.29 668.10 Td ( Business, Specialty Industries and Specialty Products. ) Tj ET Q q 0 0 0 rg BT 489.47 668.10 Td (The former Other ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (Insurance Operations segment consisted of substantially all operations classified as discontinued operations as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (2012, including ) Tj ET Q q 0 0 0 rg BT 114.72 644.10 Td (AutoOne, other run-of) Tj ET Q q 0 0 0 rg BT 204.24 644.10 Td (f business, and certain purchase accounting adjustments relating to the run-of) Tj ET Q q 0 0 0 rg BT 513.13 644.10 Td (f business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (resulting from the OneBeacon ) Tj ET Q q 0 0 0 rg BT 172.74 632.10 Td (Acquisition. Prior periods have been reclassified to conform to the current presentation. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 612.10 Td (Invested assets are not allocated to the Specialty Products and Specialty Industries segments since OneBeacon does not ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (manage its assets by segment. Invested assets, net investment income and net realized and unrealized investment gains \(losses\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (related to OneBeacon's Specialty Products and Specialty Industries segments are included in the Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (Corporate segment since these assets are available for payment of losses and expenses for all segments. Debt and the related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (interest expense on debt also are not allocated to or managed by segment and are also included in the Investing, Financing and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (Corporate segment.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 12. Segment Information) Tj ET Q endstream endobj 293 0 obj <>] /Rotate 0 /Contents 294 0 R>> endobj 294 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 54) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (Financial information for OneBeacon's reportable segments is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 644.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 644.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 644.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 644.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 644.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 616.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 616.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 616.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 616.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 616.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 588.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 588.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 588.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 588.60 4.00 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 560.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 532.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 532.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 532.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 532.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 532.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 504.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 504.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 504.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 504.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 504.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 504.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 504.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 504.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 504.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 475.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 475.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 475.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 475.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 475.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 475.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 475.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 475.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 475.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 447.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 447.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 447.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 447.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 447.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 447.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 447.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 447.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 447.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 419.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 419.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 391.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 391.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 363.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 363.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 363.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 363.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 363.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 363.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 363.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 363.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 363.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 335.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 335.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 335.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 335.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 335.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 335.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 335.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 335.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 335.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 307.60 250.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 307.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 307.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 307.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 307.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 307.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 278.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 278.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 278.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 278.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 278.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 278.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 278.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 278.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 278.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 250.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 250.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 250.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 250.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 250.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 250.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 250.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 250.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 250.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 222.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 222.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 222.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 222.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 222.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 222.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 222.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 222.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 222.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 194.60 250.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.50 194.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.50 194.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 194.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 194.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 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-14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 138.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 138.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 138.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 138.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 678.6 m 366.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 678.6 m 370.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 678.6 m 433.5 678.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 657.6 m 366.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 657.6 m 433.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 657.6 m 497.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 657.6 m 561.5 657.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 574.6 m 366.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 574.6 m 433.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 574.6 m 497.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 574.6 m 366.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 574.6 m 433.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 574.6 m 497.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 574.6 m 561.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 490.6 m 497.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 490.6 m 366.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 490.6 m 433.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 490.6 m 497.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 490.6 m 561.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 474.6 m 366.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 476.6 m 366.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 474.6 m 433.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 476.6 m 433.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 474.6 m 497.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 476.6 m 497.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 474.6 m 561.5 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 476.6 m 561.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 391.6 m 366.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 391.6 m 433.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 391.6 m 497.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 391.6 m 561.5 391.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 307.6 m 366.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 307.6 m 433.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 307.6 m 497.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 307.6 m 561.5 307.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 291.6 m 366.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 293.6 m 366.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 291.6 m 433.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 293.6 m 433.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 291.6 m 497.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 293.6 m 497.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 291.6 m 561.5 291.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 293.6 m 561.5 293.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 208.60000000000002 m 366.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 208.60000000000002 m 433.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 208.60000000000002 m 497.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 208.60000000000002 m 561.5 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 124.60000000000002 m 366.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 110.60000000000002 m 366.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 303.5 108.60000000000002 m 366.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 124.60000000000002 m 433.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 110.60000000000002 m 433.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 108.60000000000002 m 433.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 124.60000000000002 m 497.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 110.60000000000002 m 497.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 108.60000000000002 m 497.5 108.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 124.60000000000002 m 561.5 124.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 110.60000000000002 m 561.5 110.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 108.60000000000002 m 561.5 108.60000000000002 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 321.00 682.83 Td (T) Tj ET Q q 0 0 0 rg BT 325.60 682.83 Td (otal Insurance Operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.20 685.68 Td (Investing,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.85 677.68 Td (Financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.55 669.68 Td (and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.20 661.68 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 318.90 669.83 Td (Specialty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.20 661.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 327.49 661.83 Td (oducts) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 385.90 669.83 Td (Specialty ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 384.15 661.83 Td (Industries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.55 661.83 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 648.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.40 648.83 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 635.28 Td (Y) Tj ET Q q 0 0 0 rg BT 58.11 635.28 Td (ear) Tj ET Q q 0 0 0 rg BT 71.81 635.28 Td ( ended December) Tj ET Q q 0 0 0 rg BT 145.50 635.28 Td (31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 635.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 635.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 635.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 635.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 621.17 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 621.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 621.17 Td (604.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 621.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 621.17 Td (528.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 621.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 621.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 621.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 621.17 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 607.17 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.80 607.22 Td (\(345.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 607.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 607.22 Td (\(304.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 607.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 607.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 607.22 Td (\(650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 607.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 593.17 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.80 593.22 Td (\(150.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 593.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 593.22 Td (\(99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 593.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 593.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 593.22 Td (\(249.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 593.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 579.17 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.80 579.22 Td (\(96.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 579.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 579.22 Td (\(109.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 579.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 579.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 579.22 Td (\(205.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 579.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 565.17 Td (T) Tj ET Q q 0 0 0 rg BT 63.41 565.17 Td (otal underwriting income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 565.17 Td (11.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 565.17 Td (15.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 565.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 565.17 Td (27.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 551.17 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 551.17 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 551.17 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 537.17 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 537.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 537.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 537.17 Td (55.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 537.17 Td (55.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 523.17 Td (Net other revenues \(expenses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.15 523.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 523.22 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 523.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 523.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 523.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 523.22 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 523.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 509.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 509.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 509.22 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 509.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 509.22 Td (\(11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 509.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 509.22 Td (\(13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 509.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 495.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 495.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 495.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 495.22 Td (\(16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 495.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 495.22 Td (\(16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 495.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 480.27 Td (Pre-tax income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 480.27 Td (12.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 480.27 Td (12.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 480.27 Td (80.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 480.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 480.27 Td (105.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 452.28 Td (Y) Tj ET Q q 0 0 0 rg BT 58.11 452.28 Td (ear) Tj ET Q q 0 0 0 rg BT 71.81 452.28 Td ( ended December) Tj ET Q q 0 0 0 rg BT 145.50 452.28 Td (31, 201) Tj ET Q q 0 0 0 rg BT 177.44 452.28 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 452.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 452.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 452.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 452.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 438.17 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 438.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 438.17 Td (549.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 438.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 438.17 Td (462.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 438.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 438.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 438.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 438.17 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 424.17 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.80 424.22 Td (\(281.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 424.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 424.22 Td (\(266.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 424.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 424.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 424.22 Td (\(548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 424.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 410.17 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.80 410.22 Td (\(129.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 410.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 410.22 Td (\(92.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 410.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 410.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 410.22 Td (\(221.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 410.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 396.17 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.80 396.22 Td (\(77.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 396.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 396.22 Td (\(85.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 396.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 396.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 396.22 Td (\(162.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 396.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 382.17 Td (T) Tj ET Q q 0 0 0 rg BT 63.41 382.17 Td (otal underwriting income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 382.17 Td (61.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 382.17 Td (18.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.65 382.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 382.17 Td (80.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 368.17 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 368.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 368.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 368.17 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 368.17 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 354.17 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 354.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 354.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 354.17 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 354.17 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 340.17 Td (Net other revenues \(expenses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 340.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 340.17 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 340.22 Td (\(13.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 340.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 340.22 Td (\(12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 340.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 326.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 326.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 326.22 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 326.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 326.22 Td (\(8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 326.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 326.22 Td (\(9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 326.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 312.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 312.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 312.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 312.22 Td (\(20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 312.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 312.22 Td (\(20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 312.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 297.27 Td (Pre-tax income from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 297.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 297.27 Td (61.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 297.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.15 297.27 Td (17.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 297.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 297.27 Td (40.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 297.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 297.27 Td (119.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.00 269.28 Td (Y) Tj ET Q q 0 0 0 rg BT 58.11 269.28 Td (ear) Tj ET Q q 0 0 0 rg BT 71.81 269.28 Td ( ended December) Tj ET Q q 0 0 0 rg BT 145.50 269.28 Td (31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 269.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 269.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 269.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 269.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 255.17 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 122.81 259.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 255.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 255.17 Td (557.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 255.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.15 255.17 Td (421.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 255.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 255.17 Td (201.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 255.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.65 255.17 Td (1,181.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 241.17 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 109.77 245.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.80 241.22 Td (\(282.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 241.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.80 241.22 Td (\(257.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 241.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.80 241.22 Td (\(146.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 241.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 241.22 Td (\(685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 241.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 227.17 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 162.54 231.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.80 227.22 Td (\(124.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 227.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 227.22 Td (\(88.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 227.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 227.22 Td (\(39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 227.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 227.22 Td (\(252.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 227.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 213.17 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 167.52 217.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.80 213.22 Td (\(76.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.65 213.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 213.22 Td (\(87.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 213.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 213.22 Td (\(32.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 213.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.80 213.22 Td (\(196.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 213.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 199.17 Td (T) Tj ET Q q 0 0 0 rg BT 63.41 199.17 Td (otal underwriting income \(loss\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 189.22 203.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 199.17 Td (75.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 199.22 Td (\(12.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 199.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 199.22 Td (\(16.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 199.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 199.17 Td (47.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 185.17 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 185.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 185.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 185.17 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 185.17 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 171.17 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 171.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 171.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.15 171.17 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.15 171.17 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 157.17 Td (Net other revenues \(expenses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 157.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.15 157.17 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.80 157.22 Td (\(3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 157.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 157.22 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 157.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 143.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 143.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.80 143.22 Td (\(2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 143.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 143.22 Td (\(10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 143.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 143.22 Td (\(12.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 143.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 129.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.65 129.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.65 129.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.80 129.22 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.65 129.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.80 129.22 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.65 129.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.00 114.27 Td (Pre-tax income \(loss\) from continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 114.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.15 114.27 Td (75.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.00 114.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.80 114.32 Td (\(11.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.65 114.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 114.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.15 114.27 Td (111.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.00 114.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.15 114.27 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 100.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 50.00 90.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 85.50 Td (Underwriting income and expenses included in Investing, Financing and Corporate for the year ended December 31, 2010 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 73.50 Td (consist of the personal lines business sold in July 2010.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 12. 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 486.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 486.50 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 486.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 486.50 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 446.50 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 446.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 446.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 446.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 446.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 446.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 446.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 446.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 446.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 75.50 416.50 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 416.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 416.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 416.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 416.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 416.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 416.50 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 471.50 416.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 416.50 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 695.5 m 340.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 695.5 m 344.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 695.5 m 407.5 695.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 674.5 m 340.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 674.5 m 407.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 674.5 m 471.5 674.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 674.5 m 535.5 674.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.00 699.73 Td (T) Tj ET Q q 0 0 0 rg BT 299.60 699.73 Td (otal Insurance Operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.20 702.58 Td (Investing,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.85 694.58 Td (Financing) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 434.55 686.58 Td (and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 423.20 678.58 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 292.90 686.73 Td (Specialty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 293.20 678.73 Td (Pr) Tj ET Q q 0 0 0 rg BT 301.49 678.73 Td (oducts) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.90 686.73 Td (Specialty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.15 678.73 Td (Industries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.55 678.73 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 78.00 665.73 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.40 665.73 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 651.18 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 651.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 651.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 651.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 636.17 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 636.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 636.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 636.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 636.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 636.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 636.17 Td (2,291.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 636.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 636.17 Td (2,291.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 621.17 Td (Reinsurance recoverable on paid and unpaid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 611.17 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 611.17 Td (52.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 611.17 Td (58.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 611.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 611.17 Td (110.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 596.17 Td (Deferred acquisition costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 596.17 Td (75.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 596.17 Td (48.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 596.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 596.17 Td (123.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 581.17 Td (Ceded unearned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 581.17 Td (3.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 581.17 Td (8.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 581.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 581.17 Td (11.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 566.17 Td (Unpaid loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 566.17 Td (561.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 566.17 Td (438.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 566.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 566.17 Td (1,000.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 551.17 Td (Unearned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 551.17 Td (318.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 551.17 Td (255.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.65 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 551.17 Td (573.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 536.17 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 536.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 536.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 536.17 Td (274.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 536.17 Td (274.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 78.00 506.18 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 506.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 506.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 506.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 506.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 491.17 Td (Total investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 491.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 491.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 491.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 491.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.00 491.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 491.17 Td (2,707.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 491.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 491.17 Td (2,707.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 476.17 Td (Reinsurance recoverable on paid and unpaid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 466.17 Td (losses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 101.89 470.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 466.17 Td (26.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 466.17 Td (37.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 466.17 Td (2,120.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 466.17 Td (2,184.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 451.17 Td (Deferred acquisition costs) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 182.41 455.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.15 451.17 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 451.17 Td (48.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 451.17 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 451.17 Td (123.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 436.17 Td (Ceded unearned premiums) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 185.19 440.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.15 436.17 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.15 436.17 Td (7.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 436.17 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.15 436.17 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 421.17 Td (Unpaid loss and LAE reserves) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 199.64 425.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 421.17 Td (505.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 421.17 Td (363.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 421.17 Td (2,490.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 421.17 Td (3,358.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 406.17 Td (Unearned premiums) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 159.36 410.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.15 406.17 Td (291.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 406.17 Td (234.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 455.15 406.17 Td (2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 406.17 Td (528.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.00 391.17 Td (Debt) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 391.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.65 391.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.15 391.17 Td (269.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.15 391.17 Td (269.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 377.40 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 77.00 366.93 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 362.40 Td (Balance included in Investing, Financing and Corporate relates to the Runof) Tj ET Q q 0 0 0 rg BT 394.96 362.40 Td (f Business, which was not classified as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.50 350.40 Td (held for sale in the December 31, 201) Tj ET Q q 0 0 0 rg BT 240.63 350.40 Td (1 consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 12. Segment Information) Tj ET Q endstream endobj 297 0 obj <>] /Rotate 0 /Contents 298 0 R>> endobj 298 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 56) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (The following tables provide net written premiums, earned premiums and underwriting ratios for OneBeacon's insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (operations by reportable segment and in total, for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 412.57 692.10 Td (1 and 2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 631.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 631.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 631.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 631.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 631.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 601.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 601.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 601.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 601.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 601.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 601.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 571.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 571.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 571.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 571.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 541.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 541.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 541.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 541.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 511.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 511.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 511.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 511.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 511.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 511.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 481.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 481.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 481.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 481.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 481.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 451.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 451.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 451.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 451.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 451.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 421.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 421.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 421.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 421.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 421.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 391.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 391.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 391.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 391.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 391.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 391.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 391.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 391.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 391.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 361.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 361.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 361.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 361.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 361.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 361.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 361.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 361.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 361.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 93.50 331.60 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 331.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 331.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.50 331.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.50 331.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 331.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.50 331.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 331.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.50 331.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 668.6 m 331.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 331.5 668.6 m 335.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 668.6 m 395.5 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 646.6 m 331.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 646.6 m 395.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 646.6 m 453.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 646.6 m 517.5 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 556.6 m 331.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 556.6 m 395.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 556.6 m 453.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 541.6 m 453.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 556.6 m 517.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 541.6 m 517.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 541.6 m 331.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 541.6 m 395.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 436.6 m 331.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 436.6 m 395.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 436.6 m 453.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 421.6 m 453.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 436.6 m 517.5 436.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 421.6 m 517.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 421.6 m 331.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 421.6 m 395.5 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 316.6 m 331.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 302.6 m 331.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 300.6 m 331.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 316.6 m 395.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 302.6 m 395.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 300.6 m 395.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 316.6 m 453.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 302.6 m 453.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 300.6 m 453.5 300.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 316.6 m 517.5 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 302.6 m 517.5 302.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 300.6 m 517.5 300.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.00 672.83 Td (T) Tj ET Q q 0 0 0 rg BT 290.60 672.83 Td (otal Insurance Operations) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.20 673.68 Td (Investing, ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.85 665.68 Td (Financing ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.55 657.68 Td (and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.20 649.68 Td (Corporate) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 96.00 650.83 Td (\($ in millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.40 658.83 Td (Specialty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 285.70 650.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 293.99 650.83 Td (oducts ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.40 658.83 Td (Specialty) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 347.65 650.83 Td (Industries ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.55 650.83 Td (Consolidated) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 636.28 Td (Y) Tj ET Q q 0 0 0 rg BT 102.11 636.28 Td (ear) Tj ET Q q 0 0 0 rg BT 115.81 636.28 Td ( ended December) Tj ET Q q 0 0 0 rg BT 189.50 636.28 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 227.00 640.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 636.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 636.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 636.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 621.27 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 621.27 Td (630.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 621.27 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 621.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 621.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 621.27 Td (1,179.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 606.27 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 606.27 Td (604.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 606.27 Td (528.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 606.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 606.27 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 591.27 Td (Underwriting ratios:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 591.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 591.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 591.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.00 576.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 576.27 Td (57.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 576.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 576.27 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 576.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 576.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 576.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 576.27 Td (57.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 576.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.00 561.27 Td (Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 561.27 Td (40.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 561.27 Td (39.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 561.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 561.27 Td (40.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 546.27 Td (T) Tj ET Q q 0 0 0 rg BT 119.41 546.27 Td (otal combined ratio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 546.27 Td (97.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 546.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 546.27 Td (97.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 546.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 546.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 546.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 546.27 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 546.27 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 516.28 Td (Y) Tj ET Q q 0 0 0 rg BT 102.11 516.28 Td (ear) Tj ET Q q 0 0 0 rg BT 115.81 516.28 Td ( ended December) Tj ET Q q 0 0 0 rg BT 189.50 516.28 Td (31, 201) Tj ET Q q 0 0 0 rg BT 221.44 516.28 Td (1) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 226.44 520.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 516.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 516.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 516.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 501.27 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 501.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 501.27 Td (571.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 501.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 501.27 Td (491.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.00 501.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 501.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 501.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 501.27 Td (1,062.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 486.27 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 486.27 Td (549.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 486.27 Td (462.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 486.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 486.27 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 471.27 Td (Underwriting ratios:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 471.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 471.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 471.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.00 456.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 456.27 Td (51.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 456.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 456.27 Td (57.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 456.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 456.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 456.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 456.27 Td (54.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 456.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.00 441.27 Td (Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 441.27 Td (37.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 441.27 Td (38.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 441.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 441.27 Td (37.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 426.27 Td (T) Tj ET Q q 0 0 0 rg BT 119.41 426.27 Td (otal combined ratio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 426.27 Td (88.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 426.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 426.27 Td (96.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 426.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.65 426.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 426.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 426.27 Td (92.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 426.27 Td (%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 96.00 396.28 Td (Y) Tj ET Q q 0 0 0 rg BT 102.11 396.28 Td (ear) Tj ET Q q 0 0 0 rg BT 115.81 396.28 Td ( ended December) Tj ET Q q 0 0 0 rg BT 189.50 396.28 Td (31, 2010) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 227.00 400.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 396.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 396.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 396.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 381.27 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.00 381.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 381.27 Td (556.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.00 381.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 381.27 Td (431.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.00 381.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 381.27 Td (179.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.00 381.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 381.27 Td (1,167.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 366.27 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.15 366.27 Td (557.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 366.27 Td (421.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 366.27 Td (201.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.65 366.27 Td (1,181.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.00 351.27 Td (Underwriting ratios:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.00 351.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.00 351.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.00 351.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.00 336.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 336.27 Td (50.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 336.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 336.27 Td (61.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 336.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 336.27 Td (72.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 336.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 336.27 Td (58.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 336.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 102.00 321.27 Td (Expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 321.27 Td (35.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.15 321.27 Td (41.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.15 321.27 Td (35.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 321.27 Td (38.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.00 306.27 Td (T) Tj ET Q q 0 0 0 rg BT 119.41 306.27 Td (otal combined ratio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.15 306.27 Td (86.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 306.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 364.15 306.27 Td (102.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 306.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.15 306.27 Td (107.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.65 306.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.15 306.27 Td (96.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 306.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 292.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 99.50 282.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.00 277.50 Td (T) Tj ET Q q 0 0 0 rg BT 118.41 277.50 Td (o better align its operating and reporting structure with the Company's business profile as a result the Runof) Tj ET Q q 0 0 0 rg BT 549.10 277.50 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.00 265.50 Td (T) Tj ET Q q 0 0 0 rg BT 118.76 265.50 Td (ransaction, ) Tj ET Q q 0 0 0 rg BT 164.30 265.50 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 203.28 265.50 Td (T) Tj ET Q q 0 0 0 rg BT 209.04 265.50 Td (ransaction and agreement to sell Essentia, OneBeacon revised its segment structure ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.00 253.50 Td (during the fourth quarter of 2012. Financial information for all prior periods has been reclassified to conform to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.00 241.50 Td (this presentation. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 207.25 Td (NOTE13. ) Tj ET Q q 0 0 0 rg BT 95.66 207.25 Td (V) Tj ET Q q 0 0 0 rg BT 101.96 207.25 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 155.94 207.25 Td (est Entities \(VIE\)) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (Reciprocals) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 167.25 Td (Reciprocals are policyholder) Tj ET Q q 0 0 0 rg BT 188.75 167.25 Td (-owned insurance carriers or) Tj ET Q q 0 0 0 rg BT 302.68 167.25 Td (ganized as unincorporated associations. Each policyholder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.25 Td (insured by the reciprocal shares risk with the other policyholders. Policyholders share profits and losses in the same proportion ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 143.25 Td (as the amount of insurance purchased but are not subject to assessment for net losses of the reciprocal.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 123.25 Td (OneBeacon had capitalized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 185.89 123.25 Td (three) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.88 123.25 Td ( reciprocals by loaning funds to them in exchange for surplus notes. In 2002, OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 111.25 Td (formed New Jersey Skylands Management LLC \("NJSM"\) to provide management services for a fee to New Jersey Skylands ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.25 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 90.82 99.25 Td (Association, a reciprocal, and its wholly-owned subsidiary New Jersey Skylands Insurance Company \(together) Tj ET Q q 0 0 0 rg BT 534.19 99.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.25 Td ("New Jersey Skylands Insurance"\). New Jersey Skylands Insurance was capitalized with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.89 87.25 Td ($31.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.78 87.25 Td ( surplus note issued to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 75.25 Td (OneBeacon in 2002. OneBeacon also loaned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.33 75.25 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.22 75.25 Td ( to New Jersey Skylands Insurance in the form of a security deposit. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 63.25 Td (In 2004, OneBeacon formed Houston General Management Company to provide management services for a fee to another ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 51.25 Td (reciprocal, Houston General Insurance Exchange. During 2004, OneBeacon contributed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.32 51.25 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.21 51.25 Td ( of capital to Houston ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 12. Segment Information) Tj ET Q endstream endobj 299 0 obj <>] /Rotate 0 /Contents 300 0 R>> endobj 300 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (General Insurance Exchange. In 2005, OneBeacon contributed one of its subsidiaries, Houston General Insurance Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (with assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 106.94 692.10 Td ($149.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.83 692.10 Td ( and liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 235.82 692.10 Td ($127.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.71 692.10 Td (, to Houston General Insurance Exchange \(together "Houston ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (General Insurance"\). Subsequent to the contribution of Houston General Insurance Company \(HGIC\), Houston General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (Insurance Exchange \(HGIE\) issued a surplus note of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.71 668.10 Td ($23.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.60 668.10 Td ( to OneBeacon. During 2012, HGIE sold HGIC to OBIC. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (2006, ) Tj ET Q q 0 0 0 rg BT 74.45 656.10 Td (Adirondack ) Tj ET Q q 0 0 0 rg BT 123.60 656.10 Td (AIF) Tj ET Q q 0 0 0 rg BT 138.92 656.10 Td (, LLC \("AAIF"\), a wholly-owned subsidiary of OneBeacon, entered into an agreement to provide ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (management services for a fee to ) Tj ET Q q 0 0 0 rg BT 183.83 644.10 Td (Adirondack Insurance Exchange \("Adirondack Insurance"\), a reciprocal. ) Tj ET Q q 0 0 0 rg BT 476.58 644.10 Td (Adirondack ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (Insurance was capitalized with a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.44 632.10 Td ($70.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.33 632.10 Td ( surplus note issued to OneBeacon in May 2006. Principal and interest on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (surplus notes are repayable to OneBeacon only with regulatory approval. ) Tj ET Q q 0 0 0 rg BT 344.45 620.10 Td (The obligation to repay principal on the notes is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (subordinated to all other liabilities including obligations to policyholders and claimants for benefits under insurance policies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (OneBeacon has no ownership interest in the reciprocals.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 576.10 Td (Under the provisions of ) Tj ET Q q 0 0 0 rg BT 170.66 576.10 Td (ASC 810, OneBeacon had determined that each of the reciprocals qualifies as a ) Tj ET Q q 0 0 0 rg BT 490.91 576.10 Td (VIE. Further) Tj ET Q q 0 0 0 rg BT 541.61 576.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (OneBeacon had determined that it is the primary beneficiary as it has both the power to direct the activities of the ) Tj ET Q q 0 0 0 rg BT 506.05 564.10 Td (VIE that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (most significantly impact the entity's economic performance and the obligation to absorb losses or receive benefits of the entity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (that could potentially be significant to the ) Tj ET Q q 0 0 0 rg BT 218.95 540.10 Td (VIE as a result of the management services provided to the reciprocal and the funds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (loaned to it. ) Tj ET Q q 0 0 0 rg BT 99.44 528.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 148.77 528.10 Td (, OneBeacon consolidates Houston General Insurance and, until the completion of the Personal Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 516.10 Td (ransaction in July 2010, consolidated New Jersey Skylands Insurance and ) Tj ET Q q 0 0 0 rg BT 352.64 516.10 Td (Adirondack Insurance. ) Tj ET Q q 0 0 0 rg BT 446.03 516.10 Td (The Personal Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 504.10 Td (ransaction, which as described in Note 2 was completed in July 2010, included the sale of NJSM and ) Tj ET Q q 0 0 0 rg BT 461.78 504.10 Td (AAIF and the transfer of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (the surplus notes issued by New Jersey Skylands Insurance and ) Tj ET Q q 0 0 0 rg BT 305.51 492.10 Td (Adirondack Insurance. Completion of the Personal Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 480.10 Td (ransaction triggered deconsolidation of New Jersey Skylands Insurance and ) Tj ET Q q 0 0 0 rg BT 360.39 480.10 Td (Adirondack Insurance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 460.10 Td (Subsequent to the Personal Lines ) Tj ET Q q 0 0 0 rg BT 209.08 460.10 Td (T) Tj ET Q q 0 0 0 rg BT 214.83 460.10 Td (ransaction, Houston General Insurance remains as OneBeacon's only reciprocal. ) Tj ET Q q 0 0 0 rg BT 537.35 460.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 128.58 448.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.02 448.10 Td (201) Tj ET Q q 0 0 0 rg BT 162.65 448.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.65 448.10 Td (, consolidated amounts related to Houston General Insurance included total assets of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.83 448.10 Td ($22.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 561.72 448.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.94 436.10 Td ($105.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.83 436.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 178.49 436.10 Td (, and total liabilities of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.25 436.10 Td ($43.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.14 436.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.58 436.10 Td ($126.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.47 436.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 456.13 436.10 Td (. ) Tj ET Q q 0 0 0 rg BT 460.58 436.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.08 436.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 551.67 436.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (the net amount of capital at risk is equal to the surplus note of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.38 424.10 Td ($23.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.28 424.10 Td ( less the accumulated losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.24 424.10 Td ($21.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.13 424.10 Td ( which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (includes accrued interest on the surplus note of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.50 412.10 Td ($19.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.39 412.10 Td ( which eliminates in consolidation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 385.25 Td (NOT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.67 385.25 Td (E) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 77.78 385.25 Td ( 14. Fair) Tj ET Q q 0 0 0 rg BT 113.42 385.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.74 385.25 Td (V) Tj ET Q q 0 0 0 rg BT 122.05 385.25 Td (alue of Financial Instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 365.25 Td (ASC 825 requires disclosure of fair value information of financial instruments. For certain financial instruments where ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 353.25 Td (quoted market prices are not available, other independent valuation techniques and assumptions are used. Because considerable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 341.25 Td (judgment is used, these estimates are not necessarily indicative of amounts that could be realized in a current market exchange. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 329.25 Td (Certain financial instruments are excluded from disclosure, including insurance contracts, other than financial guarantees and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (investment contracts. OneBeacon carries its financial instruments on its balance sheet at fair value with the exception of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 305.25 Td (fixed-rate, long-term indebtedness.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 285.25 Td (The fair values of the fixed-rate, long-term indebtedness were estimated by using quoted market prices. Judgment may be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 273.25 Td (required to develop such estimates of fair value. ) Tj ET Q q 0 0 0 rg BT 244.47 273.25 Td (Therefore, the estimate provided herein is not necessarily indicative of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.25 Td (amounts that could be realized in a current market exchange.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 241.25 Td (At December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 199.15 241.25 Td (1, the fair value of OneBeacon's 2012 Senior Notes and 2003 Senior Notes \(its fixed-rate, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (long-term indebtedness\) was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.47 229.25 Td ($282.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.36 229.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.80 229.25 Td ($277.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.69 229.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 357.35 229.25 Td (, which compared to a carrying value of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.23 229.25 Td ($274.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 217.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 217.25 Td ($269.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.22 217.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 209.88 217.25 Td (. ) Tj ET Q q 0 0 0 rg BT 214.70 217.25 Td (The fair value measurement of the Senior Notes is classified as Level 2 in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (valuation hierarchy) Tj ET Q q 0 0 0 rg BT 126.82 205.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (NOTE 15. Related Party Disclosur) Tj ET Q q 0 0 0 rg BT 197.30 178.25 Td (es) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (White Mountains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 138.25 Td (During the fourth quarter of 2006, ) Tj ET Q q 0 0 0 rg BT 212.95 138.25 Td (White Mountains sold ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.33 138.25 Td (27.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.22 138.25 Td ( or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.55 138.25 Td (27.6%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.38 138.25 Td ( of the Company's common shares in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 126.25 Td (initial public of) Tj ET Q q 0 0 0 rg BT 111.47 126.25 Td (fering. Prior to the initial public of) Tj ET Q q 0 0 0 rg BT 249.32 126.25 Td (fering, OneBeacon was a wholly-owned subsidiary of ) Tj ET Q q 0 0 0 rg BT 466.86 126.25 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 541.02 126.25 Td (As ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 114.25 Td (of December31, 2012, ) Tj ET Q q 0 0 0 rg BT 144.23 114.25 Td (White Mountains owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.61 114.25 Td (75.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.44 114.25 Td ( of the Company's outstanding common shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (Separation ) Tj ET Q q 0 0 0 rg BT 96.21 94.25 Td (Agr) Tj ET Q q 0 0 0 rg BT 110.83 94.25 Td (eement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 74.25 Td (In connection with the initial public of) Tj ET Q q 0 0 0 rg BT 227.67 74.25 Td (fering, the Company entered into a separation agreement dated November14, 2006 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 62.25 Td (with ) Tj ET Q q 0 0 0 rg BT 70.10 62.25 Td (White Mountains \(the "Separation ) Tj ET Q q 0 0 0 rg BT 209.15 62.25 Td (Agreement"\) to address a number of operational, administrative and financial matters ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 50.25 Td (relating to the fact that OneBeacon would no longer be a wholly-owned subsidiary of ) Tj ET Q q 0 0 0 rg BT 393.61 50.25 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 468.14 50.25 Td (These matters ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE13. ) Tj ET Q q 0 0 0 rg BT 95.66 728.60 Td (V) Tj ET Q q 0 0 0 rg BT 101.96 728.60 Td (ariable Inter) Tj ET Q q 0 0 0 rg BT 155.94 728.60 Td (est Entities) Tj ET Q endstream endobj 301 0 obj <>] /Rotate 0 /Contents 302 0 R>> endobj 302 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 58) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (included, among others, the administration of payroll, employee benefits programs, deferred compensation and 401\(k\) plans, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (OneBeacon's travel and logistics of) Tj ET Q q 0 0 0 rg BT 191.03 692.10 Td (fice, certain information technology assets and functions and certain agreements with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (respect to finance and tax arrangements. Pursuant to the Separation ) Tj ET Q q 0 0 0 rg BT 320.74 680.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 369.99 680.10 Td (White Mountains has agreed to indemnify the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (Company and its subsidiaries, as well as their current and former of) Tj ET Q q 0 0 0 rg BT 320.30 668.10 Td (ficers, directors and employees to the extent permitted by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (law) Tj ET Q q 0 0 0 rg BT 63.79 656.10 Td (, for any and all claims or actions resulting in losses, expenses or damages relating to or arising out of the business, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (operation or ownership of any subsidiary company or business owned by the Company or its subsidiaries that, subsequent to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (OneBeacon's ownership, was a subsidiary or business of ) Tj ET Q q 0 0 0 rg BT 277.97 632.10 Td (White Mountains \(but no longer a subsidiary or business of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (OneBeacon\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 600.10 Td (For the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 253.30 600.10 Td (1 and 2010, OneBeacon recorded expenses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.79 600.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.68 600.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.68 600.10 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.57 600.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.89 588.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 151.55 588.10 Td (, and recorded revenues of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.83 588.10 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.73 588.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.73 588.10 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.62 588.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.06 588.10 Td ($2.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.95 588.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 483.61 588.10 Td (, for services under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (the Separation ) Tj ET Q q 0 0 0 rg BT 109.43 576.10 Td (Agreement that OneBeacon received from or provided to ) Tj ET Q q 0 0 0 rg BT 340.27 576.10 Td (White Mountains and its subsidiaries.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (Registration Rights ) Tj ET Q q 0 0 0 rg BT 129.82 556.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 144.45 556.10 Td (eement) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 536.10 Td (In connection with the initial public of) Tj ET Q q 0 0 0 rg BT 227.67 536.10 Td (fering, the Company entered into a registration rights agreement dated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (November14, 2006 with ) Tj ET Q q 0 0 0 rg BT 152.30 524.10 Td (White Mountains that provides that ) Tj ET Q q 0 0 0 rg BT 296.26 524.10 Td (White Mountains can demand that the Company register the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (distribution of its common shares owned by ) Tj ET Q q 0 0 0 rg BT 227.86 512.10 Td (White Mountains \("demand" registration rights\). In addition, ) Tj ET Q q 0 0 0 rg BT 473.29 512.10 Td (White Mountains has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td ("piggyback" registration rights, which means that ) Tj ET Q q 0 0 0 rg BT 250.44 500.10 Td (White Mountains may include its shares in any future registrations of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (Company's common equity securities, whether or not that registration relates to a primary of) Tj ET Q q 0 0 0 rg BT 419.30 488.10 Td (fering by the Company or a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (secondary of) Tj ET Q q 0 0 0 rg BT 101.19 476.10 Td (fering by or on behalf of any of the Company's shareholders. ) Tj ET Q q 0 0 0 rg BT 346.63 476.10 Td (These registration rights are transferable by ) Tj ET Q q 0 0 0 rg BT 523.05 476.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (Mountains. ) Tj ET Q q 0 0 0 rg BT 97.60 464.10 Td (The Company will pay all costs and expenses in connection with each such registration, except underwriting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (discounts and commissions applicable to the common shares sold by ) Tj ET Q q 0 0 0 rg BT 327.00 452.10 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 401.53 452.10 Td (The registration rights agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (contains customary terms and provisions with respect to, among other things, registration procedures and rights to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (indemnification in connection with the registration of the common shares on behalf of ) Tj ET Q q 0 0 0 rg BT 396.67 428.10 Td (White Mountains. ) Tj ET Q q 0 0 0 rg BT 471.20 428.10 Td (The Company will ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 416.10 Td (register sales of its common shares owned by employees and directors of ) Tj ET Q q 0 0 0 rg BT 344.18 416.10 Td (White Mountains pursuant to employee share or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (option plans, but only to the extent such registration is required for the shares to be freely tradable.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (Investment Management ) Tj ET Q q 0 0 0 rg BT 150.34 384.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 164.97 384.10 Td (eement with WM ) Tj ET Q q 0 0 0 rg BT 234.49 384.10 Td (Advisors) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 364.10 Td (Prior to the initial public of) Tj ET Q q 0 0 0 rg BT 182.97 364.10 Td (fering, ) Tj ET Q q 0 0 0 rg BT 211.67 364.10 Td (White Mountains ) Tj ET Q q 0 0 0 rg BT 283.33 364.10 Td (AdvisorsLLC \("WM ) Tj ET Q q 0 0 0 rg BT 371.02 364.10 Td (Advisors"\) managed the majority of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (OneBeacon's investments, including the investments of the employee benefit plan portfolios. Prospector served as a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (discretionary advisor with respect to certain assets, specifically publicly-traded common equity and convertible securities, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (through a sub-advisory agreement with ) Tj ET Q q 0 0 0 rg BT 208.95 328.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 229.22 328.10 Td (Advisors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 308.10 Td (Pursuant to a Master Investment Management ) Tj ET Q q 0 0 0 rg BT 260.07 308.10 Td (Agreement dated as of October1, 2010, as amended \(the "Master ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (Investment Management ) Tj ET Q q 0 0 0 rg BT 151.08 296.10 Td (Agreement"\), ) Tj ET Q q 0 0 0 rg BT 207.74 296.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 228.02 296.10 Td (Advisors supervises and directs the fixed income and other investments portions of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (OneBeacon's investment portfolio in accordance with the investment objectives, policies and restrictions described in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 272.10 Td (OneBeacon's investment guidelines \(the "Investment Guidelines"\). ) Tj ET Q q 0 0 0 rg BT 319.44 272.10 Td (The Master Investment Management ) Tj ET Q q 0 0 0 rg BT 468.84 272.10 Td (Agreement replaced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (agreements dated as of November 2006 and 2007 entered into subsequent to the initial public of) Tj ET Q q 0 0 0 rg BT 433.88 260.10 Td (fering.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 240.10 Td (In November 2009, ) Tj ET Q q 0 0 0 rg BT 154.36 240.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 174.63 240.10 Td (Advisors terminated the investment management agreements with respect to the management of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (the employee benefit plan portfolios, including two of the three proprietary funds of) Tj ET Q q 0 0 0 rg BT 385.56 228.10 Td (fered in the KSOP) Tj ET Q q 0 0 0 rg BT 458.78 228.10 Td ( which Prospector ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (managed through a sub-advisory agreement which was also terminated. New investment management agreements were entered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (into with Prospector to manage the portfolios of the Qualified Plan and the KSOP) Tj ET Q q 0 0 0 rg BT 375.78 204.10 Td (. See "Related Party Disclosures) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (Prospector) Tj ET Q q 0 0 0 rg BT 92.22 192.10 Td (.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 172.10 Td (Under the Master Investment Management ) Tj ET Q q 0 0 0 rg BT 247.56 172.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 296.80 172.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 317.08 172.10 Td (Advisors has full discretion and authority to make all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (investment decisions in respect of the fixed income and other investments portions of OneBeacon's investment portfolio, and to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (do anything which ) Tj ET Q q 0 0 0 rg BT 126.75 148.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 147.03 148.10 Td (Advisors deems is required, appropriate or advisable in connection with the foregoing, subject to and in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (accordance with Investment Guidelines. ) Tj ET Q q 0 0 0 rg BT 212.82 136.10 Td (The assets of OneBeacon's portfolio are held in one or more separately identifiable ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (accounts in the custody of a bank or similar entity designated by OneBeacon and acceptable to ) Tj ET Q q 0 0 0 rg BT 430.81 124.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 451.08 124.10 Td (Advisors. ) Tj ET Q q 0 0 0 rg BT 492.02 124.10 Td (The agreement is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (terminable by ) Tj ET Q q 0 0 0 rg BT 107.58 112.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 127.86 112.10 Td (Advisors or OneBeacon upon 60days prior written notice.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 15. Related Party Disclosur) Tj ET Q q 0 0 0 rg BT 197.30 728.60 Td (es) Tj ET Q endstream endobj 303 0 obj <>] /Rotate 0 /Contents 304 0 R>> endobj 304 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 59) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (OneBeacon is responsible for custodial arrangements and the payment of all custodial char) Tj ET Q q 0 0 0 rg BT 437.03 704.10 Td (ges and fees. OneBeacon has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (agreed to pay annual investment management fees generally based on the quarter) Tj ET Q q 0 0 0 rg BT 374.39 692.10 Td (-end market values held under custody as set ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (forth in the table below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 633.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 633.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 603.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 603.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 573.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 573.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 543.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 543.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 543.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 513.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 513.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 513.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 483.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 483.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 483.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 453.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 453.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 453.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108.5 633.6 m 408.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 633.6 m 502.5 633.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 111.00 637.83 Td (Assets Under Management) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 411.00 637.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 637.83 Td (Annual Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 623.27 Td (Investment Grade Fixed Income:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 623.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 623.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 608.27 Td (Up to $1billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 608.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.05 608.27 Td (10.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 593.27 Td (Next $1billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 593.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.05 593.27 Td (8.5 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 578.27 Td (Next $3billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 578.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.05 578.27 Td (7.5 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 563.27 Td (Greater than $5billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 563.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.05 563.27 Td (2.5 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 548.27 Td (High ) Tj ET Q q 0 0 0 rg BT 133.13 548.27 Td (Y) Tj ET Q q 0 0 0 rg BT 139.80 548.27 Td (ield Fixed Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 548.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.05 548.27 Td (25.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 533.27 Td (Equities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 533.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 533.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 518.27 Td (Hedge Funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 518.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 518.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 503.27 Td (Private Equities& Deferreds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 503.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 503.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 488.27 Td (First 2years of fund's life \(committed\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 488.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 488.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 473.27 Td (Thereafter \(fair value\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 473.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 473.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 458.27 Td (Affordable housing credit funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 458.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 458.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 443.27 Td (First year of fund's life \(committed\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 443.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 443.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 428.27 Td (Thereafter \(fair value\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.00 428.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.05 428.27 Td (10.0 basis points) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 404.10 Td (Prior to October 2010, the fee schedule was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 357.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 357.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 327.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 327.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 297.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 297.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 297.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 257.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 257.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 257.60 90.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 108.50 227.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 227.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 227.60 90.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 108.5 357.6 m 408.5 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412.5 357.6 m 502.5 357.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 111.00 361.83 Td (Assets Under Management) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 437.30 361.83 Td (Annual Fee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 347.27 Td (Investment Grade Fixed Income:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 347.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 332.27 Td (Up to $999million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.05 332.27 Td (10.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 317.27 Td (Next $1 - $1.999billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.05 317.27 Td (8.5 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 302.27 Td (Amounts over $2billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.05 302.27 Td (7.5 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 287.27 Td (High Yield Fixed Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.05 287.27 Td (25.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 272.27 Td (Fully Funded Hedge Funds, Limited Partnerships and Limited Liability) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 262.27 Td (Companies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 262.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 247.27 Td (Private Equities& Deferreds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 247.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 232.27 Td (First 2years of fund's life \(committed\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 232.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 217.27 Td (Thereafter \(fair value\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 217.27 Td (100.0 basis points) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 193.10 Td (OneBeacon incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 158.96 193.10 Td ($3.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.85 193.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.85 193.10 Td ($3.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.74 193.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.18 193.10 Td ($5.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 330.07 193.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 382.74 193.10 Td (, in total fees for investment management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (services provided by ) Tj ET Q q 0 0 0 rg BT 135.07 181.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 155.35 181.10 Td (Advisors under these investment management agreements during the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (2012, 201) Tj ET Q q 0 0 0 rg BT 89.63 169.10 Td (1 and 2010. ) Tj ET Q q 0 0 0 rg BT 138.89 169.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 159.17 169.10 Td (Advisors is also paid a quarterly fee for treasury management services computed at the annual rate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (of 1.75 basis points \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.61 157.10 Td (0.0175%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.44 157.10 Td (\) of the aggregate value of net assets on an annual basis. OneBeacon incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.26 157.10 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 530.16 157.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.16 157.10 Td ($0.5 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 145.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 145.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.22 145.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.88 145.10 Td (, in treasury management fees during the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 513.57 145.10 Td (1 and 2010.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (OBH Guarantee) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 105.10 Td (Prior to the repayment of the remaining 2003 Senior Notes during the fourth quarter of 2012, ) Tj ET Q q 0 0 0 rg BT 448.45 105.10 Td (White Mountains provided ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (an irrevocable and unconditional guarantee as to the payment of principal and interest \(the "Guarantee"\) on the 2003 Senior ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (Notes. See Note6.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 61.10 Td (In consideration of this Guarantee, OneBeacon paid a specified fee to ) Tj ET Q q 0 0 0 rg BT 354.26 61.10 Td (White Mountains in the amount of 25 basis points ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (per annum on the outstanding principal amount of the 2003 Senior Notes. Such payments were made on a semi-annual basis in ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 15. Related Party Disclosur) Tj ET Q q 0 0 0 rg BT 197.30 728.60 Td (es) Tj ET Q endstream endobj 305 0 obj <>] /Rotate 0 /Contents 306 0 R>> endobj 306 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (arrears. ) Tj ET Q q 0 0 0 rg BT 82.02 704.10 Td (The Company incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.27 704.10 Td ($0.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.16 704.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.16 704.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.05 704.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.49 704.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.38 704.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 401.04 704.10 Td (, in fees for the provision of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (Guarantee during the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 285.10 692.10 Td (1 and 2010.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 672.10 Td (The indenture documents governing the 2003 Senior Notes provided that, if OneBeacon or ) Tj ET Q q 0 0 0 rg BT 439.28 672.10 Td (White Mountains as guarantor ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (of the 2003 Senior Notes defaulted under a credit agreement, mortgage or similar debt agreement with a principal amount ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (greater than $25 million, and such default results in the acceleration of such debt, there would have been a default under the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (2003 Senior Notes \(commonly referred to as a "cross default"\). Such a default would have resulted in a trigger of the cross ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (default provisions in the indenture documents governing the 2003 Senior Notes resulting in a required repayment of the 2003 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (Senior Notes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 592.10 Td (The Company's 2012 Senior Notes are not guaranteed by ) Tj ET Q q 0 0 0 rg BT 304.73 592.10 Td (White Mountains. See Note 6. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (Sale of OneBeacon Holdings \(Luxembour) Tj ET Q q 0 0 0 rg BT 216.82 572.10 Td (g\) S. r) Tj ET Q q 0 0 0 rg BT 245.43 572.10 Td (.l. to White Mountains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 552.10 Td (On January24, 2012, OneBeacon Holdings Gibraltar Limited, an indirect wholly-owned subsidiary of the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (\("OneBeacon Gibraltar"\), sold all of the issued and outstanding shares of OB Lux to ) Tj ET Q q 0 0 0 rg BT 389.30 540.10 Td (White Sands, an indirect wholly-owned ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (subsidiary of ) Tj ET Q q 0 0 0 rg BT 104.26 528.10 Td (White Mountains, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.13 528.10 Td ($24.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.02 528.10 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.85 528.10 Td ($14.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.74 528.10 Td ( over GAAP) Tj ET Q q 0 0 0 rg BT 366.37 528.10 Td ( equity of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.19 528.10 Td ($10.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.08 528.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (Sale of Esurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 488.10 Td (On October7, 201) Tj ET Q q 0 0 0 rg BT 148.06 488.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 157.88 488.10 Td (White Mountains completed the sale of Esurance Insurance and ) Tj ET Q q 0 0 0 rg BT 414.73 488.10 Td (Answer FinancialInc. and its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.10 Td (subsidiaries to ) Tj ET Q q 0 0 0 rg BT 109.81 476.10 Td (The ) Tj ET Q q 0 0 0 rg BT 127.31 476.10 Td (Allstate Corporation for a cash payment of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.87 476.10 Td ($1.0 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.98 476.10 Td (, which was equal to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.41 476.10 Td ($700 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.80 476.10 Td ( plus the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (pro forma tangible book value at closing of the legal entities sold of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.80 464.10 Td ($310 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.19 464.10 Td ( \(the "Esurance ) Tj ET Q q 0 0 0 rg BT 498.78 464.10 Td (T) Tj ET Q q 0 0 0 rg BT 504.54 464.10 Td (ransaction"\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 99.34 452.10 Td (, ef) Tj ET Q q 0 0 0 rg BT 111.92 452.10 Td (fective as of the closing date of the Esurance ) Tj ET Q q 0 0 0 rg BT 293.06 452.10 Td (T) Tj ET Q q 0 0 0 rg BT 298.81 452.10 Td (ransaction, ) Tj ET Q q 0 0 0 rg BT 344.73 452.10 Td (White Mountains ceased to own the Esurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (business and it is no longer considered a related party to OneBeacon.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (Esurance T) Tj ET Q q 0 0 0 rg BT 95.28 420.10 Td (rust) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 400.10 Td (As part of the Esurance ) Tj ET Q q 0 0 0 rg BT 170.17 400.10 Td (T) Tj ET Q q 0 0 0 rg BT 175.93 400.10 Td (ransaction, OBIC established and funded a reinsurance trust for the benefit of Esurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (Insurance Company \("EIC"\) and Esurance Insurance Company of New Jersey \("EICNJ"\), entities that were transferred by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (OBIC to Esurance during the period 2003-2006, to collateralize certain known liabilities that OBIC remains liable for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (notwithstanding the transfer of EIC and EICNJ. ) Tj ET Q q 0 0 0 rg BT 242.74 364.10 Td (As of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 379.84 364.10 Td (1, there were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.25 364.10 Td ($25.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.14 364.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.58 364.10 Td ($34.3 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 352.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 352.10 Td (, of assets in the trust supporting the liabilities. OneBeacon incurs annual fees for the trust, which are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (reimbursable by ) Tj ET Q q 0 0 0 rg BT 117.02 340.10 Td (White Mountains. For the years ended December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 385.47 340.10 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 443.13 340.10 Td (, OneBeacon incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 110.26 328.10 Td ($18 thousand) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.87 328.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.31 328.10 Td ($22 thousand) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.91 328.10 Td ( in trustee fees with respect to the trust. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (Esurance Sublease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 288.10 Td (OBIC subleases to Esurance Insurance approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 290.21 288.10 Td (4,200) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.71 288.10 Td ( square feet of an approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.32 288.10 Td (14,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.82 288.10 Td ( square foot of) Tj ET Q q 0 0 0 rg BT 529.68 288.10 Td (fice ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 276.10 Td (facility in Brooklyn, NY) Tj ET Q q 0 0 0 rg BT 147.03 276.10 Td (. ) Tj ET Q q 0 0 0 rg BT 151.85 276.10 Td (The sublease term commenced ) Tj ET Q q 0 0 0 rg BT 277.36 276.10 Td (August15, 2008 and terminates on November29, 2014. Esurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (Insurance has the option to sublease an additional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.05 264.10 Td (3,000) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.55 264.10 Td ( square feet of the of) Tj ET Q q 0 0 0 rg BT 355.83 264.10 Td (fice space if available on the same terms and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (conditions as the original sublease except that the monthly rental payment would increase. In addition, Esurance Insurance has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (the right of first refusal on the remainder of the of) Tj ET Q q 0 0 0 rg BT 249.19 240.10 Td (fice space on terms and conditions to be agreed upon by the parties. During ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (each of the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 219.55 228.10 Td (1 and 2010, Esurance Insurance paid OBIC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.61 228.10 Td ($0.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.50 228.10 Td ( for the of) Tj ET Q q 0 0 0 rg BT 484.03 228.10 Td (fice space.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Sale of HCIC to Esurance Holdings,Inc.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 188.10 Td (During the third quarter of 2006, OneBeacon sold one of its inactive licensed subsidiaries, Homeland Central Insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (Company \("HCIC"\), to Esurance Holdings, a subsidiary of ) Tj ET Q q 0 0 0 rg BT 287.39 176.10 Td (White Mountains until the Esurance ) Tj ET Q q 0 0 0 rg BT 434.12 176.10 Td (T) Tj ET Q q 0 0 0 rg BT 439.88 176.10 Td (ransaction. HCIC was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (renamed EICNJ. In connection with the sale, Esurance Holdings agreed to pay ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.57 164.10 Td ($2.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.46 164.10 Td ( of the total purchase price in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (periodic annual installments based upon a percentage of an annually recognized tax benefit with respect to premium tax in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (state of New Jersey) Tj ET Q q 0 0 0 rg BT 127.38 140.10 Td (. In the event of a sale of Esurance Holdings to a third party) Tj ET Q q 0 0 0 rg BT 365.54 140.10 Td (, the remainder of the tax benefit would become ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (due and payable to OneBeacon. Because of the license held by HCIC in New Jersey) Tj ET Q q 0 0 0 rg BT 385.63 128.10 Td (, EICNJ was entitled to a tax benefit that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (resulted in a reduction in the amount of annual state premium tax due on premiums written in New Jersey) Tj ET Q q 0 0 0 rg BT 472.02 116.10 Td (. For the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 123.21 104.10 Td (1 and 2010, after the filing of its New Jersey premium tax return each year) Tj ET Q q 0 0 0 rg BT 421.32 104.10 Td (, EICNJ paid OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.90 104.10 Td ($1.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 92.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 92.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.22 92.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.88 92.10 Td (. In connection with the closing of the Esurance ) Tj ET Q q 0 0 0 rg BT 392.98 92.10 Td (T) Tj ET Q q 0 0 0 rg BT 398.74 92.10 Td (ransaction in 201) Tj ET Q q 0 0 0 rg BT 467.24 92.10 Td (1, EICNJ paid ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.15 80.10 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.04 80.10 Td (, representing payment in full of the remainder of the tax benefit. ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 15. Related Party Disclosur) Tj ET Q q 0 0 0 rg BT 197.30 728.60 Td (es) Tj ET Q endstream endobj 307 0 obj <>] /Rotate 0 /Contents 308 0 R>> endobj 308 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 61) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (OF) Tj ET Q q 0 0 0 rg BT 62.04 704.10 Td (AC Compliance Services ) Tj ET Q q 0 0 0 rg BT 163.78 704.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 178.41 704.10 Td (eement between OneBeacon Insurance Company and Esurance Insurance Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 684.10 Td (The U.S. Department of the ) Tj ET Q q 0 0 0 rg BT 187.40 684.10 Td (T) Tj ET Q q 0 0 0 rg BT 193.16 684.10 Td (reasury Of) Tj ET Q q 0 0 0 rg BT 235.46 684.10 Td (fice of Foreign ) Tj ET Q q 0 0 0 rg BT 296.83 684.10 Td (Assets Control \("OF) Tj ET Q q 0 0 0 rg BT 377.95 684.10 Td (AC"\) rules prohibit U.S. businesses from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (providing services to terrorists, drug traf) Tj ET Q q 0 0 0 rg BT 211.45 672.10 Td (fickers, and others engaged in activities related to the proliferation of weapons of mass ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (destruction and threats to the national security) Tj ET Q q 0 0 0 rg BT 233.74 660.10 Td (, foreign policy or economy of the United States in order to enforce U.S. foreign ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (policy including economic and trade sanctions. In November 2009, OBIC entered into an OF) Tj ET Q q 0 0 0 rg BT 421.67 648.10 Td (AC Compliance Services ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (Agreement with Esurance companies pursuant to which OBIC would continue to assist Esurance companies with compliance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (with OF) Tj ET Q q 0 0 0 rg BT 82.32 624.10 Td (AC rules and regulations. Prior to entry into the OF) Tj ET Q q 0 0 0 rg BT 287.66 624.10 Td (AC Compliance Services ) Tj ET Q q 0 0 0 rg BT 390.70 624.10 Td (Agreement, OBIC provided OF) Tj ET Q q 0 0 0 rg BT 516.60 624.10 Td (AC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (compliance services to Esurance companies pursuant to the Separation ) Tj ET Q q 0 0 0 rg BT 334.63 612.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 383.87 612.10 Td (The fees paid by Esurance companies to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (OBIC pursuant to the Separation ) Tj ET Q q 0 0 0 rg BT 183.04 600.10 Td (Agreement are included under "Related Party DisclosuresSeparation ) Tj ET Q q 0 0 0 rg BT 468.97 600.10 Td (Agreement" above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (This agreement was terminated in ) Tj ET Q q 0 0 0 rg BT 187.46 588.10 Td (August 2010.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 64.63 568.10 Td (chase of State Pr) Tj ET Q q 0 0 0 rg BT 132.30 568.10 Td (emium T) Tj ET Q q 0 0 0 rg BT 166.10 568.10 Td (ax Cr) Tj ET Q q 0 0 0 rg BT 188.23 568.10 Td (edits) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 548.10 Td (In September 2010, OneBeacon ) Tj ET Q q 0 0 0 rg BT 203.69 548.10 Td (America Insurance Company) Tj ET Q q 0 0 0 rg BT 320.22 548.10 Td (, the Employers' Fire Insurance Company and Pennsylvania ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (General Insurance Company purchased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.94 536.10 Td ($1.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.83 536.10 Td ( of Connecticut premium tax credits from ) Tj ET Q q 0 0 0 rg BT 427.21 536.10 Td (White Mountains Specialty ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (Underwriting,Inc., formerly Folksamerica Specialty Underwriting,Inc., for approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.28 524.10 Td ($1.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.17 524.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (Federal Insurance Indemnity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 484.10 Td (In December 2003, ) Tj ET Q q 0 0 0 rg BT 153.23 484.10 Td (White Mountains and Fund ) Tj ET Q q 0 0 0 rg BT 264.89 484.10 Td (American Companies,Inc., now OBH, entered into a General ) Tj ET Q q 0 0 0 rg BT 513.43 484.10 Td (Agreement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (of Indemnity with Federal Insurance Company \("Federal"\), under which Federal agreed to execute judicial and similar bonds ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (on behalf of ) Tj ET Q q 0 0 0 rg BT 100.63 460.10 Td (White Mountains and OBH and their respective subsidiaries. Under the General ) Tj ET Q q 0 0 0 rg BT 422.21 460.10 Td (Agreement of Indemnity) Tj ET Q q 0 0 0 rg BT 520.42 460.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.24 460.10 Td (White ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (Mountains and OBH agreed to jointly and severally indemnify Federal for any losses under the bonds. Included within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (Separation ) Tj ET Q q 0 0 0 rg BT 94.71 436.10 Td (Agreement is a provision under which each of ) Tj ET Q q 0 0 0 rg BT 281.69 436.10 Td (White Mountains and the Company will indemnify the other for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (losses arising out of or in connection with bonds to the extent for the benefit of ) Tj ET Q q 0 0 0 rg BT 368.09 424.10 Td (White Mountains or the Company) Tj ET Q q 0 0 0 rg BT 504.08 424.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 556.74 424.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (As of November 2006, the Company entered into a new agreement with Federal providing a similar bonding capacity to which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (White Mountains is not a party) Tj ET Q q 0 0 0 rg BT 173.50 400.10 Td (. ) Tj ET Q q 0 0 0 rg BT 177.94 400.10 Td (At December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 288.66 400.10 Td (1 and 2010, total exposure under the General ) Tj ET Q q 0 0 0 rg BT 470.55 400.10 Td (Agreement of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (Indemnity for outstanding bonds was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.37 388.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.26 388.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.26 388.10 Td ($1.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.16 388.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.59 388.10 Td ($1.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.49 388.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 425.15 388.10 Td (, of which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.92 388.10 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.81 388.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.81 388.10 Td ($1.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 376.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.33 376.10 Td ($1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.22 376.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 199.88 376.10 Td (, related to bonds issued on behalf of OBH or its subsidiaries.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (Prospector) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (Investment Management ) Tj ET Q q 0 0 0 rg BT 150.34 336.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 164.97 336.10 Td (eement with Pr) Tj ET Q q 0 0 0 rg BT 225.14 336.10 Td (ospector) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 316.10 Td (Prior to the initial public of) Tj ET Q q 0 0 0 rg BT 182.97 316.10 Td (fering, Prospector managed most of the publicly-traded common equity and convertible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (securities in OneBeacon's portfolio, as well as certain assets of the employee benefit plan portfolios, through a sub-advisory ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (agreement with ) Tj ET Q q 0 0 0 rg BT 114.24 292.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 134.52 292.10 Td (Advisors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 272.10 Td (In connection with the initial public of) Tj ET Q q 0 0 0 rg BT 227.67 272.10 Td (fering, OneBeacon entered into an investment management agreement with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (Prospector in November 2006, as amended in November 2007, pursuant to which Prospector supervises and directs the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (publicly-traded common equity and convertible securities portion of OneBeacon's investment portfolio in accordance with the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (investment objectives, policies and restrictions described in OneBeacon's investment guidelines. ) Tj ET Q q 0 0 0 rg BT 437.64 236.10 Td (The investment management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (agreement was renewed in March 201) Tj ET Q q 0 0 0 rg BT 202.07 224.10 Td (1 upon the same terms and conditions as the November 2006 agreement including an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (initial fixed term of three years which may be extended for an additional two year term.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 192.10 Td (Prospector served as a discretionary advisor to ) Tj ET Q q 0 0 0 rg BT 262.37 192.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 282.65 192.10 Td (Advisors under sub-advisory agreements with respect to specified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (assets in OneBeacon's employee benefit plan portfolios until the fourth quarter of 2009. ) Tj ET Q q 0 0 0 rg BT 402.27 180.10 Td (As described above under "Related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (Party DisclosuresWM ) Tj ET Q q 0 0 0 rg BT 150.55 168.10 Td (Advisors," in November 2009, ) Tj ET Q q 0 0 0 rg BT 275.55 168.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 295.83 168.10 Td (Advisors terminated the investment management agreements ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (pursuant to which ) Tj ET Q q 0 0 0 rg BT 123.97 156.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 144.25 156.10 Td (Advisors provided services with respect to the employee benefit plan portfolios. Ef) Tj ET Q q 0 0 0 rg BT 476.21 156.10 Td (fective as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 Td (November1, 2009, the Qualified Plan entered into a new investment management agreement with Prospector with respect to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 132.10 Td (the management of the plan assets. Ef) Tj ET Q q 0 0 0 rg BT 201.16 132.10 Td (fective as of December1, 2009, OneBeacon entered into a new investment management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (agreement with Prospector with respect to the management of two proprietary funds under the KSOP) Tj ET Q q 0 0 0 rg BT 453.78 120.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 100.10 Td (In December 2010, OneBeacon and Prospector entered into an investment management agreement pursuant to which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (Prospector supervises and directs the assets held in trust to fund the Company's obligations under the Non-qualified Plan. ) Tj ET Q q 0 0 0 rg BT 537.37 88.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (terms of the agreement are substantially similar to the terms of the March 201) Tj ET Q q 0 0 0 rg BT 360.92 76.10 Td (1 agreement described below) Tj ET Q q 0 0 0 rg BT 477.17 76.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 15. Related Party Disclosur) Tj ET Q q 0 0 0 rg BT 197.30 728.60 Td (es) Tj ET Q endstream endobj 309 0 obj <>] /Rotate 0 /Contents 310 0 R>> endobj 310 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 62) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (Under the agreements, Prospector has discretion and authority with respect to the portfolios it manages for OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (that are substantially similar to ) Tj ET Q q 0 0 0 rg BT 175.63 692.10 Td (WM ) Tj ET Q q 0 0 0 rg BT 195.90 692.10 Td (Advisors' discretion and authority under its agreements. ) Tj ET Q q 0 0 0 rg BT 421.36 692.10 Td (The assets of OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (portfolios are held in one or more separately identifiable accounts in the custody of a bank or similar entity designated by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (OneBeacon and acceptable to Prospector) Tj ET Q q 0 0 0 rg BT 213.27 668.10 Td (. OneBeacon is responsible for custodial arrangements and the payment of all custodial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 656.10 Td (ges and fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 636.10 Td (Under the agreements, OneBeacon pays annual management fees to Prospector based on aggregate net assets under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (management according to the following schedule: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.16 624.10 Td (1.00%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.99 624.10 Td ( on the first ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.31 624.10 Td ($200 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.71 624.10 Td (; ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.98 624.10 Td (0.50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.81 624.10 Td ( on the next ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.25 624.10 Td ($200 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.64 624.10 Td (; and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.86 624.10 Td (0.25%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.69 624.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (on amounts over ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.16 612.10 Td ($400 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 170.55 612.10 Td (. ) Tj ET Q q 0 0 0 rg BT 175.37 612.10 Td (The agreements each have an initial fixed term of three years, which with respect to the 2006 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (agreement was extended by OneBeacon for an additional two year term. ) Tj ET Q q 0 0 0 rg BT 341.37 600.10 Td (The agreements are terminable by OneBeacon only ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (\(i\)for cause \(including material non-performance by Prospector\), \(ii\)if either John D. Gillespie or Richard P) Tj ET Q q 0 0 0 rg BT 484.86 588.10 Td (. Howard are no ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (longer af) Tj ET Q q 0 0 0 rg BT 85.63 576.10 Td (filiated with Prospector) Tj ET Q q 0 0 0 rg BT 179.10 576.10 Td (, \(iii\)if there is a change in control of Prospector \(for this purpose, a change in control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (represents ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.04 564.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.37 564.10 Td ( or greater change in voting interest of Prospector\), or \(iv\)if ) Tj ET Q q 0 0 0 rg BT 354.16 564.10 Td (White Mountains' voting interest in the Company ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (falls below ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.66 552.10 Td (50%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 114.99 552.10 Td (. OneBeacon reviews periodically the performance of and the fees paid to Prospector under the agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 532.10 Td (For the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 253.30 532.10 Td (1 and 2010, OneBeacon incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.70 532.10 Td ($2.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.59 532.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.59 532.10 Td ($1.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.48 532.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.92 532.10 Td ($2.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.81 532.10 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 520.10 Td (, in fees for investment management services provided by Prospector) Tj ET Q q 0 0 0 rg BT 373.14 520.10 Td (. For the years ended December31, 2012 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (201) Tj ET Q q 0 0 0 rg BT 64.63 508.10 Td (1, the employee benefit plans incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.41 508.10 Td ($1.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.30 508.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.74 508.10 Td ($1.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.63 508.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 390.29 508.10 Td (, in fees for investment management ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (services provided by Prospector) Tj ET Q q 0 0 0 rg BT 177.47 496.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 476.10 Td (Richard P) Tj ET Q q 0 0 0 rg BT 112.61 476.10 Td (. Howard, a portfolio manager of Prospector) Tj ET Q q 0 0 0 rg BT 289.38 476.10 Td (, is a director of the Company) Tj ET Q q 0 0 0 rg BT 407.86 476.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 456.10 Td (ospector Managed Limited Partnerships) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 436.10 Td (At December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 199.15 436.10 Td (1, OneBeacon had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.24 436.10 Td ($12.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.13 436.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.57 436.10 Td ($42.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.46 436.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 455.12 436.10 Td (, invested in limited ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (partnerships managed by Prospector) Tj ET Q q 0 0 0 rg BT 194.69 424.10 Td (. Under the limited partnership agreements, Prospector serves as general partner and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 412.10 Td (general manager of the funds and is paid a management fee by OneBeacon. In addition, OneBeacon allocates a portion of its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (earnings from OneBeacon's limited partnership interests to Prospector as an incentive fee. For each of the years ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 148.21 388.10 Td (1 and 2010, OneBeacon incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.61 388.10 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.50 388.10 Td ( in management fees. For the years ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (2012 and 2010, OneBeacon incurred ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.40 376.10 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.29 376.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 267.73 376.10 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.62 376.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 369.28 376.10 Td (, in incentive fees. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.81 376.10 Td (No) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.03 376.10 Td ( incentive fees were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (incurred for the year ended December 31, 201) Tj ET Q q 0 0 0 rg BT 233.99 364.10 Td (1.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 344.10 Td (In December 2012, in anticipation of the Runof) Tj ET Q q 0 0 0 rg BT 263.77 344.10 Td (f ) Tj ET Q q 0 0 0 rg BT 269.42 344.10 Td (T) Tj ET Q q 0 0 0 rg BT 275.17 344.10 Td (ransaction, OneBeacon sold its investment in the Prospector ) Tj ET Q q 0 0 0 rg BT 517.99 344.10 Td (T) Tj ET Q q 0 0 0 rg BT 523.75 344.10 Td (urtle ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (Fund, L.P) Tj ET Q q 0 0 0 rg BT 88.62 332.10 Td (. \("T) Tj ET Q q 0 0 0 rg BT 106.79 332.10 Td (urtle Fund"\). ) Tj ET Q q 0 0 0 rg BT 160.41 332.10 Td (The ) Tj ET Q q 0 0 0 rg BT 178.28 332.10 Td (T) Tj ET Q q 0 0 0 rg BT 184.03 332.10 Td (urtle Fund, one of the limited partnerships managed by Prospector) Tj ET Q q 0 0 0 rg BT 448.57 332.10 Td (, was sold to an af) Tj ET Q q 0 0 0 rg BT 520.60 332.10 Td (filiate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (White Mountains for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.37 320.10 Td ($31.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.26 320.10 Td (, representing the net asset value of OneBeacon's interest in the ) Tj ET Q q 0 0 0 rg BT 445.13 320.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.89 320.10 Td (urtle Fund on the date of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (sale. Prior to the sale, the ) Tj ET Q q 0 0 0 rg BT 153.13 308.10 Td (T) Tj ET Q q 0 0 0 rg BT 158.88 308.10 Td (urtle Fund was consolidated by OneBeacon. ) Tj ET Q q 0 0 0 rg BT 337.46 308.10 Td (At December31, 201) Tj ET Q q 0 0 0 rg BT 423.17 308.10 Td (1, OneBeacon's investment in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 296.10 Td (urtle Fund was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.70 296.10 Td ($31.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.59 296.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 269.25 Td (NOTE 16. Commitments and Contingencies) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (Leases) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 229.25 Td (OneBeacon leases certain of) Tj ET Q q 0 0 0 rg BT 187.37 229.25 Td (fice space under noncancellable operating leases expiring at various dates through 2021. Net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (rental expense for all of OneBeacon's locations was approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.21 217.25 Td ($9.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.10 217.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.10 217.25 Td ($13.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.99 217.25 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.43 217.25 Td ($18.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.32 217.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 552.98 217.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 227.07 205.25 Td (1 and 2010. OneBeacon's future annual minimum rental payments required under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (noncancellable leases primarily for of) Tj ET Q q 0 0 0 rg BT 200.86 193.25 Td (fice space are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.76 193.25 Td ($6.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.66 193.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.66 193.25 Td ($5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.55 193.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.55 193.25 Td ($4.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.44 193.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.44 193.25 Td ($4.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.33 193.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.27 193.25 Td ($9.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.16 193.25 Td ( for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 181.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 75.00 181.25 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.00 181.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 100.00 181.25 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.00 181.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.00 181.25 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 145.00 181.25 Td (, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.94 181.25 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.94 181.25 Td ( and thereafter) Tj ET Q q 0 0 0 rg BT 244.28 181.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 296.94 181.25 Td (. ) Tj ET Q q 0 0 0 rg BT 301.39 181.25 Td (As of December31, 2012, OneBeacon has accrued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.97 181.25 Td ($0.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 556.87 181.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (net of anticipated sub-lease income for leased space which OneBeacon has ceased using.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 149.25 Td (As described in Note1, OneBeacon's wholly-owned insurance operating subsidiary) Tj ET Q q 0 0 0 rg BT 407.29 149.25 Td (, OBIC, sold the majority of its fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (assets and capitalized software to OB Services at a cost equal to book value with no gain or loss recorded on the sale. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (Subsequent to purchasing the fixed assets and capitalized software from OBIC, OB Services entered into lease financing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 113.25 Td (arrangements with US Bancorp and Fifth ) Tj ET Q q 0 0 0 rg BT 217.01 113.25 Td (Third whereby OB Services sold its furniture and equipment and its capitalized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (software, respectively) Tj ET Q q 0 0 0 rg BT 137.09 101.25 Td (, to US Bancorp and Fifth ) Tj ET Q q 0 0 0 rg BT 242.73 101.25 Td (Third. ) Tj ET Q q 0 0 0 rg BT 269.77 101.25 Td (The assets were sold at a cost equal to net book value. OB Services then ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 89.25 Td (leased the fixed assets back from US Bancorp for a lease term of five years and leased the capitalized software back from Fifth ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (Third for a lease term of four years. OB Services received cash proceeds of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.48 77.25 Td ($23.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.37 77.25 Td ( as a result of entering into the sale-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (leaseback transactions. ) Tj ET Q q 0 0 0 rg BT 143.57 65.25 Td (At the end of the lease terms, OB Services will have the obligation to purchase the leased assets for a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 53.25 Td (nominal fee, after which all rights, title and interest would transfer to OB Services. OBIC recorded the sale of the assets with no ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 15. Related Party Disclosur) Tj ET Q q 0 0 0 rg BT 197.30 728.60 Td (es) Tj ET Q endstream endobj 311 0 obj <>] /Rotate 0 /Contents 312 0 R>> endobj 312 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (gain or loss recognized while OB Services has recorded a capital lease obligation and a capital lease asset. ) Tj ET Q q 0 0 0 rg BT 476.79 704.10 Td (As of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.23 704.10 Td (December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.00 692.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.44 692.10 Td (201) Tj ET Q q 0 0 0 rg BT 104.07 692.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 109.07 692.10 Td (, OB Services had a capital lease obligation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.23 692.10 Td ($18.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.12 692.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 369.56 692.10 Td ($23.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.45 692.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 476.11 692.10 Td (, included within ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.10 Td (other liabilities and a capital lease asset of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.04 680.10 Td ($16.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.94 680.10 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.38 680.10 Td ($22.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.27 680.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 400.93 680.10 Td (, included within other assets. ) Tj ET Q q 0 0 0 rg BT 522.11 680.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (underlying assets will continue to be depreciated over their respective useful lives. OB Services' future annual minimum rental ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 656.10 Td (payments are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.53 656.10 Td ($5.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.42 656.10 Td ( for each of the years ended December31, 2013, 2014 and 2015 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.88 656.10 Td ($1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.38 656.10 Td ( for the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 644.10 Td (December31, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 624.10 Td (OneBeacon also has various other lease obligations which are immaterial in the aggregate.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (Other Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 584.10 Td (OneBeacon has future binding commitments to fund certain limited partnership investments which do not have fixed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (funding dates and totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.31 572.10 Td ($16.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.20 572.10 Td ( as of December31, 2012. OneBeacon's future binding commitment to fund an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 560.10 Td (investment in a tax advantaged federal af) Tj ET Q q 0 0 0 rg BT 214.19 560.10 Td (fordable housing development fund is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.33 560.10 Td ($5.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.22 560.10 Td ( for 2013.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (Assigned Risks) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 520.10 Td (As a condition of OneBeacon's license to do business in certain states, OneBeacon's insurance operations are required to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (participate in mandatory shared market mechanisms. Each state dictates the types of insurance and the level of coverage that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (must be provided. ) Tj ET Q q 0 0 0 rg BT 124.25 496.10 Td (The total amount of such business an insurer is required to accept is based on its market share of voluntary ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (business in the state. In certain cases, OneBeacon is obligated to write business from mandatory shared market mechanisms at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (some time in the future based on the market share of voluntary policies it is currently writing. Underwriting results related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (assigned risk plans are typically adverse and are not subject to the predictability associated with OneBeacon's voluntarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (written business.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (Guaranty Funds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 408.10 Td (Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (obligations of insolvent insurance companies to policyholders and claimants. OneBeacon's insurance subsidiaries record ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (guaranty fund assessments when such assessments are billed by the respective guaranty funds. In addition, each insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (subsidiary's policy is to accrue for any significant insolvencies when the loss is probable and the assessment amount can be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (reasonably estimated. ) Tj ET Q q 0 0 0 rg BT 138.96 360.10 Td (The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (and will be paid over several years. ) Tj ET Q q 0 0 0 rg BT 193.28 348.10 Td (At ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.78 348.10 Td (December31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.37 348.10 Td (, the reserve for such assessments at OneBeacon's insurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (subsidiaries totaled ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.43 336.10 Td ($12.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 183.32 336.10 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (Legal Contingencies) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 296.10 Td (OneBeacon, and the insurance industry in general, are routinely subject to claims related litigation and arbitration in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.10 Td (normal course of business, as well as litigation and arbitration that do not arise from, or directly relate to, claims activity) Tj ET Q q 0 0 0 rg BT 530.61 284.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 264.10 Td (OneBeacon's estimates of the costs of settling matters routinely encountered in claims activity are reflected in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (reserves for unpaid loss and LAE. See Note3.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 232.10 Td (Except as noted below) Tj ET Q q 0 0 0 rg BT 163.60 232.10 Td (, OneBeacon is not a party to any material non-claims litigation or arbitration. OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (considers the requirements of ) Tj ET Q q 0 0 0 rg BT 169.97 220.10 Td (ASC450 when evaluating its exposure to non-claims related litigation and arbitration. ) Tj ET Q q 0 0 0 rg BT 516.84 220.10 Td (ASC450 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (requires that accruals be established for litigation and arbitration if it is probable that a loss has been incurred and it can be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (reasonably estimated. ) Tj ET Q q 0 0 0 rg BT 138.58 196.10 Td (ASC450 also requires that litigation and arbitration be disclosed if it is probable that a loss has been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (incurred or if there is a reasonable possibility that a loss may have been incurred.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 164.10 Td (In June 201) Tj ET Q q 0 0 0 rg BT 120.29 164.10 Td (1, Deutsche Bank ) Tj ET Q q 0 0 0 rg BT 193.42 164.10 Td (T) Tj ET Q q 0 0 0 rg BT 199.18 164.10 Td (rust Company ) Tj ET Q q 0 0 0 rg BT 257.52 164.10 Td (Americas, Law Debenture Company of New ) Tj ET Q q 0 0 0 rg BT 438.47 164.10 Td (Y) Tj ET Q q 0 0 0 rg BT 444.69 164.10 Td (ork and ) Tj ET Q q 0 0 0 rg BT 477.28 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 486.32 164.10 Td (ilmington ) Tj ET Q q 0 0 0 rg BT 527.53 164.10 Td (T) Tj ET Q q 0 0 0 rg BT 533.29 164.10 Td (rust ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (Company \(collectively referred to as Plaintif) Tj ET Q q 0 0 0 rg BT 232.81 152.10 Td (fs\), in their capacity as trustees for certain senior notes issued by the ) Tj ET Q q 0 0 0 rg BT 512.53 152.10 Td (T) Tj ET Q q 0 0 0 rg BT 518.29 152.10 Td (ribune ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (Company \(T) Tj ET Q q 0 0 0 rg BT 104.91 140.10 Td (ribune\), filed lawsuits in various jurisdictions \(the Noteholder ) Tj ET Q q 0 0 0 rg BT 362.91 140.10 Td (Actions\) against numerous defendants including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (OneBeacon, OBIC-sponsored benefit plans and other af) Tj ET Q q 0 0 0 rg BT 273.36 128.10 Td (filiates of ) Tj ET Q q 0 0 0 rg BT 313.73 128.10 Td (White Mountains in their capacity as former shareholders of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 116.10 Td (ribune seeking recovery of the proceeds from the sale of common stock of ) Tj ET Q q 0 0 0 rg BT 355.20 116.10 Td (T) Tj ET Q q 0 0 0 rg BT 360.95 116.10 Td (ribune in connection with ) Tj ET Q q 0 0 0 rg BT 465.75 116.10 Td (T) Tj ET Q q 0 0 0 rg BT 471.50 116.10 Td (ribune's leveraged ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (buyout in 2007 \(the LBO\). ) Tj ET Q q 0 0 0 rg BT 168.13 104.10 Td (T) Tj ET Q q 0 0 0 rg BT 173.89 104.10 Td (ribune filed for bankruptcy in 2008 in the Delaware bankruptcy court \(the Bankruptcy Court\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (The Bankruptcy Court granted Plaintif) Tj ET Q q 0 0 0 rg BT 204.23 92.10 Td (fs permission to commence these LBO-related actions. Plaintif) Tj ET Q q 0 0 0 rg BT 455.09 92.10 Td (fs seek recovery of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (proceeds received by the former ) Tj ET Q q 0 0 0 rg BT 181.14 80.10 Td (T) Tj ET Q q 0 0 0 rg BT 186.90 80.10 Td (ribune shareholders on a theory of constructive fraudulent transfer asserting that ) Tj ET Q q 0 0 0 rg BT 509.66 80.10 Td (T) Tj ET Q q 0 0 0 rg BT 515.42 80.10 Td (ribune ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (purchased or repurchased its common shares without receiving fair consideration at a time when it was, or as a result of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (purchases of shares, was rendered, insolvent. OneBeacon has entered into a joint defense agreement with other af) Tj ET Q q 0 0 0 rg BT 503.26 56.10 Td (filiates of ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 16. Commitments and Contingencies) Tj ET Q endstream endobj 313 0 obj <>] /Rotate 0 /Contents 314 0 R>> endobj 314 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 64) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.10 Td (White Mountains that are defendants in the action. OneBeacon and OBIC-sponsored benefit plans received approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.51 704.10 Td ($32 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.89 692.10 Td ( for ) Tj ET Q q 0 0 0 rg BT 95.37 692.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.13 692.10 Td (ribune common stock tendered in connection with the LBO.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 672.10 Td (In December 201) Tj ET Q q 0 0 0 rg BT 143.04 672.10 Td (1, the Judicial Panel on Multidistrict Litigation granted a motion to consolidate all of the Noteholder ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (Actions for pretrial matters and transfer all such proceedings to the United States District Court for the Southern District of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 648.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 648.10 Td (ork.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 628.10 Td (In addition, OneBeacon, OBIC-sponsored benefit plans and other af) Tj ET Q q 0 0 0 rg BT 344.97 628.10 Td (filiates of ) Tj ET Q q 0 0 0 rg BT 385.33 628.10 Td (White Mountains in their capacity as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (former shareholders of ) Tj ET Q q 0 0 0 rg BT 143.39 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 149.15 616.10 Td (ribune, along with thousands of former ) Tj ET Q q 0 0 0 rg BT 307.55 616.10 Td (T) Tj ET Q q 0 0 0 rg BT 313.31 616.10 Td (ribune shareholders, have been named as defendants in an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (adversary proceeding brought by the Of) Tj ET Q q 0 0 0 rg BT 209.49 604.10 Td (ficial Committee of Unsecured Creditors of the ) Tj ET Q q 0 0 0 rg BT 400.64 604.10 Td (T) Tj ET Q q 0 0 0 rg BT 406.40 604.10 Td (ribune Company) Tj ET Q q 0 0 0 rg BT 472.68 604.10 Td (, on behalf of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 592.10 Td (ribune Company) Tj ET Q q 0 0 0 rg BT 122.04 592.10 Td (, which seeks to avoid the repurchase of shares by ) Tj ET Q q 0 0 0 rg BT 324.30 592.10 Td (T) Tj ET Q q 0 0 0 rg BT 330.05 592.10 Td (ribune in the LBO on a theory of intentional fraudulent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (transfer \(the Committee ) Tj ET Q q 0 0 0 rg BT 151.91 580.10 Td (Action\). ) Tj ET Q q 0 0 0 rg BT 191.71 580.10 Td (T) Tj ET Q q 0 0 0 rg BT 197.47 580.10 Td (ribune emer) Tj ET Q q 0 0 0 rg BT 245.32 580.10 Td (ged from bankruptcy in 2012, and the Committee ) Tj ET Q q 0 0 0 rg BT 445.00 580.10 Td (Action has since been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (consolidated with the Noteholder ) Tj ET Q q 0 0 0 rg BT 184.97 568.10 Td (Actions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.00 548.10 Td (In September 2012, a case management order was entered in the consolidated cases, setting forth, among other things, a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 536.10 Td (briefing schedule for an omnibus motion to dismiss in the Noteholder ) Tj ET Q q 0 0 0 rg BT 330.24 536.10 Td (Actions. ) Tj ET Q q 0 0 0 rg BT 366.17 536.10 Td (The court is expected to hear oral ar) Tj ET Q q 0 0 0 rg BT 510.08 536.10 Td (gument on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (that motion in March 2013. Discovery and other motion practice \(other than motions to amend the complaints\) in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (Committee ) Tj ET Q q 0 0 0 rg BT 96.39 512.10 Td (Action and the Noteholder ) Tj ET Q q 0 0 0 rg BT 204.69 512.10 Td (Actions is stayed until further order of the court.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.50 492.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 492.10 Td ( subsidiary of the the Company) Tj ET Q q 0 0 0 rg BT 203.78 492.10 Td (, OBH, was sued in Federal Court in the Eastern District of Pennsylvania on ) Tj ET Q q 0 0 0 rg BT 510.40 492.10 Td (August 17, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (2012 by ) Tj ET Q q 0 0 0 rg BT 84.45 480.10 Td (Ace ) Tj ET Q q 0 0 0 rg BT 102.50 480.10 Td (American Insurance Company \(Ace\). ) Tj ET Q q 0 0 0 rg BT 263.63 480.10 Td (The complaint alleges that OBH, through a professional recruiting firm, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (improperly hired a group of ) Tj ET Q q 0 0 0 rg BT 163.03 468.10 Td (Ace employees from ) Tj ET Q q 0 0 0 rg BT 248.28 468.10 Td (Ace's surety division. ) Tj ET Q q 0 0 0 rg BT 336.55 468.10 Td (The complaint sought injunctive relief and unspecified ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (damages. ) Tj ET Q q 0 0 0 rg BT 89.43 456.10 Td (After court-ordered expedited discovery was completed, the claims for injunctive relief were resolved pursuant to a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (confidential agreement. ) Tj ET Q q 0 0 0 rg BT 146.72 444.10 Td (The remaining claim against OBH is for damages only and is scheduled to be heard in ) Tj ET Q q 0 0 0 rg BT 493.30 444.10 Td (April. ) Tj ET Q q 0 0 0 rg BT 518.85 444.10 Td (After the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (claims against OBH for injunctive relief were resolved, ) Tj ET Q q 0 0 0 rg BT 273.54 432.10 Td (Ace filed a Demand for ) Tj ET Q q 0 0 0 rg BT 369.89 432.10 Td (Arbitration against five of the surety employees ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (recruited from ) Tj ET Q q 0 0 0 rg BT 109.42 420.10 Td (Ace, alleging breach of their duty of loyalty to ) Tj ET Q q 0 0 0 rg BT 297.14 420.10 Td (Ace and misappropriation of ) Tj ET Q q 0 0 0 rg BT 413.77 420.10 Td (Ace trade secrets. OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (believes that ) Tj ET Q q 0 0 0 rg BT 102.21 408.10 Td (Ace's damages claim against OBH and the claims against the individual employees are without merit and intends ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (to vigorously defend both.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 376.10 Td (Although the ultimate outcome of claims and non-claims litigation and arbitration, and the amount or range of potential ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (loss at any particular time, is often inherently uncertain, management does not believe that the expected ultimate outcome of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (such claims and non-claims litigation and arbitration, including the matter described above, will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 540.48 352.10 Td (fect ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (on OneBeacon's financial condition, results of operations or cash flows.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 313.25 Td (NOTE 17. Earnings per) Tj ET Q q 0 0 0 rg BT 151.00 313.25 Td ( Shar) Tj ET Q q 0 0 0 rg BT 173.88 313.25 Td (e) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 293.25 Td (Basic and diluted earnings per share amounts have been determined in accordance with ) Tj ET Q q 0 0 0 rg BT 424.76 293.25 Td (ASC 260, based on the weighted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (average number of common shares outstanding, including unvested restricted shares that are considered participating securities ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (\(see Note9\). ) Tj ET Q q 0 0 0 rg BT 103.19 269.25 Td (The weighted average number of shares outstanding also includes the impact of share awards issued and share ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (repurchases. During the second quarters of 2012, 201) Tj ET Q q 0 0 0 rg BT 262.68 257.25 Td (1 and 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.12 257.25 Td (20,055) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 339.62 257.25 Td ( shares, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.11 257.25 Td (21,980) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.61 257.25 Td ( shares, and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.04 257.25 Td (20,068) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.54 257.25 Td ( shares, respectively) Tj ET Q q 0 0 0 rg BT 556.69 257.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (of the Company's Class) Tj ET Q q 0 0 0 rg BT 145.75 245.25 Td (A) Tj ET Q q 0 0 0 rg BT 152.42 245.25 Td ( common shares were awarded to certain non-employee directors of the Company's Board in lieu of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (their 2012, 201) Tj ET Q q 0 0 0 rg BT 109.95 233.25 Td (1, and 2010 annual cash retainers. ) Tj ET Q q 0 0 0 rg BT 247.69 233.25 Td (As further described below \(see Note18\), during the third quarter of 2007, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (Company began repurchasing shares under a share repurchase authorization. Since the inception of this authorization, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td (Company has repurchased and retired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.05 209.25 Td (5.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 246.95 209.25 Td ( of its Class) Tj ET Q q 0 0 0 rg BT 295.84 209.25 Td (A) Tj ET Q q 0 0 0 rg BT 302.51 209.25 Td ( common shares.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 16. Commitments and Contingencies) Tj ET Q endstream endobj 315 0 obj <>] /Rotate 0 /Contents 316 0 R>> endobj 316 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 65) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 704.10 Td (The following table outlines the Company's computation of earnings per share for continuing operations attributable to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (OneBeacon's common shareholders for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 371.94 692.10 Td (1, and 2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 654.60 321.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 654.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 654.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 654.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 654.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 654.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 654.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 605.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 605.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 605.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 605.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 575.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 575.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 535.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 535.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 505.60 321.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 505.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 505.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 505.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 505.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 505.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 505.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 465.60 321.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 465.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 465.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 465.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 465.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 465.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 465.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 425.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 425.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 395.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 395.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 395.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 395.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 365.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 365.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 365.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 365.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 365.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 365.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 365.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 327.60 321.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 327.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 327.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 327.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 327.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 327.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 327.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 287.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 287.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 287.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 287.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 287.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 667.6 m 434 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 667.6 m 438 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 667.6 m 498 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 667.6 m 502 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 667.6 m 562 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 654.6 m 434 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 654.6 m 498 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 654.6 m 562 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 605.6 m 434 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 605.6 m 498 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 605.6 m 562 605.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 575.6 m 434 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 575.6 m 498 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 575.6 m 562 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 560.6 m 562 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 560.6 m 434 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 536.6 m 434 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 534.6 m 434 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 560.6 m 498 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 536.6 m 498 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 534.6 m 498 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 560.6 m 562 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 536.6 m 562 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 534.6 m 562 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 465.6 m 434 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 441.6 m 434 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 439.6 m 434 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 465.6 m 498 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 441.6 m 498 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 439.6 m 498 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 465.6 m 562 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 441.6 m 562 441.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 439.6 m 562 439.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 380.6 m 434 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 366.6 m 434 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 364.6 m 434 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 380.6 m 498 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 366.6 m 498 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 364.6 m 498 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 380.6 m 562 380.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 366.6 m 562 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 364.6 m 562 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 287.6 m 434 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 273.6 m 434 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 271.6 m 434 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 287.6 m 498 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 273.6 m 498 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 271.6 m 498 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 287.6 m 562 287.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 273.6 m 562 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 271.6 m 562 271.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 672.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.10 671.83 Td (Y) Tj ET Q q 0 0 0 rg BT 428.99 671.83 Td (ear) Tj ET Q q 0 0 0 rg BT 439.95 671.83 Td ( ended December) Tj ET Q q 0 0 0 rg BT 498.90 671.83 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 658.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.50 658.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.70 658.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 658.83 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 645.28 Td (Earnings attributable to OneBeacon's common shareholdersbasic and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 635.28 Td (diluted \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 635.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 635.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 635.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 620.27 Td (Net income from continuing operations attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 610.27 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 610.27 Td (96.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 610.27 Td (103.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 610.27 Td (148.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 595.27 Td (Allocation of income for participating unvested restricted common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.30 595.32 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 595.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 595.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 595.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 595.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 580.27 Td (Dividends paid on participating restricted common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.30 580.32 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 580.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 580.32 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 580.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 580.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 565.27 Td (Total allocation to restricted common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.30 565.32 Td (\(1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 565.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 565.32 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 565.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 565.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 550.27 Td (Net income from continuing operations attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 540.27 Td (shareholders, net of restricted common share amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 540.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 540.27 Td (94.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 540.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 540.27 Td (102.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 540.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 540.27 Td (148.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 510.28 Td (Undistributed \(over) Tj ET Q q 0 0 0 rg BT 135.85 510.28 Td (-distributed\) net earnings \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 510.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 510.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 510.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 495.27 Td (Net income from continuing operations attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 485.27 Td (shareholders, net of restricted common share amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 485.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 485.27 Td (94.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 485.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.65 485.27 Td (102.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 485.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 485.27 Td (148.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 470.27 Td (Dividends paid, net of restricted common share amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 470.32 Td (\(79.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 470.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.30 470.32 Td (\(173.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 470.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 470.32 Td (\(315.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 470.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 455.27 Td (T) Tj ET Q q 0 0 0 rg BT 56.91 455.27 Td (otal undistributed \(over) Tj ET Q q 0 0 0 rg BT 150.58 455.27 Td (-distributed\) net earnings, net of restricted common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 445.27 Td (share amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 445.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 445.27 Td (15.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 445.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 445.32 Td (\(71.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 445.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 445.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 532.30 445.32 Td (\(166.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 445.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 415.28 Td (Earnings per share denominatorbasic and diluted \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 415.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 415.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 415.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 400.27 Td (Total weighted average common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 400.27 Td (95.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 400.27 Td (94.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 400.27 Td (94.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 385.27 Td (W) Tj ET Q q 0 0 0 rg BT 66.14 385.27 Td (eighted average unvested restricted common shares) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 271.89 389.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.30 385.32 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 385.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 385.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 385.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 385.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 370.27 Td (Basic earnings per share denominator) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 202.00 374.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 370.27 Td (94.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 370.27 Td (94.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 370.27 Td (94.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 342.28 Td (Earnings per share attributable to OneBeacon's common shareholders) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 332.28 Td (basic and diluted \(in dollars\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 332.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 332.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 332.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 317.27 Td (Net income from continuing operations attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 307.27 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 307.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 307.27 Td (1.00) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 307.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 307.27 Td (1.08) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 307.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 307.27 Td (1.57) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 292.27 Td (Dividends declared and paid) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 292.32 Td (\(0.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 292.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 292.32 Td (\(1.84) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 292.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 292.32 Td (\(3.34) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 292.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 277.27 Td (Undistributed \(Over) Tj ET Q q 0 0 0 rg BT 132.12 277.27 Td (-distributed\) earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 277.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 277.27 Td (0.16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 277.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 277.32 Td (\(0.76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 277.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 277.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 277.32 Td (\(1.77) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 277.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 263.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 253.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 248.50 Td (Restricted shares outstanding vest in equal installments upon a stated date or upon the occurrence of a specified event \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 236.50 Td (Note9\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 226.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 221.50 Td (Common shares issuable upon exercise of the options \(see Note9\) were not included as their inclusion would be anti-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 209.50 Td (dilutive for the periods presented. During the year ended December 31, 2012, the remaining outstanding options expired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 197.50 Td (unexercised \(see Note 9\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 169.50 Td (Basic and diluted loss per share amounts for discontinued operations are included in Note19.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 143.25 Td (NOTE 18. Shar) Tj ET Q q 0 0 0 rg BT 115.72 143.25 Td (e Repur) Tj ET Q q 0 0 0 rg BT 149.70 143.25 Td (chase ) Tj ET Q q 0 0 0 rg BT 174.98 143.25 Td (Authorization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 123.25 Td (On ) Tj ET Q q 0 0 0 rg BT 87.67 123.25 Td (August22, 2007, the Company's Board authorized the repurchase of up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.63 123.25 Td ($200.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.52 123.25 Td ( of its Class) Tj ET Q q 0 0 0 rg BT 494.42 123.25 Td (A) Tj ET Q q 0 0 0 rg BT 501.09 123.25 Td ( common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 111.25 Td (shares from time to time, subject to market conditions. Shares may be repurchased on the open market or through privately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 99.25 Td (negotiated transactions. ) Tj ET Q q 0 0 0 rg BT 146.23 99.25 Td (This authorization does not have a stated expiration date. During the years ended December31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 87.25 Td (and 201) Tj ET Q q 0 0 0 rg BT 81.07 87.25 Td (1, no shares were repurchased. During the year ended December31, 2010, the Company repurchased and retired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 533.95 87.25 Td (0.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 75.25 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 75.25 Td ( of its Class) Tj ET Q q 0 0 0 rg BT 127.29 75.25 Td (A) Tj ET Q q 0 0 0 rg BT 133.96 75.25 Td ( common shares under this authorization for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.08 75.25 Td ($10.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.97 75.25 Td (. ) Tj ET Q q 0 0 0 rg BT 371.79 75.25 Td (The average cost per share repurchased was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 63.25 Td ($14.42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 63.25 Td (. ) Tj ET Q q 0 0 0 rg BT 81.82 63.25 Td (The amount of authorization remaining is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.66 63.25 Td ($87.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.55 63.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 17. Earnings per) Tj ET Q q 0 0 0 rg BT 151.50 728.60 Td ( Shar) Tj ET Q q 0 0 0 rg BT 174.38 728.60 Td (e) Tj ET Q endstream endobj 317 0 obj <>] /Rotate 0 /Contents 318 0 R>> endobj 318 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 66) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (NOTE 19. Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 676.25 Td (As described in Note 1 and Note 2 on October17, 2012, OneBeacon entered into the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 490.40 676.25 Td (Agreement to sell ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (the Runof) Tj ET Q q 0 0 0 rg BT 89.04 664.25 Td (f Business to ) Tj ET Q q 0 0 0 rg BT 142.65 664.25 Td (Armour) Tj ET Q q 0 0 0 rg BT 173.76 664.25 Td (. Pursuant to the terms of the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 354.85 664.25 Td (Agreement, the Runof) Tj ET Q q 0 0 0 rg BT 443.81 664.25 Td (f ) Tj ET Q q 0 0 0 rg BT 449.46 664.25 Td (T) Tj ET Q q 0 0 0 rg BT 455.21 664.25 Td (ransaction includes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (sale of certain legal entities that will contain the assets, liabilities \(including gross and ceded loss reserves\) and capital ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (supporting the business as well as certain elements of the Runof) Tj ET Q q 0 0 0 rg BT 305.37 640.25 Td (f Business infrastructure, including staf) Tj ET Q q 0 0 0 rg BT 462.66 640.25 Td (f and of) Tj ET Q q 0 0 0 rg BT 493.58 640.25 Td (fice space. ) Tj ET Q q 0 0 0 rg BT 538.09 640.25 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (Runof) Tj ET Q q 0 0 0 rg BT 74.32 628.25 Td (f ) Tj ET Q q 0 0 0 rg BT 79.97 628.25 Td (T) Tj ET Q q 0 0 0 rg BT 85.73 628.25 Td (ransaction is expected to close in the second half of 2013, subject to regulatory approvals.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 608.25 Td (In anticipation of the Runof) Tj ET Q q 0 0 0 rg BT 196.40 608.25 Td (f ) Tj ET Q q 0 0 0 rg BT 202.05 608.25 Td (T) Tj ET Q q 0 0 0 rg BT 207.81 608.25 Td (ransaction, OneBeacon has sought and received regulatory approval from the respective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (departments of insurance ef) Tj ET Q q 0 0 0 rg BT 160.11 596.25 Td (fective October 1, 2012 to terminate the Pooling ) Tj ET Q q 0 0 0 rg BT 355.33 596.25 Td (Agreement and existing intercompany ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.84 596.25 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.17 596.25 Td ( quota ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (share reinsurance agreements and to enter into new 100% quota share reinsurance agreements, such that the Runof) Tj ET Q q 0 0 0 rg BT 507.76 584.25 Td (f Business is ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (assumed and retained by OBIC, one of the legal entities that will be transferred to ) Tj ET Q q 0 0 0 rg BT 378.29 572.25 Td (Armour at closing, and that the ongoing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (specialty business is assumed and retained by ) Tj ET Q q 0 0 0 rg BT 233.63 560.25 Td (ASIC, one of the entities that OneBeacon will continue to own post-closing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 540.25 Td (On February22, 2012, OneBeacon completed the sale of the ) Tj ET Q q 0 0 0 rg BT 329.88 540.25 Td (AutoOne business to Interboro. ) Tj ET Q q 0 0 0 rg BT 457.73 540.25 Td (The ) Tj ET Q q 0 0 0 rg BT 475.23 540.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 514.21 540.25 Td (T) Tj ET Q q 0 0 0 rg BT 519.96 540.25 Td (ransaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (included the sale of two insurance entities, ) Tj ET Q q 0 0 0 rg BT 221.67 528.25 Td (AOIC and ) Tj ET Q q 0 0 0 rg BT 265.00 528.25 Td (AOSIC, through which substantially all of the ) Tj ET Q q 0 0 0 rg BT 451.10 528.25 Td (AutoOne business was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (written on a direct basis. ) Tj ET Q q 0 0 0 rg BT 149.85 516.25 Td (The ) Tj ET Q q 0 0 0 rg BT 167.34 516.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 206.32 516.25 Td (T) Tj ET Q q 0 0 0 rg BT 212.08 516.25 Td (ransaction required the completion of various steps, including amendment of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (Pooling ) Tj ET Q q 0 0 0 rg BT 82.57 504.25 Td (Agreement to remove ) Tj ET Q q 0 0 0 rg BT 171.70 504.25 Td (AOIC and ) Tj ET Q q 0 0 0 rg BT 215.03 504.25 Td (AOSIC as parties to the agreement in order for them to retain 100% of their respective ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (direct business, the contribution of specified assets supporting the ) Tj ET Q q 0 0 0 rg BT 314.45 492.25 Td (AutoOne operations, and the sale, transfer or exchange of all ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.78 480.25 Td (AOIC's and ) Tj ET Q q 0 0 0 rg BT 108.80 480.25 Td (AOSIC's investment assets, other than those on deposit with governmental authorities. ) Tj ET Q q 0 0 0 rg BT 456.76 480.25 Td (The ) Tj ET Q q 0 0 0 rg BT 474.26 480.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 513.24 480.25 Td (T) Tj ET Q q 0 0 0 rg BT 518.99 480.25 Td (ransaction ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (also included the execution of a reinsurance agreement with certain subsidiaries of the Company pursuant to which OneBeacon ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 456.25 Td (cedes, on a 100% quota share basis, ) Tj ET Q q 0 0 0 rg BT 194.74 456.25 Td (AutoOne business not directly written by ) Tj ET Q q 0 0 0 rg BT 361.38 456.25 Td (AOIC and ) Tj ET Q q 0 0 0 rg BT 404.71 456.25 Td (AOSIC. ) Tj ET Q q 0 0 0 rg BT 439.54 456.25 Td (The ) Tj ET Q q 0 0 0 rg BT 457.03 456.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 496.01 456.25 Td (T) Tj ET Q q 0 0 0 rg BT 501.77 456.25 Td (ransaction, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (which was subject to regulatory approvals, closed in February 2012. During the third quarter of 2012, OneBeacon and Interboro ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (reached conclusion on post-closing adjustments to the closing balance sheet, resulting in OneBeacon recording an after tax net ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 420.25 Td (ge of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.29 420.25 Td ($0.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.19 420.25 Td ( relating to underwriting activity and an after tax net gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.33 420.25 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.22 420.25 Td ( to true up the estimated loss on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (sale. ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q endstream endobj 319 0 obj <>] /Rotate 0 /Contents 320 0 R>> endobj 320 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 67) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (Summary of Reclassified Balances and Related Items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 684.25 Td (As of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 222.59 684.25 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 280.26 684.25 Td (, the Runof) Tj ET Q q 0 0 0 rg BT 324.79 684.25 Td (f ) Tj ET Q q 0 0 0 rg BT 330.44 684.25 Td (T) Tj ET Q q 0 0 0 rg BT 336.20 684.25 Td (ransaction and the ) Tj ET Q q 0 0 0 rg BT 410.90 684.25 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 449.88 684.25 Td (T) Tj ET Q q 0 0 0 rg BT 455.63 684.25 Td (ransaction met the criteria ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (for held for sale accounting. ) Tj ET Q q 0 0 0 rg BT 163.90 672.25 Td (As a result, the assets and liabilities associated with the businesses being sold, after ef) Tj ET Q q 0 0 0 rg BT 506.98 672.25 Td (fecting the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (various steps contemplated by the Stock Purchase ) Tj ET Q q 0 0 0 rg BT 250.85 660.25 Td (Agreement and the ) Tj ET Q q 0 0 0 rg BT 328.88 660.25 Td (AutoOne Purchase ) Tj ET Q q 0 0 0 rg BT 406.08 660.25 Td (Agreement, are presented separately as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (single line items in the asset and liability sections of the consolidated balance sheets as of December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 522.62 648.25 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 636.25 Td (. ) Tj ET Q q 0 0 0 rg BT 101.98 636.25 Td (The following summarizes the major categories of assets and liabilities associated with the business classified as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (held for sale:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 574.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 574.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 574.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 574.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 574.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 548.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 548.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 548.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 548.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 548.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 522.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 522.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 522.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 522.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 522.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 496.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 496.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 496.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 496.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 496.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 470.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 470.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 470.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 470.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 444.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 444.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 444.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 444.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 444.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 418.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 418.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 418.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 418.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 418.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 392.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 392.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 392.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 392.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 392.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 121.50 366.75 240.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 366.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 366.75 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 366.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 366.75 60.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 600.75 m 425.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 600.75 m 429.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 600.75 m 489.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 600.75 m 425.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 587.75 m 425.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 600.75 m 489.5 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 587.75 m 489.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 470.75 m 425.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 470.75 m 489.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 470.75 m 425.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 458.75 m 425.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 456.75 m 425.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 470.75 m 489.5 470.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 458.75 m 489.5 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 456.75 m 489.5 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 392.75 m 425.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 392.75 m 489.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 392.75 m 425.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 379.75 m 425.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 392.75 m 489.5 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 379.75 m 489.5 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 354.75 m 425.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365.5 352.75 m 425.5 352.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 354.75 m 489.5 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 352.75 m 489.5 352.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 124.00 604.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.75 604.98 Td (December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 124.00 591.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 387.00 591.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.20 591.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 124.00 578.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 403.40 578.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 565.32 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.00 565.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 565.32 Td (338.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 565.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 565.32 Td (111.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 552.32 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 552.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 552.32 Td (5.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 539.32 Td (Premiums receivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 539.32 Td (11.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 539.32 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 526.32 Td (Reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 291.16 530.85 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 526.32 Td (1,840.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 526.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 513.32 Td (Reinsurance recoverable on paid losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 513.32 Td (15.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 513.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 500.32 Td (Deferred acquisition costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 500.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 500.32 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 487.32 Td (Net deferred tax asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 487.32 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 487.32 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 474.32 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 474.32 Td (16.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 474.32 Td (2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 461.32 Td (T) Tj ET Q q 0 0 0 rg BT 135.41 461.32 Td (otal assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.00 461.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 461.32 Td (2,226.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 461.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 461.32 Td (132.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 435.32 Td (Unpaid loss and loss adjustment expense reserves) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 322.85 439.85 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.00 435.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 435.32 Td (2,052.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 435.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 435.32 Td (64.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 422.32 Td (Unearned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 422.32 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 422.32 Td (34.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 409.32 Td (Ceded reinsurance payable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.15 409.32 Td (21.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 475.65 409.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.00 396.32 Td (Other liabilities) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 186.49 400.85 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 396.32 Td (151.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 396.32 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 130.00 383.32 Td (T) Tj ET Q q 0 0 0 rg BT 135.41 383.32 Td (otal liabilities held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.00 383.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 383.32 Td (2,226.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 383.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 383.32 Td (107.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 136.00 357.32 Td (Net assets held for sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.00 357.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.65 357.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.00 357.32 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.15 357.32 Td (25.0) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 344.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 121.50 334.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 329.65 Td (The December 31, 2012 balances include the remaining purchase accounting fair value adjustments of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 317.65 Td ($150.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 193.89 317.65 Td ( relating to the OneBeacon ) Tj ET Q q 0 0 0 rg BT 303.02 317.65 Td (Acquisition, which is described below) Tj ET Q q 0 0 0 rg BT 455.40 317.65 Td (. Gross of purchase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 305.65 Td (accounting adjustments, reinsurance recoverable on unpaid losses and unpaid loss and LAE reserves were ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 293.65 Td ($1,990.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.39 293.65 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.83 293.65 Td ($2,202.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.22 293.65 Td (, respectively) Tj ET Q q 0 0 0 rg BT 339.88 293.65 Td (. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 121.50 283.18 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 278.65 Td (Other liabilities as of December 31, 2012 include the accrual related to the pre-tax loss on sale of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.00 266.65 Td (Runof) Tj ET Q q 0 0 0 rg BT 159.82 266.65 Td (f Business of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.54 266.65 Td ($140.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.43 266.65 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 238.65 Td (As described in Note 1, the results of operations for the Runof) Tj ET Q q 0 0 0 rg BT 334.15 238.65 Td (f Business and ) Tj ET Q q 0 0 0 rg BT 394.43 238.65 Td (AutoOne have been classified as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 226.65 Td (discontinued operations and are presented as such, net of related income taxes, in the statements of operations and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 214.65 Td (comprehensive \(loss\) income and cash flows for all periods. Investing and financing activities for OneBeacon are managed on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 202.65 Td (consolidated basis and currently reported within the Investing, Financing and Corporate segment. ) Tj ET Q q 0 0 0 rg BT 441.44 202.65 Td (Therefore, no investment or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.65 Td (financing activity is included in discontinued operations.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 321 0 obj <>] /Rotate 0 /Contents 322 0 R>> endobj 322 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 704.10 Td (The following summarizes the results of operations, including related income taxes associated with the business ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (classified as discontinued operations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 641.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 641.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 641.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 611.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 611.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 611.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 611.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 611.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 581.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 581.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 581.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 581.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 581.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 581.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 581.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 551.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 551.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 551.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 551.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 551.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 521.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 521.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 521.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 521.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 491.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 491.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 491.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 491.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 461.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 461.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 461.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 461.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 461.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 90.50 431.60 238.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.50 431.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 431.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.50 431.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 667.6 m 392.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 667.6 m 396.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 667.6 m 456.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 667.6 m 460.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 667.6 m 520.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 667.6 m 392.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 654.6 m 392.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 667.6 m 456.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 654.6 m 456.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 667.6 m 520.5 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 654.6 m 520.5 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 626.6 m 392.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 626.6 m 456.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 626.6 m 520.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 626.6 m 392.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 626.6 m 456.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 626.6 m 520.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 581.6 m 392.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 581.6 m 456.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 581.6 m 520.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 581.6 m 392.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 581.6 m 456.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 581.6 m 520.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 566.6 m 392.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 566.6 m 456.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 566.6 m 520.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 491.6 m 392.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 491.6 m 456.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 491.6 m 520.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 491.6 m 392.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 491.6 m 456.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 491.6 m 520.5 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 476.6 m 392.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 476.6 m 456.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 476.6 m 520.5 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 446.6 m 392.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 446.6 m 456.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 446.6 m 520.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 446.6 m 392.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 446.6 m 456.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 446.6 m 520.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 416.6 m 392.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 416.6 m 456.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 416.6 m 520.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 416.6 m 392.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 402.6 m 392.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 400.6 m 392.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 416.6 m 456.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 402.6 m 456.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 400.6 m 456.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 416.6 m 520.5 416.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 402.6 m 520.5 402.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.5 400.6 m 520.5 400.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 672.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.60 671.83 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 93.00 658.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.00 658.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.20 658.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.00 658.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 93.00 645.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.40 645.83 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.00 631.27 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 631.27 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 631.27 Td (58.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 631.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 631.27 Td (68.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 616.28 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 616.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 601.27 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 601.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 601.27 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 601.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 601.27 Td (70.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 601.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 601.27 Td (306.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 586.27 Td (Net other revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.65 586.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 586.27 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 586.27 Td (10.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 571.27 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 571.27 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 571.27 Td (72.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 571.27 Td (316.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 556.28 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 556.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 556.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 556.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 541.27 Td (Loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 541.27 Td (48.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 541.27 Td (89.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 541.27 Td (244.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 526.27 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.80 526.32 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 526.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.15 526.27 Td (5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 526.27 Td (68.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 511.27 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.15 511.27 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 511.27 Td (22.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 511.27 Td (50.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 496.27 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.65 496.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.65 496.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.15 496.27 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 111.00 481.27 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 481.27 Td (48.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 481.27 Td (117.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 481.27 Td (363.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 466.28 Td (Pre-tax loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 466.32 Td (\(37.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 466.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.80 466.32 Td (\(45.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 466.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.80 466.32 Td (\(46.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.65 466.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 451.27 Td (Income tax benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.15 451.27 Td (13.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.15 451.27 Td (15.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.15 451.27 Td (16.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 436.28 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 436.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 436.32 Td (\(24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 436.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 436.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.80 436.32 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 436.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 436.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.80 436.32 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.65 436.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 421.28 Td (Loss from sale of discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 421.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.80 421.32 Td (\(91.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 421.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 421.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.80 421.32 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 421.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 421.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.65 421.27 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 93.00 406.28 Td (Net loss fr) Tj ET Q q 0 0 0 rg BT 136.14 406.28 Td (om discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.00 406.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.80 406.32 Td (\(115.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.65 406.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.00 406.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.80 406.32 Td (\(48.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 406.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.00 406.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.80 406.32 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.65 406.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 374.10 Td (During the year ended December 31, 2012, OneBeacon recorded an after tax char) Tj ET Q q 0 0 0 rg BT 398.33 374.10 Td (ge of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.04 374.10 Td ($91.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.93 374.10 Td ( after tax \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.29 374.10 Td ($140.7 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 362.10 Td ( pre-tax\) estimated loss on sale of the Runof) Tj ET Q q 0 0 0 rg BT 254.83 362.10 Td (f Business and an after tax loss from discontinued operations of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.72 362.10 Td ($24.0 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 350.10 Td (, which included ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.26 350.10 Td ($9.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.16 350.10 Td ( of after tax incurred loss and LAE relating to an adjustment to the workers compensation ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (discount rate applied to the loss reserves being transferred, as well as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.02 338.10 Td ($6.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.91 338.10 Td ( of after tax underwriting losses primarily ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (related to adverse prior year loss reserve development related to a legacy assumed reinsurance treaty) Tj ET Q q 0 0 0 rg BT 450.89 326.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 306.10 Td (As described above, during the third quarter of 2012, OneBeacon and Interboro reached conclusion on post-closing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (adjustments to the closing balance sheet resulting in OneBeacon recording a net gain of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.17 294.10 Td ($0.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.06 294.10 Td ( after tax, reflecting a true ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (up of the estimated loss on sale of the ) Tj ET Q q 0 0 0 rg BT 201.97 282.10 Td (AutoOne business. ) Tj ET Q q 0 0 0 rg BT 279.84 282.10 Td (This after tax gain is included in loss from sale of discontinued ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (operations in the statement of operations and comprehensive loss for the year ended December31, 2012. During the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.10 Td (December31, 201) Tj ET Q q 0 0 0 rg BT 122.71 258.10 Td (1, OneBeacon recorded a net char) Tj ET Q q 0 0 0 rg BT 258.02 258.10 Td (ge of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.78 258.10 Td ($29.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.68 258.10 Td ( pre-tax, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.49 258.10 Td ($19.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.38 258.10 Td ( after tax, reflecting the estimated ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (loss on sale of the ) Tj ET Q q 0 0 0 rg BT 123.10 246.10 Td (AutoOne business, which includes the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.64 246.10 Td ($25.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.53 246.10 Td ( of net assets held for sale as well as estimates for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (transaction costs. ) Tj ET Q q 0 0 0 rg BT 120.69 234.10 Td (This after tax net char) Tj ET Q q 0 0 0 rg BT 208.25 234.10 Td (ge is included in loss from sale of discontinued operations, net of tax, in the statement ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (of operations and comprehensive income for the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 364.56 222.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 202.10 Td (During 2010, OneBeacon determined that unearned limited assignment distribution fees, which related to the ) Tj ET Q q 0 0 0 rg BT 510.22 202.10 Td (AutoOne ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (business and had been presented as a component of unearned premiums, had been overstated in years prior to 2010. In order to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (correct this error) Tj ET Q q 0 0 0 rg BT 115.73 178.10 Td (, OneBeacon recorded an adjustment during the year ended December31, 2010 of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.00 178.10 Td ($5.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.89 178.10 Td ( which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (increased earned premiums.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (Loss per Share Related to Discontinued Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 126.10 Td (Basic loss per share amounts are based on the weighted average number of common shares outstanding including ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 114.10 Td (unvested restricted shares that are considered participating securities. Diluted earnings per share amounts are based on the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (weighted average number of common shares including unvested restricted shares and the net ef) Tj ET Q q 0 0 0 rg BT 430.57 102.10 Td (fect of potentially dilutive ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (common shares outstanding.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 323 0 obj <>] /Rotate 0 /Contents 324 0 R>> endobj 324 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 69) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 704.10 Td (The following table outlines the computation of loss per share for discontinued operations attributable to OneBeacon's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (common shareholders for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 317.10 692.10 Td (1 and 2010:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 654.60 321.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 654.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 654.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 654.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 654.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 654.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 654.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 605.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 605.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 605.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 605.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 605.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 565.60 321.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 565.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 565.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 565.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 536.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 536.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 536.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 536.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 536.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 506.60 321.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 506.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 506.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 506.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 506.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 477.60 321.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 477.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 477.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 477.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 477.60 60.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 477.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 477.60 60.00 -24.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 667.6 m 434 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 667.6 m 438 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 667.6 m 498 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 667.6 m 502 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 667.6 m 562 667.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 654.6 m 434 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 654.6 m 498 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 654.6 m 562 654.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 590.6 m 434 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 590.6 m 498 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 590.6 m 562 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 590.6 m 434 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 566.6 m 434 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 564.6 m 434 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 590.6 m 498 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 566.6 m 498 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 564.6 m 498 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 590.6 m 562 590.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 566.6 m 562 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 564.6 m 562 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 506.6 m 434 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 492.6 m 434 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374 490.6 m 434 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 506.6 m 498 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 492.6 m 498 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438 490.6 m 498 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 506.6 m 562 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 492.6 m 562 492.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 490.6 m 562 490.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 672.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 424.10 671.83 Td (Y) Tj ET Q q 0 0 0 rg BT 428.99 671.83 Td (ear) Tj ET Q q 0 0 0 rg BT 439.95 671.83 Td ( ended December) Tj ET Q q 0 0 0 rg BT 498.90 671.83 Td ( 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 658.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 395.50 658.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 459.70 658.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 523.50 658.83 Td (2010) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 645.28 Td (Loss attributable to OneBeacon's common shar) Tj ET Q q 0 0 0 rg BT 253.82 645.28 Td (eholdersbasic and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 635.28 Td (diluted \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 635.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 635.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 635.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 620.27 Td (Net loss from discontinued operations attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 610.27 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 610.32 Td (\(115.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 610.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 610.32 Td (\(48.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 610.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 610.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 610.32 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 610.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 595.27 Td (Allocation of loss for participating unvested restricted common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 595.27 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.65 595.27 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 595.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 580.27 Td (Net loss from discontinued operations attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 570.27 Td (shareholders, net of restricted common share amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 570.32 Td (\(114.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 570.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 570.32 Td (\(48.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 570.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 570.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 570.32 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 570.27 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 541.28 Td (Loss per) Tj ET Q q 0 0 0 rg BT 87.71 541.28 Td ( shar) Tj ET Q q 0 0 0 rg BT 108.92 541.28 Td (e denominatorbasic and diluted \(in millions\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 541.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 541.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 541.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 526.27 Td (Total weighted average common shares outstanding) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 526.27 Td (95.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 526.27 Td (94.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 526.27 Td (94.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 511.27 Td (W) Tj ET Q q 0 0 0 rg BT 66.14 511.27 Td (eighted average unvested restricted common shares) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 271.89 515.80 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.30 511.32 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 511.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.30 511.32 Td (\(0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 511.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 511.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 496.27 Td (Basic earnings per share denominator) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 202.00 500.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.65 496.27 Td (94.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.65 496.27 Td (94.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 496.27 Td (94.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 468.28 Td (Loss per) Tj ET Q q 0 0 0 rg BT 87.71 468.28 Td ( shar) Tj ET Q q 0 0 0 rg BT 108.92 468.28 Td (e attributable to OneBeacon's common shar) Tj ET Q q 0 0 0 rg BT 296.23 468.28 Td (eholdersbasic ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 458.28 Td (and diluted \(in dollars\):) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 458.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 458.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 458.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 443.27 Td (Net loss from discontinued operations attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 433.27 Td (shareholders per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 433.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 433.32 Td (\(1.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 433.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.50 433.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.30 433.32 Td (\(0.50) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.15 433.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 433.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 433.32 Td (\(0.32) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 433.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 419.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 409.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 404.50 Td (Restricted shares outstanding vest in equal installments upon a stated date or upon the occurrence of a specified event \(see ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 392.50 Td (Note9\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 382.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 377.50 Td (Common shares issuable upon exercise of the options \(see Note9\) were not included as their inclusion would be anti-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 365.50 Td (dilutive for the periods presented. During the year ended December 31, 2012, the remaining outstanding options expired ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 353.50 Td (unexercised \(see Note 9\).) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 325.50 Td (Additional Disclosure) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 305.50 Td (Due to the relative significance of the transactions described above, OneBeacon has expanded the disclosures herein to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 293.50 Td (provide additional insight into the balances and related activity reclassified to held for sale and discontinued operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 67.50 273.50 Td (Loss and LAE r) Tj ET Q q 0 0 0 rg BT 129.64 273.50 Td (eserve summary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 253.50 Td (As described in Note 3, OneBeacon's insurance subsidiaries establish loss and LAE reserves that are estimates of amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 241.50 Td (needed to pay claims and related expenses in the future for insured events that have already occurred. ) Tj ET Q q 0 0 0 rg BT 457.48 241.50 Td (The process of estimating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 229.50 Td (reserves involves a considerable degree of judgment by management and, as of any given date, is inherently uncertain. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 209.50 Td (As disclosed in the summary of loss and LAE reserve activities in Note 3, for the years ended December 31, 2012, 201) Tj ET Q q 0 0 0 rg BT 548.56 209.50 Td (1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.50 Td (and 2010, OneBeacon incurred loss and LAE of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 244.17 197.50 Td ($48.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.06 197.50 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.06 197.50 Td ($89.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.95 197.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.39 197.50 Td ($244.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.28 197.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 487.94 197.50 Td (, relating to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 185.50 Td (discontinued operations. See disclosure below for a description of incurred loss and LAE relating to prior accident year loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.50 Td (LAE reserves.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 153.50 Td (At December31, 2012, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.58 153.50 Td ($21) Tj ET Q q 0 0 0 rg BT 184.21 153.50 Td (1.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 228.10 153.50 Td ( of net loss and LAE reserves related to the Runof) Tj ET Q q 0 0 0 rg BT 427.87 153.50 Td (f Business were reclassified to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 141.50 Td (held for sale. ) Tj ET Q q 0 0 0 rg BT 103.37 141.50 Td (At December31, 201) Tj ET Q q 0 0 0 rg BT 189.08 141.50 Td (1, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.08 141.50 Td ($64.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.98 141.50 Td ( of net loss and LAE reserves related to the ) Tj ET Q q 0 0 0 rg BT 427.37 141.50 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 466.35 141.50 Td (T) Tj ET Q q 0 0 0 rg BT 472.10 141.50 Td (ransaction had been ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 129.50 Td (reclassified to held for sale. Immediately prior to the closing of the ) Tj ET Q q 0 0 0 rg BT 318.59 129.50 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 357.57 129.50 Td (T) Tj ET Q q 0 0 0 rg BT 363.32 129.50 Td (ransaction in February 2012, the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.51 129.50 Td ($64.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 549.40 129.50 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 117.50 Td (net loss and LAE reserves were reclassified from held for sale, with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.02 117.50 Td ($63.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.91 117.50 Td ( of net loss and LAE reserves sold at closing. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 105.50 Td (During the year ended December31, 2010, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 224.71 105.50 Td ($231.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.61 105.50 Td ( of net loss and LAE reserves related to the Personal Lines ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 93.50 Td (T) Tj ET Q q 0 0 0 rg BT 55.26 93.50 Td (ransaction were sold.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 325 0 obj <>] /Rotate 0 /Contents 326 0 R>> endobj 326 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 70) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 704.10 Td (Loss and LAE development2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 684.10 Td (During the year ended December 31, 2012, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.16 684.10 Td ($40.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.05 684.10 Td ( of adverse loss reserve development ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (related to discontinued operations primarily driven by case incurred development on a small number of claims related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (multiple peril liability lines and general liability lines and also the impact of an adverse court ruling in Mississippi regarding a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (disputed assessment from an involuntary pool for hurricane Katrina claims. In addition, there was a change in the workers' ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (compensation tabular discount rate from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.62 636.10 Td (4.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.45 636.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 247.22 636.10 Td (3.5%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.05 636.10 Td ( that resulted in adverse prior year development of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.15 636.10 Td ($15.2 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.04 636.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 616.10 Td (Loss and LAE development201) Tj ET Q q 0 0 0 rg BT 201.80 616.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 596.10 Td (During the year ended December31, 201) Tj ET Q q 0 0 0 rg BT 238.34 596.10 Td (1, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.29 596.10 Td ($26.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.18 596.10 Td ( of net unfavorable loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (development from the runof) Tj ET Q q 0 0 0 rg BT 161.79 584.10 Td (f business. ) Tj ET Q q 0 0 0 rg BT 206.33 584.10 Td (The net unfavorable loss reserve development resulted from a detailed review of runof) Tj ET Q q 0 0 0 rg BT 552.12 584.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (expenses, principally unallocated loss adjustment expenses \(ULAE\), completed during the fourth quarter of 201) Tj ET Q q 0 0 0 rg BT 505.94 572.10 Td (1. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 96.61 560.10 Td (, OneBeacon completed a detailed review of loss and defense and cost containment expenses \(allocated LAE or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (ALAE\) and other adjusting expenses \(ULAE\) during the fourth quarter of 201) Tj ET Q q 0 0 0 rg BT 370.97 548.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 380.79 548.10 Td (The analysis considered costs, based on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (current non-staf) Tj ET Q q 0 0 0 rg BT 112.90 536.10 Td (f expenses and staf) Tj ET Q q 0 0 0 rg BT 188.53 536.10 Td (fing projections for the runof) Tj ET Q q 0 0 0 rg BT 304.43 536.10 Td (f business, as OneBeacon continued ef) Tj ET Q q 0 0 0 rg BT 458.65 536.10 Td (forts to segregate its ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (claims operations between ongoing claims and runof) Tj ET Q q 0 0 0 rg BT 260.37 524.10 Td (f claims. ) Tj ET Q q 0 0 0 rg BT 297.13 524.10 Td (The analysis also factored in the revised definition of runof) Tj ET Q q 0 0 0 rg BT 533.82 524.10 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (claims to include the non-specialty commercial lines business that was exited via the renewal rights agreement sale beginning ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (with January 1, 2010 ef) Tj ET Q q 0 0 0 rg BT 143.46 500.10 Td (fective dates.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 69.50 480.10 Td (Loss and LAE development2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 460.10 Td (During the year ended December31, 2010, OneBeacon experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.66 460.10 Td ($23.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.55 460.10 Td ( of net favorable loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td (development from the runof) Tj ET Q q 0 0 0 rg BT 161.79 448.10 Td (f business. ) Tj ET Q q 0 0 0 rg BT 206.33 448.10 Td (The net favorable loss reserve development was primarily due to lower than expected ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (severity on multiple peril liability lines and other general liability lines, particularly for accident years 2004 through 2009. ) Tj ET Q q 0 0 0 rg BT 539.92 436.10 Td (As a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (result of the lower than expected case incurred loss and ) Tj ET Q q 0 0 0 rg BT 272.75 424.10 Td (ALAE, actuarial methods based on case incurred losses produced lower ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (estimated ultimate losses, resulting in lower estimates of required IBNR. ) Tj ET Q q 0 0 0 rg BT 342.22 412.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 392.12 412.10 Td (, during the year ended December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 73.95 400.10 Td (AutoOne experienced ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 163.91 400.10 Td ($6.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.80 400.10 Td ( of adverse loss reserve development.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 75.90 380.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 95.81 380.10 Td (Adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 360.10 Td (In connection with purchase accounting for the OneBeacon ) Tj ET Q q 0 0 0 rg BT 312.86 360.10 Td (Acquisition, the Company was required to adjust to fair value ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (the loss and LAE reserves and the related reinsurance recoverables. Loss and LAE reserves and the related reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (recoverable presented in the summary of reclassified balances within assets and liabilities held for sale as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (2012 are net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 112.25 324.10 Td ($150.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 171.15 324.10 Td ( related to the outstanding pre-tax unaccreted adjustment. Loss and LAE reserves and the related ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (reinsurance recoverable as presented in the December 31, 201) Tj ET Q q 0 0 0 rg BT 297.07 312.10 Td (1 consolidated balance sheet are net of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.94 312.10 Td ($163.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.83 312.10 Td ( related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (the outstanding pre-tax unaccreted adjustment. ) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (Asbestos and Environmental \(A&E\) Loss and LAE Reserve ) Tj ET Q q 0 0 0 rg BT 296.38 280.10 Td (Activity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 260.10 Td (OneBeacon's reserves include provisions made for claims that assert damages from ) Tj ET Q q 0 0 0 rg BT 408.26 260.10 Td (A&E related exposures. ) Tj ET Q q 0 0 0 rg BT 506.38 260.10 Td (These ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (reserves have been reclassified to liabilities held for sale as of December 31, 2012, as they relate to the Runof) Tj ET Q q 0 0 0 rg BT 487.77 248.10 Td (f Business. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (Asbestos claims relate primarily to injuries asserted by those who came in contact with asbestos or products containing ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (asbestos. Environmental claims relate primarily to pollution and related clean-up costs obligations, particularly as mandated by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (Federal and state environmental protection agencies. In addition to the factors described above regarding the reserving process, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (OneBeacon estimates its ) Tj ET Q q 0 0 0 rg BT 149.75 200.10 Td (A&E reserves based upon, among other factors, facts surrounding reported cases and exposures to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (claims, such as policy limits and deductibles, current law) Tj ET Q q 0 0 0 rg BT 277.13 188.10 Td (, past and projected claim activity and past settlement values for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (similar claims, as well as analysis of industry studies and events, such as recent settlements and asbestos-related bankruptcies. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (The cost of administering ) Tj ET Q q 0 0 0 rg BT 153.92 164.10 Td (A&E claims, which is an important factor in estimating loss reserves, tends to be higher than in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (case of non-A&E claims due to the higher legal costs typically associated with ) Tj ET Q q 0 0 0 rg BT 365.80 152.10 Td (A&E claims.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 132.10 Td (In connection with the OneBeacon ) Tj ET Q q 0 0 0 rg BT 214.29 132.10 Td (Acquisition, ) Tj ET Q q 0 0 0 rg BT 265.40 132.10 Td (A) Tj ET Q q 0 0 0 rg BT 271.88 132.10 Td (viva caused OneBeacon to purchase a reinsurance contract with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (National Indemnity Company \("NICO"\) under which OneBeacon is entitled to recover from NICO up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.62 120.10 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.73 120.10 Td ( in the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (future for asbestos claims arising from business written by OneBeacon in 1992 and prior) Tj ET Q q 0 0 0 rg BT 403.74 108.10 Td (, environmental claims arising from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (business written by OneBeacon in 1987 and prior) Tj ET Q q 0 0 0 rg BT 247.12 96.10 Td (, and certain other exposures \(the "NICO Cover"\). Under the terms of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (NICO Cover) Tj ET Q q 0 0 0 rg BT 100.48 84.10 Td (, NICO receives the economic benefit of reinsurance recoverables from certain of OneBeacon's third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (reinsurers in existence at the time the NICO Cover was executed \("Third-Party Recoverables"\). ) Tj ET Q q 0 0 0 rg BT 433.09 72.10 Td (As a result, the ) Tj ET Q q 0 0 0 rg BT 495.39 72.10 Td (Third-Party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 60.10 Td (Recoverables serve to protect the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.72 60.10 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 230.83 60.10 Td ( limit of NICO coverage for the benefit of OneBeacon. ) Tj ET Q q 0 0 0 rg BT 452.15 60.10 Td (Any amounts uncollectible ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (from third-party reinsurers due to dispute or the reinsurers' financial inability to pay are covered by NICO under its agreement ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 327 0 obj <>] /Rotate 0 /Contents 328 0 R>> endobj 328 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 71) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (with OneBeacon. ) Tj ET Q q 0 0 0 rg BT 121.24 704.10 Td (Third-Party Recoverables are typically for the amount of loss in excess of a stated level each year) Tj ET Q q 0 0 0 rg BT 511.10 704.10 Td (. Of claim ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (payments in the past ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.93 692.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.93 692.10 Td ( years, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.79 692.10 Td (47.1%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.62 692.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 271.39 692.10 Td (A&E losses have been recovered under the historical third-party ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (reinsurance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 660.10 Td (In September 201) Tj ET Q q 0 0 0 rg BT 144.22 660.10 Td (1, OneBeacon completed a study of its legacy ) Tj ET Q q 0 0 0 rg BT 329.45 660.10 Td (A&E exposures based on experience through 2010. ) Tj ET Q q 0 0 0 rg BT 537.54 660.10 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (previous study was based on experience through 2007. Reasonable estimates of potential adverse scenarios continue to be ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (within the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 92.27 636.10 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 138.39 636.10 Td ( reinsurance cover issued by NICO. Based on the results of the study) Tj ET Q q 0 0 0 rg BT 412.95 636.10 Td (, OneBeacon increased the point ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (estimate of incurred losses for ) Tj ET Q q 0 0 0 rg BT 171.97 624.10 Td (A&E and other mass tort exposures ceded to NICO from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.91 624.10 Td ($2.2 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.03 624.10 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.80 624.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.92 624.10 Td (, an increase ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.33 612.10 Td ($121.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.22 612.10 Td (, net of underlying reinsurance. Due to the NICO Cover) Tj ET Q q 0 0 0 rg BT 341.81 612.10 Td (, there was no impact to income or equity from the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (change in estimate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 580.10 Td (As noted above, OneBeacon estimates that on an incurred basis it has used approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.79 580.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.90 580.10 Td ( of the coverage ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (provided by NICO at December31, 2012. Since entering into the NICO Cover) Tj ET Q q 0 0 0 rg BT 364.03 568.10 Td (, approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.29 568.10 Td (9%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.62 568.10 Td ( of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.66 568.10 Td ($2.3 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.78 568.10 Td ( of utilized ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (coverage relates to uncollectible ) Tj ET Q q 0 0 0 rg BT 180.92 556.10 Td (Third-Party Recoverables and settlements on ) Tj ET Q q 0 0 0 rg BT 363.19 556.10 Td (Third-Party Recoverables through December31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (2012. Net losses paid totaled approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.52 544.10 Td ($1.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.63 544.10 Td ( as of December31, 2012. ) Tj ET Q q 0 0 0 rg BT 380.82 544.10 Td (Asbestos payments during the year ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 532.10 Td (December31, 2012 reflect payments resulting from intensified ef) Tj ET Q q 0 0 0 rg BT 311.17 532.10 Td (forts by claimants to resolve asbestos claims prior to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (enactment of potential federal asbestos legislation. ) Tj ET Q q 0 0 0 rg BT 253.97 520.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.38 520.10 Td (o the extent that actual experience dif) Tj ET Q q 0 0 0 rg BT 409.13 520.10 Td (fers from OneBeacon's estimate of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 84.22 508.10 Td (A&E losses and ) Tj ET Q q 0 0 0 rg BT 150.97 508.10 Td (Third-Party Recoverables, future losses could exceed the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.45 508.10 Td ($198.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.34 508.10 Td ( of protection remaining ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (under the NICO Cover at December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 476.10 Td (OneBeacon's reserves for ) Tj ET Q q 0 0 0 rg BT 177.21 476.10 Td (A&E losses at December31, 2012 represent management's best estimate of its ultimate liability ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (based on information currently available. However) Tj ET Q q 0 0 0 rg BT 252.91 464.10 Td (, significant uncertainties, including but not limited to case law ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (developments, medical and clean up cost increases and industry settlement practices, limit OneBeacon's ability to accurately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (estimate ultimate liability and OneBeacon may be subject to ) Tj ET Q q 0 0 0 rg BT 292.49 440.10 Td (A&E losses beyond currently estimated amounts. In addition, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (OneBeacon remains liable for risks reinsured in the event that a reinsurer does not honor its obligations under reinsurance ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (contracts. OneBeacon cannot reasonably estimate at the present time loss reserve additions arising from any such future adverse ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (loss reserve developments and cannot be sure that allocated loss reserves, plus the remaining capacity under the NICO Cover ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (and other reinsurance contracts, will be suf) Tj ET Q q 0 0 0 rg BT 221.20 392.10 Td (ficient to cover additional liability arising from any such adverse loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (developments.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 329 0 obj <>] /Rotate 0 /Contents 330 0 R>> endobj 330 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 72) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 704.10 Td (The following tables summarize reported ) Tj ET Q q 0 0 0 rg BT 240.39 704.10 Td (A&E loss and LAE reserve activities \(gross and net of reinsurance\) for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (OneBeacon for the years ended December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 275.71 692.10 Td (1 and 2010, respectively) Tj ET Q q 0 0 0 rg BT 372.81 692.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 604.60 114.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 604.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 604.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 604.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 604.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 604.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 604.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 604.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 604.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 604.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 574.60 114.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 574.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 574.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 574.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 574.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 574.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 574.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 574.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 574.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 574.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 574.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 544.60 114.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 544.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 544.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 544.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 544.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 544.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 544.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 544.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 544.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 544.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 544.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 514.60 114.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 514.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 514.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 514.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 514.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 514.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 514.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 514.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 514.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 514.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 484.60 114.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 484.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 484.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 484.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 484.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 484.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 484.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 484.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 484.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 484.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.60 114.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 454.60 44.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 454.60 44.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 454.60 33.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 454.60 44.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 454.60 44.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 454.60 33.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 454.60 44.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 454.60 44.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 454.60 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 454.60 33.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 415.60 114.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 415.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 415.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 415.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 415.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 415.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 415.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 415.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 415.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 415.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 385.60 114.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 163.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 167.00 385.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 211.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 215.00 385.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 385.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 385.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 385.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 385.60 33.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 385.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 385.60 44.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 525.00 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 529.00 385.60 33.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 659.6 m 211 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211 659.6 m 215 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 659.6 m 259 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 659.6 m 263 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 659.6 m 296 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 659.6 m 300 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 659.6 m 344 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 659.6 m 348 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 659.6 m 392 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 659.6 m 396 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 659.6 m 429 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 659.6 m 433 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 659.6 m 477 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 659.6 m 481 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 659.6 m 525 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 659.6 m 529 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 659.6 m 562 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 646.6 m 211 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 211 646.6 m 215 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 646.6 m 259 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 259 646.6 m 263 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 646.6 m 296 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 646.6 m 344 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 646.6 m 348 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 646.6 m 392 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 646.6 m 396 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 646.6 m 429 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 646.6 m 477 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 646.6 m 481 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 646.6 m 525 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525 646.6 m 529 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 646.6 m 562 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 617.6 m 211 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 617.6 m 259 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 617.6 m 296 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 617.6 m 344 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 617.6 m 392 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 617.6 m 429 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 617.6 m 477 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 617.6 m 525 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 617.6 m 562 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 544.6 m 211 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 544.6 m 259 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 544.6 m 296 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 544.6 m 344 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 544.6 m 392 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 544.6 m 429 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 544.6 m 477 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 544.6 m 525 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 544.6 m 562 544.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 529.6 m 211 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 529.6 m 259 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 529.6 m 296 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 529.6 m 344 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 529.6 m 392 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 529.6 m 429 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 529.6 m 477 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 529.6 m 525 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 529.6 m 562 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 469.6 m 211 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 469.6 m 259 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 469.6 m 296 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 469.6 m 344 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 469.6 m 392 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 469.6 m 429 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 469.6 m 477 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 469.6 m 525 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 469.6 m 562 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 454.6 m 211 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 454.6 m 259 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 454.6 m 296 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 454.6 m 344 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 454.6 m 392 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 454.6 m 429 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 454.6 m 477 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 454.6 m 525 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 454.6 m 562 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 385.6 m 344 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 385.6 m 477 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 385.6 m 525 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 385.6 m 562 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 385.6 m 211 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 371.6 m 211 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 167 369.6 m 211 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 385.6 m 259 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 371.6 m 259 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 215 369.6 m 259 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 385.6 m 296 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 371.6 m 296 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263 369.6 m 296 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 385.6 m 344 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 371.6 m 344 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 300 369.6 m 344 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 385.6 m 392 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 371.6 m 392 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 369.6 m 392 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 385.6 m 429 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 371.6 m 429 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 369.6 m 429 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 385.6 m 477 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 371.6 m 477 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 369.6 m 477 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 385.6 m 525 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 371.6 m 525 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 369.6 m 525 369.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 385.6 m 562 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 371.6 m 562 371.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 529 369.6 m 562 369.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 664.28 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 320.60 663.83 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 650.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 223.00 650.83 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.20 650.83 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 489.00 650.83 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 621.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 178.55 621.83 Td (Gross) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 229.20 637.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 237.49 637.83 Td (e-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 226.05 629.83 Td (NICO) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 227.45 621.83 Td (Net) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 239.44 625.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.00 621.83 Td (Net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 311.55 621.83 Td (Gross) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.20 637.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 370.49 637.83 Td (e-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.05 629.83 Td (NICO) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.45 621.83 Td (Net) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 372.44 625.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.00 621.83 Td (Net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 444.55 621.83 Td (Gross) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 495.20 637.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 503.49 637.83 Td (e-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 492.05 629.83 Td (NICO) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 493.45 621.83 Td (Net) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 505.44 625.46 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 539.00 621.83 Td (Net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 608.83 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.40 608.83 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 594.28 Td (Asbestos:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 594.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 579.27 Td (Beginning balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.10 579.27 Td (1,074.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.65 579.27 Td (681.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 579.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 579.27 Td (904.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 579.27 Td (647.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.60 579.27 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 579.27 Td (985.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 579.27 Td (688.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 579.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.60 579.27 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 564.27 Td (Incurred loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 150.81 568.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.30 564.27 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.15 564.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.30 564.27 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 564.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.30 564.27 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 564.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 564.27 Td (256.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 564.27 Td (32.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 564.32 Td (\(4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 564.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.15 564.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.15 564.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 564.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 549.27 Td (Paid loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.72 553.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.30 549.27 Td (\(144.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.15 549.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.30 549.27 Td (\(78.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 549.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 549.27 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.30 549.32 Td (\(86.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 549.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.65 549.27 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.30 549.32 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 549.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.30 549.32 Td (\(81.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 549.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.30 549.32 Td (\(41.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.15 549.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 549.32 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 549.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 534.27 Td (Ending balance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 115.92 538.80 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.65 534.27 Td (929.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.65 534.27 Td (602.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 534.27 Td (2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.10 534.27 Td (1,074.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 534.27 Td (681.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.60 534.27 Td (2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 534.27 Td (904.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 534.27 Td (647.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 534.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.60 534.27 Td (6.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 519.28 Td (Environmental:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 504.27 Td (Beginning balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.65 504.27 Td (279.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.65 504.27 Td (151.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 504.27 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 504.27 Td (119.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 504.27 Td (93.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.60 504.27 Td (9.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 504.27 Td (350.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 504.27 Td (218.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 504.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.60 504.27 Td (7.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 489.27 Td (Incurred loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 150.81 493.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.30 489.27 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.15 489.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.30 489.27 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 489.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.30 489.27 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 489.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 489.27 Td (231.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 489.27 Td (62.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 489.27 Td (10.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 489.27 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 489.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.60 489.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 474.27 Td (Paid loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.72 478.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.30 474.27 Td (\(45.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.30 474.27 Td (\(25.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.30 474.27 Td (\(2.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.30 474.32 Td (\(71.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.30 474.32 Td (\(4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 474.32 Td (\(10.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.30 474.32 Td (\(237.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.30 474.32 Td (\(130.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 474.32 Td (\(4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 474.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 459.27 Td (Ending balance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 115.92 463.80 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.65 459.27 Td (233.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.65 459.27 Td (125.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 459.27 Td (6.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 459.27 Td (279.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 459.27 Td (151.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.60 459.27 Td (9.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.65 459.27 Td (119.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.65 459.27 Td (93.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 459.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.60 459.27 Td (9.2) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 445.28 Td (Total asbestos and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 435.28 Td (environmental:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 435.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 420.27 Td (Beginning balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.10 420.27 Td (1,354.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.65 420.27 Td (832.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.60 420.27 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.10 420.27 Td (1,023.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 420.27 Td (741.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 420.27 Td (15.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.10 420.27 Td (1,336.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 420.27 Td (907.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 420.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.60 420.27 Td (14.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 405.27 Td (Incurred loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 150.81 409.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 191.30 405.27 Td (\(1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.15 405.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.30 405.27 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 405.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.30 405.27 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 405.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 405.27 Td (488.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.65 405.27 Td (94.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.60 405.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 405.27 Td (6.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.65 405.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.60 405.27 Td (6.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 390.27 Td (Paid loss and LAE ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 134.72 394.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.30 390.27 Td (\(190.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.30 390.27 Td (\(103.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 276.30 390.27 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.30 390.32 Td (\(157.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.30 390.32 Td (\(2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.30 390.32 Td (\(10.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.30 390.32 Td (\(319.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.30 390.32 Td (\(172.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 390.32 Td (\(4.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 390.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 375.27 Td (Ending balance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 115.92 379.80 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 169.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.10 375.27 Td (1,162.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 217.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.65 375.27 Td (727.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 279.60 375.27 Td (8.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.10 375.27 Td (1,354.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.65 375.27 Td (832.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.60 375.27 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.10 375.27 Td (1,023.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.65 375.27 Td (741.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.50 375.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.60 375.27 Td (15.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 361.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 351.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 346.50 Td (Represents ) Tj ET Q q 0 0 0 rg BT 108.83 346.50 Td (A&E reserve activity) Tj ET Q q 0 0 0 rg BT 193.14 346.50 Td (, net of third-party reinsurance, but prior to the NICO Cover) Tj ET Q q 0 0 0 rg BT 433.08 346.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 336.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 331.50 Td (Substantially all of the paid and incurred loss and LAE for all periods presented relate to the Runof) Tj ET Q q 0 0 0 rg BT 459.10 331.50 Td (f Business.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 49.50 321.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 316.50 Td (The ending balances presented include the unpaid ) Tj ET Q q 0 0 0 rg BT 264.32 316.50 Td (A&E loss and LAE reserves, substantially all of which are related to the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 304.50 Td (Runof) Tj ET Q q 0 0 0 rg BT 87.82 304.50 Td (f Business. ) Tj ET Q q 0 0 0 rg BT 134.03 304.50 Td (The net unpaid loss and LAE reserves reclassified as liabilities held for sale on the December 31, 2012 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.00 292.50 Td (balance sheet for ) Tj ET Q q 0 0 0 rg BT 132.69 292.50 Td (Asbestos was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.35 292.50 Td ($2.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.24 292.50 Td (, Environmental was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.22 292.50 Td ($6.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.12 292.50 Td ( and total ) Tj ET Q q 0 0 0 rg BT 411.28 292.50 Td (A&E was ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.94 292.50 Td ($8.8 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.83 292.50 Td (.) Tj ET Q BT /F5 10.00 Tf ET q 0 0 0 rg BT 49.50 264.50 Td (Reinsurance) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 101.73 264.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 244.50 Td (As described in Note 4, in the normal course of business, OneBeacon's insurance subsidiaries seek to limit losses that may ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 232.50 Td (arise from catastrophes or other events by reinsuring with third-party reinsurers. OneBeacon remains liable for risks reinsured ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 220.50 Td (even if the reinsurer does not honor its obligations under reinsurance contracts. ) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 331 0 obj <>] /Rotate 0 /Contents 332 0 R>> endobj 332 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 704.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 97.63 704.10 Td (fects of reinsurance on OneBeacon's insurance subsidiaries' written and earned premiums and on incurred loss and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (LAE related to discontinued operations were as follows: ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 125.75 407.10 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 644.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 644.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 644.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 644.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 644.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 616.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 616.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 616.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 616.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 616.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 588.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 588.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 588.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 588.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 588.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 588.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 588.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 560.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 560.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 560.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 560.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 560.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 560.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 560.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 532.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 532.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 532.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 532.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 532.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 504.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 504.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 504.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 504.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 504.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 504.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 504.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 476.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 476.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 476.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 476.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 476.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 448.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 448.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 448.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 448.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 448.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 448.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 448.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 128.75 420.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.75 420.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.75 420.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.75 420.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.75 420.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.75 420.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.75 420.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 668.6 m 392.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.75 668.6 m 396.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 668.6 m 456.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 668.6 m 460.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 668.6 m 520.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 668.6 m 392.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 656.6 m 392.75 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.75 668.6 m 396.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 668.6 m 456.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 656.6 m 456.75 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.75 668.6 m 460.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 668.6 m 520.75 668.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 656.6 m 520.75 656.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 588.6 m 392.75 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 588.6 m 456.75 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 588.6 m 520.75 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 588.6 m 392.75 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 588.6 m 456.75 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 588.6 m 520.75 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 573.6 m 392.75 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 575.6 m 392.75 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 573.6 m 456.75 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 575.6 m 456.75 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 573.6 m 520.75 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 575.6 m 520.75 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 504.6 m 392.75 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 504.6 m 456.75 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 504.6 m 520.75 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 504.6 m 392.75 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 504.6 m 456.75 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 504.6 m 520.75 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 489.6 m 392.75 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 491.6 m 392.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 489.6 m 456.75 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 491.6 m 456.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 489.6 m 520.75 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 491.6 m 520.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 420.6 m 392.75 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 407.6 m 392.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.75 405.6 m 392.75 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 420.6 m 456.75 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 407.6 m 456.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.75 405.6 m 456.75 405.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 420.6 m 520.75 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 407.6 m 520.75 407.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 460.75 405.6 m 520.75 405.6 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.25 672.33 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 382.85 672.83 Td (Year ended December 31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 131.25 660.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.25 660.68 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.45 660.68 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 482.25 660.68 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 131.25 648.68 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 402.65 648.68 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.25 635.28 Td (Written premiums:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 635.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 635.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 635.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 621.17 Td (Direct) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 162.24 625.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 621.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.40 621.17 Td (5.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 621.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.40 621.17 Td (56.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 621.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 621.17 Td (342.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 607.17 Td (Assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.05 607.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.90 607.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.05 607.22 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.90 607.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.40 607.17 Td (1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 593.17 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 162.80 597.70 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.05 593.22 Td (\(2.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.90 593.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.40 593.17 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 593.22 Td (\(275.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.90 593.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.25 579.17 Td (Net written premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 579.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.40 579.17 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 579.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.40 579.17 Td (58.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 579.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.40 579.17 Td (68.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.25 551.28 Td (Earned premiums:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 551.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 537.17 Td (Direct) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 537.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 537.17 Td (12.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 537.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.40 537.17 Td (169.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 537.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 537.17 Td (490.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 523.17 Td (Assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.40 523.17 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.40 523.17 Td (0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.40 523.17 Td (3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 509.17 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.05 509.22 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.90 509.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 509.22 Td (\(100.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.90 509.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 509.22 Td (\(186.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.90 509.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.25 495.17 Td (Net earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 495.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 495.17 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 495.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.40 495.17 Td (70.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 495.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 495.17 Td (306.6) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 131.25 467.28 Td (Loss and LAE:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 467.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 467.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 467.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 453.17 Td (Direct) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 453.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 453.17 Td (52.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 453.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.40 453.17 Td (656.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 453.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 453.17 Td (272.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 439.17 Td (Assumed) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 439.17 Td (14.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.40 439.17 Td (26.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.40 439.17 Td (93.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 137.25 425.17 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.05 425.22 Td (\(18.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.90 425.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.05 425.22 Td (\(593.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.90 425.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.05 425.22 Td (\(120.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.90 425.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 131.25 411.17 Td (Net loss and LAE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.25 411.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 411.17 Td (48.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.25 411.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.40 411.17 Td (89.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.25 411.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.40 411.17 Td (244.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 397.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 130.50 387.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 382.50 Td (Includes non-specialty commercial lines policies written on a direct basis and then ceded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.93 382.50 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.26 382.50 Td ( to ) Tj ET Q q 0 0 0 rg BT 537.86 382.50 Td (The ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 370.50 Td (Hanover) Tj ET Q q 0 0 0 rg BT 178.03 370.50 Td (, beginning with January1, 2010 ef) Tj ET Q q 0 0 0 rg BT 319.49 370.50 Td (fective dates, as part of the Commercial Lines ) Tj ET Q q 0 0 0 rg BT 505.63 370.50 Td (T) Tj ET Q q 0 0 0 rg BT 511.38 370.50 Td (ransaction, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.00 358.50 Td (as described below) Tj ET Q q 0 0 0 rg BT 219.43 358.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 338.50 Td (During the years ended December31, 201) Tj ET Q q 0 0 0 rg BT 242.24 338.50 Td (1 and 2010, OneBeacon ceded written premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 450.79 338.50 Td ($0.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.68 338.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.12 338.50 Td ($262.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 326.50 Td (million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.39 326.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.05 326.50 Td (, earned premiums of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.52 326.50 Td ($96.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.42 326.50 Td ( and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.85 326.50 Td ($165.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.75 326.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 403.41 326.50 Td (, and loss and LAE of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.11 326.50 Td ($62.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.00 326.50 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 314.50 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 66.44 314.50 Td ($86.5 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.33 314.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 172.99 314.50 Td (, pursuant to the Commercial Lines ) Tj ET Q q 0 0 0 rg BT 316.39 314.50 Td (T) Tj ET Q q 0 0 0 rg BT 322.15 314.50 Td (ransaction.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 294.50 Td (In connection with the OneBeacon ) Tj ET Q q 0 0 0 rg BT 226.29 294.50 Td (Acquisition, ) Tj ET Q q 0 0 0 rg BT 277.40 294.50 Td (A) Tj ET Q q 0 0 0 rg BT 283.88 294.50 Td (viva caused OneBeacon to purchase two reinsurance contracts from ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 282.50 Td (subsidiaries of Berkshire Hathaway Inc.: the NICO Cover) Tj ET Q q 0 0 0 rg BT 280.71 282.50 Td (, which as described above represents a reinsurance contract with ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 270.50 Td (NICO for up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 113.38 270.50 Td ($2.5 billion) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 159.50 270.50 Td ( in old ) Tj ET Q q 0 0 0 rg BT 187.00 270.50 Td (A&E claims and certain other exposures, and an adverse loss reserve development cover ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 258.50 Td (from General Reinsurance Corporation \(GRC\) for up to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.87 258.50 Td ($570.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.76 258.50 Td (, comprised of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.75 258.50 Td ($400.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.64 258.50 Td ( of adverse loss reserve ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 246.50 Td (development occurring in years 2000 and prior \(the GRC Cover\) in addition to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.80 246.50 Td ($170.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.70 246.50 Td ( of reserves ceded as of the date ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 234.50 Td (of the OneBeacon ) Tj ET Q q 0 0 0 rg BT 123.64 234.50 Td (Acquisition. ) Tj ET Q q 0 0 0 rg BT 175.13 234.50 Td (The NICO Cover and GRC Cover) Tj ET Q q 0 0 0 rg BT 311.09 234.50 Td (, which were contingent on and occurred contemporaneously ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 222.50 Td (with the OneBeacon ) Tj ET Q q 0 0 0 rg BT 133.09 222.50 Td (Acquisition, were put in place in lieu of a seller guarantee of loss and LAE reserves and are therefore ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 210.50 Td (accounted for under GAAP) Tj ET Q q 0 0 0 rg BT 158.82 210.50 Td ( as a seller guarantee.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 186.50 Td (Pursuant to the GRC Cover) Tj ET Q q 0 0 0 rg BT 181.59 186.50 Td (, OneBeacon is not entitled to recover losses to the full contract limit if such losses are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 174.50 Td (reimbursed by GRC more quickly than anticipated at the time the contract was signed. OneBeacon intends to seek ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 162.50 Td (reimbursement from GRC only for claims which result in payment patterns similar to those supporting its recoverables recorded ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 150.50 Td (pursuant to the GRC Cover) Tj ET Q q 0 0 0 rg BT 158.38 150.50 Td (. ) Tj ET Q q 0 0 0 rg BT 163.20 150.50 Td (The economic cost of not submitting certain other eligible claims to GRC is primarily the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 138.50 Td (investment spread between the rate credited by GRC and the rate achieved by OneBeacon on its own investments. ) Tj ET Q q 0 0 0 rg BT 508.34 138.50 Td (This cost, if ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 126.50 Td (any) Tj ET Q q 0 0 0 rg BT 63.29 126.50 Td (, is expected to be nominal. OneBeacon has ceded estimated incurred losses of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.13 126.50 Td ($562.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.02 126.50 Td ( to GRC under the GRC ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 114.50 Td (Cover) Tj ET Q q 0 0 0 rg BT 73.39 114.50 Td (. ) Tj ET Q q 0 0 0 rg BT 77.83 114.50 Td (As of December31, 2012, OneBeacon has ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.84 114.50 Td ($409.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.73 114.50 Td ( of reinsurance recoverable on unpaid losses outstanding under ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 102.50 Td (the GRC Cover) Tj ET Q q 0 0 0 rg BT 111.17 102.50 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 333 0 obj <>] /Rotate 0 /Contents 334 0 R>> endobj 334 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 74) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 704.10 Td (At December 31, 2012, OneBeacon had ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.17 704.10 Td ($15.6 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 288.06 704.10 Td ( of reinsurance recoverable on paid losses and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.65 704.10 Td ($1,990.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.04 704.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (\(gross of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 87.27 692.10 Td ($150.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 146.17 692.10 Td ( in purchase accounting adjustments, as described above\) that will become recoverable if claims are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (paid in accordance with current reserve estimates, related to the Runof) Tj ET Q q 0 0 0 rg BT 331.15 680.10 Td (f ) Tj ET Q q 0 0 0 rg BT 336.79 680.10 Td (T) Tj ET Q q 0 0 0 rg BT 342.55 680.10 Td (ransaction that have been reclassified to assets held for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (sale. ) Tj ET Q q 0 0 0 rg BT 69.87 668.10 Td (The following table provides a listing of the top reinsurers related to the Runof) Tj ET Q q 0 0 0 rg BT 384.89 668.10 Td (f Business reported in assets held for sale, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (excluding industry pools and associations, based on recoverable amounts, the percentage of total reinsurance recoverables ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (reported as held for sale \(gross of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 203.06 644.10 Td ($150.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.95 644.10 Td ( in purchase accounting adjustment\) and the reinsurers') Tj ET Q q 0 0 0 rg BT 483.68 644.10 Td (A.M. Best ratings.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 87.00 596.60 231.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 596.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 596.60 74.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 596.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 596.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 596.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 596.60 60.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.00 556.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 556.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 556.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 556.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 87.00 526.60 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 526.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.00 526.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 526.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 526.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 460.00 526.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 526.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 596.6 m 396 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 596.6 m 460 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 596.6 m 524 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 596.6 m 396 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 596.6 m 460 596.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 464 596.6 m 524 596.6 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.50 600.83 Td (\($ in millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 340.60 608.83 Td (Balance at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 326.25 600.83 Td (December) Tj ET Q q 0 0 0 rg BT 360.75 600.83 Td (31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 412.35 600.83 Td (% of total) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 476.50 608.83 Td (A.M. Best) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 478.90 600.83 Td (Rating) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 502.01 604.46 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.50 586.27 Td (National Indemnity Company \(NICO\) and General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.50 576.27 Td (Reinsurance Corporation) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 189.75 580.80 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.50 576.27 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.15 576.27 Td (1,401.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.15 576.27 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 576.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.50 576.27 Td (A++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.50 561.27 Td (Hanover Insurance Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 561.27 Td (61.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 561.27 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 561.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.50 561.27 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.50 546.27 Td (T) Tj ET Q q 0 0 0 rg BT 94.91 546.27 Td (okio Marine and Nichido Fire) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 214.33 550.80 Td (\(3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 546.27 Td (25.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 546.27 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 546.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.50 546.27 Td (A++) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.50 531.27 Td (Tower Insurance Company) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 531.27 Td (20.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 531.27 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 531.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.50 531.27 Td (A-) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 89.50 516.27 Td (Munich Reinsurance America) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.65 516.27 Td (12.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.15 516.27 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.15 516.27 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 466.50 516.27 Td (A+) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 49.50 502.50 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 85.50 492.03 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 487.50 Td (A.M. Best ratings as detailed above are: A++ \(Superior) Tj ET Q q 0 0 0 rg BT 328.70 487.50 Td (, which is the highest of fifteen financial strength ratings\), ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 475.50 Td (A+ \(Superior) Tj ET Q q 0 0 0 rg BT 160.61 475.50 Td (, which is the second highest of fifteen financial strength ratings\), A \(Excellent, which is the third ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 463.50 Td (highest of fifteen financial strength ratings\) and A- \(Excellent, which is the fourth highest of fifteen financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 451.50 Td (strength ratings\).) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 85.50 441.03 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 436.50 Td (Includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.38 436.50 Td ($198.3 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 194.27 436.50 Td ( of ) Tj ET Q q 0 0 0 rg BT 207.42 436.50 Td (Third Party Recoverables, which NICO would pay under the terms of the NICO Cover ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 424.50 Td (if they are unable to collect from third party reinsurers.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 85.50 414.03 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 409.50 Td (Includes ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 135.38 409.50 Td ($28.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.27 409.50 Td ( of reinsurance recoverables from the various reinsurers that are guaranteed by ) Tj ET Q q 0 0 0 rg BT 505.61 409.50 Td (T) Tj ET Q q 0 0 0 rg BT 511.02 409.50 Td (okio Marine ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 397.50 Td (and Nichido Fire under the terms of a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.73 397.50 Td (100%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.06 397.50 Td ( quota share reinsurance agreement between Houston General ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 99.00 385.50 Td (Insurance Company and ) Tj ET Q q 0 0 0 rg BT 198.51 385.50 Td (T) Tj ET Q q 0 0 0 rg BT 203.92 385.50 Td (okio Marine and Nichido Fire.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 728.60 Td (NOTE 19. Discontinued Operations) Tj ET Q endstream endobj 335 0 obj <>] /Rotate 0 /Contents 336 0 R>> endobj 336 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 29.60 Td (F - 75) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (NOTE 20. Consolidating Financial Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 676.25 Td (The Company has fully and unconditionally guaranteed the 2012 Senior Notes issued by its 100% owned subsidiary) Tj ET Q q 0 0 0 rg BT 549.77 676.25 Td (, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (OBH. ) Tj ET Q q 0 0 0 rg BT 75.43 664.25 Td (The following tables present OneBeacon's consolidating balance sheets as of December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 497.57 664.25 Td (1 and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 652.25 Td (statements of operations and comprehensive income and cash flows for the years ended December 31, 2012, 201) Tj ET Q q 0 0 0 rg BT 500.10 652.25 Td (1, and 2010. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (These financial statements reflect the Company's \("guarantor"\) financial position, results of operations and cash flows on a ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (stand-alone basis, that of OBH \("the issuer"\) and of the Company's other entities, as well as the necessary consolidating ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (adjustments to eliminate intercompany balances and transactions.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 565.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 565.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 565.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 565.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 565.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 565.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 565.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 539.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 539.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 539.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 539.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 539.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 539.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 539.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 539.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 539.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 539.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 539.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 503.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 503.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 503.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 503.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 503.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 503.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 503.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 477.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 477.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 477.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 477.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 477.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 477.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 477.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 451.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 451.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 451.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 451.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 451.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 451.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 451.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 425.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 425.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 425.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 425.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 425.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 425.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 425.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 425.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 425.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 425.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 425.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 399.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 399.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 399.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 399.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 399.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 399.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 399.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 399.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 399.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 399.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 399.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 373.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 373.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 373.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 373.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 373.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 373.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 373.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 373.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 373.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 373.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 373.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 347.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 347.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 347.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 347.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 347.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 347.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 347.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 347.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 347.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 347.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 347.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 321.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 321.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 321.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 321.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 321.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 321.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 321.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 321.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 321.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 321.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 321.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 295.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 295.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 295.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 295.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 295.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 295.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 295.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 295.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 295.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 295.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 295.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 269.75 255.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 269.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.00 269.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 269.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 269.75 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 269.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 269.75 33.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 269.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 269.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 269.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.00 269.75 51.00 -13.00 re f 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Td (Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 557.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.50 557.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 544.01 Td (Investment Securities:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 544.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.50 544.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 531.01 Td (Fixed maturity investments, at fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.50 531.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 531.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.50 531.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 531.01 Td (1,602.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.50 531.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.75 531.01 Td (16.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 531.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 531.01 Td (\(25.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 531.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.50 531.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 531.01 Td (1,593.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 517.21 Td (Short-term investments, at amortized cost \(which approximates fair) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 508.21 Td (value\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.25 508.21 Td (2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 508.21 Td (169.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.75 508.21 Td (60.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 508.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 508.21 Td (232.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 495.01 Td (Common equity securities, at fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 495.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 495.01 Td (259.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 495.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 495.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 495.01 Td (259.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 482.01 Td (Convertible fixed maturity investments, at fair value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 482.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 482.01 Td (62.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 482.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 482.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.75 482.01 Td (62.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 57.50 469.01 Td (Other investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 469.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 469.01 Td (143.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 469.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 469.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 469.01 Td (143.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.50 456.01 Td (Total investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.25 456.01 Td (2.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 456.01 Td (2,237.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.75 456.01 Td (76.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 456.01 Td (\(25.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 456.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 456.01 Td (2,291.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 443.01 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 443.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 443.01 Td (43.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 443.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 443.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.75 443.01 Td (43.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 430.01 Td (Reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 430.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 430.01 Td (107.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 430.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 430.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 430.01 Td (107.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 417.01 Td (Reinsurance recoverable on paid losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 417.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 417.01 Td (3.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 417.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 417.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.25 417.01 Td (3.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 404.01 Td (Premiums receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 404.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 404.01 Td (225.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 404.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 404.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 404.01 Td (225.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 391.01 Td (Deferred acquisition costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 391.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 391.01 Td (123.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 391.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 391.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 391.01 Td (123.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 378.01 Td (Ceded unearned premiums) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 378.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 378.01 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 378.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 378.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.75 378.01 Td (11.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 365.01 Td (Net deferred tax asset) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 365.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 365.01 Td (140.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.25 365.01 Td (\(2.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.50 365.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.25 365.01 Td (0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 365.01 Td (137.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 352.01 Td (Investment income accrued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 352.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.75 352.01 Td (12.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 352.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.25 352.01 Td (\(0.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 352.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 542.75 352.01 Td (12.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 339.01 Td (Accounts receivable on unsettled investment sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 339.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 339.01 Td (1.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.25 339.01 Td (0.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 339.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.25 339.01 Td (2.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 326.01 Td (Investments in subsidiaries) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.50 326.01 Td (1,012.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.50 326.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.00 326.01 Td (1,062.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 317.06 Td (6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 326.01 Td (\(2,075.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 326.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 549.50 326.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 313.01 Td (Other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.25 313.01 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 313.01 Td (208.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.25 313.01 Td (7.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 313.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 313.01 Td (215.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 300.01 Td (Assets held for sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 300.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 300.01 Td (2,226.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 300.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 300.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 300.01 Td (2,226.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.50 287.01 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.50 287.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.50 287.01 Td (1,015.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.50 287.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 287.01 Td (5,342.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.50 287.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.00 287.01 Td (1,144.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 278.06 Td (7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 287.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 287.01 Td (\(2,100.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 287.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.50 287.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 287.01 Td (5,401.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 274.15 Td (Liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 274.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 261.01 Td (Loss and LAE reserves) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.50 261.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 261.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.50 261.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 261.01 Td (1,000.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.50 261.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 261.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 261.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 261.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.50 261.01 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 261.01 Td (1,000.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 248.01 Td (Unearned premiums) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 248.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 248.01 Td (573.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 248.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 248.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 248.01 Td (573.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 235.01 Td (Debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 235.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 398.50 235.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 235.01 Td (299.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 235.01 Td (\(24.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 235.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 235.01 Td (274.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 222.01 Td (Ceded reinsurance payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 222.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 222.01 Td (4.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 222.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 222.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.25 222.01 Td (4.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 209.01 Td (Accounts payable on unsettled investment purchases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 209.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 209.01 Td (6.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 209.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 209.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.25 209.01 Td (6.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 196.01 Td (Other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.25 196.01 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 387.25 196.01 Td (291.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.25 196.01 Td (6.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.25 196.01 Td (\(0.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 196.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.25 196.01 Td (297.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 183.01 Td (Liabilities held for sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 183.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 183.01 Td (2,226.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 183.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 183.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 183.01 Td (2,226.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.50 170.01 Td (Total liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 343.25 170.01 Td (0.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 170.01 Td (4,102.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 170.01 Td (305.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 484.75 170.01 Td (\(25.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 170.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 170.01 Td (4,384.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 157.15 Td (OneBeacon's common shareholders' equity and noncontrolling) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 148.15 Td (interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 149.21 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 136.01 Td (Total OneBeacon's common shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.50 136.01 Td (1,014.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 136.01 Td (1,236.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 136.01 Td (839.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 136.01 Td (\(2,075.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 136.01 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 136.01 Td (1,014.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 51.50 123.01 Td (Total noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.50 123.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.25 123.01 Td (2.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.50 123.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 123.01 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 547.25 123.01 Td (2.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.50 110.01 Td (Total OneBeacon's common shareholders' equity and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.50 101.01 Td (noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.50 102.21 Td (1,014.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 102.21 Td (1,239.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 102.21 Td (839.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 102.21 Td (\(2,075.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 102.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 102.21 Td (1,017.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.50 89.01 Td (Total liabilities, OneBeacon's common shareholders' equity and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.50 80.01 Td (noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 310.50 81.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 327.50 81.21 Td (1,015.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 364.50 81.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 380.50 81.21 Td (5,342.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 417.50 81.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 422.00 89.01 Td (1,144.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.00 80.01 Td (7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.50 81.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.50 81.21 Td (\(2,100.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.50 81.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 513.50 81.21 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.50 81.21 Td (5,401.5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 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573.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 573.86 Td (79.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 60.50 560.86 Td (Other investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 560.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 560.86 Td (155.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 560.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 560.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 560.86 Td (155.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 547.86 Td (Total investments) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.25 547.86 Td (2.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 547.86 Td (2,755.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 547.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.75 547.86 Td (\(50.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 547.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 547.86 Td (2,707.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 534.86 Td (Cash) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 534.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 534.86 Td (52.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 534.86 Td (2.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 534.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 534.86 Td (54.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 521.86 Td (Reinsurance recoverable on unpaid losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 521.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 521.86 Td (2,167.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 521.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 521.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 521.86 Td (2,167.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 508.86 Td (Reinsurance recoverable on paid losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 508.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 508.86 Td (16.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 508.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 508.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 508.86 Td (16.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 495.86 Td (Premiums receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 495.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 495.86 Td (230.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 495.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 495.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 495.86 Td (230.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 482.86 Td (Deferred acquisition costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 482.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 482.86 Td (123.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 482.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 482.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 482.86 Td (123.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 469.86 Td (Ceded unearned premiums) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 469.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 469.86 Td (10.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 469.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 469.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 469.86 Td (10.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 456.86 Td (Net deferred tax asset) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 456.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 456.86 Td (94.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.25 456.86 Td (\(1.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.50 456.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.25 456.86 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 456.86 Td (93.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 443.86 Td (Investment income accrued) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 443.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 443.86 Td (14.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 443.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.25 443.86 Td (\(0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 443.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 443.86 Td (14.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 430.86 Td (Accounts receivable on unsettled investment sales) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 430.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.25 430.86 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 430.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 430.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 544.25 430.86 Td (0.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 417.86 Td (Investments in subsidiaries) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.50 417.86 Td (1,098.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.50 417.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.50 417.86 Td (1,254.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 417.86 Td (\(2,352.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 417.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 546.50 417.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 404.86 Td (Other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.25 404.86 Td (0.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 404.86 Td (266.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 404.86 Td (2.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 404.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 404.86 Td (269.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 391.86 Td (Assets held for sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 391.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 391.86 Td (132.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 391.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 391.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 391.86 Td (132.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 378.86 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.50 378.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.50 378.86 Td (1,101.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.50 378.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 378.86 Td (5,866.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.50 378.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.50 378.86 Td (1,257.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 378.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 378.86 Td (\(2,403.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 378.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.50 378.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 378.86 Td (5,821.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.50 366.00 Td (Liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 365.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 352.86 Td (Loss and LAE reserves) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.50 352.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 352.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.50 352.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 352.86 Td (3,358.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.50 352.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 352.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 352.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 352.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.50 352.86 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 352.86 Td (3,358.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 339.86 Td (Unearned premiums) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 339.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 339.86 Td (528.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 339.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 339.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 339.86 Td (528.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 326.86 Td (Debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 326.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.50 326.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.25 326.86 Td (319.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.75 326.86 Td (\(49.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 326.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 326.86 Td (269.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 313.86 Td (Ceded reinsurance payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 313.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 313.86 Td (23.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 313.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 313.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 313.86 Td (23.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 300.86 Td (Accounts payable on unsettled investment purchases) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 300.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 300.86 Td (22.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 300.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 300.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 300.86 Td (22.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 287.86 Td (Other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.25 287.86 Td (1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 287.86 Td (391.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.25 287.86 Td (5.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 483.25 287.86 Td (\(0.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 287.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 287.86 Td (397.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 274.86 Td (Liabilities held for sale) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 274.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.25 274.86 Td (107.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 274.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 274.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.25 274.86 Td (107.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 261.86 Td (Total liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 328.25 261.86 Td (1.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 261.86 Td (4,431.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.25 261.86 Td (324.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.75 261.86 Td (\(49.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 261.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 261.86 Td (4,707.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.50 249.00 Td (OneBeacon's common shareholders' equity and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.50 240.00 Td (noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 241.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 227.86 Td (Total OneBeacon's common shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.50 227.86 Td (1,099.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 227.86 Td (1,420.2) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.25 227.86 Td (933.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 227.86 Td (\(2,353.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 227.86 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 227.86 Td (1,099.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 54.50 214.86 Td (Total noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.50 214.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 378.75 214.86 Td (14.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.50 214.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 214.86 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 539.75 214.86 Td (14.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 201.86 Td (Total OneBeacon's common shareholders' equity and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 192.86 Td (noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.50 194.06 Td (1,099.8) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 194.06 Td (1,434.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.25 194.06 Td (933.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 194.06 Td (\(2,353.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 194.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 194.06 Td (1,113.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 180.86 Td (Total liabilities, OneBeacon's common shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 171.86 Td (and noncontrolling interests) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 296.50 173.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.50 173.06 Td (1,101.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.50 173.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.50 173.06 Td (5,866.1) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.50 173.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.50 173.06 Td (1,257.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.50 173.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 173.06 Td (\(2,403.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 497.50 173.06 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 507.50 173.06 Td ($) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.50 173.06 Td (5,821.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 101.10 Td () Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.20 752.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 752.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 752.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 752.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 752.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 752.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 752.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 732.60 Td (NOTE 20. 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Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 305.30 693.73 Td (Company) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 302.00 685.73 Td (\(guarantor\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.05 701.73 Td (Non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.20 693.73 Td (guarantor) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.25 685.73 Td (subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.60 693.73 Td (OBH) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.80 685.73 Td (\(issuer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.20 693.73 Td (Consolidating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.10 685.73 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 510.55 685.73 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 671.73 Td (Year ended December 31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.40 671.73 Td (\(in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 658.18 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 643.17 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 643.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.10 643.17 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 643.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 643.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 643.17 Td (1,132.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 628.17 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 628.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.65 628.17 Td (56.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 628.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 628.22 Td (\(3.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.15 628.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 628.17 Td (53.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 613.17 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 613.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.65 613.17 Td (56.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 613.22 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 613.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 613.17 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 613.17 Td (55.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 598.17 Td (Net other revenues \(expenses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 598.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 598.17 Td (6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 598.22 Td (\(7.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 598.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 598.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 598.22 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 598.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 583.17 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 583.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.10 583.17 Td (1,251.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 583.22 Td (\(8.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 583.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 583.22 Td (\(2.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.15 583.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 583.17 Td (1,240.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 569.18 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 554.17 Td (Loss and loss adjustment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 554.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 554.17 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 554.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 554.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 554.17 Td (650.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 539.17 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 539.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 539.17 Td (249.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 539.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 539.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 539.17 Td (249.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 524.17 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 524.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 524.17 Td (205.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 524.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 524.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 524.17 Td (205.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 509.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 509.17 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 509.17 Td (7.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.65 509.17 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 509.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 509.17 Td (13.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 494.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 494.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 494.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.60 494.17 Td (19.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 494.22 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.15 494.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 494.17 Td (16.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 479.17 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 479.17 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.10 479.17 Td (1,112.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.60 479.17 Td (20.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.30 479.22 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 497.15 479.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 479.17 Td (1,134.9) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 464.18 Td (Pr) Tj ET Q q 0 0 0 rg BT 61.87 464.18 Td (e-tax \(loss\) income fr) Tj ET Q q 0 0 0 rg BT 150.82 464.18 Td (om continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.30 464.22 Td (\(5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 464.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 464.17 Td (139.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 464.22 Td (\(28.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 464.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 464.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 464.17 Td (105.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 449.17 Td (Income tax benefit \(expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.65 449.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.30 449.22 Td (\(18.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 449.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.60 449.17 Td (10.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 449.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 449.22 Td (\(8.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 449.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 434.18 Td (Net \(loss\) income fr) Tj ET Q q 0 0 0 rg BT 134.35 434.18 Td (om continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.30 434.22 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 434.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.65 434.17 Td (120.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 434.22 Td (\(18.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 434.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 434.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 434.17 Td (97.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 419.17 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 419.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.30 419.22 Td (\(24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 419.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 419.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 419.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 419.22 Td (\(24.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 419.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 404.17 Td (Loss from sale of discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 404.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.30 404.22 Td (\(91.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 404.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 404.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 404.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 404.22 Td (\(91.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 404.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 390.18 Td (\(Loss\) income befor) Tj ET Q q 0 0 0 rg BT 135.75 390.18 Td (e equity in \(losses\) earnings of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 380.18 Td (unconsolidated affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.30 380.22 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 380.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 380.17 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 380.22 Td (\(18.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 380.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 380.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 380.22 Td (\(17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 380.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 365.17 Td (Equity in \(losses\) earnings of subsidiaries, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.30 365.22 Td (\(13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 365.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 365.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 365.22 Td (\(28.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 365.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 365.17 Td (42.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 365.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 350.18 Td (Net \(loss\) income including noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.30 350.22 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 350.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 350.17 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 350.22 Td (\(47.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 350.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 350.17 Td (43.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 350.22 Td (\(17.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 350.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 335.17 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 335.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.30 335.22 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.15 335.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 428.15 335.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 487.15 335.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 335.22 Td (\(1.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 335.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 321.18 Td (Net \(loss\) income attributable to OneBeacon's common) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 311.18 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.30 311.22 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 311.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 311.17 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 311.22 Td (\(47.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 311.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 311.17 Td (43.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 311.22 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 311.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 296.17 Td (Change in other comprehensive income and loss items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.30 296.22 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 296.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.15 296.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 296.22 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 296.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.65 296.17 Td (2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 296.22 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 296.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 282.18 Td (Comprehensive \(loss\) income attributable to) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 272.18 Td (OneBeacon's common shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.50 272.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.30 272.22 Td (\(22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.15 272.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.50 272.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.65 272.17 Td (4.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 272.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.30 272.22 Td (\(50.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.15 272.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.50 272.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 272.17 Td (46.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 272.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 272.22 Td (\(22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 272.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.20 752.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 752.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 752.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 752.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 752.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 752.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 752.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 732.60 Td (NOTE 20. Consolidating Financial Information) Tj ET Q endstream endobj 341 0 obj <>] /Rotate 0 /Contents 342 0 R>> endobj 342 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 29.60 Td (F - 78) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 667.50 249.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.00 667.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 667.50 46.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 667.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 667.50 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 667.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 667.50 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 667.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 667.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 667.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 667.50 56.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 638.50 249.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.00 638.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 638.50 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 638.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 638.50 47.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 399.00 638.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.00 638.50 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.00 638.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 638.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 638.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.00 638.50 56.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 599.50 249.00 -15.00 re f /GS0 gs 0.8 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259.5 m 399 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 352 257.5 m 399 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 282.5 m 443 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 259.5 m 443 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 257.5 m 443 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 282.5 m 502 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 259.5 m 502 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447 257.5 m 502 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 282.5 m 562 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 259.5 m 562 259.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 257.5 m 562 257.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 685.73 Td (Consolidating Statement of Operations and Compr) Tj ET Q q 0 0 0 rg BT 225.81 685.73 Td (ehensive Income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 317.80 701.73 Td (The) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.80 693.73 Td (Company) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 304.50 685.73 Td (\(guarantor\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 366.55 701.73 Td (Non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 357.70 693.73 Td (guarantor) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.75 685.73 Td (subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.60 693.73 Td (OBH) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 409.80 685.73 Td (\(issuer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.20 693.73 Td (Consolidating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 453.10 685.73 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.05 685.73 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 671.73 Td (Y) Tj ET Q q 0 0 0 rg BT 56.39 671.73 Td (ear) Tj ET Q q 0 0 0 rg BT 67.35 671.73 Td ( ended December) Tj ET Q q 0 0 0 rg BT 126.30 671.73 Td ( 31, 201) Tj ET Q q 0 0 0 rg BT 151.86 671.73 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.90 671.73 Td (\(in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 658.18 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 643.17 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 643.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.10 643.17 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 643.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 643.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.50 643.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 643.17 Td (1,012.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 628.17 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 628.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 628.17 Td (72.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 628.17 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 628.22 Td (\(1.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 628.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 628.17 Td (71.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 614.07 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 604.07 Td (\(losses\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 604.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 604.17 Td (10.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.30 604.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 604.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 604.17 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 604.17 Td (10.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 589.17 Td (Net other revenues \(expenses\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 589.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 589.17 Td (0.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.30 589.22 Td (\(13.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 589.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 589.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 589.22 Td (\(12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 589.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 574.17 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 574.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.10 574.17 Td (1,095.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.30 574.22 Td (\(12.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 574.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 574.22 Td (\(1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 574.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 574.17 Td (1,081.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 560.18 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 545.17 Td (Loss and loss adjustment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 545.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 545.17 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 545.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 545.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 545.17 Td (548.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 530.17 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 530.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 530.17 Td (221.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 530.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 530.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 530.17 Td (221.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 515.17 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 515.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 515.17 Td (162.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 515.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 515.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 515.17 Td (162.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 500.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 500.17 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.65 500.17 Td (4.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.65 500.17 Td (0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 500.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 500.17 Td (9.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 485.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 485.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 485.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 485.17 Td (22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 485.22 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 485.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 485.17 Td (20.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 470.17 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 331.65 470.17 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 470.17 Td (935.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 470.17 Td (22.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 470.22 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 470.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 470.17 Td (962.1) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 455.18 Td (Pr) Tj ET Q q 0 0 0 rg BT 61.87 455.18 Td (e-tax \(loss\) income fr) Tj ET Q q 0 0 0 rg BT 150.82 455.18 Td (om continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.30 455.22 Td (\(5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 455.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 455.17 Td (159.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.30 455.22 Td (\(35.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 455.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 455.17 Td (0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 455.17 Td (119.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 440.17 Td (Income tax \(expense\) benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.30 440.22 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 440.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.30 440.22 Td (\(26.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.15 440.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 440.17 Td (12.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 440.22 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 440.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 440.22 Td (\(14.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 440.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 425.18 Td (Net \(loss\) income fr) Tj ET Q q 0 0 0 rg BT 134.35 425.18 Td (om continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.30 425.22 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 425.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 372.65 425.17 Td (132.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.30 425.22 Td (\(23.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 425.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 425.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 425.17 Td (104.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 410.17 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 410.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.30 410.22 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.15 410.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 410.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 410.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 410.22 Td (\(29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 410.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 395.17 Td (Loss from sale of discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 395.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.30 395.22 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.15 395.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 395.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 395.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 395.22 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 395.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 381.18 Td (\(Loss\) income befor) Tj ET Q q 0 0 0 rg BT 135.75 381.18 Td (e equity in earnings of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 371.18 Td (unconsolidated affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.30 371.22 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 371.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 371.17 Td (84.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.30 371.22 Td (\(23.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 371.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.65 371.17 Td (0.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 371.17 Td (56.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 356.17 Td (Equity in earnings of subsidiaries, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 356.17 Td (60.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 356.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 356.17 Td (50.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.30 356.22 Td (\(111.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 356.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 356.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 341.18 Td (Net income including noncontr) Tj ET Q q 0 0 0 rg BT 183.27 341.18 Td (olling inter) Tj ET Q q 0 0 0 rg BT 230.03 341.18 Td (ests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 341.17 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 341.17 Td (84.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 341.17 Td (27.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.30 341.22 Td (\(110.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 341.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 341.17 Td (56.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 326.17 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.15 326.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.30 326.22 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.15 326.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.15 326.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.15 326.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 326.22 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 326.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 312.18 Td (Net income attributable to OneBeacon's common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 302.18 Td (shar) Tj ET Q q 0 0 0 rg BT 70.21 302.18 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 302.17 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 302.17 Td (83.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 302.17 Td (27.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.30 302.22 Td (\(110.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 302.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 302.17 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 287.17 Td (Change in other comprehensive income and loss items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.30 287.22 Td (\(11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 344.15 287.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.15 287.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.30 287.22 Td (\(11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.15 287.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.65 287.17 Td (11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 287.22 Td (\(11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 287.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 273.18 Td (Compr) Tj ET Q q 0 0 0 rg BT 81.87 273.18 Td (ehensive income attributable to OneBeacon's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 263.18 Td (common shar) Tj ET Q q 0 0 0 rg BT 109.37 263.18 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.50 263.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 263.17 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.50 263.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.65 263.17 Td (83.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.50 263.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 263.17 Td (16.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.50 263.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.30 263.22 Td (\(99.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.15 263.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.50 263.17 Td ($) Tj ET Q BT /F2 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292.5 m 352 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 269.5 m 352 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 267.5 m 352 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 292.5 m 407 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 269.5 m 407 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 267.5 m 407 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 292.5 m 447 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 269.5 m 447 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 267.5 m 447 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 292.5 m 506 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 269.5 m 506 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 267.5 m 506 267.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 292.5 m 562 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 269.5 m 562 269.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510 267.5 m 562 267.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 686.73 Td (Consolidating Statement of Operations and Compr) Tj ET Q q 0 0 0 rg BT 225.81 686.73 Td (ehensive Income) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.80 702.58 Td (The) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.80 694.58 Td (Company) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 306.50 686.58 Td (\(guarantor\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 372.55 702.58 Td (Non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.70 694.58 Td (guarantor) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 360.75 686.58 Td (subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 419.60 694.73 Td (OBH) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 415.80 686.73 Td (\(issuer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.20 694.73 Td (Consolidating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.10 686.73 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.05 686.73 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 672.73 Td (Y) Tj ET Q q 0 0 0 rg BT 56.39 672.73 Td (ear) Tj ET Q q 0 0 0 rg BT 67.35 672.73 Td ( ended December) Tj ET Q q 0 0 0 rg BT 126.30 672.73 Td ( 31, 2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.90 672.73 Td (\(in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 659.18 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 644.17 Td (Earned premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.50 644.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 644.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 644.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.10 644.17 Td (1,181.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.50 644.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 644.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.50 644.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 644.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.50 644.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 644.17 Td (1,181.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 629.17 Td (Net investment income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 629.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 629.17 Td (99.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 629.17 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 629.22 Td (\(2.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 629.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 629.17 Td (96.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 614.17 Td (Net realized and change in unrealized investment gains ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 614.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 614.17 Td (75.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 614.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 614.22 Td (\(0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 614.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 614.17 Td (74.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 599.17 Td (Net other revenues \(expenses\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 599.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.65 599.17 Td (11.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 599.22 Td (\(12.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 599.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 599.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 599.22 Td (\(0.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 599.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 584.17 Td (Total revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 584.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.10 584.17 Td (1,367.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 584.22 Td (\(12.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 584.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 584.22 Td (\(3.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 584.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 584.17 Td (1,351.7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 570.18 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 555.17 Td (Loss and loss adjustment expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 555.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 555.17 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 555.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 555.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 555.17 Td (685.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 540.17 Td (Policy acquisition expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 540.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 540.17 Td (252.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 540.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 540.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 540.17 Td (252.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 525.17 Td (Other underwriting expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 525.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 525.17 Td (196.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 525.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 525.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 525.17 Td (196.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 510.17 Td (General and administrative expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 510.17 Td (6.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 390.65 510.17 Td (4.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 510.17 Td (1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.65 510.17 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 510.17 Td (12.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 495.17 Td (Interest expense) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 495.17 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.30 495.22 Td (\(0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 495.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 495.17 Td (32.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 495.22 Td (\(2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 495.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 540.65 495.17 Td (29.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 63.50 480.17 Td (Total expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 480.17 Td (6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.10 480.17 Td (1,137.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 480.17 Td (33.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 480.22 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 480.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.15 480.17 Td (1,176.3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 465.18 Td (Pr) Tj ET Q q 0 0 0 rg BT 61.87 465.18 Td (e-tax \(loss\) income fr) Tj ET Q q 0 0 0 rg BT 150.82 465.18 Td (om continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.30 465.22 Td (\(6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 465.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 465.17 Td (229.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 465.22 Td (\(45.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 465.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 465.22 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 465.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 465.17 Td (175.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 450.17 Td (Income tax \(expense\) benefit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 450.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.30 450.22 Td (\(41.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 450.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 450.17 Td (16.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 450.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 450.22 Td (\(25.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 450.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 435.18 Td (Net \(loss\) income fr) Tj ET Q q 0 0 0 rg BT 134.35 435.18 Td (om continuing operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.30 435.22 Td (\(6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 435.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 435.17 Td (188.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 435.22 Td (\(29.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 435.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 435.22 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 435.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 435.17 Td (150.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 420.17 Td (Loss from discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 420.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.30 420.22 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 420.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 420.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 420.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 537.30 420.22 Td (\(30.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 420.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 405.17 Td (Loss from sale of discontinued operations, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 405.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 405.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 405.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 405.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 405.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 391.18 Td (\(Loss\) income befor) Tj ET Q q 0 0 0 rg BT 135.75 391.18 Td (e equity in earnings of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 381.18 Td (unconsolidated affiliates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.30 381.22 Td (\(6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.15 381.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 381.17 Td (157.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.30 381.22 Td (\(29.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.15 381.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 381.22 Td (\(1.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 381.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 381.17 Td (119.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 366.17 Td (Equity in earnings of subsidiaries, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 366.17 Td (124.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 366.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.60 366.17 Td (127.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.30 366.22 Td (\(252.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 366.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 548.15 366.17 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 351.18 Td (Net income including noncontr) Tj ET Q q 0 0 0 rg BT 183.27 351.18 Td (olling inter) Tj ET Q q 0 0 0 rg BT 230.03 351.18 Td (ests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 351.17 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 351.17 Td (157.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 351.17 Td (98.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.30 351.22 Td (\(254.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 351.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 351.17 Td (119.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 336.17 Td (Less: Net income attributable to noncontrolling interests) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 336.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.30 336.22 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.15 336.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.15 336.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.15 336.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 542.30 336.22 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 558.15 336.17 Td (\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 322.18 Td (Net income attributable to OneBeacon's common ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 312.18 Td (shar) Tj ET Q q 0 0 0 rg BT 70.21 312.18 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 312.17 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 312.17 Td (156.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.60 312.17 Td (98.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.30 312.22 Td (\(254.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 312.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 535.65 312.17 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 57.50 297.17 Td (Change in other comprehensive income and loss items) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.65 297.17 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 297.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 297.17 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.30 297.22 Td (\(6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 297.17 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.65 297.17 Td (6.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 283.18 Td (Compr) Tj ET Q q 0 0 0 rg BT 81.87 283.18 Td (ehensive income attributable to OneBeacon's ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 51.50 273.18 Td (common shar) Tj ET Q q 0 0 0 rg BT 109.37 273.18 Td (eholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.50 273.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.65 273.17 Td (124.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.50 273.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.65 273.17 Td (156.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.50 273.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 420.60 273.17 Td (105.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 453.50 273.17 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 476.30 273.22 Td (\(261.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.15 273.17 Td (\)) Tj ET Q BT /F2 10.00 Tf 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 236.5 m 447 236.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 225.5 m 447 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 236.5 m 507 236.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 236.5 m 562 236.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 225.5 m 351 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 225.5 m 403 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 225.5 m 447 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 225.5 m 507 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 225.5 m 562 225.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 137.5 m 403 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 137.5 m 351 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 137.5 m 403 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 137.5 m 447 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 137.5 m 507 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 137.5 m 562 137.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 115.5 m 351 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 115.5 m 403 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 115.5 m 447 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 104.5 m 447 104.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 115.5 m 507 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 115.5 m 562 115.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 104.5 m 351 104.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 104.5 m 403 104.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 104.5 m 447 104.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 104.5 m 507 104.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 104.5 m 562 104.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 73.5 m 351 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 73.5 m 403 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 73.5 m 447 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 73.5 m 507 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 73.5 m 562 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 54.5 m 403 54.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 54.5 m 351 54.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 44.5 m 351 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 42.5 m 351 42.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 54.5 m 403 54.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 44.5 m 403 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 42.5 m 403 42.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 54.5 m 447 54.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 44.5 m 447 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 42.5 m 447 42.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 54.5 m 507 54.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 44.5 m 507 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 42.5 m 507 42.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 54.5 m 562 54.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 44.5 m 562 44.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511 42.5 m 562 42.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 688.73 Td (Consolidating Statement of Cash Flows) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 319.30 702.58 Td (The) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.30 694.58 Td (Company) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 306.00 686.63 Td (\(guarantor\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 370.05 702.58 Td (Non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 361.20 694.58 Td (guarantor) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.25 686.63 Td (subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 417.60 696.73 Td (OBH) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 413.80 688.73 Td (\(issuer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 454.70 696.73 Td (Consolidating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 457.60 688.73 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.55 688.73 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 676.58 Td (Y) Tj ET Q q 0 0 0 rg BT 56.39 676.58 Td (ear) Tj ET Q q 0 0 0 rg BT 67.35 676.58 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 128.08 676.58 Td ( 31, 2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 407.90 676.58 Td (\($ in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 665.45 Td (Cash flows from operations:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.50 665.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.50 665.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.50 665.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 654.45 Td (Net \(loss\) income including noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.50 654.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.10 654.45 Td (\(19.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.80 654.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.50 654.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.15 654.45 Td (5.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.50 654.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 654.45 Td (\(47.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 654.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.50 654.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 654.45 Td (43.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.50 654.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 654.45 Td (\(17.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 654.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 643.45 Td (Charges \(credits\) to reconcile net income to cash flows \(used for\) provided) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 635.45 Td (from operations:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.50 636.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 624.45 Td (Undistributed loss from subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.80 624.45 Td (13.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 624.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.75 624.45 Td (28.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 624.45 Td (\(42.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 624.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 624.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 613.45 Td (Net loss from discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 613.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 613.45 Td (24.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 613.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 613.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 613.45 Td (24.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 602.45 Td (Net loss from sale of discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 602.45 Td (91.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 602.45 Td (91.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 591.45 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 591.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 591.45 Td (\(56.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 591.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.75 591.45 Td (1.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.10 591.45 Td (\(0.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 591.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 591.45 Td (\(55.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 591.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 580.45 Td (Net other realized losses ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 580.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 580.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.75 580.45 Td (6.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 580.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 580.45 Td (6.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 569.45 Td (Net realized gain on sale of business) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 569.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.45 569.45 Td (\(4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 569.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 569.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 569.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 569.45 Td (\(4.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 569.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 558.45 Td (Deferred income tax expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 558.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 558.45 Td (15.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.75 558.45 Td (0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 558.45 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 558.45 Td (16.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 547.45 Td ( Dividends received from subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.80 547.45 Td (83.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 547.45 Td (15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.75 547.45 Td (160.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.10 547.45 Td (\(258.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 547.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 547.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 536.45 Td (Other operating items:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.50 536.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.50 536.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 525.45 Td (Net change in loss and LAE reserves) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 525.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 525.45 Td (87.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 525.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 525.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 525.45 Td (87.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 514.45 Td (Net change in unearned premiums) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 514.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 514.45 Td (48.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 514.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 514.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 514.45 Td (48.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 503.45 Td (Net change in ceded reinsurance payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 503.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.15 503.45 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 503.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 503.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 503.45 Td (1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 492.45 Td (Net change in ceded unearned premium) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 492.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.45 492.45 Td (\(0.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 492.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 492.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 492.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 492.45 Td (\(0.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 492.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 481.45 Td (Net change in premiums receivable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 481.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 481.45 Td (\(14.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 481.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 481.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 481.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 481.45 Td (\(14.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 481.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 470.45 Td (Net change in reinsurance recoverable on paid and unpaid losses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 470.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.45 470.45 Td (\(3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 470.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 470.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 470.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 470.45 Td (\(3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 470.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 459.45 Td (Net change in other assets and liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 459.45 Td (2.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 459.45 Td (\(34.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 459.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.10 459.45 Td (\(3.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 459.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.10 459.45 Td (\(0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 459.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 459.45 Td (\(35.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 459.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 448.45 Td (Net cash \(used for\) provided from operationscontinuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.80 448.45 Td (80.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.15 448.45 Td (174.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.75 448.45 Td (146.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.10 448.45 Td (\(258.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 448.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 448.45 Td (142.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 437.45 Td (Net cash provided from operationsdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 437.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.45 437.45 Td (\(196.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 437.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 437.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 437.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 437.45 Td (\(196.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 437.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 426.45 Td (Net cash \(used for\) provided from operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.80 426.45 Td (80.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 426.45 Td (\(21.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 426.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.75 426.45 Td (146.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.10 426.45 Td (\(258.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 426.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 426.45 Td (\(53.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 426.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 415.45 Td (Cash flows from investing activities:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.50 415.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.50 415.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 404.45 Td (Net maturities, purchases and sales of short-term investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 404.45 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 404.45 Td (74.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 404.45 Td (\(60.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 404.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 404.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 404.45 Td (14.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 393.45 Td (Maturities of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 393.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.15 393.45 Td (191.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 393.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 393.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 393.45 Td (191.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 382.45 Td (Sales of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 382.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.15 382.45 Td (1,766.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 382.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 382.45 Td (\(49.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 382.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.75 382.45 Td (1,717.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 371.45 Td (Sales of common equity securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 371.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.15 371.45 Td (112.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 371.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 371.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 371.45 Td (112.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 360.45 Td (Sales of convertible fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 360.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 360.45 Td (29.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 360.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 360.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 360.45 Td (29.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 349.45 Td (Distributions and redemptions of other investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 349.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 349.45 Td (63.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 349.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 349.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 349.45 Td (63.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 338.45 Td (Purchases of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 338.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.45 338.45 Td (\(1,870.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 338.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 338.45 Td (\(16.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 338.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 338.45 Td (25.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.10 338.45 Td (\(1,862.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 338.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 327.45 Td (Purchases of common equity securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 327.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 327.45 Td (\(91.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 327.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 327.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 327.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 327.45 Td (\(91.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 327.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 316.45 Td (Purchases of convertible fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 316.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.45 316.45 Td (\(9.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 316.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 316.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 316.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 316.45 Td (\(9.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 316.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 305.45 Td (Contributions for other investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 305.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 305.45 Td (\(44.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 305.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 305.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 305.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 305.45 Td (\(44.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 305.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 294.45 Td (Proceeds from sale of business) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 294.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 294.45 Td (15.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 294.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 294.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 294.45 Td (15.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 283.45 Td (Net change in unsettled investment purchases and sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 283.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 283.45 Td (\(18.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 283.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 283.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 283.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 283.45 Td (\(18.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 283.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 272.45 Td (Net acquisitions of property and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 272.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.45 272.45 Td (\(1.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 272.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 272.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 272.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 272.45 Td (\(1.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 272.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 261.45 Td (Return of capital to OneBeacon U.S. Enterprises Holdings, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 261.45 Td (28.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 261.45 Td (\(28.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 261.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 261.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 250.45 Td (Net cash provided from investing activitiescontinuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 250.45 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.15 250.45 Td (245.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 250.45 Td (\(76.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 250.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 250.45 Td (\(52.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 250.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 250.45 Td (115.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 239.45 Td (Net cash provided from investing activitiesdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 239.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 239.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 239.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 239.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 239.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 228.45 Td (Net cash provided from investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.80 228.45 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.15 228.45 Td (245.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 228.45 Td (\(76.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 228.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 228.45 Td (\(52.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 228.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 228.45 Td (115.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 217.45 Td (Cash flows from financing activities:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 304.50 217.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.50 217.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 206.45 Td (Issuance of debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 206.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 206.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.75 206.45 Td (296.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 206.45 Td (\(25.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.80 206.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 206.45 Td (271.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 195.45 Td (Repurchases of debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 195.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 195.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.10 195.45 Td (\(325.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 195.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 195.45 Td (49.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 195.45 Td (\(275.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 195.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 184.45 Td (Cash dividends paid to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.10 184.45 Td (\(80.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.80 184.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 184.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 184.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 184.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 184.45 Td (\(80.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 184.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 173.45 Td (Cash dividends paid to parent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 173.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.45 173.45 Td (\(243.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 173.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 173.45 Td (\(15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 173.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.80 173.45 Td (258.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 173.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 162.45 Td (Return of capital to OneBeacon U.S. Enterprises Holdings, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 162.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 162.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 162.45 Td (\(28.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 162.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 162.45 Td (28.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 162.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 151.45 Td (Capital lease obligation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.45 151.45 Td (\(4.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 151.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 151.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 151.45 Td (\(4.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 151.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 140.45 Td (Proceeds on sale of OneBeacon Holdings \(Luxembour) Tj ET Q q 0 0 0 rg BT 231.98 140.45 Td (g\) S. r) Tj ET Q q 0 0 0 rg BT 254.86 140.45 Td (.l.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 140.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.15 140.45 Td (14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 140.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 140.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 140.45 Td (14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 129.45 Td (Net cash used for financing activitiescontinuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.10 129.45 Td (\(80.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.80 129.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.45 129.45 Td (\(234.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 129.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 129.45 Td (\(72.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 129.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.80 129.45 Td (311.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 129.45 Td (\(75.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 129.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 118.45 Td (Net cash used for financing activitiesdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 118.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.15 118.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 118.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 118.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 107.45 Td (Net cash used for financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 331.10 107.45 Td (\(80.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.80 107.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.45 107.45 Td (\(234.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 107.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.10 107.45 Td (\(72.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 107.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.80 107.45 Td (311.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 107.45 Td (\(75.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 107.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 96.45 Td (Net increase \(decrease\) in cash during year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 96.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.45 96.45 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.15 96.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.10 96.45 Td (\(2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 96.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 96.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 96.45 Td (\(13.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 96.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 85.50 Td (Cash reclassified to assets held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.80 85.50 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 386.65 84.12 Td (5.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.75 85.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 85.50 Td () Tj ET Q BT /F2 8.00 Tf 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0 i [] 0 d 0 J 0 j 3 M 343.5 441.5 m 391.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 441.5 m 439.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 441.5 m 338.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 441.5 m 391.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 441.5 m 439.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 441.5 m 499.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 441.5 m 556.5 441.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 430.5 m 338.5 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 430.5 m 391.5 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 430.5 m 439.5 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 430.5 m 499.5 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 430.5 m 556.5 430.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 277.5 m 391.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 277.5 m 439.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 277.5 m 499.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 277.5 m 338.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 277.5 m 391.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 277.5 m 439.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 277.5 m 499.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 277.5 m 556.5 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 246.5 m 439.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 246.5 m 338.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 246.5 m 391.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 246.5 m 439.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 246.5 m 499.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 246.5 m 556.5 246.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 235.5 m 338.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 235.5 m 391.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 235.5 m 439.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 235.5 m 499.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 235.5 m 556.5 235.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 169.5 m 338.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 169.5 m 391.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 169.5 m 439.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 169.5 m 499.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 169.5 m 556.5 169.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 140.5 m 439.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 140.5 m 338.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 140.5 m 391.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 140.5 m 439.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 140.5 m 499.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 140.5 m 556.5 140.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 129.5 m 338.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 129.5 m 391.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 129.5 m 439.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 129.5 m 499.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 129.5 m 556.5 129.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 107.5 m 391.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 107.5 m 439.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 107.5 m 338.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 107.5 m 391.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 107.5 m 439.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 107.5 m 499.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 107.5 m 556.5 107.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 83.5 m 391.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 83.5 m 439.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 83.5 m 338.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 73.5 m 338.5 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 71.5 m 338.5 71.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 83.5 m 391.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 73.5 m 391.5 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 71.5 m 391.5 71.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 83.5 m 439.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 73.5 m 439.5 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 71.5 m 439.5 71.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 83.5 m 499.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 73.5 m 499.5 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 71.5 m 499.5 71.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 83.5 m 556.5 83.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 73.5 m 556.5 73.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 71.5 m 556.5 71.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 686.73 Td (Consolidating Statement of Cash Flows) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 307.30 702.58 Td (The) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 297.30 694.58 Td (Company) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 294.00 686.58 Td (\(guarantor\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 358.55 702.58 Td (Non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.70 694.58 Td (guarantor) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 346.75 686.58 Td (subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.10 694.73 Td (OBH) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.30 686.73 Td (\(issuer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.20 694.73 Td (Consolidating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.10 686.73 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.05 686.73 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 674.58 Td (Y) Tj ET Q q 0 0 0 rg BT 61.89 674.58 Td (ear) Tj ET Q q 0 0 0 rg BT 72.85 674.58 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 133.58 674.58 Td ( 31, 201) Tj ET Q q 0 0 0 rg BT 159.14 674.58 Td (1) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.90 674.58 Td (\($ in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 663.45 Td (Cash flows from operations:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 663.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 663.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.00 663.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 652.45 Td (Net income including noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 652.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.30 652.45 Td (55.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 652.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 652.45 Td (84.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.00 652.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 652.45 Td (27.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 652.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.60 652.45 Td (\(110.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 652.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.00 652.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 652.45 Td (56.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 640.75 Td (Char) Tj ET Q q 0 0 0 rg BT 72.41 640.75 Td (ges \(credits\) to reconcile net income to cash flows provided from ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 632.75 Td (\(used for\) operations:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 632.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 632.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 620.45 Td (Undistributed earnings from subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.60 620.45 Td (\(60.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 620.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.30 620.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 620.45 Td (\(50.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.30 620.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 620.45 Td (111.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 620.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 609.45 Td (Net loss from discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 609.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 609.45 Td (29.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 609.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 609.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 609.45 Td (29.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 598.45 Td (Net loss from sale of discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 598.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 598.45 Td (19.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 598.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 598.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 598.45 Td (19.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 587.45 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 587.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 587.45 Td (\(10.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 587.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 587.45 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.60 587.45 Td (\(0.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 587.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 587.45 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 587.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 576.45 Td (Net other realized losses \(gains\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 576.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.60 576.45 Td (\(0.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 576.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 576.45 Td (12.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 576.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 576.45 Td (11.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 565.45 Td (Deferred income tax expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 565.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 565.45 Td (31.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 565.45 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 565.45 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 565.45 Td (31.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 554.45 Td ( Dividends received from subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 554.45 Td (181.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 554.45 Td (34.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.25 554.45 Td (155.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.60 554.45 Td (\(370.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 554.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 554.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 543.45 Td (Other operating items:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 543.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 543.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 532.45 Td (Net change in loss and LAE reserves) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 532.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 532.45 Td (69.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 532.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 532.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 532.45 Td (69.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 521.45 Td (Net change in unearned premiums) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 521.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 521.45 Td (50.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 521.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 521.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 521.45 Td (50.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 510.45 Td (Net change in ceded reinsurance payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 510.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.60 510.45 Td (\(0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 510.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 510.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 510.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.60 510.45 Td (\(0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 510.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 499.45 Td (Net change in ceded unearned premium) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 499.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.30 499.45 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 499.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 499.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 543.30 499.45 Td (0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 488.45 Td (Net change in premiums receivable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 488.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 488.45 Td (\(49.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 488.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 488.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 488.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 488.45 Td (\(49.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 488.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 477.45 Td (Net change in reinsurance recoverable on paid and unpaid losses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 477.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 477.45 Td (\(46.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 477.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 477.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 477.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 477.45 Td (\(46.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 477.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 466.45 Td (Net change in other assets and liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.30 466.45 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 466.45 Td (\(87.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 466.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 466.45 Td (8.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 466.45 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 466.45 Td (\(79.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 466.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 455.45 Td (Net cash provided from \(used for\) operationscontinuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 455.45 Td (175.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.25 455.45 Td (123.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.25 455.45 Td (152.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.60 455.45 Td (\(370.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 455.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 455.45 Td (82.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 444.45 Td (Net cash used for operationsdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 444.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 444.45 Td (\(200.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 444.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 444.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 444.45 Td (\(200.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 444.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 433.45 Td (Net cash provided from \(used for\) operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 433.45 Td (175.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 433.45 Td (\(76.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 433.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.25 433.45 Td (152.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.60 433.45 Td (\(370.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 433.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 433.45 Td (\(118.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 433.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 422.45 Td (Cash flows from investing activities:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 422.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 422.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 411.45 Td (Net maturities, purchases and sales of short-term investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.60 411.45 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 411.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 411.45 Td (\(74.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 411.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 411.45 Td (56.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 411.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 411.45 Td (\(19.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 411.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 400.45 Td (Maturities of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 400.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.25 400.45 Td (478.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 400.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 400.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 400.45 Td (478.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 389.45 Td (Sales of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 389.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.25 389.45 Td (1,414.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 389.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 389.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 529.25 389.45 Td (1,414.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 378.45 Td (Sales of common equity securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 378.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.25 378.45 Td (101.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 378.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 378.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 378.45 Td (101.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 367.45 Td (Sales of convertible fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 367.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 367.45 Td (37.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 367.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 367.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 367.45 Td (37.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 356.45 Td (Distributions and redemptions of other investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 356.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 356.45 Td (38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 356.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 356.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 356.45 Td (38.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 345.45 Td (Purchases of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 345.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.60 345.45 Td (\(1,472.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 345.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 345.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 345.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.60 345.45 Td (\(1,472.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 345.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 334.45 Td (Purchases of common equity securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 334.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 334.45 Td (\(88.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 334.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 334.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 334.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 334.45 Td (\(88.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 334.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 323.45 Td (Purchases of convertible fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 323.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 323.45 Td (\(30.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 323.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 323.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 323.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 323.45 Td (\(30.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 323.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 312.45 Td (Contributions for other investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 312.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.60 312.45 Td (\(10.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 312.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 312.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 312.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.60 312.45 Td (\(10.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 312.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 301.45 Td (Net change in unsettled investment purchases and sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 301.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 301.45 Td (13.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 301.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 301.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 301.45 Td (13.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 290.45 Td (Net acquisitions of property and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 290.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.60 290.45 Td (\(3.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 290.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 290.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 290.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.60 290.45 Td (\(3.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 290.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 279.50 Td (Return of capital to OneBeacon U.S. Enterprises Holdings, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 279.50 Td (10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.60 279.50 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 279.50 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 279.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 269.45 Td (Net cash \(used for\) provided from investing activitiescontinuing ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 261.45 Td (operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.60 261.75 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 261.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.25 261.75 Td (414.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 261.75 Td (56.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.60 261.75 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 261.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 261.75 Td (458.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 249.45 Td (Net cash provided from investing activitiesdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 249.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.30 249.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 249.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 249.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 249.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 238.45 Td (Net cash \(used for\) provided from investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.60 238.45 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 238.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.25 238.45 Td (414.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.25 238.45 Td (56.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.60 238.45 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.30 238.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 535.30 238.45 Td (458.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 227.45 Td (Cash flows from financing activities:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 227.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 227.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 216.45 Td (Repurchases of debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 216.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.30 216.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.60 216.45 Td (\(161.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.30 216.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 216.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 216.45 Td (\(161.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 216.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 205.45 Td (Cash dividends paid to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.60 205.45 Td (\(174.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 205.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.30 205.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 205.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 205.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 205.45 Td (\(174.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 205.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 194.45 Td (Cash dividends paid to parent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 194.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 194.45 Td (\(336.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 194.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 194.45 Td (\(34.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.30 194.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 194.45 Td (370.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 194.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 183.45 Td (Return of capital to OneBeacon U.S. Enterprises Holdings, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 183.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.30 183.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.60 183.45 Td (\(10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.30 183.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 183.45 Td (10.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 183.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 172.45 Td (Capital lease obligation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 172.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 172.45 Td (23.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 172.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 172.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 172.45 Td (23.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 161.45 Td (Net cash \(used for\) provided from financing activitiescontinuing ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 153.50 Td (operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.60 155.75 Td (\(174.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 155.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 155.75 Td (\(312.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 155.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.60 155.75 Td (\(206.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.30 155.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 155.75 Td (381.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 155.75 Td (\(313.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 155.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 143.45 Td (Net cash used for financing activitiesdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 143.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.30 143.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 143.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 143.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.30 143.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 132.45 Td (Net cash \(used for\) provided from financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 314.60 132.45 Td (\(174.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.30 132.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.60 132.45 Td (\(312.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 132.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.60 132.45 Td (\(206.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.30 132.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 132.45 Td (381.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.60 132.45 Td (\(313.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 132.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 121.45 Td (Net increase \(decrease\) in cash during year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 121.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 121.45 Td (24.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 121.45 Td (2.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 121.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 121.45 Td (26.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 110.45 Td (Cash reclassified to assets held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 110.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.60 110.45 Td (\(5.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.30 110.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.30 110.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 110.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.60 110.45 Td (\(5.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 553.30 110.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 98.75 Td (Net increase after reclassification of cash to assets held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 98.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 98.75 Td (19.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 98.75 Td (2.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 98.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 98.75 Td (21.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 86.45 Td (Cash balance at beginning of year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 86.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 86.45 Td (33.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 86.45 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 86.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 86.45 Td (33.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 75.45 Td (Cash balance at end of year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.00 75.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 75.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 75.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 75.45 Td (52.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.00 75.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 75.45 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.00 75.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.30 75.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.00 75.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 539.30 75.45 Td (54.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.20 752.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 752.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 752.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 752.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 752.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 752.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 752.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 732.60 Td (NOTE 20. 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237.5 m 562 237.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 226.5 m 342 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 226.5 m 396 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 226.5 m 440 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 226.5 m 503 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 226.5 m 562 226.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 149.5 m 342 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 149.5 m 396 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 149.5 m 440 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 149.5 m 503 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 149.5 m 562 149.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 128.5 m 440 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 128.5 m 342 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 128.5 m 396 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 128.5 m 440 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 128.5 m 503 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 128.5 m 562 128.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 117.5 m 342 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 117.5 m 396 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 117.5 m 440 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 117.5 m 503 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 117.5 m 562 117.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 96.5 m 440 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 96.5 m 342 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 96.5 m 396 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 96.5 m 440 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 96.5 m 503 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 96.5 m 562 96.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 69.5 m 396 69.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 69.5 m 440 69.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 69.5 m 342 69.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 59.5 m 342 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 57.5 m 342 57.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 69.5 m 396 69.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 59.5 m 396 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 57.5 m 396 57.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 69.5 m 440 69.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 59.5 m 440 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 57.5 m 440 57.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 69.5 m 503 69.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 59.5 m 503 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 57.5 m 503 57.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 69.5 m 562 69.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 59.5 m 562 59.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 57.5 m 562 57.5 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 687.73 Td (Consolidating Statement of Cash Flows) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 309.30 702.58 Td (The) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 299.30 694.58 Td (Company) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 296.00 686.58 Td (\(guarantor\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 363.05 702.58 Td (Non-) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.20 694.58 Td (guarantor) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 351.25 686.58 Td (subsidiaries) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 410.60 695.73 Td (OBH) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.80 687.73 Td (\(issuer\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.20 695.73 Td (Consolidating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.10 687.73 Td (adjustments) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 511.55 687.73 Td (Consolidated) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 51.50 675.58 Td (Y) Tj ET Q q 0 0 0 rg BT 56.39 675.58 Td (ear) Tj ET Q q 0 0 0 rg BT 67.35 675.58 Td ( Ended December) Tj ET Q q 0 0 0 rg BT 128.08 675.58 Td ( 31, 2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.90 675.58 Td (\($ in millions\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 664.45 Td (Cash flows from operations:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.50 664.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.50 664.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 664.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 653.45 Td (Net income including noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.50 653.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.80 653.45 Td (118.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.50 653.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 653.45 Td (157.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.50 653.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.75 653.45 Td (98.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.50 653.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.10 653.45 Td (\(254.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 653.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 653.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 653.45 Td (119.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 642.45 Td (Charges \(credits\) to reconcile net income to cash flows \(used for\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 634.50 Td (provided from operations:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.50 636.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.50 636.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 624.45 Td (Undistributed earnings from subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.10 624.45 Td (\(124.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 624.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 624.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.10 624.45 Td (\(127.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 624.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.80 624.45 Td (252.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 624.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 613.45 Td (Net loss from discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 613.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 613.45 Td (30.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 613.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 613.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 613.45 Td (30.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 602.45 Td (Net loss from sale of discontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 602.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 591.45 Td (Net realized and change in unrealized investment gains) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 591.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 591.45 Td (\(75.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 591.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 591.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 591.45 Td (0.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 591.45 Td (\(74.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 591.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 580.45 Td (Net realized gain on Personal Lines Transaction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 580.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.10 580.45 Td (\(8.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 580.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 580.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 580.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 580.45 Td (\(8.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 580.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 569.45 Td (Net other realized losses \(gains\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 569.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 569.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.75 569.45 Td (10.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 569.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 569.45 Td (10.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 558.45 Td (Deferred income tax expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 558.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 558.45 Td (71.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.75 558.45 Td (1.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 558.45 Td (\(0.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 558.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 558.45 Td (72.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 547.45 Td ( Dividends received from subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.80 547.45 Td (332.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 547.45 Td (526.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.75 547.45 Td (776.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 547.45 Td (\(1,634.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 547.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 547.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 536.45 Td (Other operating items:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.50 536.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.50 536.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 525.45 Td (Net change in loss and LAE reserves) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 525.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 525.45 Td (20.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 525.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 525.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 525.45 Td (20.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 514.45 Td (Net change in unearned premiums) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 514.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 514.45 Td (\(23.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 514.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 514.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 514.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 514.45 Td (\(23.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 514.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 503.45 Td (Net change in ceded reinsurance payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 503.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.80 503.45 Td (1.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 503.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 503.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 503.45 Td (1.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 492.45 Td (Net change in ceded unearned premium) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 492.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.80 492.45 Td (8.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 492.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 492.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.80 492.45 Td (8.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 481.45 Td (Net change in premiums receivable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 481.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.10 481.45 Td (\(110.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 481.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 481.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 481.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 481.45 Td (\(110.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 481.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 470.45 Td (Net change in reinsurance recoverable on paid and unpaid losses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 470.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 470.45 Td (78.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 470.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 470.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 470.45 Td (78.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 459.45 Td (Net change in other assets and liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.80 459.45 Td (1.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 459.45 Td (\(86.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 459.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.10 459.45 Td (\(4.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 459.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 459.45 Td (1.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 459.45 Td (\(88.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 459.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 448.45 Td (Net cash \(used for\) provided from operationscontinuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.80 448.45 Td (326.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 448.45 Td (591.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.75 448.45 Td (754.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 448.45 Td (\(1,634.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 448.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 448.45 Td (38.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 437.45 Td (Net cash provided from operationsdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 437.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 437.45 Td (\(16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 437.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 437.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 437.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 437.45 Td (\(16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 437.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 426.45 Td (Net cash \(used for\) provided from operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.80 426.45 Td (326.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 426.45 Td (575.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.75 426.45 Td (754.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 426.45 Td (\(1,634.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 426.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 426.45 Td (22.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 415.50 Td (Cash flows from investing activities:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 405.45 Td (Net maturities, purchases and sales of short-term investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 405.45 Td (\(0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 405.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.10 405.45 Td (\(255.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 405.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 405.45 Td (\(22.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 405.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 405.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 405.45 Td (\(279.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 405.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 394.45 Td (Maturities of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 394.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.75 394.45 Td (1,080.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 394.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 394.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.75 394.45 Td (1,080.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 383.45 Td (Sales of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 383.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.75 383.45 Td (1,197.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 383.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 383.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.75 383.45 Td (1,197.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 372.45 Td (Sales of common equity securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 372.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 372.45 Td (64.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 372.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 372.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 372.45 Td (64.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 361.45 Td (Sales of convertible fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 361.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 361.45 Td (127.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 361.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 361.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 361.45 Td (127.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 350.45 Td (Distributions and redemptions of other investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 350.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 350.45 Td (33.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 350.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 350.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 350.45 Td (33.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 339.45 Td (Purchases of fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 339.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.10 339.45 Td (\(1,697.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 339.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 339.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 339.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.10 339.45 Td (\(1,697.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 339.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 328.45 Td (Purchases of common equity securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 328.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.10 328.45 Td (\(121.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 328.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 328.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 328.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 328.45 Td (\(121.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 328.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 317.45 Td (Purchases of convertible fixed maturity investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 317.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 317.45 Td (\(38.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 317.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 317.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 317.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 317.45 Td (\(38.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 317.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 306.45 Td (Contributions for other investments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 306.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 306.45 Td (\(49.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 306.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 306.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 306.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 306.45 Td (\(49.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 306.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 295.45 Td (Proceeds from the Personal Lines Transaction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 295.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 295.45 Td (166.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 295.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 295.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 295.45 Td (166.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 284.45 Td (Net change in unsettled investment purchases and sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 284.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 284.45 Td (25.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 284.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 284.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 284.45 Td (25.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 273.45 Td (Net acquisitions of property and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 273.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.10 273.45 Td (\(6.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 273.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 273.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 273.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.10 273.45 Td (\(6.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 273.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 262.45 Td (Return of capital to OneBeacon U.S. Enterprises Holdings, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.80 262.45 Td (9.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 262.45 Td (\(9.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 262.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 262.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 251.45 Td (Net cash provided from investing activitiescontinuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 251.45 Td (\(0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 251.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 251.45 Td (536.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 251.45 Td (\(22.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 251.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 251.45 Td (\(9.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 251.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 251.45 Td (503.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 240.45 Td (Net cash provided from investing activitiesdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 240.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 240.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 240.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 240.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 240.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 229.45 Td (Net cash provided from investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 229.45 Td (\(0.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 229.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 229.45 Td (536.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 229.45 Td (\(22.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 229.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.10 229.45 Td (\(9.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.80 229.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 229.45 Td (503.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 218.45 Td (Cash flows from financing activities:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.50 218.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.50 218.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 207.45 Td (Repayment of debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 207.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 207.45 Td (\(14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 207.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 207.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 207.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 207.45 Td (\(14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 207.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 196.45 Td (Repurchases of debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 196.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.10 196.45 Td (\(1.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 196.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.10 196.45 Td (\(196.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 196.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 196.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 196.45 Td (\(197.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 196.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 185.45 Td (Cash dividends paid to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.10 185.45 Td (\(315.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 185.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 185.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 185.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 185.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 185.45 Td (\(315.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 185.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 174.45 Td (Cash dividends paid to parent) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 174.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.10 174.45 Td (\(1,108.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 174.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.10 174.45 Td (\(526.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 174.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 174.45 Td (1,634.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 174.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 163.45 Td (Return of capital to OneBeacon U.S. Enterprises Holdings, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 163.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 163.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.10 163.45 Td (\(9.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 163.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 163.45 Td (9.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 163.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 152.45 Td (Repurchases and retirements of ClassA common shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.10 152.45 Td (\(10.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 152.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 152.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 152.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 152.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 152.45 Td (\(10.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 152.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 141.45 Td (Net cash used for financing activitiescontinuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.10 141.45 Td (\(326.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 141.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.10 141.45 Td (\(1,123.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 141.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.10 141.45 Td (\(731.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 141.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 141.45 Td (1,643.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 141.45 Td (\(537.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 141.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 130.50 Td (Net cash used for financing activitiesdiscontinued operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 130.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 130.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 130.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 130.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 130.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 120.45 Td (Net cash used for financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.10 120.45 Td (\(326.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 120.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.10 120.45 Td (\(1,123.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 120.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.10 120.45 Td (\(731.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.80 120.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 120.45 Td (1,643.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 120.45 Td (\(537.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 120.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 109.45 Td (Net increase \(decrease\) in cash during year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 109.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 109.45 Td (\(11.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 109.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.75 109.45 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 109.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 109.45 Td (\(11.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 109.45 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.50 98.50 Td (Cash reclassified to assets held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 98.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 98.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 98.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 98.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 98.50 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 88.45 Td (Net increase \(decrease\) after reclassification of cash to assets held for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 80.50 Td (sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 84.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.10 84.75 Td (\(11.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.80 84.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.75 84.75 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 84.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.10 84.75 Td (\(11.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 84.75 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 72.45 Td (Cash balance at beginning of year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 72.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 72.45 Td (44.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.75 72.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 72.45 Td (44.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 61.45 Td (Cash balance at end of year) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.50 61.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.80 61.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 350.50 61.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.80 61.45 Td (33.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.50 61.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.75 61.45 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.50 61.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 61.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 61.45 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.80 61.45 Td (33.6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F3 10.00 Tf ET q 0 0 0 rg BT 148.20 752.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 752.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 752.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 752.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 752.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 752.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 752.60 Td (TEMENTS \(Continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 732.60 Td (NOTE 20. Consolidating Financial Information) Tj ET Q endstream endobj 351 0 obj <>] /Rotate 0 /Contents 352 0 R>> endobj 352 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 33.60 Td (F - 83) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (NOTE 21. Subsequent Events) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 73.50 676.25 Td (On February27, 2013, the Board declared a dividend of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.10 676.25 Td ($0.21) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.60 676.25 Td ( per common share, payable on March29, 2013 to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 664.25 Td (shareholders of record on March15, 2013.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 72.00 644.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.26 644.25 Td (fective January 1, 2013, OneBeacon completed the sale of Essentia, an indirect wholly-owned subsidiary which wrote ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (the collector car and boat business, to Markel Corporation. Concurrently therewith, OneBeacon and Hagerty terminated their ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (underwriting arrangement with respect to the collector car and boat business. OneBeacon anticipates recognizing a pre-tax gain ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (on sale of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.14 608.25 Td ($23.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.03 608.25 Td ( \() Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.86 608.25 Td ($15.0 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.75 608.25 Td ( after tax\) in the first quarter of 2013. ) Tj ET Q q 0 0 0 rg BT 416.18 608.25 Td (The business associated with this ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (agreement generated net written premiums of approximately ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.13 596.25 Td ($179.7 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.02 596.25 Td (, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.85 596.25 Td (15.2%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.68 596.25 Td ( of consolidated written premiums, for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (the year ended December 31, 2012. See Note 2.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 148.20 748.60 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 184.42 748.60 Td (T) Tj ET Q q 0 0 0 rg BT 190.91 748.60 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 261.01 748.60 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 340.19 748.60 Td ( ST) Tj ET Q q 0 0 0 rg BT 354.18 748.60 Td (A) Tj ET Q q 0 0 0 rg BT 360.66 748.60 Td (TEMENTS \(Continued\)) Tj ET Q endstream endobj 353 0 obj <>] /Rotate 0 /Contents 354 0 R>> endobj 354 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 31.60 Td (F - 84) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.65 734.25 Td (MANAGEMENT'S RESPONSIBILITY) Tj ET Q q 0 0 0 rg BT 315.70 734.25 Td ( FOR FINANCIAL) Tj ET Q q 0 0 0 rg BT 397.93 734.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 411.92 734.25 Td (A) Tj ET Q q 0 0 0 rg BT 418.40 734.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 714.25 Td (Management is responsible for the preparation and fair presentation of the financial statements included in this report. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.25 Td (The financial statements have been prepared in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 334.81 702.25 Td ( in the United States. ) Tj ET Q q 0 0 0 rg BT 420.73 702.25 Td (The preparation of financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (statements in conformity with GAAP) Tj ET Q q 0 0 0 rg BT 199.06 690.25 Td ( requires management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 457.97 690.25 Td (fect the reported amounts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (of assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.25 Td (reporting period. ) Tj ET Q q 0 0 0 rg BT 119.15 666.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 212.56 666.25 Td (fer from those estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 646.25 Td (The ) Tj ET Q q 0 0 0 rg BT 91.50 646.25 Td (Audit Committee of the Board, which is comprised entirely of independent, qualified directors, is responsible for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (oversight of our accounting policies, financial reporting and internal control including the appointment and compensation of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (our independent registered public accounting firm. ) Tj ET Q q 0 0 0 rg BT 255.03 622.25 Td (The ) Tj ET Q q 0 0 0 rg BT 272.52 622.25 Td (Audit Committee meets periodically with management, our independent ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (registered public accounting firm and our internal auditors to ensure they are carrying out their responsibilities. ) Tj ET Q q 0 0 0 rg BT 496.63 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 514.12 610.25 Td (Audit ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (Committee is also responsible for performing an oversight role by reviewing our financial reports. Our independent registered ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 586.25 Td (public accounting firm and internal auditors have full and unlimited access to the ) Tj ET Q q 0 0 0 rg BT 376.29 586.25 Td (Audit Committee, with or without ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (management present, to discuss the adequacy of internal control over financial reporting and any other matters which they ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (believe should be brought to their attention.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.40 535.25 Td (MANAGEMENT'S ) Tj ET Q q 0 0 0 rg BT 167.24 535.25 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 209.47 535.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 246.61 535.25 Td (T) Tj ET Q q 0 0 0 rg BT 253.10 535.25 Td ( ON INTERNAL) Tj ET Q q 0 0 0 rg BT 325.34 535.25 Td ( CONTROL) Tj ET Q q 0 0 0 rg BT 377.85 535.25 Td ( OVER FINANCIAL) Tj ET Q q 0 0 0 rg BT 467.86 535.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 505.01 535.25 Td (TING) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 515.25 Td (Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 503.25 Td (in Rules13a-15\(f\) and 15d-15\(f\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 306.87 503.25 Td (Act of 1934. Because of its inherent limitations, internal ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (control over financial reporting may not prevent or detect a material misstatement. ) Tj ET Q q 0 0 0 rg BT 381.83 491.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 431.16 491.25 Td (, even ef) Tj ET Q q 0 0 0 rg BT 465.13 491.25 Td (fective internal control ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (over financial reporting can provide only reasonable assurance with respect to financial statement preparation. Further) Tj ET Q q 0 0 0 rg BT 522.47 479.25 Td (, an ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 467.25 Td (fective internal control environment as of a point in time may become inadequate in the future because of changes in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (conditions, or deterioration in the degree of compliance with the policies and procedures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 435.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 435.25 Td (e assessed the ef) Tj ET Q q 0 0 0 rg BT 148.26 435.25 Td (fectiveness of OneBeacon's internal control over financial reporting as of December31, 2012. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 423.25 Td (making our assessment, we used the criteria set forth by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 407.25 423.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 480.65 423.25 Td (T) Tj ET Q q 0 0 0 rg BT 486.41 423.25 Td (readway ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.25 Td (Commission \(COSO\) in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 149.18 411.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 206.87 411.25 Td (olIntegrated Framework.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.85 411.25 Td ( Based on this assessment, we have concluded that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 399.25 Td (OneBeacon maintained ef) Tj ET Q q 0 0 0 rg BT 153.66 399.25 Td (fective internal control over financial reporting as of December31, 2012.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 379.25 Td (PricewaterhouseCoopersLLP) Tj ET Q q 0 0 0 rg BT 192.58 379.25 Td (, the Company's independent registered public accounting firm, has audited the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 367.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 367.25 Td (fectiveness of OneBeacon's internal control over financial reporting as of December31, 2012 as stated in their report which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 355.25 Td (appears on pageF-86.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 280.75 m 295.5 280.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 280.75 m 562.5 280.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 300.32 Td (February 28, 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 300.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.00 300.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 285.42 Td (/s/) Tj ET Q q 0 0 0 rg BT 64.77 285.42 Td (T) Tj ET Q q 0 0 0 rg BT 70.13 285.42 Td (. MICHAEL) Tj ET Q q 0 0 0 rg BT 120.31 285.42 Td ( MILLER) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.00 285.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.00 285.42 Td (/s/P) Tj ET Q q 0 0 0 rg BT 335.59 285.42 Td (AUL) Tj ET Q q 0 0 0 rg BT 355.77 285.42 Td ( H. MCDONOUGH) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 270.47 Td (T) Tj ET Q q 0 0 0 rg BT 58.37 270.47 Td (. Michael Miller) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 260.47 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 55.50 260.47 Td (Pr) Tj ET Q q 0 0 0 rg BT 65.13 260.47 Td (esident and Chief Executive Officer) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 53.00 250.46 Td (\(Principal Executive Officer\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.00 270.47 Td (Paul H. McDonough) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.00 260.47 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 321.50 260.47 Td (Chief Financial Officer) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 319.00 250.46 Td (\(Principal Financial Officer\)) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 355 0 obj <>] /Rotate 0 /Contents 356 0 R>> endobj 356 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 31.60 Td (F - 85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 135.40 734.25 Td (REPOR) Tj ET Q q 0 0 0 rg BT 170.05 734.25 Td (T) Tj ET Q q 0 0 0 rg BT 176.54 734.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 192.55 734.25 Td ( INDEPENDENT) Tj ET Q q 0 0 0 rg BT 267.66 734.25 Td ( REGISTERED PUBLIC ) Tj ET Q q 0 0 0 rg BT 377.97 734.25 Td (ACCOUNTING FIRM) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 710.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 710.25 Td (o the Board of Directors and Shareholders of OneBeacon Insurance Group,Ltd.:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 686.25 Td (In our opinion, the consolidated financial statements listed in the accompanying index appearing on pageF-1 present fairly) Tj ET Q q 0 0 0 rg BT 541.43 686.25 Td (, in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 674.25 Td (all material respects, the financial position of OneBeacon Insurance Group,Ltd. and its subsidiaries \(the "Company"\) at ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (December31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 162.65 662.25 Td (1, and the results of their operations and their cash flows for each of the three years in the period ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (ended December31, 2012 in conformity with accounting principles generally accepted in the United States of ) Tj ET Q q 0 0 0 rg BT 491.81 650.25 Td (America. In ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 638.25 Td (addition, in our opinion, the financial statement schedules listed in the accompanying index) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 416.02 642.78 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.65 638.25 Td (present fairly) Tj ET Q q 0 0 0 rg BT 470.03 638.25 Td (, in all material ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.25 Td (respects, the information set forth therein when read in conjunction with the related consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 525.68 626.25 Td (Also in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 614.25 Td (our opinion, the Company maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 309.75 614.25 Td (fective internal control over financial reporting as of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.25 Td (December31, 2012, based on criteria established in ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.38 602.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 317.06 602.25 Td (ol - Integrated Framework) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.98 602.25 Td ( issued by the Committee of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 590.25 Td (Sponsoring Or) Tj ET Q q 0 0 0 rg BT 108.43 590.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 181.84 590.25 Td (T) Tj ET Q q 0 0 0 rg BT 187.60 590.25 Td (readway Commission \(COSO\). ) Tj ET Q q 0 0 0 rg BT 317.69 590.25 Td (The Company's management is responsible for these ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.25 Td (financial statements and financial statement schedules, for maintaining ef) Tj ET Q q 0 0 0 rg BT 343.33 578.25 Td (fective internal control over financial reporting and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.25 Td (for its assessment of the ef) Tj ET Q q 0 0 0 rg BT 156.18 566.25 Td (fectiveness of internal control over financial reporting, included in the accompanying Management's ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 554.25 Td (Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on these financial statements, on ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (the financial statement schedules, and on the Company's internal control over financial reporting based on our integrated audits. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 530.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 378.83 530.25 Td (Accounting Oversight Board \(United States\). ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (statements are free of material misstatement and whether ef) Tj ET Q q 0 0 0 rg BT 288.05 506.25 Td (fective internal control over financial reporting was maintained in ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.25 Td (amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 446.25 Td (exists, and testing and evaluating the design and operating ef) Tj ET Q q 0 0 0 rg BT 293.09 446.25 Td (fectiveness of internal control based on the assessed risk. Our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 434.25 Td (audits also included performing such other procedures as we considered necessary in the circumstances. ) Tj ET Q q 0 0 0 rg BT 468.29 434.25 Td (W) Tj ET Q q 0 0 0 rg BT 476.92 434.25 Td (e believe that our ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.25 Td (audits provide a reasonable basis for our opinions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 398.25 Td ( company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 386.25 Td (reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 374.25 Td (accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 180.22 374.25 Td (A) Tj ET Q q 0 0 0 rg BT 186.89 374.25 Td ( company's internal control over financial reporting includes those policies and procedures ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.25 Td (that \(i\)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 350.25 Td (dispositions of the assets of the company; \(ii\)provide reasonable assurance that transactions are recorded as necessary to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.25 Td (permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 326.25 Td (expenditures of the company are being made only in accordance with authorizations of management and directors of the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 314.25 Td (company; and \(iii\)provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 302.25 Td (disposition of the company's assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 306.00 302.25 Td (fect on the financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 520.70 278.25 Td (Also, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 187.27 266.25 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (/s/ PricewaterhouseCoopersLLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (PricewaterhouseCoopers LLP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (Boston, MA) Tj ET Q q 0 0 0 rg BT 98.90 194.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (February 28, 2013) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 357 0 obj <>] /Rotate 0 /Contents 358 0 R>> endobj 358 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.05 31.60 Td (F - 86) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 203.20 742.25 Td (SELECTED QUAR) Tj ET Q q 0 0 0 rg BT 288.15 742.25 Td (TERL) Tj ET Q q 0 0 0 rg BT 314.46 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 321.31 742.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 379.93 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 396.13 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 402.06 742.25 Td (A) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 280.15 722.25 Td (\(Unaudited\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 74.00 702.25 Td (Selected quarterly financial data for 2012 and 201) Tj ET Q q 0 0 0 rg BT 273.83 702.25 Td (1 is shown in the following table. ) Tj ET Q q 0 0 0 rg BT 409.75 702.25 Td (The quarterly financial data includes, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 690.25 Td (in the opinion of management, all recurring adjustments necessary for a fair presentation of the results of operations for the ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 678.25 Td (interim periods. Financial information for the prior periods has been reclassified to conform to this presentation.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 613.75 120.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 613.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 613.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 587.75 120.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 587.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 587.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 553.75 120.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 553.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 553.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 511.75 120.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 511.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 511.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 469.75 120.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 469.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 469.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 411.75 120.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 411.75 4.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 411.75 45.00 -37.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 353.75 120.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 353.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 353.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 311.75 120.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 169.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 311.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 222.50 311.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 311.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 311.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 311.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 311.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 467.50 311.75 45.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.50 311.75 4.00 -29.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.50 311.75 45.00 -29.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 634.75 m 218.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 218.5 634.75 m 222.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 634.75 m 267.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 634.75 m 271.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 634.75 m 316.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316.5 634.75 m 320.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 634.75 m 365.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 634.75 m 414.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 634.75 m 418.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 634.75 m 463.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 634.75 m 467.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 634.75 m 512.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512.5 634.75 m 516.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 634.75 m 561.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 613.75 m 218.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 613.75 m 267.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 613.75 m 316.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 613.75 m 365.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 613.75 m 414.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 613.75 m 463.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 613.75 m 512.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 613.75 m 561.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 613.75 m 414.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 613.75 m 463.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 587.75 m 218.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 587.75 m 267.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 587.75 m 316.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 587.75 m 365.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 587.75 m 414.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 587.75 m 463.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 587.75 m 512.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 587.75 m 561.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 553.75 m 218.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 553.75 m 267.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 553.75 m 316.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 553.75 m 365.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 553.75 m 414.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 553.75 m 463.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 553.75 m 512.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 553.75 m 561.5 553.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 490.75 m 218.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 490.75 m 267.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 490.75 m 316.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 490.75 m 365.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 490.75 m 414.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 490.75 m 463.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 490.75 m 512.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 490.75 m 561.5 490.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 440.75 m 218.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 440.75 m 267.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 440.75 m 316.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 440.75 m 365.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 440.75 m 414.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 440.75 m 463.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 440.75 m 512.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 440.75 m 561.5 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 410.75 m 218.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 412.75 m 218.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 410.75 m 267.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 412.75 m 267.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 410.75 m 316.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 412.75 m 316.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 410.75 m 365.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 412.75 m 365.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 410.75 m 414.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 412.75 m 414.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 410.75 m 463.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 412.75 m 463.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 410.75 m 512.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467.5 412.75 m 512.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 410.75 m 561.5 410.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 516.5 412.75 m 561.5 412.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 638.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 225.00 638.98 Td (2012 ) Tj ET Q q 0 0 0 rg BT 242.86 638.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 256.05 638.98 Td (ee months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 421.25 638.98 Td (201) Tj ET Q q 0 0 0 rg BT 432.81 638.98 Td (1 ) Tj ET Q q 0 0 0 rg BT 438.66 638.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 451.86 638.98 Td (ee months ended) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 625.98 Td (Millions, except per share) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.00 617.98 Td (amounts) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 182.30 617.98 Td (Mar.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 231.25 617.98 Td (June30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 279.90 617.98 Td (Sept.30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 330.05 617.98 Td (Dec.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 378.30 617.98 Td (Mar.31) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.25 617.98 Td (June30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 475.90 617.98 Td (Sept.30) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 526.05 617.98 Td (Dec.31) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 605.00 Td (Revenues) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.25 605.00 Td (316.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 246.25 605.00 Td (282.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 605.00 Td (346.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.25 605.00 Td (295.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.25 605.00 Td (286.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.25 605.00 Td (264.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.25 605.00 Td (227.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 605.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 605.00 Td (303.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 592.00 Td (Expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 197.25 592.00 Td (248.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 246.25 592.00 Td (270.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.25 592.00 Td (287.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.25 592.00 Td (328.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.25 592.00 Td (237.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.25 592.00 Td (243.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.25 592.00 Td (250.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.25 592.00 Td (231.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 579.00 Td (Pre-tax income \(loss\) from) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 571.00 Td (continuing operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.25 571.00 Td (67.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 571.00 Td (12.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.25 571.00 Td (59.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 571.00 Td (\(33.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.30 571.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.25 571.00 Td (49.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 571.00 Td (21.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 571.00 Td (\(23.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 571.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.25 571.00 Td (72.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 558.00 Td (Tax \(expense\) benefit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.60 558.00 Td (\(13.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.30 558.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.60 558.00 Td (\(0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.30 558.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 558.00 Td (\(14.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 558.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 558.00 Td (19.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.60 558.00 Td (\(9.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.30 558.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.60 558.00 Td (\(3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 558.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.25 558.00 Td (11.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 558.00 Td (\(12.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 558.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 545.00 Td (Net income \(loss\) from continuing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 537.00 Td (operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.25 537.00 Td (54.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 537.00 Td (12.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.25 537.00 Td (45.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 537.00 Td (\(13.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.30 537.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.25 537.00 Td (39.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 537.00 Td (18.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 537.00 Td (\(12.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 537.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.25 537.00 Td (59.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 524.00 Td (Income \(loss\) from discontinued ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 516.00 Td (operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.60 516.00 Td (\(9.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.30 516.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.30 516.00 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 516.00 Td (\(15.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 516.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.30 516.00 Td (0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.30 516.00 Td (3.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.60 516.00 Td (\(2.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 516.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.60 516.00 Td (\(2.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 516.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 516.00 Td (\(28.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 516.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 503.00 Td (Loss from sale of discontinued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 495.00 Td (operations, net of tax) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.30 495.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.30 495.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 495.00 Td (\(91.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 495.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.30 495.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 495.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 495.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 495.00 Td (\(18.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 495.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 545.60 495.00 Td (\(1.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 495.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 482.00 Td (Net income \(loss\) including) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 474.00 Td (noncontrolling interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.25 474.00 Td (44.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 474.00 Td (12.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 474.00 Td (\(61.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 474.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 474.00 Td (\(13.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.30 474.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.25 474.00 Td (42.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 474.00 Td (16.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 474.00 Td (\(32.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 474.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.25 474.00 Td (30.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 461.00 Td (Less: Net \(income\) loss) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 453.00 Td (attributable to noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 445.00 Td (interests) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 202.60 445.00 Td (\(0.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.60 445.00 Td (\(0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.60 445.00 Td (\(0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.60 445.00 Td (\(0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.60 445.00 Td (\(0.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.60 445.00 Td (\(0.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.60 445.00 Td (\(0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 445.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 445.00 Td (0.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 432.00 Td (Net income \(loss\) attributable to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 424.00 Td (OneBeacon's common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 416.00 Td (shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.25 416.00 Td (44.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 416.00 Td (12.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 416.00 Td (\(62.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 416.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 416.00 Td (\(13.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.30 416.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.25 416.00 Td (41.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 416.00 Td (15.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 416.00 Td (\(32.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 416.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 416.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.25 416.00 Td (30.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 403.00 Td (Earnings \(loss\) per share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 395.00 Td (attributable to OneBeacon's) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 387.00 Td (common shareholdersbasic and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 379.00 Td (diluted:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 366.00 Td (Net income \(loss\) from) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 358.00 Td (continuing operations per share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 176.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.25 358.00 Td (0.56) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 358.00 Td (0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.25 358.00 Td (0.47) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 358.00 Td (\(0.15) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.30 358.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.25 358.00 Td (0.41) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 358.00 Td (0.18) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 358.00 Td (\(0.13) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 358.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.00 358.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.25 358.00 Td (0.63) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 345.00 Td (Loss from discontinued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 337.00 Td (operations, net of tax, per share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.60 337.00 Td (\(0.10) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.30 337.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.30 337.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 337.00 Td (\(0.17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 337.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.25 337.00 Td (0.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.25 337.00 Td (0.03) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 337.00 Td (\(0.02) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.30 337.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 337.00 Td (\(0.03) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 337.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 337.00 Td (\(0.30) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 337.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 324.00 Td (Loss from sale of discontinued) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 316.00 Td (operations, net of tax, per share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 207.30 316.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.30 316.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 316.00 Td (\(0.95) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 316.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.30 316.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.30 316.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.30 316.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 316.00 Td (\(0.19) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 316.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 541.60 316.00 Td (\(0.01) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 316.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 303.00 Td (Net income \(loss\) attributable to) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 295.00 Td (OneBeacon's common) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 58.00 287.00 Td (shareholders per share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.25 287.00 Td (0.46) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.25 287.00 Td (0.12) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.60 287.00 Td (\(0.65) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.30 287.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 287.00 Td (\(0.14) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.30 287.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.25 287.00 Td (0.44) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.25 287.00 Td (0.16) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.60 287.00 Td (\(0.35) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.30 287.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.25 287.00 Td (0.32) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 359 0 obj <>] /Rotate 0 /Contents 360 0 R>> endobj 360 0 obj <> stream BT /F1 9.00 Tf ET 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 195.35 710.25 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 241.10 710.25 Td (Y) Tj ET Q q 0 0 0 rg BT 247.95 710.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 263.97 710.25 Td ( INVESTMENTSOTHER ) Tj ET Q q 0 0 0 rg BT 387.70 710.25 Td (THAN) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 215.35 698.25 Td (INVESTMENTS IN RELA) Tj ET Q q 0 0 0 rg BT 331.30 698.25 Td (TED P) Tj ET Q q 0 0 0 rg BT 359.73 698.25 Td (AR) Tj ET Q q 0 0 0 rg BT 373.82 698.25 Td (TIES) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.15 686.25 Td (At ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 272.20 686.25 Td (December) Tj ET Q q 0 0 0 rg BT 315.33 686.25 Td (31, 2012) Tj ET Q BT /F3 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 629.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 629.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 629.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 629.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 599.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 599.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 599.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 599.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 599.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 599.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 599.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 569.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 569.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 569.75 70.00 -15.00 re f /GS0 gs 0.8 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1 rg /GS0 gs 342.50 509.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 509.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 509.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 509.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 509.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 479.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 479.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 479.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 479.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 479.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 449.75 288.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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490.5 491.75 m 560.5 491.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 658.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.75 657.98 Td (December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 644.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.00 644.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.20 644.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 53.00 631.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 464.40 631.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 617.42 Td (Assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 617.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 617.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 602.42 Td (Investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 602.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 602.42 Td (2.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 602.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 602.42 Td (2.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 587.42 Td (Investments in subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 587.42 Td (1,012.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 587.42 Td (1,098.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.00 572.42 Td (Other assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 572.42 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 572.42 Td (0.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 557.42 Td (T) Tj ET Q q 0 0 0 rg BT 76.41 557.42 Td (otal assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 557.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 557.42 Td (1,015.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 557.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 557.42 Td (1,101.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 527.42 Td (Liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 527.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.15 527.42 Td (0.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 527.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.15 527.42 Td (1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 512.42 Td (OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 512.42 Td (1,014.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 512.42 Td (1,099.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 71.00 497.42 Td (T) Tj ET Q q 0 0 0 rg BT 76.41 497.42 Td (otal liabilities and OneBeacon's common shareholders' equity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.00 497.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.65 497.42 Td (1,015.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 497.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.65 497.42 Td (1,101.4) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.45 461.25 Td (CONDENSED ST) Tj ET Q q 0 0 0 rg BT 177.23 461.25 Td (A) Tj ET Q q 0 0 0 rg BT 183.71 461.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 248.62 461.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 285.38 461.25 Td (TIONS ) Tj ET Q q 0 0 0 rg BT 318.45 461.25 Td (AND COMPREHENSIVE \(LOSS\) INCOME) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 390.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 390.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 390.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 390.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 390.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 390.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 390.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 360.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 360.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 360.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 360.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 360.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 330.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 330.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 330.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 330.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 330.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 300.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 300.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 300.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 300.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 300.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 270.75 289.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 270.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 270.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 270.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 270.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 270.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 270.75 70.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 416.75 m 413 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 416.75 m 417 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 416.75 m 487 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 416.75 m 491 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 416.75 m 561 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 403.75 m 413 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 416.75 m 417 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 416.75 m 487 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 403.75 m 487 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 416.75 m 561 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 403.75 m 561 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 360.75 m 413 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 360.75 m 487 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 360.75 m 561 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 360.75 m 413 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 360.75 m 487 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 360.75 m 561 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 330.75 m 413 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 330.75 m 487 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 330.75 m 561 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 330.75 m 413 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 330.75 m 487 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 330.75 m 561 330.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 300.75 m 413 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 300.75 m 487 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 300.75 m 561 300.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 270.75 m 413 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 270.75 m 487 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 270.75 m 561 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 270.75 m 413 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 246.75 m 413 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 244.75 m 413 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 270.75 m 487 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 246.75 m 487 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 244.75 m 487 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 270.75 m 561 270.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 246.75 m 561 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 244.75 m 561 244.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 421.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.10 420.98 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 407.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.50 407.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.50 407.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.50 407.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 394.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.90 394.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 380.42 Td (Revenues) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 380.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 380.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 380.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 380.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 380.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 380.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 365.42 Td (Expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 365.42 Td (5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 365.42 Td (5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 365.42 Td (6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 350.42 Td (Pre-tax loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.30 350.47 Td (\(5.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 350.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 350.47 Td (\(5.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 350.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.30 350.47 Td (\(6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 350.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 335.42 Td (Income tax benefit \(expense\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 335.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 335.47 Td (\(0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 335.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 335.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 320.42 Td (Net loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.30 320.47 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 320.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 320.47 Td (\(5.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 320.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.30 320.47 Td (\(6.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 320.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 305.42 Td (Equity in \(loss\) earnings from subsidiaries, net of tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 305.47 Td (\(13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 305.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 305.42 Td (60.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 305.42 Td (124.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 290.42 Td (Net \(loss\) income attributable to OneBeacon's common shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 290.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 290.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 290.42 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 290.42 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 275.42 Td (Other comprehensive income and loss items, after tax) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.30 275.47 Td (\(2.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 275.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.30 275.47 Td (\(11.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 275.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 275.42 Td (6.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 260.42 Td (Comprehensive \(loss\) income attributable to OneBeacon's common ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 250.42 Td (shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 250.47 Td (\(22.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 250.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 250.42 Td (43.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 250.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 250.42 Td (124.8) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 363 0 obj <>] /Rotate 0 /Contents 364 0 R>> endobj 364 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (S-3) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (SCHEDULE II \(continued\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.35 722.25 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 374.45 722.25 Td (,L) Tj ET Q q 0 0 0 rg BT 385.20 722.25 Td (TD.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 268.35 710.25 Td (\(Registrant Only\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 197.45 690.25 Td (CONDENSED ST) Tj ET Q q 0 0 0 rg BT 274.23 690.25 Td (A) Tj ET Q q 0 0 0 rg BT 280.71 690.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 345.62 690.25 Td ( CASH FLOWS) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 619.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 619.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 619.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 619.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 619.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 619.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 619.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 589.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 589.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 589.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 589.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 589.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 589.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 589.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 559.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 559.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 559.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 559.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 529.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 529.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 529.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 529.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 529.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 469.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 469.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 469.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 469.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 469.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 439.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 439.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 439.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 439.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 439.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 409.75 289.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 409.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 409.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 409.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 409.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 645.75 m 413 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 645.75 m 417 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 645.75 m 487 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 645.75 m 491 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 645.75 m 561 645.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 632.75 m 413 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 632.75 m 487 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 632.75 m 561 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 544.75 m 413 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 544.75 m 487 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 544.75 m 561 544.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 499.75 m 413 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 499.75 m 413 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 499.75 m 487 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 499.75 m 561 499.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 439.75 m 413 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 439.75 m 487 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 439.75 m 561 439.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 424.75 m 413 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 424.75 m 487 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 424.75 m 561 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 394.75 m 413 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 380.75 m 413 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 378.75 m 413 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 394.75 m 487 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 380.75 m 487 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 378.75 m 487 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 394.75 m 561 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 380.75 m 561 380.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 378.75 m 561 378.75 l s BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 650.43 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 408.10 649.98 Td (Year ended December31,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 636.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 369.50 636.98 Td (2012) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 443.70 636.98 Td (2011) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.50 636.98 Td (2010) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 623.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 427.90 623.98 Td (\($ in millions\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 609.42 Td (Net \(loss\) income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 609.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 609.47 Td (\(19.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 609.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 609.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.65 609.42 Td (55.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 609.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 609.42 Td (118.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 594.42 Td (Charges \(credits\) to reconcile net income to net cash from operations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 579.42 Td (Undistributed \(loss\) earnings from subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 579.42 Td (13.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 462.30 579.47 Td (\(60.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 579.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.30 579.47 Td (\(124.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 579.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 564.42 Td (Dividends received from subsidiaries) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 564.42 Td (83.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 564.42 Td (181.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 564.42 Td (332.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 549.42 Td (Net change in other assets and liabilities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 549.42 Td (2.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 549.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 549.42 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 534.42 Td (Net cash provided from operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 534.42 Td (80.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.65 534.42 Td (175.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.65 534.42 Td (326.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 519.42 Td (Cash flows from investing activities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 519.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 519.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 519.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 504.42 Td (Net maturities, purchases and sales of short-term investments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 504.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 504.47 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 504.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.30 504.47 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 504.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 489.42 Td (Net cash provided from \(used for\) investing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 489.42 Td (0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 489.47 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 489.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.30 489.47 Td (\(0.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 489.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 474.42 Td (Cash flows from financing activities:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 474.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 474.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 474.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 459.42 Td (Repurchases and retirements of ClassA common shares) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 459.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 459.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.30 459.47 Td (\(10.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 459.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 444.42 Td (Cash dividends paid to common shareholders) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 444.47 Td (\(80.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 444.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.30 444.47 Td (\(174.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 444.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.30 444.47 Td (\(315.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 444.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 429.42 Td (Net cash used for financing activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.30 429.47 Td (\(80.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 429.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 457.30 429.47 Td (\(174.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 429.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.30 429.47 Td (\(326.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 557.15 429.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 414.42 Td (Net change in cash during the year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 414.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 414.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 414.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 399.42 Td (Cash balance at beginning of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 399.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 399.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 399.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 384.42 Td (Cash balance at end of year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 384.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 384.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 384.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 547.15 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 365 0 obj <>] /Rotate 0 /Contents 366 0 R>> endobj 366 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.05 42.60 Td (S-4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 543.25 Td (SCHEDULE III) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.35 523.25 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 464.45 523.25 Td (,L) Tj ET Q q 0 0 0 rg BT 475.20 523.25 Td (TD.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.85 503.25 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 346.45 503.25 Td (AR) Tj ET Q q 0 0 0 rg BT 360.54 503.25 Td (Y) Tj ET Q q 0 0 0 rg BT 367.39 503.25 Td ( INSURANCE INFORMA) Tj ET Q q 0 0 0 rg BT 479.98 503.25 Td (TION) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 505.54 507.78 Td (\(1\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 413.75 124.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 413.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 413.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 413.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 413.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 413.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 413.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 413.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 413.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 608.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 612.50 413.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.50 413.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 657.50 413.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 387.75 124.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 387.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 387.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 387.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 387.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 387.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 387.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 387.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 387.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 608.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 612.50 387.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.50 387.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 657.50 387.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 361.75 124.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 361.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 361.75 54.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 361.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 361.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 361.75 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 361.75 51.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 361.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 361.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 608.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 612.50 361.75 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.50 361.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 657.50 361.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 327.75 124.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 327.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 327.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 327.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 327.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 327.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 327.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 327.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 327.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 608.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 612.50 327.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.50 327.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 657.50 327.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 301.75 124.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 301.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 301.75 54.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 301.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 301.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 301.75 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 301.75 51.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 301.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 301.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 608.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 612.50 301.75 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.50 301.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 657.50 301.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 267.75 124.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 267.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 267.75 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 267.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 267.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 267.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 267.75 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 267.75 55.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 267.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 608.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 612.50 267.75 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.50 267.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 657.50 267.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 241.75 124.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 241.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 226.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 241.75 54.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.50 241.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 241.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 241.75 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 241.75 51.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 241.75 55.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 551.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 555.50 241.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 608.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 612.50 241.75 41.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 653.50 241.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 657.50 241.75 45.00 -21.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 471.75 m 178.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 471.75 m 226.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 471.75 m 284.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 471.75 m 338.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 471.75 m 392.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 471.75 m 437.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 471.75 m 492.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 471.75 m 551.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 471.75 m 608.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 471.75 m 653.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 471.75 m 702.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 182.5 426.75 m 226.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 426.75 m 284.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288.5 426.75 m 338.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 426.75 m 392.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 426.75 m 437.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 426.75 m 492.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 426.75 m 551.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 555.5 426.75 m 608.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 612.5 426.75 m 653.5 426.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 657.5 426.75 m 702.5 426.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 98.75 475.98 Td (Column A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 186.55 475.98 Td (Column B) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 239.30 475.98 Td (Column C) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.30 475.98 Td (Column D) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 349.55 475.98 Td (Column E) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.40 475.98 Td (Column F) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 448.60 475.98 Td (Column G) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.60 475.98 Td (Column H) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 565.15 475.98 Td (Column I) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 615.70 475.98 Td (Column J) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 661.60 475.98 Td (Column K) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 430.98 Td (Segment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 188.75 446.98 Td (Deferr) Tj ET Q q 0 0 0 rg BT 211.25 446.98 Td (ed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 185.30 438.98 Td (acquisition) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 195.75 430.98 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.05 462.98 Td (Futur) Tj ET Q q 0 0 0 rg BT 253.91 462.98 Td (e policy) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 242.65 454.98 Td (benefits,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 246.40 446.98 Td (losses,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 238.65 438.98 Td (claims and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 234.85 430.98 Td (loss expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 296.10 438.98 Td (Unearned) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 295.70 430.98 Td (pr) Tj ET Q q 0 0 0 rg BT 303.56 430.98 Td (emiums) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.85 462.98 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.75 454.98 Td (policy) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 348.65 446.98 Td (claims and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 438.98 Td (benefits) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.65 430.98 Td (payable) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 399.00 438.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 407.29 438.98 Td (emiums) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 404.70 430.98 Td (earned) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 460.50 446.98 Td (Net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 447.80 438.98 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 451.25 430.98 Td (income) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 475.69 434.61 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.70 462.98 Td (Benefits,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 500.05 454.98 Td (claims, losses,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 517.05 446.98 Td (and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 505.95 438.98 Td (settlement) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.60 430.98 Td (expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 558.60 454.98 Td (Amortization) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 566.90 446.98 Td (of policy) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 562.80 438.98 Td (acquisition) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 566.60 430.98 Td (expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 622.35 446.98 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 616.05 438.98 Td (operating) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 617.60 430.98 Td (expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 662.00 438.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 670.29 438.98 Td (emiums) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 667.05 430.98 Td (written) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 417.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 418.40 417.98 Td (\($ in millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 404.98 Td (Years ended:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 615.00 405.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 660.00 405.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 391.98 Td (December) Tj ET Q q 0 0 0 rg BT 91.50 391.98 Td (31, 2012:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 615.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 660.00 392.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 379.00 Td (Specialty Industries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.25 379.00 Td (48.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.30 379.00 Td (438.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 379.00 Td (255.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 379.00 Td (528.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 379.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 379.00 Td (\(304.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 379.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 587.95 379.05 Td (\(99.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 604.65 379.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 615.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 629.60 379.05 Td (\(109.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 650.30 379.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 660.00 379.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 681.25 379.00 Td (548.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 366.00 Td (Specialty Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.25 366.00 Td (75.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.30 366.00 Td (561.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 366.00 Td (318.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 366.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 366.00 Td (604.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 366.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 366.00 Td (\(345.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 366.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 583.95 366.05 Td (\(150.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 604.65 366.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 633.60 366.05 Td (\(96.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 650.30 366.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 681.25 366.00 Td (630.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 353.00 Td (Investing, Financing and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 345.00 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 94.99 348.63 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.30 345.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.30 345.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.30 345.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 345.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 345.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 345.00 Td (53.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 345.00 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 594.65 345.42 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 642.30 345.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 691.30 345.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 331.98 Td (December31, 2011:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 615.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 660.00 332.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 319.00 Td (Specialty Industries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.25 319.00 Td (48.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.30 319.00 Td (363.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 319.00 Td (234.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 319.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 319.00 Td (462.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 319.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 319.00 Td (\(266.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 319.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 587.95 319.05 Td (\(92.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 604.65 319.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 615.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 633.60 319.05 Td (\(85.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 650.30 319.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 660.00 319.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 681.25 319.00 Td (491.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 306.00 Td (Specialty Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.25 306.00 Td (74.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.30 306.00 Td (505.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 306.00 Td (291.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 306.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 306.00 Td (549.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 306.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 306.00 Td (\(281.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 306.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 583.95 306.05 Td (\(129.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 604.65 306.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 633.60 306.05 Td (\(77.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 650.30 306.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 681.25 306.00 Td (571.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 293.00 Td (Investing, Financing and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 285.00 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 94.99 288.63 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.30 285.00 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.25 285.00 Td (2,490.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.30 285.00 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 285.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.30 285.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 285.00 Td (71.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.30 285.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 596.65 285.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 642.30 285.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 691.30 285.00 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 271.98 Td (December31, 2010:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 615.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 660.00 272.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 259.00 Td (Specialty Industries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 185.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.25 259.00 Td (43.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 233.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.30 259.00 Td (335.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 259.00 Td (205.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 259.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 259.00 Td (421.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 259.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 259.00 Td (\(257.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 259.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 587.95 259.05 Td (\(88.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 604.65 259.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 615.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 633.60 259.05 Td (\(87.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 650.30 259.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 660.00 259.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 681.25 259.00 Td (431.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 246.00 Td (Specialty Products) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.25 246.00 Td (68.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.30 246.00 Td (506.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 246.00 Td (269.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 246.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 246.00 Td (557.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 246.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 246.00 Td (\(282.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 246.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 583.95 246.05 Td (\(124.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 604.65 246.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 633.60 246.05 Td (\(76.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 650.30 246.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 681.25 246.00 Td (556.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 233.00 Td (Investing, Financing and) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 225.00 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 213.30 225.00 Td (3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.25 225.00 Td (2,454.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.25 225.00 Td (152.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 225.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 225.00 Td (201.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 225.00 Td (96.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.60 225.00 Td (\(146.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.30 225.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 587.95 225.05 Td (\(39.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 604.65 225.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 633.60 225.05 Td (\(32.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 650.30 225.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 681.25 225.00 Td (179.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 211.65 Td (__________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 67.50 201.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 196.65 Td (Schedule excludes activity related to discontinued operations for all periods presented. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 67.50 186.18 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 181.65 Td (Schedule excludes balances reclassified to held for sale in the consolidated balance sheets as of December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 577.12 181.65 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 634.78 181.65 Td (, related to the Runof) Tj ET Q q 0 0 0 rg BT 719.30 181.65 Td (f ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 169.65 Td (T) Tj ET Q q 0 0 0 rg BT 86.76 169.65 Td (ransaction and the ) Tj ET Q q 0 0 0 rg BT 161.45 169.65 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 200.43 169.65 Td (T) Tj ET Q q 0 0 0 rg BT 206.19 169.65 Td (ransaction. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 67.50 159.18 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 154.65 Td (Invested assets are not allocated to Specialty Industries or Specialty Products since OneBeacon does not manage its assets by segment. Net investment income ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 142.65 Td (related to OneBeacon's Specialty Industries and Specialty Products segments are included in the Investing, Financing and Corporate segment since these assets are ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 81.00 130.65 Td (available for payment of losses and expenses for all segments.) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 591.2669921875 m 120.9521484375 591.2669921875 l s q 0 0 1 rg BT 50.00 592.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 592.60 Td (able of Contents) Tj ET Q endstream endobj 367 0 obj <>] /Rotate 0 /Contents 368 0 R>> endobj 368 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.05 31.60 Td (S-5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (SCHEDULE IV) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 210.35 722.25 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 374.45 722.25 Td (,L) Tj ET Q q 0 0 0 rg BT 385.20 722.25 Td (TD.) 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 499.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 499.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 459.75 141.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 459.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 459.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 459.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 459.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 459.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 459.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 459.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 459.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 459.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 459.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 419.75 141.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 419.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 419.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 419.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 419.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 419.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 419.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 419.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 419.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 419.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 419.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 379.75 141.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 379.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 379.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 379.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 379.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 379.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 379.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 379.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 379.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 379.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 379.75 70.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 329.75 141.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 191.00 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 195.00 329.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 265.00 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 269.00 329.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.00 329.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.00 329.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 329.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 329.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 682.75 m 265 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 682.75 m 339 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 682.75 m 413 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 682.75 m 487 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 682.75 m 561 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 669.75 m 265 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 669.75 m 269 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 669.75 m 339 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 669.75 m 343 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 669.75 m 413 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 669.75 m 417 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 669.75 m 487 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 669.75 m 491 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 669.75 m 561 669.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195 632.75 m 265 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 632.75 m 339 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 632.75 m 413 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 632.75 m 487 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 632.75 m 561 632.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 212.25 686.98 Td (Column A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.05 686.98 Td (Column B) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.80 686.98 Td (Column C) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 433.80 686.98 Td (Column D) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 508.05 686.98 Td (Column E) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 673.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 336.00 673.98 Td (Additions \(subtractions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 636.98 Td (Description) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 211.60 652.98 Td (Balance at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 212.60 644.98 Td (beginning) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 214.05 636.98 Td (of period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.60 660.98 Td (Charged) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 286.90 652.98 Td (\(cr) Tj ET Q q 0 0 0 rg BT 296.52 652.98 Td (edited\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.45 644.98 Td (to costs and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 288.60 636.98 Td (expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 362.60 660.98 Td (Charged) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 356.55 652.98 Td (\(cr) Tj ET Q q 0 0 0 rg BT 366.17 652.98 Td (edited\) to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 368.45 644.98 Td (other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 359.55 636.98 Td (accounts) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 389.33 640.61 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 441.35 660.98 Td (Other) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 435.70 652.98 Td (additions) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 430.35 644.98 Td (\(deductions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 432.00 636.98 Td (described) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 464.89 640.61 Td (\(3\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 507.60 652.98 Td (Balance at) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.90 644.98 Td (end of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 514.35 636.98 Td (period) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 52.50 623.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 353.90 623.98 Td (\($ in millions\)) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 609.43 Td (Years ended:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 609.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 609.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 609.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 609.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 609.42 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 594.43 Td (December 31, 2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 594.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 579.42 Td (Reinsurance recoverable on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 569.42 Td (paid and unpaid losses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 569.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 569.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 569.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 569.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 569.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 554.42 Td (Allowance for reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 544.42 Td (balances) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.65 544.42 Td (24.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 544.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 544.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 544.42 Td (1.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 544.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 544.42 Td (25.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 529.42 Td (Premiums receivable:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 529.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 529.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 529.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 529.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 529.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 514.42 Td (Allowance for uncollectible) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 504.42 Td (accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.65 504.42 Td (3.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 504.42 Td (1.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 504.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 504.47 Td (\(0.1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 504.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 504.42 Td (4.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 489.43 Td (December 31, 2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 489.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 489.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 489.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 489.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 489.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 474.42 Td (Reinsurance recoverable on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 464.42 Td (paid and unpaid losses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 464.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 464.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 464.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 464.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 464.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 449.42 Td (Allowance for reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 439.42 Td (balances) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 439.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.65 439.42 Td (17.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 439.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 317.65 439.42 Td (10.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 439.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 439.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 439.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 439.47 Td (\(3.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 439.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 439.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 439.42 Td (24.4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 424.42 Td (Premiums receivable:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 424.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 424.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 424.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 424.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 424.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 409.42 Td (Allowance for uncollectible) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 399.42 Td (accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.65 399.42 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 399.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.30 399.47 Td (\(0.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 399.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 473.15 399.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 399.42 Td (3.4) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 52.50 384.43 Td (December 31, 2010) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 384.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 369.42 Td (Reinsurance recoverable on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 359.42 Td (paid and unpaid losses:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 359.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 359.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 359.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 359.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 359.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 344.42 Td (Allowance for reinsurance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 334.42 Td (balances) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 334.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.65 334.42 Td (15.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 334.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 325.15 334.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 334.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 399.15 334.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 334.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.65 334.42 Td (1.7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 334.42 Td ($) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 539.65 334.42 Td (17.5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.50 319.42 Td (Premiums receivable:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.50 319.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 271.50 319.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 345.50 319.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 319.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.50 319.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 304.42 Td (Allowance for uncollectible) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 70.50 294.42 Td (accounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.65 294.42 Td (6.3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.65 294.42 Td (0.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.30 294.47 Td (\(1.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 294.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.30 294.47 Td (\(1.6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.15 294.42 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 544.65 294.42 Td (3.9) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 50.00 280.65 Td (_______________________________________________________________________________) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 54.50 270.18 Td (\(1\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 265.65 Td (Schedule includes activity related to discontinued operations. Balances as of December 31, 2012 include an ) Tj ET Q q 0 0 0 rg BT 500.37 265.65 Td (Allowance for ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 253.65 Td (reinsurance balances of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.34 253.65 Td ($23.1 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.23 253.65 Td ( and an ) Tj ET Q q 0 0 0 rg BT 249.05 253.65 Td (Allowance for uncollectible premiums receivable of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.08 253.65 Td ($0.9 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.97 253.65 Td ( related to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 241.65 Td (the Runof) Tj ET Q q 0 0 0 rg BT 107.54 241.65 Td (f ) Tj ET Q q 0 0 0 rg BT 113.19 241.65 Td (T) Tj ET Q q 0 0 0 rg BT 118.94 241.65 Td (ransaction that were reclassified to held for sale in the consolidated balance sheet. Balance as of December 31, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 229.65 Td (201) Tj ET Q q 0 0 0 rg BT 82.63 229.65 Td (1 includes an ) Tj ET Q q 0 0 0 rg BT 137.34 229.65 Td (Allowance for uncollectible premiums receivable of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.37 229.65 Td ($0.4 million) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.26 229.65 Td ( related to the ) Tj ET Q q 0 0 0 rg BT 453.90 229.65 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 492.88 229.65 Td (T) Tj ET Q q 0 0 0 rg BT 498.64 229.65 Td (ransaction that ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 217.65 Td (was reclassified to held for sale in the consolidated balance sheet. ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 54.50 207.18 Td (\(2\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 202.65 Td (Amount credited to other accounts represents a reduction in the ) Tj ET Q q 0 0 0 rg BT 323.47 202.65 Td (Allowance for uncollectible premiums receivable which ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 190.65 Td (was of) Tj ET Q q 0 0 0 rg BT 94.20 190.65 Td (fset by a corresponding reduction in Gross premiums receivable. ) Tj ET Q q 0 0 0 rg BT 355.06 190.65 Td (There was no impact to Premiums receivable as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 178.65 Td (presented in the consolidated balance sheet.) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 54.50 168.18 Td (\(3\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 68.00 163.65 Td (Represents net collections \(char) Tj ET Q q 0 0 0 rg BT 195.27 163.65 Td (ge of) Tj ET Q q 0 0 0 rg BT 215.36 163.65 Td (fs\) of balances receivable. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q endstream endobj 371 0 obj <>] /Rotate 0 /Contents 372 0 R>> endobj 372 0 obj <> stream BT /F1 9.00 Tf ET BT /F1 9.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.05 42.60 Td (S-7) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 54.00 551.25 Td (SCHEDULE ) Tj ET Q q 0 0 0 rg BT 111.33 551.25 Td (VI) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 300.35 531.25 Td (ONEBEACON INSURANCE GROUP) Tj ET Q q 0 0 0 rg BT 464.45 531.25 Td (,L) Tj ET Q q 0 0 0 rg BT 475.20 531.25 Td (TD.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 160.05 519.25 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 227.65 519.25 Td (AL) Tj ET Q q 0 0 0 rg BT 240.99 519.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 291.63 519.25 Td (TION FOR PROPER) Tj ET Q q 0 0 0 rg BT 384.05 519.25 Td (TY) Tj ET Q q 0 0 0 rg BT 397.57 519.25 Td ( ) Tj ET Q q 0 0 0 rg BT 399.52 519.25 Td (AND CASUAL) Tj ET Q q 0 0 0 rg BT 463.89 519.25 Td (TY) Tj ET Q q 0 0 0 rg BT 477.41 519.25 Td ( INSURANCE UNDER) Tj ET Q q 0 0 0 rg BT 577.07 519.25 Td (WRITERS) Tj ET Q BT /F3 10.00 Tf ET BT /F3 6.50 Tf ET q 0 0 0 rg BT 624.30 523.78 Td (\(1\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 404.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 404.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 404.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 404.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 404.75 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 404.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 404.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 404.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 404.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 404.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 571.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 575.50 404.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 637.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 641.50 404.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 404.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 404.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 378.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 378.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 378.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 378.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 378.75 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 378.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 378.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 378.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 378.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 378.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 571.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 575.50 378.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 637.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 641.50 378.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 378.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 378.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 352.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 352.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 352.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 352.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 352.75 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 352.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 352.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 352.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 352.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 352.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 571.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 575.50 352.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 637.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 641.50 352.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 352.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 352.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 326.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 326.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 326.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 326.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 326.75 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 326.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 326.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 326.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 326.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 326.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 571.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 575.50 326.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 637.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 641.50 326.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 326.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 326.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 300.75 106.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 300.75 45.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 300.75 50.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 300.75 53.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 300.75 26.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 300.75 44.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 300.75 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 300.75 48.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 300.75 35.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 300.75 36.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 571.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 575.50 300.75 62.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 637.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 641.50 300.75 47.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 300.75 4.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 300.75 42.00 -21.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 54.50 266.75 106.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 160.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 164.50 266.75 45.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 266.75 50.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 266.75 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 266.75 26.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 266.75 44.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 266.75 42.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 266.75 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 266.75 35.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.50 266.75 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 571.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 575.50 266.75 62.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 637.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 641.50 266.75 47.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 688.50 266.75 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 692.50 266.75 42.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 54.5 483.75 m 160.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 483.75 m 209.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 483.75 m 263.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 483.75 m 394.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 483.75 m 440.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 483.75 m 492.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 483.75 m 531.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 483.75 m 535.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 483.75 m 571.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 575.5 483.75 m 637.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641.5 483.75 m 688.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 483.75 m 734.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 483.75 m 320.5 483.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 446.75 m 531.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 531.5 446.75 m 535.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 446.75 m 571.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 164.5 417.75 m 209.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 417.75 m 263.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 417.75 m 320.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 417.75 m 394.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 417.75 m 440.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 417.75 m 492.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 417.75 m 531.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.5 417.75 m 571.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 575.5 417.75 m 637.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 641.5 417.75 m 688.5 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 692.5 417.75 m 734.5 417.75 l s BT /F3 8.00 Tf ET q 0 0 0 rg BT 89.75 487.98 Td (Column A) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 169.05 487.98 Td (Column B) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 220.30 487.98 Td (Column C) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 275.80 487.98 Td (Column D) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.00 487.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.55 487.98 Td (Column E) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.90 487.98 Td (Column F) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 450.10 487.98 Td (Column G) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 515.60 487.98 Td (Column H) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 589.65 487.98 Td (Column I) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 647.70 487.98 Td (Column J) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 695.10 487.98 Td (Column K) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 450.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 171.25 437.98 Td (Deferr) Tj ET Q q 0 0 0 rg BT 193.75 437.98 Td (ed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 167.80 429.98 Td (acquisition) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 178.25 421.98 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 222.85 461.98 Td (Reserves) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 219.25 453.98 Td (for) Tj ET Q q 0 0 0 rg BT 229.32 453.98 Td ( Unpaid) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 218.55 445.98 Td (Claims and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 226.00 437.98 Td (Claims) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 217.75 429.98 Td (Adjustment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 222.20 421.98 Td (Expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 277.35 445.98 Td (Discount,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 283.05 437.98 Td (if any) Tj ET Q q 0 0 0 rg BT 301.94 437.98 Td (,) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 273.60 429.98 Td (deducted in) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 275.80 421.98 Td (Column C) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 333.00 450.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 355.10 429.98 Td (Unearned) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 354.50 421.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 362.79 421.98 Td (emiums) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 406.30 429.98 Td (Earned) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 401.50 421.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 409.79 421.98 Td (emiums) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 462.00 437.98 Td (Net) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 449.30 429.98 Td (investment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 452.75 421.98 Td (income) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 477.19 425.61 Td (\(5\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.05 474.98 Td (Claims and Claims) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 513.25 466.98 Td (Adjustment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 501.45 458.98 Td (Expenses Incurr) Tj ET Q q 0 0 0 rg BT 557.53 458.98 Td (ed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 516.05 450.98 Td (Related to) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 578.75 453.98 Td (Amortization of) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 591.40 445.98 Td (deferr) Tj ET Q q 0 0 0 rg BT 612.57 445.98 Td (ed) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 595.75 437.98 Td (policy) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 587.30 429.98 Td (acquisition) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 597.75 421.98 Td (costs) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 656.70 453.98 Td (Paid) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 645.05 445.98 Td (Claims and) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 652.50 437.98 Td (Claims) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 644.25 429.98 Td (Adjustment) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 648.70 421.98 Td (Expenses) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 695.50 429.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 703.79 429.98 Td (emiums) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 700.55 421.98 Td (written) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 421.98 Td (Affiliation with registrant) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 499.55 429.98 Td (Curr) Tj ET Q q 0 0 0 rg BT 516.73 429.98 Td (ent) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 502.45 421.98 Td (Y) Tj ET Q q 0 0 0 rg BT 507.34 421.98 Td (ear) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 518.44 425.61 Td (\(1\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 543.95 429.98 Td (Prior) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 541.95 421.98 Td (Y) Tj ET Q q 0 0 0 rg BT 546.84 421.98 Td (ear) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 557.94 425.61 Td (\(2\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 408.98 Td () Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 425.40 408.98 Td (\($ in millions\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 395.98 Td (Specialty Industries:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 167.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 695.00 396.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 383.00 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 167.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.25 383.00 Td (48.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.25 383.00 Td (438.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.30 383.00 Td (4.1) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 387.11 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 383.00 Td (255.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.25 383.00 Td (528.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 383.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 383.00 Td (309.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.60 383.05 Td (\(5.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.30 383.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 617.60 383.05 Td (\(99.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 383.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 667.25 383.00 Td (253.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 695.00 383.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 713.25 383.00 Td (548.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 370.00 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.25 370.00 Td (48.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.25 370.00 Td (363.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.30 370.00 Td (4.2) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 374.11 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 370.00 Td (234.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.25 370.00 Td (462.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 370.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 370.00 Td (279.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.60 370.05 Td (\(13.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.30 370.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 617.60 370.05 Td (\(92.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 370.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 667.25 370.00 Td (241.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 713.25 370.00 Td (491.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 357.00 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.25 357.00 Td (43.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.25 357.00 Td (335.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.30 357.00 Td (2.6) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 361.11 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 357.00 Td (205.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.25 357.00 Td (421.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 357.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 357.00 Td (255.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.30 357.00 Td (2.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 617.60 357.05 Td (\(88.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 357.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 667.25 357.00 Td (199.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 713.25 357.00 Td (431.2) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 343.98 Td (Specialty Pr) Tj ET Q q 0 0 0 rg BT 98.40 343.98 Td (oducts:) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 167.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 344.00 Td () Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 348.11 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 695.00 344.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 331.00 Td (2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 167.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.25 331.00 Td (75.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.25 331.00 Td (561.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.30 331.00 Td (0.5) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 335.11 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 331.00 Td (318.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.25 331.00 Td (604.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 331.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 331.00 Td (347.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.60 331.05 Td (\(1.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.30 331.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 613.60 331.05 Td (\(150.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 331.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 667.25 331.00 Td (312.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 695.00 331.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 713.25 331.00 Td (630.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 318.00 Td (2011) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.25 318.00 Td (74.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.25 318.00 Td (505.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.30 318.00 Td (0.8) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 322.11 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 318.00 Td (291.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.25 318.00 Td (549.8) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 318.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 318.00 Td (298.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.60 318.05 Td (\(16.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.30 318.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 613.60 318.05 Td (\(129.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 318.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 667.25 318.00 Td (281.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 713.25 318.00 Td (571.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 305.00 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 192.25 305.00 Td (68.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.25 305.00 Td (506.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.30 305.00 Td (0.4) Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 309.11 Td (\(3\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 305.00 Td (269.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.25 305.00 Td (557.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.30 305.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 305.00 Td (312.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 551.60 305.05 Td (\(30.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.30 305.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 613.60 305.05 Td (\(124.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 305.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 667.25 305.00 Td (217.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 713.25 305.00 Td (556.8) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 291.98 Td (Investing, Financing and ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 57.00 283.98 Td (Corporate:) Tj ET Q BT /F3 8.00 Tf ET BT /F3 5.20 Tf ET q 0 0 0 rg BT 95.21 287.61 Td (\(5\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 167.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 284.00 Td () Tj ET Q BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 288.11 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 695.00 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 271.00 Td (2012) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 73.00 274.63 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 167.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 198.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 270.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 274.02 Td (\(3\)\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 271.00 Td (53.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 560.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 578.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 626.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 644.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 677.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 695.00 271.00 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 723.30 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 258.00 Td (201) Tj ET Q q 0 0 0 rg BT 68.70 258.00 Td (1) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 72.70 261.63 Td (\(2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.30 258.00 Td (0.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.25 258.00 Td (2,490.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.30 258.00 Td (266.6) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 261.02 Td (\(3\)\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.30 258.00 Td (2.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.30 258.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 258.00 Td (71.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.30 258.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 560.30 258.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 626.30 258.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 677.30 258.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 723.30 258.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 57.00 245.00 Td (2010) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 196.30 245.00 Td (3.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.25 245.00 Td (2,454.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.30 245.00 Td (292.9) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 323.00 248.02 Td (\(3\)\(4\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 245.00 Td (152.2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.25 245.00 Td (201.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.30 245.00 Td (96.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.30 245.00 Td (154.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 555.60 245.05 Td (\(8.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 568.30 245.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 617.60 245.05 Td (\(39.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 634.30 245.00 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 667.25 245.00 Td (238.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 713.25 245.00 Td (179.7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 8.00 Tf ET q 0 0 0 rg BT 54.00 231.65 Td (__________________________________________________________) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 54.00 222.68 Td (\(1\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 219.05 Td (Schedule excludes activity related to discontinued operations for all periods presented. ) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 54.00 210.07 Td (\(2\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 206.45 Td (Schedule excludes balances reclassified to held for sale in the consolidated balance sheets as of December 31, 2012 and 201) Tj ET Q q 0 0 0 rg BT 459.89 206.45 Td (1, respectively) Tj ET Q q 0 0 0 rg BT 506.02 206.45 Td (, related to the Runof) Tj ET Q q 0 0 0 rg BT 573.64 206.45 Td (f ) Tj ET Q q 0 0 0 rg BT 578.16 206.45 Td (T) Tj ET Q q 0 0 0 rg BT 582.76 206.45 Td (ransaction and the ) Tj ET Q q 0 0 0 rg BT 642.52 206.45 Td (AutoOne ) Tj ET Q q 0 0 0 rg BT 673.70 206.45 Td (T) Tj ET Q q 0 0 0 rg BT 678.31 206.45 Td (ransaction.) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 54.00 197.48 Td (\(3\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 193.85 Td (The amounts shown represent and/or include OneBeacon's discount on its long-term workers compensation loss and LAE reserves, as such liabilities constitute unpaid but settled claims under which the payment ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 184.25 Td (pattern and ultimate costs are fixed and determinable on an individual basis. OneBeacon discounts these reserves using an average discount rate which is determined based on various assumptions including ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 174.65 Td (consideration of when the claims will be settled \() Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.29 174.65 Td (3.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.95 174.65 Td (, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 240.95 174.65 Td (4.5%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.62 174.65 Td ( and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.17 174.65 Td (5.0%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.83 174.65 Td ( , respectively) Tj ET Q q 0 0 0 rg BT 333.96 174.65 Td (, at December31, 2012, 201) Tj ET Q q 0 0 0 rg BT 424.30 174.65 Td (1 and 2010\).) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 54.00 165.68 Td (\(4\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 162.05 Td (The years ended December 31, 201) Tj ET Q q 0 0 0 rg BT 175.99 162.05 Td (1 and 2010 also include unamortized fair value adjustments of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.27 162.05 Td ($163.3 million) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.38 162.05 Td ( and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.93 162.05 Td ($176.5 million) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.04 162.05 Td (, respectively) Tj ET Q q 0 0 0 rg BT 529.17 162.05 Td (, to reserves for unpaid claims and claims adjustment expenses ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 152.45 Td (made in purchase accounting as a result of the OneBeacon ) Tj ET Q q 0 0 0 rg BT 251.38 152.45 Td (Acquisition.) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 54.00 143.48 Td (\(5\) ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 139.85 Td (Invested assets are not allocated to Specialty Industries or Specialty Products since OneBeacon does not manage its assets by segment. Net investment income related to OneBeacon's Specialty Industries and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 63.00 130.25 Td (Specialty Products segments are included in the Investing, Financing and Corporate segment since these assets are available for payment of losses and expenses for all segments.) 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