2022 LA Market Place Report

Independent insurance agents & Brokers of Louisiana

Louisiana Marketplace report 2022 Data

Prepared by Ben Albright President & CEO

Louisiana Marketplace Report

Page 2

Introduction & Purpose

Source: © A.M. Best Company — Used by Permission You are being provided this 2023 Louisiana Annual P&C Marketplace Summary covering the Louisiana property and casualty (P&C) insurance marketplace as a benefit of your membership in the Independent Insurance Agents & Brokers of Louisiana.

What follows is a graphic and numeric presentation of the Louisiana P&C industry data from an independent agent’s perspective. The data used is the most recently available from A.M. Best Company. For this Summary that is the annual data for 2022.

This Summary emphasizes direct premiums, direct losses, and the associated direct underwriting results before reinsurance. Also included is data from nearly 3,000 insurers that are domiciled in the United States, and if they have written premiums in Louisiana then their data is incorporated. As independent agents, this is the marketplace experience for the business we place (or compete against) for our clients in Louisiana.

This 2023 Louisiana Annual P&C Marketplace Summary provides you with the following important information on the Louisiana P&C Marketplace: Premiums for all 32 P&C lines of business in Louisiana, The Top 10 lines for independent agents, Growth rates, Loss ratios, Penetration rates and trends, Commission rates, and Surplus lines utilization rates.

United States national data on each of the above is also furnished, to give perspective.

For those readers interested in line of business details, a separate page is provided for each of the lines of business that independent agents work with most in Louisiana. For each of these lines of business data on premiums, loss and combined ratios, top insurers, surplus lines utilization rates and other facts are provided.

For detailed information on approaches taken in the research, formulation, and presentation of this 2023 Louisiana P&C Marketplace Summary, four appendices are provided for the reader.

Table of Contents Louisiana Premiums: All 32 P&C Lines of Business.

Louisiana Top 10 Independent Agent Lines of Business.

Louisiana Loss Ratios.

Louisiana Premium Growth Rates.

Louisiana Penetration Rates.

Louisiana Commissions Rates.

Louisiana Surplus Lines.

Louisiana Line of Business Details.

Total All P&C Lines of Business.

Aircraft (all perils).

All Commercial Auto.

All Private Passenger Auto.

Allied Perils Only.

Boiler & Machinery.

Burglary & Theft.

Commercial Multi-Peril Earthquake.

Excess Workers’ Comp.

Farmowners Multi-Peril Federal Flood.

Fidelity.

Fire Peril Only.

Homeowners.

Inland Marine.

International Medical Malpractice.

Multi-Peril Crop.

Ocean Marine.

Other Liability (Claims-made).

Other Liability (Occurrence).

Private Crop.

Private Flood.

Products Liability.

Surety.

Workers' Compensation.

Appendix #1: All Lines of Business-Additional Details.

Appendix #2: Distribution Style Classifications.

Appendix #3: NAIC Line of Business Definitions.

Appendix #4: Line of Business Facts—Visual Reference

4 7 8 11 12 15 17 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 51 53

Louisiana Marketplace Report

Page 4

Louisiana Premiums All 32 P&C Lines of Business The below chart shows all 32 P&C lines of business that P&C insurers are required to report on, state-bystate, in their annual statement. They are listed in alphabetical order and in all subsequent tables/charts and graphs in this Summary. Of these 32 lines, 26 are primarily focused on by independent agents in Louisiana and are emphasized above with an asterisk (*).

For more detail Appendix #1: All Lines of Business-Additional Details provides further data on the premiums, loss ratios, growth and penetration of these 32 P&C lines of business.

Premiums: By Line of Business $87,623,000

Accident&Health

Aggregate Write-ins $18,599,000 $50,864,000

*Aircraft (all perils)

$1,049,954,000

*All Commercial Auto

$4,963,961,000

*All Private Passenger Auto $923,740,000

*Allied Perils Only $53,014,000

*Boiler and Machinery

*Burglary and Theft $5,877,000 $695,381,000

*Commercial Multi-Peril Credit

$33,049,000

*Earthquake

$7,717,000

*Excess Workers' Comp

$58,690,000

*Farmowners Multi-Peril $16,075,000 $259,324,000

*Federal Flood

*Fidelity $14,634,000 Financial Guaranty $1,086,000 $578,891,000

*Fire Peril Only

$2,465,855,000

*Homeowners Multi-Peril $583,062,000

*Inland Marine *International $3,000 *Medical Malpractice

$116,083,000

Mortgage Guaranty

$63,412,000

*Multi-Peril Crop

$154,389,000

*Ocean Marine

$171,833,000 $299,807,000

*Other Liability (Claims-made) *Other Liability (Occurrence)

$1,016,247,000

*Private Crop $5,503,000 *Private Flood

$28,921,000

*Products Liability

$53,098,000

*Surety

$152,499,000

Warranty $6,907,000 *Workers' Compensation

$874,832,000

$0

$1000000000

$2000000000

$3000000000

$4000000000

A.M. Best Company — Used

by Permission; US Census Bureau Source: © A.M. Best CompanySource: — used by©permission.

(Note: Independent Agent-focused lines of business are designated by an asterisk (*)).

$5000000000

Louisiana Marketplace Report

Page 5

Louisiana Total Premiums Comparisons To provide perspective, in the table below is comparative data on Louisiana P&C premiums; and how Louisiana premiums compare to the United States in total, including some common groupings of lines of business, on a per capita basis. Also provided are the smallest/lowest state, and largest/highest state for either total premiums, or per capita premiums.

Each of these groupings are organized as follows: Total (All Lines) includes premiums for all 32 P&C lines of business; Personal Lines includes All Private Passenger Auto, and Homeowners Multi-Peril; Commercial Lines includes All Commercial Auto, Commercial Multi-Peril, Other Liability (ClaimsMade), Other Liability (Occurrence), Products Liability, and Workers’ Compensation; and Agricultural Lines includes Farmowners Multi-Peril, Multi-Peril Crop, and Private Crop.

In each case, the basis of the per capita comparative premium uses the most recent population estimate from the U.S. Census.

Groupings of Premiums

Louisiana (Rank)

Smallest/Lowest Largest/Highest State State

Total (All lines) Premiums

$14.8 Billion

Vermont ($1.5 Billion)

California ($104.8 Billion)

$861,485,443,000 ($16.9 Billion)

Total (All lines) Per Capital Premium

$3,227 (Rank is 7 of 51)

Ohio ($1,803)

North Dakota ($4,657)

$2,585

Personal Lines Per Capita Premium

$1,619 (Rank is 3 of 51)

District of Columbia ($885)

Florida ($1,788)

$1,233

Commercial Lines Per Capita Premium

$869 (Rank is 18 of 51)

Ohio ($512)

District of Columbia ($1,830)

$860

Agricultural Lines Per Capita Premium

$38 (Rank is 29 of 51)

District of Columbia ($0)

North Dakota ($2,315)

$77

United States (Average State)

Source: © A.M. Best Company — used by permission and U.S. Census Bureau, Population Division and Annual Estimates of Resident Population (Release Date: December 2022)

Louisiana Marketplace Report

Page 6

Louisiana Top 10 Independent Agent Lines of Business

The below pie charts show which lines of business are the most important to independent agents, based on direct written premiums. The top 10 lines of business are shown in each pie chart, with premiums from all other lines of business combined in the “All Other” pie section.

Data for Louisiana is used in the top two pie charts, with the lines of business ordered by rank order of premiums through independent agents in Louisiana. The left pie chart includes premiums only through independent agents. The right pie chart adds all premiums from all distribution styles included in each pie section.

For comparison, data for the United States is used for the second two pie charts. The rank-order for the United States pie charts is based on premiums through independent agents in all of the United States.

For further information Appendix #2: Distribution Style Classifications gives the reader a detailed explanation of the classification of insurers into distribution styles, based on insurer reported marketing types. Also included in Appendix #2 is additional data on premiums by line of business for each distribution style, as well as the Top 10 insurers for each distribution style.

Louisiana Top 10 Lines of Business 2022 - Louisiana: Independent Agent Distribution ($8,791,479,000) All Other Lobs 13% Other Liability (Claims-made) 2%

2022 - Louisiana: All Distribution Styles ($14,810,938,000)

All Private Passenger Auto 15%

All Other Lobs 9% Inland Marine 4%

All Private Passenger Auto 33%

Fire Peril Only 4%

Inland Marine 5% Homeowners Multi-Peril 13%

Fire Peril Only 6%

Allied Perils Only 6%

Commercial Multi-Peril 5% Allied Perils Only 10% Other Liability (Occurrence) 10%

All Commercial Auto 9%

Other Liability (Occurrence) Homeowners Multi-Peril 17% 7%

Workers' Comp 10%

United States Top 10 Lines of Business

2022 - United States: Independent Agent Distribution ($536,792,056,000) All Other Lobs 14%

All Commercial Auto 7%

2022 - United States: All Distribution Styles ($861,485,443,000) All Other Lobs 11%

All Private Passenger Auto 17% Fire Peril Only 2%

Multi-Peril Crop 2% Fire Peril Only 3%

All Private Passenger Auto 32%

Inland Marine 4% Other Liability (Claims-Made) 5%

Inland Marine 5%

Homeowners Multi-Peril 13% Commercial Mutli-Peril 6%

Other Liability (Claims-Made) 7%

Commercial Mutli-Peril 9%

Other Liability (Occurrence) 11% Workers' Comp 10%

All Commercial Auto 9%

Source: © A.M. Best Company — used by permission

Workers' Comp 7%

Other Liability (Occurrence) 8%

Homeowners Multi-Peril 16%

Louisiana Marketplace Report

Page 7

Top 10 Independent Agent Lines of Business Comparison

To illustrate how Louisiana relates to other states, below is a table of comparative data on all 32 P&C lines of business. The top 10 lines of business shown for Louisiana are the same as those shown in the previous pie chart. Then, data on top lines of business in other states is provided.

As can be seen in the third column labeled “Percent of Time #1 LOB (All States),” the #1 line of business is most often All Private Passenger Auto which equals 73% of the time, meaning it is #1 in 37 states.

However, that is not the case in every state. And the fourth column labeled “Percent of Time in Top 10 LOB (All States)” shows that some lines of business are always in a state’s top 10 lines of business. For example, Commercial Multi-Peril is in every state’s Top 10 lines of business.

Line of Business

Louisiana LOB Ranking

Percent of Time #1 LOB (All States)

Percent of Time in Top 10 LOB (All States)

Accident & Health Aggregate Write-ins Aircraft (all perils)

----

----

4% -2%

All Commercial Auto All private Passenger Auto

#5-LOB #1-LOB

-73%

98% 100%

Allied Perils Only Boiler & Machinery

#7-LOB --

---

45% --

Burglary & Theft Commercial Multi-Peril Credit

-#6-LOB --

----

-100% --

Earthquake Excess Workers’ Comp Farmowners Multi-Peril

----

----

6% -6%

Federal Flood

--

--

--

--#8-LOB #2-LOB #9-LOB -----#10-LOB #3-LOB -----#4-LOB

----2% ---10% -2% 8% -----6%

--90% 98% 100% -14% -39% 2% 92% 100% 4% --6% 2% 92%

Fidelity Financial Guaranty Fire Peril Only Homeowners Multi-Peril Inland Marine International Medical Malpractice Mortgage Guaranty Multi-Peril Crop Ocean Marine Other Liability (Claims-made) Other Liability (Occurrence) Private Crop Private Flood Products Liability Surety Warranty Workers’ Compensation

Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 8

Louisiana Loss Ratios 1-year and 5-year Loss Ratios by Line of Business 1-year 47% 60%

Aircraft (all perils)

78% 84% 78% 68%

Commercial Auto All Private Passenger Auto 29%

Allied Perils Only Boiler & Machinery

32%

64%

Commercial Multi-Peril -17%

3%

ExcessWorkers'Comp

18%

Farmowners Multi-Peril

19%

Federal Flood Fidelity

194%

87%

-1%

Burglary&Theft Earthquake

5-year

149%

43% 113%

-1%

75%

19%

51%

119%

Fire Peril Only Homeowners Multi-Peril

39%

Inland Marine

41%

Medical Malpractice

28% 19%

58% 90% 60%

Ocean Marine 24%

Other Liability (Occurrence)

42%

62% 63%

11% 24%

Product Liability Surety Workers' Compensation Total (All Lines)

26% 20%

54% 43% 51% 60%

117%

80%

106%

Private Crop Private Flood

159% 148%

Multi-Peril Crop Other Liabilities (Claims-Made)

218%

194%

91%

90%

-50% 0% 50% 100% 150% 200% 250% Source: © A.M. Best Company — used by permission. (International not shown, less than 5 years data is available) Paid Losses + New Reserves + Changes in Prior Reserves Adjusted Calendar Year Loss Ratio = Earned Premiums - Policy Dividends

Average Loss Ratio Comparisons The first table below shows data which illustrates Louisiana's 1-Year and 5-Year average loss ratios, as compared to the United States. Also provided is the state with the highest, and the lowest 1-Year and 5Year loss ratios.

For additional perspective, the second table shows average loss ratios for the 26 P&C lines of business focused on by independent agents in Louisiana, as compared to United States averages.

Louisiana Marketplace Report

All Lines Average Loss Ratio

Page 9

Louisiana

United States

Highest State

Lowest State

1-Year Loss Ratio

60%

68%

South Dakota (101%)

Wyoming (45%)

5-Year Loss Ratio

90%

63%

Louisiana (90%)

DC (7%)

Line of Business Average Louisiana 1-Year Louisiana 5-Year United States 1- United States 5Loss Ratios Loss Ratio Loss Ratio Year Loss Ratio Year Loss Ratio Aircraft (all perils) 47% 60% 58% 58% All Commercial Auto 78% 84% 70% 70% All Private Passenger Auto 75% 68% 81% 81% Allied Perils Only 29% 218% 77% 77% Boiler & Machinery 194% 87% 39% 39% Burglary & Theft -1% 32% 30% 30% Commercial Multi-Peril 64% 149% 60% 60% Earthquake -17% 3% 2% 2% Excess Workers' Comp 18% 43% 47% 47% Farmowners Multi-Peril 19% 113% 77% 77% Federal Flood -1% 75% 119% 119% Fidelity 19% 51% 32% 32% Fire Peril Only 119% 159% 63% 63% Homeowners Multi-Peril 39% 148% 71% 71% Inland Marine 41% 58% 47% 47% International -850% -850% -511% -511% Medical Malpractice 28% 19% 55% 55% Multi-Peril Crop 90% 117% 94% 94% Ocean Marine 60% 80% 63% 63% Other Liability (Claims-made) 24% 42% 51% 51% Other Liability (Occurrence) 62% 63% 68% 68% Private Crop 106% 194% 78% 78% Private Flood 11% 24% 48% 48% Products Liability 91% 54% 46% 46% Surety 26% 20% 13% 13% Workers' Compensation 43% 51% 46% 46% Source: © A.M. Best Company — used by permission.

Louisiana Premium Growth Rates The below bar chart shows the percentage change in direct written premiums for the 26 P&C lines of business focused on by independent agents. The 1-year growth rate is the percentage change in premiums from 2021 to 2022. The 5-year growth rate is the constant percentage from the first year to the last year, so the first year (2018) premium exactly equals the direct written premium in 2022. The Total (IA-Focused Lines) shown last is the average growth rates for the 26 P&C lines of business focused on by independent agents.

Louisiana Marketplace Report

Page 10

1-year and 5-year Loss Ratios by Line of Business 1-year

5-year

4%

Aircraft (all perils)

11% 6%

All Commercial Auto

9% 3% 1%

All Private Passenger Auto

54%

Allied Perils Only

22% 17%

Boiler & Machinery

13% 11%

Burglary&Theft

3% 18%

Commercial Multi-Peril

9% 15%

Earthquake

-1% 21%

ExcessWorkers'Comp

1% 9%

Farmowners Multi-Peril

2%

-9%

Federal Flood

4% 7% 3%

Fidelity

27%

Fire Peril Only

13% 15%

Homeowners Multi-Peril

7% 13%

Inland Marine

7% 7% 6%

Medical Malpractice

20% 18%

Multi-Peril Crop 10%

Ocean Marine

5% 10% 9% 13% 9%

Other Liabilities (Claims-Made) Other Liability (Occurrence) Private Crop

-6% 12% 16%

Private Flood

9% 16%

Product Liability

6% 13%

Surety

5% 9%

Workers' Compensation

2% 11%

Total (IA-Focused Lines) -10%

5%

0%

10%

20%

30%

40%

50%

60%

Source: © A.M. Best Company — used by permission. (International not shown, as less than 5 years data is available)

Louisiana Marketplace Report

Page 11

Average Growth Rate Comparisons

The first table below shows average growth rate data, provide perspective on Louisiana's 1-year and 5year premium growth rates, as compared to the United States. Also provided is the state with the fastest, and the slowest 1-year and 5-year growth rates.

The second table provides the 1-year and 5-year average line of business premium growth rates for the 26 P&C lines of business focused on by independent agents in Louisiana, as compared to United States averages.

Total (IA-Focused Lines) Average Growth 1-Year Growth 5-Year Growth

Louisiana

United States

Fastest State

Slowest State

11% 5%

10% 7%

North Dakota (22%) South Dakota (10%)

Delaware (2%) West Virginia (2%)

Line of Business Average Louisiana 1-Year Louisiana 5-Year United States 1- United States 5Average Growth Growth Growth Year Growth Year Growth Aircraft (all perils) 4% 11% 11% 14% All Commercial Auto 6% 9% 11% 10% All Private Passenger Auto 3% 1% 6% 3% Allied Perils Only 54% 22% 19% 16% Boiler & Machinery 17% 13% 10% 9% Burglary & Theft 11% 3% 16% 12% Commercial Multi-Peril 18% 9% 10% 7% Earthquake 15% -1% 10% 12% Excess Workers' Comp 21% 1% 8% 3% Farmowners Multi-Peril 9% 2% 7% 5% Federal Flood -9% 4% -12% -1% Fidelity 7% 3% 5% 4% Fire Peril Only 27% 13% 17% 14% Homeowners Multi-Peril 15% 7% 12% 8% Inland Marine 13% 7% 14% 8% International N/A N/A 182% N/A Medical Malpractice 7% 6% 5% 6% Multi-Peril Crop 20% 18% 35% 18% Ocean Marine 10% 5% 8% 10% Other Liability (Claims-made) 10% 9% 3% 16% Other Liability (Occurrence) 13% 9% 12% 12% Private Crop -6% 12% 16% 9% Private Flood 16% 9% 24% 19% Products Liability 16% 6% 13% 8% Surety 13% 5% 15% 7% Workers' Compensation 9% 2% 9% 0% Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 12

Louisiana Penetration Rates

The clustered bar chart below shows 5 years of penetration rates for the top 10 lines of business, written through independent agents, in order of direct written premium. The final cluster of bars labeled Total (IA-Focused Lines) is the trend for all 26 P&C lines of business focused on by independent agents in Louisiana.

The formula shown below the clustered bar chart shows how the percentages are calculated, based on premiums written through independent agents in Louisiana, divided by all premiums for each line of business in Louisiana.

Independent Agent Top 10 Lines of Business: 5-Year Penetration Rates 2018

2019

2020

2021

2022

100%

80%

60%

40%

20%

Al lP riv at e

Pa ss H en om ge eo rA w ut ne o O r sM th er ul Li tiab Pe ili ril ty (O W cc or ur ke re nc rs 'C e) om pe ns Al ati lC on om m er Co ci al m m Au er to ci al M ul tiPe Al ril lie d Pe ril sO nl y Fi re Pe ril O nl O In th la er nd Li M ab ar ili in ty e (C la im To sta m l( ad IA -F e) oc us ed Li ne s)

0%

Source: © A.M. Best Company — used by permission. (International not shown, less than 5 years data is available) Penetration =

Independent Agent Written Premium by Line of Business All Written Premium by Line of Business

Louisiana Marketplace Report

Page 13

Independent Agent Penetration Comparisons by Line of Business The first table below shows comparative data to give perspective on Louisiana's independent agent penetration rates. Provided are the 1-year and 5-year average penetration rates. For additional perspective, the state with the highest, and the lowest independent agent penetration rate is shown.

The second table shows penetration rates for the 26 P&C lines of business focused on by independent agents in Louisiana, as compared to the United States averages.

Total (IA-Focused Lines) Average Penetration 1-Year Growth 5-Year Growth

Louisiana

United States

Fastest State

Slowest State

60% 54%

63% 60%

Massachusetts (80%) Massachusetts (78%)

New Mexico (51%) Alabama (48%)

Line of Business Average Louisiana 1-Year Louisiana 5-Year United States 1- United States 5Average Penetration Rates Penetration Penetration Year Penetration Year Penetration Aircraft (all perils) 99% 98% 95% 94% All Commercial Auto 77% 78% 84% 84% All Private Passenger Auto 26% 25% 33% 32% Allied Perils Only 90% 84% 86% 83% Boiler & Machinery 96% 95% 93% 93% Burglary & Theft 81% 79% 96% 95% Commercial Multi-Peril 84% 83% 84% 84% Earthquake 82% 82% 86% 85% Excess Workers' Comp 95% 97% 93% 95% Farmowners Multi-Peril 36% 39% 40% 40% Federal Flood 74% 73% 79% 77% Fidelity 86% 85% 91% 90% Fire Peril Only 92% 82% 89% 86% Homeowners Multi-Peril 47% 35% 50% 46% Inland Marine 79% 78% 78% 76% International 100% 100% 100% 100% Medical Malpractice 90% 92% 74% 74% Multi-Peril Crop 100% 100% 96% 96% Ocean Marine 96% 96% 95% 95% Other Liability (Claims-made) 95% 94% 92% 92% Other Liability (Occurrence) 88% 88% 86% 85% Private Crop 100% 100% 97% 96% Private Flood 85% 77% 86% 82% Products Liability 95% 96% 92% 93% Surety 88% 89% 85% 86% Workers' Compensation 95% 95% 90% 91% Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 14

All Distribution Styles: 5-Year Penetration Trends

Below are 5-year penetration trends in Louisiana shown for distribution styles and 4 groupings of lines of business. If the reader needs a reminder of what is included in these lines of business groupings, refer to the Louisiana Total Premiums Comparisons section on page 4.

Louisiana: Penetration Rates of Total (All Lines) Independent Agent Direct

Louisiana: Penetration Rates of Total of Commercial Lines

Exclusive-Captive

Independent Agent

Other

Direct

60%

Exclusive-Captive Other

100%

50%

80%

40% 60% 30% 40% 20% 20%

10%

0%

2018

2019

Total (All Lines) 2018 Indep. Agent 51% Exclusive-Captive 30% Direct 16% Other 4%

2020

2021

2019 52% 28% 16% 4%

2020 53% 27% 16% 4%

2022

2021 2022 55% 59% 26% 25% 16% 15% 3% 1%

Louisiana: Penetration Rates of Personal Lines Independent Agent Direct

0%

2022

2020 87% 6% 5% 1%

2021 2022 87% 87% 7% 7% 5% 5% 1% 1%

Direct

80%

30%

60%

20%

40%

10%

20%

Personal Lines 2018 Indep. Agent 26% Exclusive-Captive 48% Direct 22% Other 4%

2021

2019 87% 6% 6% 1%

Other

40%

2019

2020

2018 86% 6% 6% 2%

Independent Agent

100%

2018

2019

Louisiana: Penetration Rates of Total of Ag-Farm Related

Exclusive-Captive

50%

0%

2018

Commercial Lines Indep. Agent Exclusive-Captive Direct Other

2020

2021

2019 26% 46% 23% 5%

2020 27% 44% 24% 5%

2022

2021 2022 29% 33% 43% 44% 24% 23% 4% 0%

0%

2018

Exclusive-Captive Other

2019

2020

2021

Ag-Farm Related 2018 Indep. Agent 91% Exclusive-Captive 9% Direct 0% Other 0%

2019 91% 9% 0% 0%

2020 92% 8% 0% 0%

2022

2021 2022 94% 94% 6% 6% 0% 0% 0% 0%

Louisiana Marketplace Report

Page 15

Louisiana Commission Rates

The below bar chart shows the commission rate paid by all insurers for 26 independent agent-focused P&C lines of business, in alphabetical order. Shown last (Total IA-Focused Lines) is the average commission paid on all lines of business focused on by independent agents.

The formula below the bar chart shows how commission percentages are calculated, where the commission % equals the line of business direct and contingent commissions, divided by the line of business written premium.

16.5%

Aircraft (all perils) AllCommercialAuto All Private Passenger Auto Allied Perils Only Boiler&Machinery Burglary&Theft Commercial Multi-Peril Earthquake Excess Workers'Comp Farmowners Multi-Peril Federal Flood Fidelity Fire Peril Only Homeowners Mutli-Peril Inland Marine Medical Malpractice Multi-Peril Crop Ocean Marine Other Liability (Claims-made) Other Liability (Occurrence) Private Crop Private Flood Products Liability Surety Workers'Compensation Total(IA-Focused Lines) 0.0%

13.2% 7.5% 12.1% 5.3% 23.1% 17.2% 10.5% 15.0% 14.5% 17.4% 16.1% 12.2% 12.9% 19.4% 10.9% 8.2% 18.7% 17.5% 15.5% 23.2% 11.8% 15.7% 23.4% 9.3% 11.8% 5.0%

10.0%

15.0%

Source: © A.M. Best Company — used by permission.

Commission % =

Line of Business and Contingent Commissions Line of Business Written Premium

20.0%

25.0%

Louisiana Marketplace Report

Page 16

Average Commission Comparisons

The first table below gives comparative data to provide perspective on Louisiana's 1-year commission rates. Provided is the overall average commission for all lines of business in Louisiana, compared with the United States. For additional perspective, the state with the highest, and the lowest 1-year commission rate is shown.

The second table gives 1-year commission data for the 26 P&C lines of business focused on by independent agents in Louisiana, as compared to the United States.

Total (IA-Focused Lines) Average Commission 1-Year Growth

Louisiana

United States

Highest State

Slowest State

11.8%

11.6%

Massachusetts (13.7%)

Maryland (10.4%)

Line of Business Average Louisiana 1-Year United States 1Commission Rates Commission Year Commission Aircraft (all perils) 16.5% 14.6% All Commercial Auto 13.2% 12.7% All Private Passenger Auto 7.5% 7.7% Allied Perils Only 12.1% 12.1% Boiler & Machinery 5.3% 9.5% Burglary & Theft 23.1% 21.8% Commercial Multi-Peril 17.2% 17.1% Earthquake 10.5% 13.3% Excess Workers' Comp 15.0% 7.9% Farmowners Multi-Peril 14.5% 14.8% Federal Flood 17.4% 17.8% Fidelity 16.1% 16.3% Fire Peril Only 12.2% 13.1% Homeowners Multi-Peril 12.9% 12.4% Inland Marine 19.4% 17.8% International 0.0% 2209.5% Medical Malpractice 10.9% 9.3% Multi-Peril Crop 8.2% 6.9% Ocean Marine 18.7% 16.1% Other Liability (Claims-made) 17.5% 15.8% Other Liability (Occurrence) 15.5% 13.6% Private Crop 23.2% 19.8% Private Flood 11.8% 14.2% Products Liability 15.7% 14.3% Surety 23.4% 26.6% Workers' Compensation 9.3% 9.2% Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 17

Louisiana Surplus Lines

Below is information on surplus lines in Louisiana. The pie chart shows the Top 10 lines of business by percentage of all surplus lines premiums in Louisiana for 2022.

Next is the total surplus lines premiums in Louisiana for 2018 to 2022, with the corresponding percentage provided of those surplus lines premiums to all P&C premiums in Louisiana.

Readers should note the below data does not include alien insurers (insurers not domiciled in one of the 51 states). If alien premiums were included, it would increase the amount of surplus lines premiums by about 1 percentage point. An example of an alien surplus lines insurer is Lloyds of London. Alien insurer data is not included, as it is not tracked as consistently across states nor in the same time-frame.

Surplus Lines: Top 10 Lines of Business Homeowners Multi-Peril 5%

Other Lines 2%

Other Liability (Occurrence) 24%

Other Liability (Claims-Made) 7%

Commercial Multi-Peril 11%

Allied Perils Only 16% All Commercial Auto 12%

Fire Peril Only 16%

Total Premiums and Percentage of All Premiums 13.1%

Millions

14%

11.7%

$2000

12%

10.3%

$1,939.2

9.2%

$1500

10%

8.5% $1,569.5

8%

$1,300.5

$1000

6%

$1,151.9 $1,021.1

4%

$500

$0

2% 0% 2018

2019

2020

2021

2022

Surplus Lines Premiums Surplus Lines as Precent of All Premiums

Louisiana Marketplace Report

Page 18

Average Surplus Lines Comparison

The first table below gives comparative data to give perspective on Louisiana's surplus lines utilization rates. Provided is the average 1-year and 5-year surplus lines utilization rate in Louisiana, as compared to the United States. For additional perspective, the state with the highest, and the lowest average 1-year and 5-year surplus lines utilization rates is shown.

The second table gives surplus lines utilization rates for the 26 P&C lines of business focused on by independent agents in Louisiana, as compared to the United States.

All Lines Surplus Lines Utilization Rates 1-Year Growth 5-Year Growth

Louisiana

United States

Highest State

Slowest State

13% 11%

9% 7%

DC (17%) DC (14%

South Dakota (2%) South Dakota (2%)

Line of Business Surplus Louisiana 1-Year Louisiana 5-Year United States 1- United States 5Lines Utilization Rates Surplus Lines Surplus Lines Year Surplus Lines Year Surplus Lines Aircraft (all perils) 0% 0% 2% 3% All Commercial Auto 23% 21% 7% 6% All Private Passenger Auto 0% 0% 0% 0% Allied Perils Only 34% 36% 31% 28% Boiler & Machinery 10% 8% 8% 7% Burglary & Theft 23% 11% 25% 15% Commercial Multi-Peril 31% 27% 9% 8% Earthquake 62% 61% 47% 45% Excess Workers' Comp 0% 0% 1% 1% Farmowners Multi-Peril 0% 1% 0% 0% Federal Flood 0% 0% 3% 2% Fidelity 2% 2% 2% 2% Fire Peril Only 52% 43% 36% 31% Homeowners Multi-Peril 4% 4% 2% 2% Inland Marine 10% 7% 7% 6% International 0% 0% 4% 83% Medical Malpractice 34% 31% 25% 23% Multi-Peril Crop 0% 0% 0% 0% Ocean Marine 2% 2% 5% 3% Other Liability (Claims-made) 43% 38% 38% 33% Other Liability (Occurrence) 47% 43% 32% 28% Private Crop 0% 0% 0% 0% Private Flood 52% 37% 45% 36% Products Liability 60% 56% 43% 42% Surety 1% 0% 1% 0% Workers' Compensation 0% 0% 0% 1% Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 19

Louisiana Line of Business Details The following pages provide in-depth detail on the 26 P&C lines of business focused on by independent agents in Louisiana. The lines of business are presented in alphabetical order.

The facts and details provided on the following pages, for each line of business focused on by independent agents in Louisiana include the following.

A bar chart of 5-years data on premiums for all distribution types (dark blue), and premiums written through independent agents (light blue). For the premium chart the classification of premiums through independent agents is based on a categorization of agents by distribution style. The categorization approach is explained in Appendix #2: Distribution Style Classifications.

5-year line charts, showing the loss ratio (dashed red line) and combined ratio (solid red line) ·The direct written premium for independent agents, exclusive-captive agents, and direct insurers, with the percentage of the direct written premium to the total premium. Also, surplus lines premiums through any distribution style, with its corresponding percentage of all premiums.

The number of active insurers, with the number of independent agent, exclusive-captive agent and direct insurers for each line of business. Also, the number of active surplus lines insurers.

1-year and 5-year growth rates for independent agent, exclusive-captive and direct insurers. The percentage premiums through insurers licensed as surplus lines is also provided.

The top 5 insurer groups in each line of business, with that group’s premiums, 1-year loss ratio, and 1year growth rate. Groups of insurers sometimes are made up of multiple policy-issuing insurers in a particular group, but it can also be only one policyissuing insurer in that group.

Listed after the top insurer groups are the top policy-issuing insurers distributing insurance through independent agents, exclusive-captive agents, direct insurers, surplus lines insurers, and the top risk retention group (if any) for the line of business. For each policy-issuing insurer the premium for the insurer in that line of business is shown with the 1-year loss ratio and 1-year growth rate.

As you scroll through the following pages, take notice if a small pie chart thumbnail is presented at the upperright. If there is a pie chart present, that means the product is in the top 10 lines of business for independent agents in Louisiana. A broken-out pie slice in that small pie chart represents the position of that line of business and its rank-order, based on independent agent premium volume. The rank-order is based on direct written premium and corresponds to the pie chart slice highlighted on Page 5 of this 2023 Louisiana P&C Marketplace Summary.

For further clarification Appendix #3: NAIC Line of Business Definitions furnishes the reader with the definitions set forth and used by the NAIC for each line of business.

And Appendix #4: Line of Business Facts—Visual Reference gives the reader a visual guide to the details presented for each line of business.

Louisiana Marketplace Report

Page 20

Total All P&C Lines of Business Louisiana: Total (All Lines) Written Premium (5 yr. ave. Penetration - 54%)

Louisiana: Total (All Lines) Loss/Combined Ratio (5 yr. ave. 90%/125%) **2022 Average Commission Rate Paid: 11.8%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

200% Direct Written Premium - All Distribution Types

Millions

$20,000

150%

$15,000

100% $10,000

50%

$5,000

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $8,791,479,000

ALL Direct Written Premium (DPW) $14,810,938,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $3,757,266,000 $2,159,822,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 59% 25%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $1,939,233,000

Direct Penetration 15%

Surplus Lines Utilization 13.1%

IA+MGA+IA-Mixed Insurers 610

Excl.-Captive Insurers 50

Direct Insurers 93

Surplus Lines Insurers 152

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 19% / 10% 11% / 5%

1-yr / 5-yr: Excl.-Captive 8% / 1%

1-yr / 5-yr: Direct 3% / 3%

1-yr / 5-yr: Surplus Lines 24% / 17%

1-Year Adj. Loss Ratio 46% 64% 64% 66% 52% 60%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 8% N/A 8% N/A 16% N/A 4% N/A 19% N/A 11% N/A

Active Affiliated and Unaffiliated Insurers 813

Top 5 Groups or Unaffiliated Single(s) State Farm Group (G) Progressive Insurance Group (G) Allstate Insurance Group (G) Berkshire Hathaway Insurance Group (G) Liberty Mutual Insurance Companies (G) Total or Average Progressive Security Insurance Company Louisiana Workers' Compensation Corp Imperial Fire and Casualty Insurance Co Continental Casualty Company Safeco Insurance Company of Oregon GoAuto Insurance Company SureChoice Underwriiters Reciprocal Exch Wright National Flood Insurance Company State Farm Mutual Automobile Ins Co State Farm Fire and Casualty Company Allstate Property and Casualty Ins Co Progressive Paloverde Insurance Company GEICO Casualty Company Louisiana Farm Bureau Mutual Ins Co Scottsdale Insurance Company Houston Specialty Insurance Company Westchester Surplus Lines Insurance Co United Educators Ins, a Reciprocal RRG

1-Year DPW $2,265,397,000 $1,296,434,000 $1,130,277,000 $860,290,000 $613,423,000 $14,811,006,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $638,162,000 $248,516,000 $205,629,000 $167,821,000 $131,136,000

63% 64% 48% 60% 67%

Top 3 MGA/Wholesale Policy-Issuing Insurers $152,089,000 $102,224,000 $92,500,000

75% 22% -1%

Top 3 Exclusive-Captive Policy-Issuing Insurers $1,437,041,000 $780,064,000 $385,108,000

83% -16% 69%

Top 3 Direct Policy-Issuing Insurers

$433,966,000 $345,076,000 $163,458,000

67% 72% 65%

Top 3 Surplus Lines Policy Issuing Insurers $105,740,000 $89,401,000 $68,123,000 $6,011,000

76% 24% 190%

Top Individual RRG

Source: © A.M. Best Company — used by permission.

17%

6% 8% 22% -1% 9%

Progressive Insurance Group ...

Allstate Insurance Group CNA Insurance Companies Liberty Mutual Ins Companies

-9% 740% -5%

...

Forza Insurance Group ...

6% 10% 5%

State Farm Group State Farm Group Allstate Insurance Group

9% -18% 15%

Progressive Insurance Group Berkshire Hathaway Ins Group ...

-22% 8% 61%

Nationwide Group Skyward Specialty Ins Group Chubb INA Group

12%

...

Louisiana Marketplace Report

Page 21

Aircraft (all perils) Louisiana: Aircraft (All Perils) Loss/Combined Ratio (5 yr. ave. 60%/96%)

Louisiana: Aircraft (All Perils) Written Premium (5 yr. ave. Penetration - 98%)

**2022 Average Commission Rate Paid: 16.5%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

200% Direct Written Premium - All Distribution Types

Millions

$60,000

150%

$50,000 $40,000

100%

$30,000 $20,000

50%

$10,000 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $50,215,000

ALL Direct Written Premium (DPW) $50,864,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $315,000 $334,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 99% 1%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $11,000

Direct Penetration 1%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 26

Excl.-Captive Insurers 1

Direct Insurers 1

Surplus Lines Insurers 1

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 4% / 12% 4% / 11%

1-yr / 5-yr: Excl.-Captive 5% / 34%

1-yr / 5-yr: Direct 9% / -30%

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio 44% 46% 44% 20% 189% 47%

1-Year Growth Rate Group Name or ALL L.O.B. DPW -4% N/A 15% N/A -2% N/A -4% N/A 9% N/A 4% N/A

Active Affiliated and Unaffiliated Insurers 28

Top 5 Groups or Unaffiliated Single(s) Starr International Group (G) American International Group (G) Old Republic Insurance Group (G) Allianz US PC Insurance Companies (G) Sompo Holdings US Group (G) Total or Average Starr Indemnity & Liability Company National Union Fire Ins Co Pittsburgh PA Old Republic Insurance Company Allianz Global Risks US Insurance Co Endurance American Insurance Company Harco National Insurance Company U.S. Specialty Insurance Company Transverse Insurance Company American National Property & Casualty Co

Avemco Insurance Company

Texas Insurance Company

1-Year DPW $10,525,000 $7,492,000 $4,562,000 $4,076,000 $3,950,000 $50,863,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $10,525,000 $7,499,000 $4,562,000 $4,076,000 $3,950,000

44% 47% 44% 20% 189%

Top 3 MGA/Wholesale Policy-Issuing Insurers $1,053,000 $920,000 $51,000

36% -100% 60%

Top 3 Exclusive-Captive Policy-Issuing Insurers $315,000

153%

Top 3 Direct Policy-Issuing Insurers

$334,000 $0

22%

Top 3 Surplus Lines Policy Issuing Insurers $11,000 $0

21%

Top Individual RRG Source: © A.M. Best Company — used by permission.

-4% 9% -2% -4% 9%

Starr International Group American International Group Old Republic Insurance Group Allianz US PC Ins Companies Sompo Holdings US Group

29% 8%

IAT Insurance Group Tokio Marine US PC Group MS&AD US Insurance Group

5%

American National Prop & Cas Grp

9%

Tokio Marine US PC Group Farmers Insurance Group

AU Holding Company Group

Louisiana Marketplace Report

Page 22

All Commercial auto Louisiana: All Commercial Auto Written Premium (5 yr. ave. Penetration - 78%)

Louisiana: All Commercial Auto Loss/Combined Ratio (5 yr. ave. 84%/124%) **2022 Average Commission Rate Paid: 13.2%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

140% Direct Written Premium - All Distribution Types

120% $1200

Millions

100% $1000

80%

$800

60%

$600 $400

40%

$200

20%

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $810,098,000

ALL Direct Written Premium (DPW) $1,049,954,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $99,548,000 $122,106,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 77% 9%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $237,250,000

Direct Penetration 12%

Surplus Lines Utilization 22.6%

IA+MGA+IA-Mixed Insurers 236

Excl.-Captive Insurers 17

Direct Insurers 26

Surplus Lines Insurers 62

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 4% / 9% 6% / 9%

1-yr / 5-yr: Excl.-Captive 5% / 15%

1-yr / 5-yr: Direct 17% / 5%

1-yr / 5-yr: Surplus Lines 8% / 16%

1-Year Adj. Loss Ratio 79% 42% 60% 109% 40% 78%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 21% N/A 4% N/A 10% N/A 14% N/A -3% N/A 6% N/A

Active Affiliated and Unaffiliated Insurers 297

Top 5 Groups or Unaffiliated Single(s) Progressive Insurance Group (G) Skyward Specialty Insurance Group (G) Travelers Group (G) Zurich Insurance US PC Group (G) Berkshire Hathaway Insurance Group (G) Total or Average Blue Hill Specialty Insurance Company National Union Fire Ins Co Pittsburgh PA AmGUARD Insurance Company The Gray Insurance Company Travelers Property Casualty Co of Amer Houston Specialty Insurance Company Clear Blue Specialty Insurance Company Clear Blue Insurance Company State Farm Mutual Automobile Ins Co Allstate Insurance Company State Farm Fire and Casualty Company Progressive Paloverde Insurance Company Liberty Mutual Fire Insurance Company Motors Insurance Corporation Houston Specialty Insurance Company Blue Hill Specialty Insurance Company Clear Blue Specialty Insurance Company OOIDA Risk Retention Group, Inc

1-Year DPW $173,295,000 $83,774,000 $81,334,000 $51,950,000 $48,051,000 $1,049,950,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $64,012,000 $32,723,000 $27,391,000 $19,604,000 $17,564,000

69% 65% 55% 55% 92%

Top 3 MGA/Wholesale Policy-Issuing Insurers $73,814,000 $28,587,000 $13,050,000

34% 112% 169%

Top 3 Exclusive-Captive Policy-Issuing Insurers $26,194,000 $21,126,000 $19,010,000

96% 139% 84%

Top 3 Direct Policy-Issuing Insurers

$82,287,000 $9,944,000 $5,433,000

70% 113% 21%

Top 3 Surplus Lines Policy Issuing Insurers $73,814,000 $64,012,000 $28,587,000

34% 69% 112%

Top Individual RRG

$3,879,000

Source: © A.M. Best Company — used by permission.

26%

14% 14% 0% -1% 25%

Progressive Insurance Group American International Group Berkshire Hathaway Ins Group The Gray Insurance Group Travelers Group

4% 0% -7%

Skyward Specialty Ins Group Clear Blue Insurance Group Clear Blue Insurance Group

12% -4% -5%

State Farm Group Allstate Insurance Group State Farm Group

25% 3% -6%

Progressive Insurance Group Liberty Mutual Ins Companies Ally Insurance Group

4% 14% 0%

Skyward Specialty Ins Group Progressive Insurance Group Clear Blue Insurance Group

-33%

...

Louisiana Marketplace Report

Page 23

All Private Passenger auto Louisiana: All Private Passenger Auto Written Louisiana: All Private Passenger Auto Loss/Combined Ratio (5 yr. ave. 68%/95%) Premium (5 yr. ave. Penetration - 25%)

**2022 Average Commission Rate Paid: 7.5%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

120% Direct Written Premium - All Distribution Types

100%

Millions

$5,000

80%

$4,000

60%

$3,000 $2,000

40%

$1,000

20%

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $1,276,360,000

ALL Direct Written Premium (DPW) $4,963,961,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $2,360,635,000 $1,326,966,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 26% 48%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $54,000

Direct Penetration 27%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 65

Excl.-Captive Insurers 18

Direct Insurers 27

Surplus Lines Insurers 1

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 4% / 2% 3% / 1%

1-yr / 5-yr: Excl.-Captive 6% / -1%

1-yr / 5-yr: Direct -3% / 3%

1-yr / 5-yr: Surplus Lines 218% / -55%

1-Year Adj. Loss Ratio 83% 65% 66% 76% 100% 75%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 6% N/A 6% N/A 6% N/A -6% N/A 3% N/A 3% N/A

Active Affiliated and Unaffiliated Insurers 110

Top 5 Groups or Unaffiliated Single(s) State Farm Group (G) Progressive Insurance Group (G) Allstate Insurance Group (G) Berkshire Hathaway Insurance Group (G) USAA Group (G) Total or Average Progressive Security Insurance Company Imperial Fire and Casualty Insurance Co Safeco Insurance Company of Oregon Safeway Insurance Company of Louisiana Integon Indemnity Corporation GoAuto Insurance Company Old American Indemnity Company State National Insurance Company, Inc. State Farm Mutual Automobile Ins Co Allstate Property and Casualty Ins Co Louisiana Farm Bureau Casualty Ins Co Progressive Paloverde Insurance Company GEICO Casualty Company GEICO Secure Insurance Company United National Insurance Company

1-Year DPW $1,445,395,000 $969,832,000 $652,243,000 $576,150,000 $278,469,000 $4,963,965,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $623,554,000 $113,931,000 $70,834,000 $60,791,000 $32,672,000

64% 56% 70% 72% 58%

Top 3 MGA/Wholesale Policy-Issuing Insurers $152,089,000 $52,163,000 $2,191,000

75% 72% 74%

Top 3 Exclusive-Captive Policy-Issuing Insurers $1,389,354,000 $381,968,000 $220,138,000

83% 70% 73%

Top 3 Direct Policy-Issuing Insurers

$346,278,000 $345,076,000 $152,491,000

67% 72% 88%

Top 3 Surplus Lines Policy Issuing Insurers $54,000

14%

Top Individual RRG Source: © A.M. Best Company — used by permission.

6% -2% -3% 4% 28066%

Progressive Insurance Group Allstate Insurance Group Liberty Mutual Ins Companies Safeway Insurance Group Allstate Insurance Group

-9% -16% 93%

...

Old American Capital Group Markel Corporation Group

6% 5% 0%

State Farm Group Allstate Insurance Group Southern Farm Bureau Casualty Grp

6% -18% 43%

Progressive Insurance Group Berkshire Hathaway Ins Group Berkshire Hathaway Ins Group Global Indemnity Group

...

Louisiana Marketplace Report

Page 24

Allied Perils Only Louisiana: Allied Perils Only Written Premium (5 yr. ave. Penetration - 25%)

Louisiana: Allied Perils Only Loss/Combined Ratio (5 yr. ave. 218%/253%) **2022 Average Commission Rate Paid: 12.1%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

700% Direct Written Premium - All Distribution Types

600% $1000

Millions

500% $800

400%

$600

300%

$400

200%

$200

100%

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $833,911,000

ALL Direct Written Premium (DPW) $923,740,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $19,321,000 $58,903,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 90% 2%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $313,629,000

Direct Penetration 6%

Surplus Lines Utilization 34.0%

IA+MGA+IA-Mixed Insurers 189

Excl.-Captive Insurers 13

Direct Insurers 17

Surplus Lines Insurers 72

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 65% / 27% 54% / 22%

1-yr / 5-yr: Excl.-Captive 21% / 14%

1-yr / 5-yr: Direct 16% / 7%

1-yr / 5-yr: Surplus Lines 30% / 23%

1-Year Adj. Loss Ratio 74% 18% -47% 267% 38% 29%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 379% N/A 117% N/A 3% N/A 50% N/A 19% N/A 54% N/A

Active Affiliated and Unaffiliated Insurers 227

Top 5 Groups or Unaffiliated Single(s) Louisiana Citizens Property Ins Corp Berkshire Hathaway Insurance Group (G) FM Global Group (G) Chubb INA Group (G) Zurich Insurance US PC Group (G) Total or Average Westchester Surplus Lines Insurance Co National Fire & Marine Insurance Co Safepoint Insurance Company Foremost Insurance Co Grand Rapids, MI Lexington Insurance Company Evanston Insurance Company Houston Casualty Company Allied Trust Insurance Company Shelter Mutual Insurance Company American National Property & Casualty Co Federated Mutual Insurance Company American Security Insurance Company Louisiana Farm Bureau Mutual Ins Co United Services Automobile Association Westchester Surplus Lines Insurance Co National Fire & Marine Insurance Co Lexington Insurance Company

1-Year DPW $277,421,000 $67,704,000 $54,314,000 $40,086,000 $36,757,000 $924,314,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $36,919,000 $30,504,000 $27,075,000 $21,192,000 $19,225,000

294% 65% 118% 43% -100%

Top 3 MGA/Wholesale Policy-Issuing Insurers $7,605,000 $7,063,000 $6,209,000

-95% 9% 33%

Top 3 Exclusive-Captive Policy-Issuing Insurers $8,030,000 $3,547,000 $2,603,000

61% 58% 44%

Top 3 Direct Policy-Issuing Insurers

$29,281,000 $11,024,000 $7,126,000

17% 53% 14%

Top 3 Surplus Lines Policy Issuing Insurers $36,919,000 $30,504,000 $19,225,000

294% 65% -100%

Top Individual RRG Source: © A.M. Best Company — used by permission.

76% 115% 242% 41% 46%

Chubb INA Group Berkshire Hathaway Ins Group Safepoint Insurance Group Farmers Insurance Group American International Group

128% 97% 189%

Markel Corporation Group Tokio Marine US PC Group ...

24% 35% 51%

Shelter Insurance Companies American National P&C Group Federated Mutual Group

50% 16% 8%

Assurant P&C Group ...

USAA Group

76% 115% 46%

Chubb INA Group Berkshire Hathaway Ins Group American International Group ...

Louisiana Marketplace Report

Page 25

Boiler & Machinery Louisiana: Boiler & Machinery Loss/Combined Ratio (5 yr. ave. 87%/109%)

Louisiana: Boiler & Machinery Written Premium (5 yr. ave. Penetration - 95%)

**2022 Average Commission Rate Paid: 5.3%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

250% Direct Written Premium - All Distribution Types

200%

Thousands

$60,000 $50,000

150%

$40,000

100%

$30,000 $20,000

50% $10,000 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $50,753,000

ALL Direct Written Premium (DPW) $53,014,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $584,000 $1,650,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 96% 1%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $5,467,000

Direct Penetration 3%

Surplus Lines Utilization 10.3%

IA+MGA+IA-Mixed Insurers 120

Excl.-Captive Insurers 5

Direct Insurers 5

Surplus Lines Insurers 42

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 18% / 13% 17% / 13%

1-yr / 5-yr: Excl.-Captive 17% / 11%

1-yr / 5-yr: Direct 8% / 15%

1-yr / 5-yr: Surplus Lines 72% / 15%

1-Year Adj. Loss Ratio 367% 7% 496% 2% 66% 194%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 17% N/A 17% N/A 15% N/A 36% N/A 20% N/A 17% N/A

Active Affiliated and Unaffiliated Insurers 134

Top 5 Groups or Unaffiliated Single(s) FM Global Group (G) Sompo Holdings US Group (G) American International Group (G) Zurich Insurance US PC Group (G) Travelers Group (G) Total or Average Sompo America Insurance Company National Union Fire Ins Co Pittsburgh PA Travelers Property Casualty Co of Amer XL Insurance America, Inc. Lexington Insurance Company Tower Hill Prime Insurance Company Houston Casualty Company Atlantic Casualty Insurance Company Federated Mutual Insurance Company Allstate Insurance Company Federated Service Insurance Company Liberty Mutual Fire Insurance Company Westport Insurance Corporation Liberty Surplus Insurance Corporation Lexington Insurance Company National Fire & Marine Insurance Co AIG Specialty Insurance Company ARISE Boiler Inspection & Insurance RRG

1-Year DPW $18,911,000 $8,220,000 $6,057,000 $3,139,000 $2,633,000 $53,011,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $8,126,000 $3,757,000 $2,198,000 $2,194,000 $1,787,000

7% 741% 73% -54% 25%

Top 3 MGA/Wholesale Policy-Issuing Insurers $184,000 $57,000 $54,000

7% 23% 42%

Top 3 Exclusive-Captive Policy-Issuing Insurers $285,000 $129,000 $79,000

8% -77% 8%

Top 3 Direct Policy-Issuing Insurers

$1,281,000 $194,000 $114,000

24% -30% 2%

Top 3 Surplus Lines Policy Issuing Insurers $1,787,000 $461,000 $400,000 $10,000

25% 30% 16%

Top Individual RRG

Source: © A.M. Best Company — used by permission.

-1%

17% -4% 14% -8% 94%

Sompo Holdings US Group American International Group Travelers Group XL America Companies American International Group

50% 46% 116%

Tower Hill Group Tokio Marine US PC Group Auto-Owners Insurance Group

27% -7% 32%

Federated Mutual Group Allstate Insurance Group Federated Mutual Group

45% -67% 11300%

Liberty Mutual Ins Companies Swiss Reinsurance Group Liberty Mutual Ins Companies

94% 278% 57%

American International Group Berkshire Hathaway Ins Group American International Group

-17%

...

Louisiana Marketplace Report

Page 26

Burglary & Theft Louisiana: Burglary & Theft Written Premium (5 yr. ave. Penetration - 79%)

Louisiana: Burglary & Theft Loss/Combined Ratio (5 yr. ave. 32%/65%) **2022 Average Commission Rate Paid: 23.1%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

100% Direct Written Premium - All Distribution Types

80%

Thousands

$7,000

60%

$6,000 $5,000

40%

$4,000

20%

$3,000 $2,000

0%

$1,000 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $4,775,000

ALL Direct Written Premium (DPW) $5,877,000

-20%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $1,100,000 $2,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 81% 19%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $1,330,000

Direct Penetration 0%

Surplus Lines Utilization 22.6%

IA+MGA+IA-Mixed Insurers 63

Excl.-Captive Insurers 7

Direct Insurers 1

Surplus Lines Insurers 16

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 17% / 5% 11% / 3%

1-yr / 5-yr: Excl.-Captive -8% / -4%

1-yr / 5-yr: Direct 0% / -20%

1-yr / 5-yr: Surplus Lines 64% / 42%

1-Year Adj. Loss Ratio 18% 3% 11% -100% -9% -1%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 4% N/A -9% N/A 29% N/A 77% N/A -9% N/A 11% N/A

Active Affiliated and Unaffiliated Insurers 71

Top 5 Groups or Unaffiliated Single(s) Travelers Group (G) Kemper PC Companies (G) Zurich Insurance US PC Group (G) XL America Companies (G) Hiscox USA Group (G) Total or Average Travelers Casualty and Surety Co of Amer Steadfast Insurance Company XL Specialty Insurance Company National Fire & Marine Insurance Co Federal Insurance Company Clear Blue Specialty Insurance Company U.S. Specialty Insurance Company Markel Insurance Company Union National Fire Insurance Company Shelter Mutual Insurance Company Federated Mutual Insurance Company Federated Rural Electric Ins Exchange

Steadfast Insurance Company National Fire & Marine Insurance Co Clear Blue Specialty Insurance Company

1-Year DPW $1,797,000 $961,000 $928,000 $423,000 $358,000 $5,877,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $1,783,000 $786,000 $379,000 $294,000 $236,000

18% 17% -100% 30% 5%

Top 3 MGA/Wholesale Policy-Issuing Insurers $64,000 $36,000 $1,000

61% -100% -100%

Top 3 Exclusive-Captive Policy-Issuing Insurers $961,000 $95,000 $20,000

3% 6% 59%

Top 3 Direct Policy-Issuing Insurers $2,000 $0

0%

Top 3 Surplus Lines Policy Issuing Insurers $786,000 $294,000 $64,000

17% 30% 61%

Top Individual RRG Source: © A.M. Best Company — used by permission.

4% 36% 88% 180% 10%

Travelers Group Zurich Insurance US PC Group XL America Companies Berkshire Hathaway Ins Group Chubb INA Group

3100% -57% -50%

Clear Blue Insurance Group Tokio Marine US PC Group Markel Corporation Group

-9% 8% 0%

Kemper PC Companies Shelter Insurance Companies Federated Mutual Group

0%

...

Farmers Insurance Group

36% 180% 3100%

Zurich Insurance US PC Group Berkshire Hathaway Ins Group Clear Blue Insurance Group ...

Louisiana Marketplace Report

Page 27

Commercial Multi-Peril Louisiana: Commercial Multi-Peril Written Premium (5 yr. ave. Penetration - 83%)

Louisiana: Commercial Multi-Peril Loss/Combined Ratio (5 yr. ave. 149%/195%) **2022 Average Commission Rate Paid: 17.2%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

500% Direct Written Premium - All Distribution Types

400%

Thousands

$700 $600

300%

$500 $400

200%

$300 $200

100%

$100 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $581,019,000

ALL Direct Written Premium (DPW) $695,381,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $99,958,000 $9,878,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 84% 14%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $216,591,000

Direct Penetration 1%

Surplus Lines Utilization 31.1%

IA+MGA+IA-Mixed Insurers 211

Excl.-Captive Insurers 13

Direct Insurers 11

Surplus Lines Insurers 71

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 17% / 10% 18% / 9%

1-yr / 5-yr: Excl.-Captive 26% / 8%

1-yr / 5-yr: Direct 4% / -4%

1-yr / 5-yr: Surplus Lines 28% / 17%

1-Year Adj. Loss Ratio -100% 27% 300% 85% 76% 64%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 28% N/A 29% N/A 28% N/A 8% N/A 21% N/A 18% N/A

Active Affiliated and Unaffiliated Insurers 240

Top 5 Groups or Unaffiliated Single(s) State Farm Group (G) Liberty Mutual Insurance Companies (G) Markel Corporation Group (G) Chubb INA Group (G) Travelers Group (G) Total or Average National Union Fire Ins Co Pittsburgh PA Ohio Security Insurance Company Scottsdale Insurance Company ACE American Insurance Company AmGUARD Insurance Company Independent Specialty Insurance Company Atlantic Casualty Insurance Company Covington Specialty Insurance Company State Farm Fire and Casualty Company American National Property & Casualty Co Allstate Insurance Company Liberty Mutual Insurance Company Louisiana Farm Bureau Mutual Ins Co CUMIS Insurance Society, Inc. Independent Specialty Insurance Company Scottsdale Insurance Company Ironshore Specialty Insurance Co

1-Year DPW $78,895,000 $56,315,000 $46,296,000 $43,910,000 $41,714,000 $695,792,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $28,688,000 $28,537,000 $27,901,000 $27,374,000 $21,005,000

21% 30% 86% 122% 135%

Top 3 MGA/Wholesale Policy-Issuing Insurers $29,771,000 $11,750,000 $8,221,000

263% 73% 66%

Top 3 Exclusive-Captive Policy-Issuing Insurers $78,895,000 $4,724,000 $3,304,000

-100% 41% 77%

Top 3 Direct Policy-Issuing Insurers

$3,720,000 $1,813,000 $1,550,000

-16% 42% 51%

Top 3 Surplus Lines Policy Issuing Insurers $29,771,000 $27,901,000 $13,223,000

263% 86% 33%

Top Individual RRG Source: © A.M. Best Company — used by permission.

17% 23% -33% -8% 12%

American International Group Liberty Mutual Ins Companies Nationwide Group Chubb INA Group Berkshire Hathaway Ins Group

21% 78% 71%

Markel Corporation Group Auto-Owners Insurance Group Berkshire Hathaway Ins Group

28% 32% -8%

State Farm Group American National P&C Group Allstate Insurance Group

7% 2% 9%

Liberty Mutual Ins Companies ...

CUMIS Insurance Society Group

21% -33% 98%

Markel Corporation Group Nationwide Group Liberty Mutual Ins Companies ...

Louisiana Marketplace Report

Page 28

Earthquake Louisiana: Earthquake Written Premium (5 yr. ave. Penetration - 82%)

Louisiana: Earthquake Loss/Combined Ratio (5 yr. ave. 3%/27%) **2022 Average Commission Rate Paid: 10.5** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

120% Direct Written Premium - All Distribution Types

100%

Thousands

$10,000

80%

$8,000

60%

$6,000 $4,000

40%

$2,000

20%

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $6,366,000

ALL Direct Written Premium (DPW) $7,717,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $918,000 $296,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 82% 12%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $4,818,000

Direct Penetration 4%

Surplus Lines Utilization 62.4%

IA+MGA+IA-Mixed Insurers 83

Excl.-Captive Insurers 10

Direct Insurers 10

Surplus Lines Insurers 36

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 16% / -2% 15% / -1%

1-yr / 5-yr: Excl.-Captive 3% / 2%

1-yr / 5-yr: Direct -10% / 19%

1-yr / 5-yr: Surplus Lines 24% / -4%

1-Year Adj. Loss Ratio 36% 0% -4% 37% -100% -17%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 26% N/A 2% N/A -2% N/A -12% N/A 65% N/A 15% N/A

Active Affiliated and Unaffiliated Insurers 106

Top 5 Groups or Unaffiliated Single(s) American International Group (G) State Farm Group (G) Allianz US PC Insurance Companies (G) Sompo Holdings US Group (G) Markel Corporation Group (G) Total or Average Endurance American Specialty Ins Co Lexington Insurance Company Allianz Global Risks US Insurance Co AIG Specialty Insurance Company XL Insurance America, Inc. Evanston Insurance Company Transverse Specialty Insurance Company Colony Insurance Company State Farm General Insurance Company State Farm Fire and Casualty Company Federated Mutual Insurance Company United Services Automobile Association Liberty Mutual Fire Insurance Company USAA Casualty Insurance Company Endurance American Specialty Ins Co Evanston Insurance Company Lexington Insurance Company

1-Year DPW $1,327,000 $847,000 $783,000 $776,000 $741,000 $7,722,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $768,000 $725,000 $686,000 $478,000 $233,000

38% 80% -5% 1% -13%

Top 3 MGA/Wholesale Policy-Issuing Insurers $741,000 $367,000 $65,000

-100% 3% 0%

Top 3 Exclusive-Captive Policy-Issuing Insurers $503,000 $344,000 $25,000

0% 0% 0%

Top 3 Direct Policy-Issuing Insurers $89,000 $86,000 $35,000

-1% 0% 0%

Top 3 Surplus Lines Policy Issuing Insurers $768,000 $741,000 $725,000

38% -100% 80%

Top Individual RRG Source: © A.M. Best Company — used by permission.

-12% 14% 25% 57% -39%

Sompo Holdings US Group American International Group Allianz US PC Ins Companies American International Group XL America Companies

65% 491%

Markel Corporation Group MS&AD US Insurance Group Argo Group

1% 3% 9%

State Farm Group State Farm Group Federated Mutual Group

13% 8% 13%

USAA Group Liberty Mutual Insurance Companies USAA Group

-12% 65% 14%

Sompo Holdings US Group Markel Corporation Group American International Group ...

Louisiana Marketplace Report

Page 29

Excess Workers’ Comp Louisiana: Excess Workers’ Comp Written Premium (5 yr. ave. Penetration - 98%)

Louisiana: Excess Workers’ Comp Loss/Combined Ratio (5 yr. ave. 43%/80%) **2022 Average Commission Rate Paid: 15.0%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

120% Direct Written Premium - All Distribution Types

100%

Thousands

$60000

80%

$50000 $40000

60%

$30000

40%

$20000

20%

$10000 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $55,709,000

ALL Direct Written Premium (DPW) $58,690,000

0%

2018 2019 2020 ExExcl.-Captive Agents DPW Direct DPW $0 $2,981,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 95% 0%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $0

Direct Penetration 5%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 11

Excl.-Captive Insurers 0

Direct Insurers 1

Surplus Lines Insurers 0

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 17% / 0% 21% / 1%

1-yr / 5-yr: Excl.-Captive #DIV/0!

1-yr / 5-yr: Direct 270% / 25%

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio 28% 28% -38% 52% 43% 18%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 32% N/A -3% N/A 20% N/A 44% N/A 270% N/A 21% N/A

Active Affiliated and Unaffiliated Insurers 12

Top 5 Groups or Unaffiliated Single(s) The Gray Insurance Group (G) Tokio Marine US PC Group (G) W. R. Berkley Insurance Group (G) Chubb INA Group (G) Liberty Mutual Insurance Companies (G) Total or Average The Gray Insurance Company Safety National Casualty Corporation Midwest Employers Casualty Company ACE American Insurance Company Star Insurance Company

1-Year DPW $28,780,000 $10,354,000 $6,082,000 $3,986,000 $2,981,000 $58,690,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $28,780,000 $10,354,000 $6,082,000 $3,986,000 $2,693,000

28% 28% -38% 52% 46%

32% -3% 20% 44% -3%

The Gray Insurance Group Tokio Marine US PC Group W. R. Berkley Insurance Group Chubb INA Group AF Group

1166%

Liberty Mutual Insurance Companies Farmers Insurance Group

Top 3 MGA/Wholesale Policy-Issuing Insurers

Top 3 Exclusive-Captive Policy-Issuing Insurers

Liberty Mutual Fire Insurance Company

Top 3 Direct Policy-Issuing Insurers

$3,191,000 $0

63%

Top 3 Surplus Lines Policy Issuing Insurers

Top Individual RRG Source: © A.M. Best Company — used by permission.

...

Louisiana Marketplace Report

Page 30

Farmowners Multi-peril Louisiana: Farmowners Multi-Peril Written Premium (5 yr. ave. Penetration - 39%)

Louisiana: Farmowners Mutli-Peril Loss/Combined Ratio (5 yr. ave. 113%/148%) **2022 Average Commission Rate Paid: 14.5%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

350% Direct Written Premium - All Distribution Types

300%

Thousands

$20000

250% $15000

200% 150%

$10000

100% $5000

$0

50% 2018

2019

2020

2021

2022

Ind. Agent DPW $55,709,000

ALL Direct Written Premium (DPW) $58,690,000

0%

2018 2019 2020 ExExcl.-Captive Agents DPW Direct DPW $0 $2,981,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 95% 0%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $0

Direct Penetration 5%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 11

Excl.-Captive Insurers 0

Direct Insurers 1

Surplus Lines Insurers 0

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 17% / 0% 21% / 1%

1-yr / 5-yr: Excl.-Captive #DIV/0!

1-yr / 5-yr: Direct 270% / 25%

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio 28% 28% -38% 52% 43% 18%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 32% N/A -3% N/A 20% N/A 44% N/A 270% N/A 21% N/A

Active Affiliated and Unaffiliated Insurers 12

Top 5 Groups or Unaffiliated Single(s) The Gray Insurance Group (G) Tokio Marine US PC Group (G) W. R. Berkley Insurance Group (G) Chubb INA Group (G) Liberty Mutual Insurance Companies (G) Total or Average The Gray Insurance Company Safety National Casualty Corporation Midwest Employers Casualty Company ACE American Insurance Company Star Insurance Company

1-Year DPW $28,780,000 $10,354,000 $6,082,000 $3,986,000 $2,981,000 $58,690,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $28,780,000 $10,354,000 $6,082,000 $3,986,000 $2,693,000

28% 28% -38% 52% 46%

32% -3% 20% 44% -3%

The Gray Insurance Group Tokio Marine US PC Group W. R. Berkley Insurance Group Chubb INA Group AF Group

1166%

Liberty Mutual Insurance Companies Farmers Insurance Group

Top 3 MGA/Wholesale Policy-Issuing Insurers

Top 3 Exclusive-Captive Policy-Issuing Insurers

Liberty Mutual Fire Insurance Company

Top 3 Direct Policy-Issuing Insurers

$3,191,000 $0

63%

Top 3 Surplus Lines Policy Issuing Insurers

Top Individual RRG Source: © A.M. Best Company — used by permission.

...

Louisiana Marketplace Report

Page 31

Federal Flood Louisiana: Federal Flood Written Premium (5 yr. ave. Penetration - 72%)

Louisiana: Federal Flood Loss/Combined Ratio (5 yr. ave. 75%/116%) **2022 Average Commission Rate Paid: 17.4%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

400% Direct Written Premium - All Distribution Types

300%

Thousands

$300 $250

200%

$200

100%

$150 $100

0% $50 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $192,817,000

ALL Direct Written Premium (DPW) $259,324,000

-100%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $49,363,000 $17,144,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 74% 19%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $117,000

Direct Penetration 7%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 20

Excl.-Captive Insurers 4

Direct Insurers 3

Surplus Lines Insurers 2

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed -7% / 5% -9% / 4%

1-yr / 5-yr: Excl.-Captive -10% / 2%

1-yr / 5-yr: Direct -8% / 1%

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio -1% -1% 10% 15% 8% -1%

1-Year Growth Rate Group Name or ALL L.O.B. DPW -5% N/A -8% N/A -21% N/A -10% N/A -7% N/A -9% N/A

Active Affiliated and Unaffiliated Insurers 27

Top 5 Groups or Unaffiliated Single(s) Wright National Flood Insurance Company Allstate Insurance Group (G) Assurant P&C Group (G) Selective Insurance Group (G) Southern Farm Bureau Casualty Group (G) Total or Average American Bankers Insurance Co of Florida Imperial Fire and Casualty Insurance Co Selective Insurance Co of the Southeast Gulf States Insurance Company ASI Lloyds Wright National Flood Insurance Company Centauri National Insurance Company Occidental Fire and Casualty Co of NC Allstate Insurance Company Louisiana Farm Bureau Casualty Ins Co American National Property & Casualty Co USAA General Indemnity Company Liberty Mutual Fire Insurance Company Homesite Insurance Company Transverse Specialty Insurance Company Trisura Specialty Insurance Company

...

1-Year DPW $91,988,000 $51,732,000 $24,447,000 $13,939,000 $11,714,000 $259,324,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $24,447,000 $18,560,000 $13,939,000 $11,071,000 $9,938,000

10% -45% 15% 3% -38%

Top 3 MGA/Wholesale Policy-Issuing Insurers

-21% -2% -10% 21% -5%

Assurant P&C Group Allstate Insurance Group Selective Insurance Group Gulf States Group Progressive Insurance Group

-5% -7% -15%

...

AU Holding Company Group IAT Insurance Group

$91,988,000 $3,065,000 $1,362,000

-1% 10% 0%

$33,171,000 $11,714,000 $4,119,000

23% 8% 17%

-11% -7% -12%

Allstate Insurance Group Southern Farm Bureau Casualty Grp American National Prop & Cas Grp

-100% 21% 9%

-2% -12% -29%

USAA Group Liberty Mutual Insurance Companies American Family Insurance Group

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$10,687,000 $4,969,000 $1,488,000

Top 3 Surplus Lines Policy Issuing Insurers $105,000 $12,000

...

53% -13%

Top Individual RRG

Source: © A.M. Best Company — used by permission.

...

0% -97%

MS&AD US Insurance Group Trisura US Insurance Group

...

...

Louisiana Marketplace Report

Page 32

Fidelity Louisiana: Fidelity Loss/Combined Ratio (5 yr. ave. 51%/83%)

Louisiana: Fidelity Written Premium (5 yr. ave. Penetration - 85%)

**2022 Average Commission Rate Paid: 16.1%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

200% Direct Written Premium - All Distribution Types

Thousands

$20000

150%

$15000

100% $10000

50%

$5000

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $12,546,000

ALL Direct Written Premium (DPW) $14,634,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $268,000 $1,793,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 86% 2%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $239,000

Direct Penetration 12%

Surplus Lines Utilization 1.6%

IA+MGA+IA-Mixed Insurers 77

Excl.-Captive Insurers 7

Direct Insurers 4

Surplus Lines Insurers 11

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 8% / 4% 7% / 3%

1-yr / 5-yr: Excl.-Captive 9% / 2%

1-yr / 5-yr: Direct 5% / 0%

1-yr / 5-yr: Surplus Lines -18% / 12%

1-Year Adj. Loss Ratio 20% 30% 15% 29% 15% 19%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 11% N/A 1% N/A 20% N/A 2% N/A 3% N/A 7% N/A

Active Affiliated and Unaffiliated Insurers 89

Top 5 Groups or Unaffiliated Single(s) Travelers Group (G) CUMIS Insurance Society Group (G) Chubb INA Group (G) Great American P & C Insurance Group (G) CNA Insurance Companies (G) Total or Average Travelers Casualty and Surety Co of Amer Federal Insurance Company Great American Insurance Company Western Surety Company Great American Alliance Insurance Co Southwest Marine and General Ins Co RLI Insurance Company U.S. Specialty Insurance Company Federated Mutual Insurance Company State Farm Fire and Casualty Company Federated Service Insurance Company CUMIS Insurance Society, Inc. Liberty Mutual Insurance Company Nationwide Agribusiness Insurance Co Pacific Insurance Company, Limited AXIS Surplus Insurance Company AIG Specialty Insurance Company ...

1-Year DPW $5,722,000 $1,693,000 $1,578,000 $1,366,000 $1,183,000 $14,638,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $5,689,000 $1,455,000 $759,000 $720,000 $607,000

22% 16% 5% 19% 57%

Top 3 MGA/Wholesale Policy-Issuing Insurers

11% 13% 30% -7% -20%

Travelers Group Chubb INA Group Great American P & C Insurance Grp CNA Insurance Companies Great American P & C Insurance Grp

0% -5% -11%

Coaction Specialty Insurance Grp RLI Group Tokio Marine US PC Group

$89,000 $73,000 $16,000

257% -2% -40%

$90,000 $71,000 $50,000

-1% 0% 35%

0% -3% 0%

Federated Mutual Group State Farm Group Federated Mutual Group

30% 21% -23%

1% 248% -22%

CUMIS Insurance Society Group Liberty Mutual Insurance Companies Nationwide Group

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$1,693,000 $87,000 $7,000

Top 3 Surplus Lines Policy Issuing Insurers $84,000 $39,000 $26,000 ...

-8% 38% 58%

87% -53% -19%

Hartford Insurance Group AXIS US Operations American International Group

...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 33

Fire Peril Only Louisiana: Fire Peril Only Written Premium (5 yr. ave. Penetration - 81%)

Louisiana: Fire Peril Only Loss/Combined Ratio (5 yr. ave. 159%/194%) **2022 Average Commission Rate Paid: 12.2%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

400% Direct Written Premium - All Distribution Types

Millions

$600

300%

$500 $400

200%

$300 $200

100%

$100 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $534,656,000

ALL Direct Written Premium (DPW) $578,891,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $12,728,000 $26,319,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 92% 2%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $302,897,000

Direct Penetration 5%

Surplus Lines Utilization 52.3%

IA+MGA+IA-Mixed Insurers 196

Excl.-Captive Insurers 12

Direct Insurers 16

Surplus Lines Insurers 77

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 37% / 20% 27% / 13%

1-yr / 5-yr: Excl.-Captive 5% / 3%

1-yr / 5-yr: Direct 26% / 5%

1-yr / 5-yr: Surplus Lines 44% / 27%

1-Year Adj. Loss Ratio 170% 34% -31% 26% 996% 119%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 38% N/A 279% N/A 29% N/A 89% N/A 66% N/A 27% N/A

Active Affiliated and Unaffiliated Insurers 231

Top 5 Groups or Unaffiliated Single(s) Starr International Group (G) Louisiana Citizens Property Ins Corp Core Specialty Insurance Group (G) Berkshire Hathaway Insurance Group (G) Dorinco Reinsurance Company Total or Average Starr Surplus Lines Insurance Company StarStone Specialty Insurance Company Dorinco Reinsurance Company Arch Specialty Insurance Company Foremost Insurance Co Grand Rapids, MI Century Surety Company Atain Specialty Insurance Company Evanston Insurance Company Union National Fire Insurance Company Shelter Mutual Insurance Company Federated Mutual Insurance Company American Security Insurance Company Louisiana Farm Bureau Mutual Ins Co Liberty Mutual Fire Insurance Company Starr Surplus Lines Insurance Company StarStone Specialty Insurance Company Arch Specialty Insurance Company ...

1-Year DPW $51,726,000 $43,643,000 $30,685,000 $30,108,000 $24,890,000 $578,961,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $50,106,000 $30,685,000 $24,890,000 $24,092,000 $22,493,000

173% -31% 996% 69% 29%

Top 3 MGA/Wholesale Policy-Issuing Insurers

34% 29% 66% 83% 23%

Starr International Group Core Specialty Insurance Group ...

Arch Insurance Group Farmers Insurance Group

177% 191% 98%

AF Group Atain Insurance Companies Markel Corporation Group

$5,283,000 $4,899,000 $4,577,000

54% 120% 11%

$4,840,000 $4,099,000 $1,611,000

36% 62% 336%

-18% 22% 53%

Kemper PC Companies Shelter Insurance Companies Federated Mutual Group

46% 98% -50%

52% 1% 17%

Assurant P&C Group ...

Liberty Mutual Insurance Companies

173% -31% 69%

34% 29% 83%

Starr International Group Core Specialty Insurance Group Arch Insurance Group

...

...

...

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$12,040,000 $2,527,000 $2,508,000

Top 3 Surplus Lines Policy Issuing Insurers $50,106,000 $30,685,000 $24,092,000 ...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 34

Homeowners Louisiana: Homeowners Written Premium (5 yr. ave. Penetration - 34%)

Louisiana: Homeowners Loss/Combined Ratio (5 yr. ave. 148%/188%) **2022 Average Commission Rate Paid: 12.9%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

500% Direct Written Premium - All Distribution Types

400%

Millions

$2500 $2000

300%

$1500

200% $1000

100%

$500 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $1,161,860,000

ALL Direct Written Premium (DPW) $2,465,855,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $895,310,000 $399,398,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 47% 36%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $90,415,000

Direct Penetration 16%

Surplus Lines Utilization 3.7%

IA+MGA+IA-Mixed Insurers 80

Excl.-Captive Insurers 15

Direct Insurers 15

Surplus Lines Insurers 21

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 53% / 21% 15% / 7%

1-yr / 5-yr: Excl.-Captive 13% / 4%

1-yr / 5-yr: Direct 23% / 7%

1-yr / 5-yr: Surplus Lines 2% / 2%

1-Year Adj. Loss Ratio -29% 64% 38% 52% 66% 39%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 11% N/A 46% N/A 39% N/A 27% N/A 21% N/A 15% N/A

Active Affiliated and Unaffiliated Insurers 116

Top 5 Groups or Unaffiliated Single(s) State Farm Group (G) Allstate Insurance Group (G) Liberty Mutual Insurance Companies (G) USAA Group (G) Louisiana Farm Bureau Mutual Ins Co Total or Average Progressive Property Insurance Company Allstate Vehicle and Property Ins Co Safeco Insurance Company of America Foremost Insurance Co Grand Rapids, MI Imperial Fire and Casualty Insurance Co SureChoice Underwriiters Reciprocal Exch Allied Trust Insurance Company Centauri National Insurance Company State Farm Fire and Casualty Company Allstate Insurance Company Allstate Indemnity Company Louisiana Farm Bureau Mutual Ins Co United Services Automobile Association Liberty Personal Insurance Company Starr Surplus Lines Insurance Company StarStone Specialty Insurance Company Arch Specialty Insurance Company ...

1-Year DPW $610,583,000 $356,364,000 $189,636,000 $178,177,000 $116,420,000 $2,466,859,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $111,135,000 $101,905,000 $74,434,000 $53,561,000 $52,954,000

50% 80% 42% 26% 55%

Top 3 MGA/Wholesale Policy-Issuing Insurers $102,156,000 $65,231,000 $48,929,000

22% 193% 41%

$562,935,000 $99,293,000 $74,412,000

Forza Insurance Group ...

AU Holding Company Group

-24% 35% 87%

10% 16% 15%

State Farm Group Allstate Insurance Group Allstate Insurance Group

66% 48% 46%

21% 15% 18%

...

USAA Group Liberty Mutual Insurance Companies

Top 3 Direct Policy-Issuing Insurers

Top 3 Surplus Lines Policy Issuing Insurers $33,377,000 $19,467,000 $5,225,000 ...

-96% 84% 99%

47% 156% 101%

State Farm Group Allstate Insurance Group Kin Insurance Group

...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

Progressive Insurance Group Allstate Insurance Group Liberty Mutual Insurance Companies Farmers Insurance Group Allstate Insurance Group

739% 46% 33%

Top 3 Exclusive-Captive Policy-Issuing Insurers

$116,420,000 $62,831,000 $51,363,000

5% 77% 115% 33% 155%

Louisiana Marketplace Report

Page 35

Inland Marine Louisiana: Inland Marine Written Premium (5 yr. ave. Penetration - 78%)

Louisiana: Inland Marine Loss/Combined Ratio (5 yr. ave. 58%/94%) **2022 Average Commission Rate Paid: 19.4%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

120% Direct Written Premium - All Distribution Types

100%

Millions

$600

80%

$500 $400

60%

$300

40%

$200

20%

$100 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $462,320,000

ALL Direct Written Premium (DPW) $583,062,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $88,431,000 $30,719,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 79% 15%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $61,036,000

Direct Penetration 5%

Surplus Lines Utilization 10.5%

IA+MGA+IA-Mixed Insurers 257

Excl.-Captive Insurers 18

Direct Insurers 25

Surplus Lines Insurers 74

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 16% / 8% 13% / 7%

1-yr / 5-yr: Excl.-Captive 4% / 5%

1-yr / 5-yr: Direct 10% / 8%

1-yr / 5-yr: Surplus Lines 124% / 31%

1-Year Adj. Loss Ratio 61% 54% 25% 3% 38% 41%

1-Year Growth Rate Group Name or ALL L.O.B. DPW -3% N/A 6% N/A 39% N/A -17% N/A 88% N/A 13% N/A

Active Affiliated and Unaffiliated Insurers 306

Top 5 Groups or Unaffiliated Single(s) CNA Insurance Companies (G) Liberty Mutual Insurance Companies (G) Zurich Insurance US PC Group (G) Fortegra P&C Group (G) Allianz US PC Insurance Companies (G) Total or Average Continental Casualty Company Lyndon Southern Insurance Company American Zurich Insurance Company Travelers Property Casualty Co of Amer Interstate Fire & Casualty Company American Pet Insurance Company RLI Insurance Company Securian Casualty Company Liberty Insurance Underwriters, Inc. State Farm Fire and Casualty Company Sentry Select Insurance Company Louisiana Farm Bureau Mutual Ins Co Progressive Paloverde Insurance Company American Security Insurance Company Interstate Fire & Casualty Company Indian Harbor Insurance Company Lexington Insurance Company ...

1-Year DPW $110,628,000 $56,950,000 $35,197,000 $34,849,000 $33,796,000 $583,061,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $110,309,000 $34,828,000 $24,966,000 $15,421,000 $10,454,000

61% 3% 33% 21% -1%

Top 3 MGA/Wholesale Policy-Issuing Insurers

-3% -17% 59% 11% 29769%

CNA Insurance Companies Fortegra P&C Group Zurich Insurance US PC Group Travelers Group Allianz US PC Insurance Companies

$5,057,000 $4,879,000 $4,449,000

65% 18% 15%

$49,144,000 $24,353,000 $6,265,000

56% 24% 2%

4% 7% -5%

Liberty Mutual Insurance Companies State Farm Group Sentry Insurance Group

64% 20% 24%

4% 9% -7%

...

Progressive Insurance Group Assurant P&C Group

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$10,793,000 $4,412,000 $3,026,000

Top 3 Surplus Lines Policy Issuing Insurers $10,454,000 $7,165,000 $4,841,000 ...

Trupanion Insurance Group RLI Group ...

-1% -5% 33%

29769% 357% 21%

Allianz US PC Insurance Companies XL America Companies American International Group

...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

36% 56% 32%

Louisiana Marketplace Report

Page 36

International Louisiana: International Written Premium (5 yr. ave. Penetration)

Louisiana: International Loss/Combined Ratio (5 yr. ave. -850%/-834%) **2022 Average Commission Rate Paid: 0%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

0% Direct Written Premium - All Distribution Types

-200%

Millions

$3 $3

-400%

$2

-600%

$2 $1

-800% $1 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $3,000

ALL Direct Written Premium (DPW) $3,000

-1000%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $0 $0

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 100% 0%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $0

Direct Penetration 0%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 1

Excl.-Captive Insurers 0

Direct Insurers 0

Surplus Lines Insurers 0

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed #DIV/0! #DIV/0!

1-yr / 5-yr: Excl.-Captive #DIV/0!

1-yr / 5-yr: Direct #DIV/0!

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year DPW $3,000 $3,000

1-Year Adj. Loss Ratio -100% -850%

1-Year Growth Rate Group Name or ALL L.O.B. DPW #DIV/0!

N/A #DIV/0!

N/A

$3,000

-850%

Active Affiliated and Unaffiliated Insurers 1

Top 5 Groups or Unaffiliated Single(s) Chubb INA Group (G) Selection Total

Total or Average Executive Risk Indemnity Inc.

...

...

...

...

...

#DIV/0!

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $3,000

49%

Top 3 MGA/Wholesale Policy-Issuing Insurers ...

...

Top 3 Exclusive-Captive Policy-Issuing Insurers ...

...

Top 3 Direct Policy-Issuing Insurers ...

...

Top 3 Surplus Lines Policy Issuing Insurers ...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

...

...

N/A Chubb INA Group

...

...

...

...

...

Farmers Insurance Group

...

...

...

...

Louisiana Marketplace Report

Page 37

Medical Malpractice Louisiana: Medical Malpractice Written Premium Louisiana: Medical Malpractice Loss/Combined Ratio (5 yr. ave. 19%/66%) (5 yr. ave. Penetration - 92%) **2022 Average Commission Rate Paid: 10.9%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

80% Direct Written Premium - All Distribution Types

Millions

$120

60%

$100 $80

40%

$60 $40

20%

$20 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $104,127,000

ALL Direct Written Premium (DPW) $116,083,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $2,590,000 $6,656,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 90% 2%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $40,034,000

Direct Penetration 6%

Surplus Lines Utilization 34.5%

IA+MGA+IA-Mixed Insurers 64

Excl.-Captive Insurers 7

Direct Insurers 10

Surplus Lines Insurers 35

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 4% / 4% 7% / 6%

1-yr / 5-yr: Excl.-Captive 22% / 8%

1-yr / 5-yr: Direct 18% / 23%

1-yr / 5-yr: Surplus Lines 13% / 13%

1-Year Adj. Loss Ratio 15% 27% 24% 62% 15% 28%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 1% N/A 0% N/A 32% N/A -5% N/A 30% N/A 7% N/A

Active Affiliated and Unaffiliated Insurers 88

Top 5 Groups or Unaffiliated Single(s) LAMMICO Group (G) Berkshire Hathaway Insurance Group (G) Liberty Mutual Insurance Companies (G) CNA Insurance Companies (G) National Guardian RRG , Inc Total or Average

1-Year DPW $48,649,000 $13,082,000 $6,619,000 $6,299,000 $4,239,000 $116,079,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers

Ironshore Specialty Insurance Co American Casualty Company of Reading, PA National Fire & Marine Insurance Co Admiral Insurance Company Capitol Specialty Insurance Corporation LAMMICO Risk Retention Group, Inc. TDC Specialty Insurance Company Evanston Insurance Company Liberty Insurance Underwriters, Inc. Health Care Indemnity, Inc. Pharmacists Mutual Insurance Company National Guardian RRG , Inc Ophthalmic Mutual Insurance Co (A RRG) Liberty Surplus Insurance Corporation Ironshore Specialty Insurance Co National Fire & Marine Insurance Co Admiral Insurance Company National Guardian RRG , Inc

$4,896,000 $4,213,000 $4,048,000 $3,236,000 $2,667,000

32% 61% 51% 20% 8%

Top 3 MGA/Wholesale Policy-Issuing Insurers

38% 0% -24% -33% 15%

Liberty Mutual Ins Companies CNA Insurance Companies Berkshire Hathaway Ins Group W. R. Berkley Insurance Group Berkshire Hathaway Ins Group

20% -9% 11%

LAMMICO Group Doctors Company Ins Group Markel Corporation Group

$3,304,000 $1,477,000 $1,354,000

20% 29% -4%

$1,134,000 $699,000 $409,000

-1% 21% 84%

9% 9% -1%

15% 25% 19%

30% -13% 46%

... ...

Liberty Mutual Insurance Companies

32% 51% 20%

38% -24% -33%

Liberty Mutual Ins Companies Berkshire Hathaway Ins Group W. R. Berkley Insurance Group

15%

30%

...

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$4,239,000 $754,000 $589,000

Top 3 Surplus Lines Policy Issuing Insurers $4,896,000 $4,048,000 $3,236,000

Top Individual RRG

$4,239,000

Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 38

Multi-Peril Crop Louisiana: Multi-Peril Crop Written Premium Louisiana: Multi-Peril Crop Loss/Combined Ratio (5 yr. ave. Penetration - 100%) (5 yr. ave. 117%/136%) **2022 Average Commission Rate Paid: 8.2%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

200% Direct Written Premium - All Distribution Types

Millions

$200

150%

$150

100% $100

50%

$50

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $154,389,000

ALL Direct Written Premium (DPW) $154,389,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $0 $0

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 100% 0%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $0

Direct Penetration 0%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 10

Excl.-Captive Insurers 0

Direct Insurers 0

Surplus Lines Insurers 0

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 20% / 18% 20% / 18%

1-yr / 5-yr: Excl.-Captive #NUM!

1-yr / 5-yr: Direct #DIV/0!

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio 92% 84% 85% 53% 46% 90%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 353% N/A 39% N/A -57% N/A 94% N/A 0% N/A 20% N/A

Active Affiliated and Unaffiliated Insurers 10

Top 5 Groups or Unaffiliated Single(s) QBE North America Insurance Group (G) Chubb INA Group (G) Sompo Holdings US Group (G) Zurich Insurance US PC Group (G) FMH Insurance Group (G) Total or Average NAU Country Insurance Company ACE Property and Casualty Insurance Co Agri General Insurance Company Great American Insurance Company Farmers Mutual Hail Insurance Co of Iowa FMH Ag Risk Insurance Company Stratford Insurance Company

...

...

...

...

1-Year DPW $67,346,000 $42,356,000 $32,267,000 $4,072,000 $4,033,000 $154,389,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $67,346,000 $26,737,000 $15,619,000 $1,291,000 $1,092,000

92% 86% 80% 74% 45%

Top 3 MGA/Wholesale Policy-Issuing Insurers $2,941,000 $2,499,000

46% 342%

Top 3 Exclusive-Captive Policy-Issuing Insurers ...

...

Top 3 Direct Policy-Issuing Insurers ...

...

Top 3 Surplus Lines Policy Issuing Insurers ...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

...

353% 42% 34% 32% -29% 18% 192%

QBE North America Ins Group Chubb INA Group Chubb INA Group Great American P & C Ins Group FMH Insurance Group 18% 192%

...

...

...

...

...

...

...

...

Louisiana Marketplace Report

Page 39

Ocean Marine Louisiana: Ocean Marine Crop Written Premium Louisiana: Ocean Marine Crop Loss/Combined Ratio (5 yr. ave. 80%/125%) (5 yr. ave. Penetration - 96%) **2022 Average Commission Rate Paid: 18.7%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

200% Direct Written Premium - All Distribution Types

Millions

$200

150%

$150

100% $100

50%

$50

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $165,771,000

ALL Direct Written Premium (DPW) $171,833,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $0 $5,655,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 96% 0%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $3,860,000

Direct Penetration 3%

Surplus Lines Utilization 2.2%

IA+MGA+IA-Mixed Insurers 74

Excl.-Captive Insurers 0

Direct Insurers 6

Surplus Lines Insurers 11

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 11% / 6% 10% / 5%

1-yr / 5-yr: Excl.-Captive #DIV/0!

1-yr / 5-yr: Direct -1% / 0%

1-yr / 5-yr: Surplus Lines 5% / -1%

1-Year Adj. Loss Ratio 79% 57% 155% 74% 85% 60%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 55% N/A 9% N/A 8% N/A 14% N/A 9% N/A 10% N/A

Active Affiliated and Unaffiliated Insurers 82

Top 5 Groups or Unaffiliated Single(s) Tokio Marine US PC Group (G) Ascot Insurance U.S. Group (G) American International Group (G) Hartford Insurance Group (G) Starr International Group (G) Total or Average Ascot Insurance Company Navigators Insurance Company Starr Indemnity & Liability Company Travelers Property Casualty Co of Amer Atlantic Specialty Insurance Company U.S. Specialty Insurance Company Stratford Insurance Company RLI Insurance Company

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $11,262,000 $10,220,000 $9,522,000 $7,684,000 $6,342,000

57% 95% 85% 42% 113%

Top 3 MGA/Wholesale Policy-Issuing Insurers $41,350,000 $5,793,000 $4,898,000

74% 49% 55%

...

...

Top 3 Exclusive-Captive Policy-Issuing Insurers

...

Liberty Mutual Insurance Company Liberty Mutual Fire Insurance Company Westport Insurance Corporation Houston Casualty Company Accelerant Specialty Insurance Company Gotham Insurance Company ...

1-Year DPW $44,533,000 $11,262,000 $11,054,000 $10,210,000 $9,522,000 $172,033,000

Top 3 Direct Policy-Issuing Insurers

$5,470,000 $77,000 $63,000

61% -5% -2%

Top 3 Surplus Lines Policy Issuing Insurers $2,039,000 $615,000 $347,000 ...

Ascot Insurance U.S. Group Hartford Insurance Group Starr International Group Travelers Group Intact US Insurance Group

60% 34% 35%

Tokio Marine US PC Group American International Group RLI Group

...

...

-1% -5% 13%

Liberty Mutual Insurance Companies Liberty Mutual Insurance Companies Swiss Reinsurance Group

-8%

221% 11% 80%

-11%

Tokio Marine US PC Group Accelerant US Holdings Group Coaction Specialty Insurance Group

...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

9% 14% 9% 21% -29%

Louisiana Marketplace Report

Page 40

Other Liability (Claims-made) Louisiana: Other Liability (claims-made) Written Louisiana: Other Liability (claims-made) Loss/Combined Ratio (5 yr. ave. 80%/125%) Premium (5 yr. ave. Penetration - 94%) **2022 Average Commission Rate Paid: 17.5%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

120% Direct Written Premium - All Distribution Types

100%

Millions

$300

80%

$250 $200

60%

$150

40%

$100

20%

$50 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $283,437,000

ALL Direct Written Premium (DPW) $299,807,000

0%

2018 2019 2020 Excl.-Captive Agents DPW Direct DPW $2,403,000 $6,511,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 95% 1%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $130,406,000

Direct Penetration 2%

Surplus Lines Utilization 43.5%

IA+MGA+IA-Mixed Insurers 226

Excl.-Captive Insurers 12

Direct Insurers 17

Surplus Lines Insurers 97

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 11% / 9% 10% / 9%

1-yr / 5-yr: Excl.-Captive 1% / 6%

1-yr / 5-yr: Direct -24% / -5%

1-yr / 5-yr: Surplus Lines 21% / 15%

1-Year Adj. Loss Ratio 27% 27% 0% 100% 33% 24%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 9% N/A 4% N/A 9% N/A -9% N/A 23% N/A 10% N/A

Active Affiliated and Unaffiliated Insurers 269

Top 5 Groups or Unaffiliated Single(s) Travelers Group (G) CNA Insurance Companies (G) XL America Companies (G) Chubb INA Group (G) Fairfax Financial (USA) Group (G) Total or Average Travelers Casualty and Surety Co of Amer Continental Casualty Company XL Specialty Insurance Company Federal Insurance Company Indian Harbor Insurance Company Evanston Insurance Company Houston Casualty Company Peleus Insurance Company Ironshore Indemnity Inc. Federated Mutual Insurance Company Mississippi Farm Bureau Casualty Ins Co Westport Insurance Corporation Liberty Surplus Insurance Corporation CUMIS Insurance Society, Inc. Indian Harbor Insurance Company Scottsdale Insurance Company Ironshore Specialty Insurance Co Attorneys' Liab Assr Society Ltd., A RRG

1-Year DPW $37,585,000 $33,263,000 $19,454,000 $18,859,000 $17,727,000 $299,806,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $32,982,000 $29,712,000 $10,570,000 $9,145,000 $8,853,000

31% 29% 11% 157% -10%

Top 3 MGA/Wholesale Policy-Issuing Insurers

9% 2% -2% 0% 30%

Travelers Group CNA Insurance Companies XL America Companies Chubb INA Group XL America Companies

$4,019,000 $3,688,000 $2,515,000

14% 54% 33%

$1,151,000 $444,000 $242,000

59% 61% 0%

3% 9%

Liberty Mutual Insurance Companies Federated Mutual Group Southern Farm Bureau Casualty Group

37% 47% 33%

-70% 187% 6%

Swiss Reinsurance Group Liberty Mutual Insurance Companies CUMIS Insurance Society Group

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$1,585,000 $1,208,000 $990,000

Top 3 Surplus Lines Policy Issuing Insurers $8,853,000 $7,558,000 $5,885,000

Source: © A.M. Best Company — used by permission.

Markel Corporation Group Tokio Marine US PC Group Argo Group

-10% 21% 64%

30% 8% 63%

XL America Companies Nationwide Group Liberty Mutual Insurance Companies

-100%

0%

...

Top Individual RRG

$3,438,000

11% 32% 0%

Louisiana Marketplace Report

Page 41

Other Liability (occurrence) Louisiana: Other Liability (Occurrence) Written Louisiana: Other Liability (Occurrence) Premium (5 yr. ave. Penetration - 88%) Loss/Combined Ratio (5 yr. ave. 63%/105%) **2022 Average Commission Rate Paid: 15.5%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

120% Direct Written Premium - All Distribution Types

100%

Millions

$1200

80%

$1000 $800

60%

$600

40%

$400

20%

$200 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $898,154,000

ALL Direct Written Premium (DPW) $1,016,247,000

0%

2018

2019 2020 Direct DPW Excl.-Captive Agents DPW $48,062,000 $53,243,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 88% 5%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $475,653,000

Direct Penetration 5%

Surplus Lines Utilization 46.8%

IA+MGA+IA-Mixed Insurers 348

Excl.-Captive Insurers 29

Direct Insurers 34

Surplus Lines Insurers 128

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 14% / 10% 13% / 9%

1-yr / 5-yr: Excl.-Captive 9% / 4%

1-yr / 5-yr: Direct 12% / 5%

1-yr / 5-yr: Surplus Lines 15% / 15%

1-Year Adj. Loss Ratio 48% 59% 46% 51% 75% 62%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 18% N/A 23% N/A 20% N/A 17% N/A 9% N/A 13% N/A

Active Affiliated and Unaffiliated Insurers 434

Top 5 Groups or Unaffiliated Single(s) Travelers Group (G) Fairfax Financial (USA) Group (G) Chubb INA Group (G) W. R. Berkley Insurance Group (G) Nationwide Group (G) Total or Average Scottsdale Insurance Company Travelers Property Casualty Co of Amer AXIS Surplus Insurance Company Crum & Forster Specialty Insurance Co Nautilus Insurance Company Evanston Insurance Company BCS Insurance Company Colony Insurance Company State Farm Fire and Casualty Company Louisiana Farm Bureau Casualty Ins Co Federated Mutual Insurance Company Louisiana Farm Bureau Mutual Ins Co CUMIS Insurance Society, Inc. Liberty Insurance Corporation Scottsdale Insurance Company Evanston Insurance Company AXIS Surplus Insurance Company American Contractors Insurance Co RRG

1-Year DPW $61,770,000 $59,374,000 $53,116,000 $48,801,000 $41,062,000 $1,016,244,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $35,351,000 $32,816,000 $24,596,000 $23,497,000 $23,362,000

73% 29% 43% 33% 34%

Top 3 MGA/Wholesale Policy-Issuing Insurers

6% 35% 6% 13% 19%

Nationwide Group Travelers Group AXIS US Operations Fairfax Financial (USA) Group W. R. Berkley Insurance Group

31% 1% 1%

Markel Corporation Group BCS Financial Group Argo Group

$28,484,000 $12,883,000 $10,158,000

71% 57% 34%

$23,168,000 $6,348,000 $6,284,000

134% 77% 32%

9% 7% 16%

State Farm Group Southern Farm Bureau Casualty Grp Federated Mutual Group

-1% 34% 3%

15% 5% 45%

...

CUMIS Insurance Society Group Liberty Mutual Insurance Companies

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$5,957,000 $5,877,000 $4,521,000

Top 3 Surplus Lines Policy Issuing Insurers $35,351,000 $28,484,000 $24,596,000

73% 71% 43%

6% 31% 6%

Nationwide Group Markel Corporation Group AXIS US Operations

33%

279%

American Contractors Ins Grp

Top Individual RRG

$3,342,000

Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 42

Private Crop Louisiana: Private Crop Written Premium (5 yr. ave. Penetration - 100%)

Louisiana: Private Crop Loss/Combined Ratio (5 yr. ave. 194%/235%) **2022 Average Commission Rate Paid: 23.2%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

500% Direct Written Premium - All Distribution Types

400%

Thousands

$6000 $5000

300%

$4000

200%

$3000 $2000

100% $1000 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $5,503,000

ALL Direct Written Premium (DPW) $5,503,000

0%

2018

2019 2020 Direct DPW Excl.-Captive Agents DPW $0 $0

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 100% 0%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $0

Direct Penetration 0%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 8

Excl.-Captive Insurers 0

Direct Insurers 0

Surplus Lines Insurers 0

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed -6% / 12% -6% / 12%

1-yr / 5-yr: Excl.-Captive #DIV/0!

1-yr / 5-yr: Direct #DIV/0!

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio 134% 25% 125% 60% 98% 106%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 830% N/A -74% N/A 32% N/A -25% N/A 62% N/A -6% N/A

Active Affiliated and Unaffiliated Insurers 8

Top 5 Groups or Unaffiliated Single(s) QBE North America Insurance Group (G) Sompo Holdings US Group (G) Chubb INA Group (G) American International Group (G) Great American P & C Insurance Group (G) Total or Average NAU Country Insurance Company ACE Property and Casualty Insurance Co Agri General Insurance Company Great American Insurance Company Producers Agriculture Insurance Company Stratford Insurance Company

...

...

...

...

1-Year DPW $3,051,000 $1,202,000 $1,082,000 $79,000 $42,000 $5,503,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $3,051,000 $649,000 $433,000 $42,000 $17,000

134% 154% 80% 98% 25%

Top 3 MGA/Wholesale Policy-Issuing Insurers 60%

$79,000

Top 3 Exclusive-Captive Policy-Issuing Insurers ...

...

Top 3 Direct Policy-Issuing Insurers ...

...

Top 3 Surplus Lines Policy Issuing Insurers ...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

...

830% 13% 80% 62%

QBE North America Ins Group Chubb INA Group Chubb INA Group Great American P & C Ins Group Tokio Marine US PC Group

-25%

American International Group

...

...

...

...

...

...

...

...

Louisiana Marketplace Report

Page 43

Private Flood Louisiana: Private Flood Written Premium (5 yr. ave. Penetration - 76%)

Louisiana: Private Flood Loss/Combined Ratio (5 yr. ave. 24%/48%) **2022 Average Commission Rate Paid: 11.8%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

100% Direct Written Premium - All Distribution Types

80%

Thousands

$30000 $25000

60%

$20000

40%

$15000 $10000

20% $5000 $0

2018

2019

2020

2021

2022

Ind. Agent DPW $24,506,000

ALL Direct Written Premium (DPW) $28,921,000

0%

2018

2019 2020 Direct DPW Excl.-Captive Agents DPW $4,415,000 $0

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 85% 0%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $15,113,000

Direct Penetration 15%

Surplus Lines Utilization 52.3%

IA+MGA+IA-Mixed Insurers 48

Excl.-Captive Insurers 0

Direct Insurers 5

Surplus Lines Insurers 21

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 21% / 12% 16% / 9%

1-yr / 5-yr: Excl.-Captive #DIV/0!

1-yr / 5-yr: Direct -5% / -2%

1-yr / 5-yr: Surplus Lines 47% / 65%

1-Year Adj. Loss Ratio 2% 4% 26% 4% 21% 11%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 2% N/A 5% N/A 76% N/A -19% N/A -14% N/A 16% N/A

Active Affiliated and Unaffiliated Insurers 53

Top 5 Groups or Unaffiliated Single(s) American International Group (G) Assurant P&C Group (G) Berkshire Hathaway Insurance Group (G) Zurich Insurance US PC Group (G) Arch Insurance Group (G) Total or Average National Union Fire Ins Co Pittsburgh PA National Fire & Marine Insurance Co Lexington Insurance Company Arch Specialty Insurance Company Agent Alliance Insurance Company Transverse Specialty Insurance Company Wright National Flood Insurance Company Trisura Specialty Insurance Company

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $3,000,000 $2,673,000 $2,468,000 $2,324,000 $1,577,000

23% 35% -20% 23% 36%

Top 3 MGA/Wholesale Policy-Issuing Insurers $578,000 $512,000 $457,000

4% -12% 63%

...

...

Top 3 Exclusive-Captive Policy-Issuing Insurers

...

American Security Insurance Company Liberty Surplus Insurance Corporation Liberty Mutual Fire Insurance Company National Fire & Marine Insurance Co Lexington Insurance Company Arch Specialty Insurance Company ...

1-Year DPW $5,991,000 $3,618,000 $3,590,000 $2,618,000 $2,378,000 $28,921,000

5% 6560% 28%

Assurant P&C Group Liberty Mutual Insurance Companies Liberty Mutual Insurance Companies

35% -20% 23%

94% 5% -14%

Berkshire Hathaway Insurance Group American International Group Arch Insurance Group

...

...

...

Top 3 Surplus Lines Policy Issuing Insurers

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

MS&AD US Insurance Group ...

Trisura US Insurance Group ...

4% 0% 0%

$2,673,000 $2,468,000 $2,324,000

166% 54% 6429%

American International Group Berkshire Hathaway Insurance Group American International Group Arch Insurance Group Allstate Insurance Group

...

Top 3 Direct Policy-Issuing Insurers

$3,618,000 $333,000 $298,000

23% 94% 5% -14% 54%

Louisiana Marketplace Report

Page 44

Products Liability Louisiana: Products Liability Written Premium (5 yr. ave. Penetration - 96%)

Louisiana: Products Liability Loss/Combined Ratio (5 yr. ave. 54%/107%) **2022 Average Commission Rate Paid: 15.7%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

140% Direct Written Premium - All Distribution Types

120%

Thousands

$60000

100% $50000

80%

$40000

60%

$30000 $20000

40%

$10000

20%

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $50,599,000

ALL Direct Written Premium (DPW) $53,098,000

0%

2018

2019 2020 Direct DPW Excl.-Captive Agents DPW $1,517,000 $965,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 95% 2%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $32,008,000

Direct Penetration 3%

Surplus Lines Utilization 60.3%

IA+MGA+IA-Mixed Insurers 143

Excl.-Captive Insurers 8

Direct Insurers 6

Surplus Lines Insurers 55

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 14% / 6% 16% / 6%

1-yr / 5-yr: Excl.-Captive 18% / 8%

1-yr / 5-yr: Direct 155% / 7%

1-yr / 5-yr: Surplus Lines 22% / 10%

1-Year Adj. Loss Ratio 56% 45% 8% 56% 49% 91%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 34% N/A 61% N/A 48% N/A 22% N/A 8% N/A 16% N/A

Active Affiliated and Unaffiliated Insurers 160

Top 5 Groups or Unaffiliated Single(s) Fairfax Financial (USA) Group (G) Kinsale Insurance Company W. R. Berkley Insurance Group (G) Travelers Group (G) Chubb INA Group (G) Total or Average Crum & Forster Specialty Insurance Co Kinsale Insurance Company Admiral Insurance Company Indian Harbor Insurance Company Associated Industries Insurance Company Western World Insurance Company Colony Insurance Company Evanston Insurance Company Federated Mutual Insurance Company Federated Service Insurance Company

Liberty Mutual Insurance Company Liberty Mutual Fire Insurance Company Liberty Insurance Corporation Crum & Forster Specialty Insurance Co Kinsale Insurance Company Admiral Insurance Company ...

1-Year DPW $6,810,000 $4,393,000 $3,927,000 $3,398,000 $3,000,000 $53,104,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers $6,558,000 $4,393,000 $2,341,000 $2,273,000 $1,755,000

51% 45% 6% -100% 39%

34% 61% 55% 49% 42%

Fairfax Financial (USA) Group ...

W. R. Berkley Insurance Group XL America Companies AmTrust Group

-9% 6% 114%

American International Group Argo Group Markel Corporation Group

3% 44%

Federated Mutual Group Federated Mutual Group

59% 163% -272%

Liberty Mutual Insurance Companies Liberty Mutual Insurance Companies Liberty Mutual Insurance Companies

51% 45% 6%

34% 61% 55%

Fairfax Financial (USA) Group ...

W. R. Berkley Insurance Group

...

...

...

Top 3 MGA/Wholesale Policy-Issuing Insurers $1,310,000 $1,066,000 $960,000

42% 40% 41%

$445,000 $173,000

19% 8%

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$612,000 $397,000 $232,000

63% 90% -28%

Top 3 Surplus Lines Policy Issuing Insurers $6,558,000 $4,393,000 $2,341,000 ...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 45

Surety Louisiana: Surety Loss/Combined Ratio (5 yr. ave. 54%/107%)

Louisiana: Surety Written Premium (5 yr. ave. Penetration - 86%)

**2022 Average Commission Rate Paid: 23.4%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

70% Direct Written Premium - All Distribution Types

60%

$200

Millions

50% $150

40% 30%

$100

20% $50

$0

10% 2018

2019

2020

2021

2022

Ind. Agent DPW $133,706,000

ALL Direct Written Premium (DPW) $152,499,000

0%

2018

2019 2020 Direct DPW Excl.-Captive Agents DPW $7,960,000 $5,856,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 88% 4%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $829,000

Direct Penetration 5%

Surplus Lines Utilization 0.5%

IA+MGA+IA-Mixed Insurers 105

Excl.-Captive Insurers 8

Direct Insurers 3

Surplus Lines Insurers 4

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 13% / 4% 13% / 5%

1-yr / 5-yr: Excl.-Captive 30% / 6%

1-yr / 5-yr: Direct 18% / 9%

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio 43% 0% 8% 15% 31% 26%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 42% N/A 19% N/A -1% N/A 10% N/A 40% N/A 13% N/A

Active Affiliated and Unaffiliated Insurers 121

Top 5 Groups or Unaffiliated Single(s) Travelers Group (G) Liberty Mutual Insurance Companies (G) Chubb INA Group (G) Hartford Insurance Group (G) Fairfax Financial (USA) Group (G) Total or Average

1-Year DPW $12,666,000 $9,994,000 $9,823,000 $9,432,000 $9,375,000 $152,519,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers

Travelers Casualty and Surety Co of Amer United States Fire Insurance Company Argonaut Insurance Company Fidelity and Deposit Company of Maryland Western Surety Company RLI Insurance Company Markel Insurance Company Evergreen National Indemnity Company Nationwide Mutual Insurance Company Ironshore Indemnity Inc. State Farm Fire and Casualty Company Liberty Mutual Insurance Company Protective Insurance Company Repwest Insurance Company Clear Blue Specialty Insurance Company Ironshore Specialty Insurance Co Accelerant Specialty Insurance Company ...

$12,631,000 $8,442,000 $7,219,000 $6,912,000 $6,194,000

44% 32% -3% 5% 2%

Top 3 MGA/Wholesale Policy-Issuing Insurers

46% 44% -1% 16% -25%

Travelers Group Fairfax Financial (USA) Group Argo Group Zurich Insurance US PC Group CNA Insurance Companies

7% 42% -1%

RLI Group Markel Corporation Group Stillwater Insurance Group

$3,468,000 $3,425,000 $1,446,000

9% 15% -1%

$5,012,000 $366,000 $291,000

180% 0% 12%

46% -47% -7%

Nationwide Group Liberty Mutual Insurance Companies State Farm Group

0% 0% 0%

18%

Liberty Mutual Insurance Companies Progressive Insurance Group AMERCO P&C Ins Group

Top 3 Exclusive-Captive Policy-Issuing Insurers

Top 3 Direct Policy-Issuing Insurers

$7,942,000 $15,000 $3,000

0%

Top 3 Surplus Lines Policy Issuing Insurers $339,000 $250,000 $171,000 ...

104% 0% 60%

-200% 68%

Clear Blue Insurance Group Liberty Mutual Insurance Companies Accelerant US Holdings Group

...

...

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

Louisiana Marketplace Report

Page 46

Workers’ Compensation Louisiana: Workers’ Compensation Written Premium (5 yr. ave. Penetration - 95%)

Louisiana: Workers’ Compensation Loss/Combined Ratio (5 yr. ave. 51%/94%) **2022 Average Commission Rate Paid: 9.3%** Adj. Loss Ratio

Direct Written Premium - Independent Agency Distribution

Combined Ratio

120% Direct Written Premium - All Distribution Types

100%

Millions

$1000

80%

$800

60%

$600 $400

40%

$200

20%

$0

2018

2019

2020

2021

2022

Ind. Agent DPW $828,379,000

ALL Direct Written Premium (DPW) $874,832,000

0%

2018

2019 2020 Direct DPW Excl.-Captive Agents DPW $30,039,000 $14,062,000

IA+MGA+IA-Mixed Penetration Excl.-Captive Penetration 95% 2%

Loss and Combined Ratio Data Status 100%

2021 2022 Surplus Lines DPW $0

Direct Penetration 3%

Surplus Lines Utilization 0.0%

IA+MGA+IA-Mixed Insurers 224

Excl.-Captive Insurers 13

Direct Insurers 15

Surplus Lines Insurers 0

1-Year / 5-Year Premium Growth: All Premium 1-yr / 5-yr: IA+MGA+IA-Mixed 9% / 2% 9% / 2%

1-yr / 5-yr: Excl.-Captive 18% / 2%

1-yr / 5-yr: Direct 6% / 2%

1-yr / 5-yr: Surplus Lines #DIV/0!

1-Year Adj. Loss Ratio 64% 32% -1% 28% 9% 43%

1-Year Growth Rate Group Name or ALL L.O.B. DPW 8% N/A 6% N/A 13% N/A 14% N/A 19% N/A 9% N/A

Active Affiliated and Unaffiliated Insurers 259

Top 5 Groups or Unaffiliated Single(s) Louisiana Workers' Compensation Corp LUBA Insurance Companies (G) Zurich Insurance US PC Group (G) Great American P & C Insurance Group (G) Travelers Group (G) Total or Average Louisiana Workers' Compensation Corp LUBA Casualty Insurance Company Bridgefield Casualty Insurance Company Retailers Casualty Insurance Company Starr Indemnity & Liability Company

1-Year DPW $248,516,000 $69,897,000 $56,219,000 $43,614,000 $39,958,000 $874,867,000

Top 5 Pure Independent Agent-Broker Policy Issuing Insurers

Stonetrust Commercial Insurance Company LUBA Indemnity Insurance Company Markel Insurance Company State Farm Fire and Casualty Company Federated Mutual Insurance Company Federated Service Insurance Company Liberty Insurance Corporation American Liberty Insurance Company Liberty Mutual Fire Insurance Company ...

...

$248,516,000 $60,354,000 $27,357,000 $14,504,000 $14,026,000

64% 29% 25% 34% 30%

8% 3% 15% 4% 0%

...

LUBA Insurance Companies Great American P & C Insurance Group ...

Starr International Group

0% 49% 34%

4% 25% -1%

Stonetrust Insurance Group LUBA Insurance Companies Markel Corporation Group

8% 71% 17%

22% 40% -14%

State Farm Group Federated Mutual Group Federated Mutual Group

79% -37% -7%

Liberty Mutual Ins Companies Benchmark Insurance Group Liberty Mutual Ins Companies

...

...

...

...

Top 3 MGA/Wholesale Policy-Issuing Insurers $22,487,000 $9,543,000 $3,943,000

Top 3 Exclusive-Captive Policy-Issuing Insurers $6,670,000 $3,598,000 $1,259,000

Top 3 Direct Policy-Issuing Insurers

$6,604,000 $5,068,000 $4,728,000

19% 71% 69%

...

...

Top 3 Surplus Lines Policy Issuing Insurers

...

Top Individual RRG

Source: © A.M. Best Company — used by permission.

...

Louisiana Marketplace Report

Page 47

Appendix #1: All Lines of Business - Additional Details 2022 - Louisiana: All Lines of Business Additional Details All Direct Written Premium

1-Year Loss Ratio

5-Year Loss Ratio

1-Year Growth

5-Year Growth

87,623,000 18,599,000 50,864,000 1,049,954,000 4,963,961,000

63% 80% 47% 78% 75%

67% 73% 60% 84% 68%

7% 10% 4% 6% 3%

5% 2% 11% 9% 1%

64% 36% 99% 77% 26%

59% 34% 98% 78% 25%

923,740,000 53,014,000 5,877,000 695,381,000 33,049,000

29% 194% -1% 64% 26%

218% 87% 32% 149% 47%

54% 17% 11% 18% 18%

22% 13% 3% 9% -1%

90% 96% 81% 84% 78%

84% 95% 79% 83% 75%

7,717,000

-17%

3%

15%

-1%

82%

82%

58,690,000 16,075,000

18% 19%

43% 113%

21% 9%

1% 2%

95% 36%

97% 39%

259,324,000

-1%

75%

-9%

4%

74%

73%

14,634,000 1,086,000 578,891,000

19% 0% 119%

51% 0% 159%

7% -87% 27%

3% -30% 13%

86% 0% 92%

85% 0% 82%

2,465,855,000 583,062,000 3,000

39% 41% -850%

148% 58% -850%

15% 13% N/A

7% 7% N/A

47% 79% 100%

35% 78% 100%

116,083,000

28%

19%

7%

6%

90%

92%

63,412,000 154,389,000

-35% 90%

11% 117%

-2% 20%

1% 18%

19% 100%

19% 100%

171,833,000

60%

80%

10%

5%

96%

96%

299,807,000

24%

42%

10%

9%

95%

94%

1,016,247,000 5,503,000

62% 106%

63% 194%

13% -6%

9% 12%

88% 100%

88% 100%

28,921,000

11%

24%

16%

9%

85%

77%

Warranty Workers' Compensation Total (All Lines)

53,098,000 152,499,000 6,907,000 874,832,000 14,810,938,000

91% 26% 88% 43% 60%

54% 20% 87% 51% 90%

16% 13% -18% 9% 11%

6% 5% 8% 2% 5%

95% 88% 48% 95% 59%

96% 89% 56% 95% 54%

Total (IA-Focused Lines)

14,600,262,000

11%

5%

60%

54%

All P-C Lines of P-C Business Accident & Health Aggregate Write-ins Aircraft (all perils) All Commercial Auto All Private Passenger Auto Allied Perils Only Boiler & Machinery Burglary & Theft Commercial Multi-Peril Credit Earthquake Excess Workers' Comp Farmowners Multi-Peril Federal Flood Fidelity Financial Guaranty Fire Peril Only Homeowners Multi-Peril Inland Marine International Medical Malpractice Mortgage Guaranty Multi-Peril Crop Ocean Marine Other Liability (Claims-made) Other Liability (Occurrence) Private Crop Private Flood Products Liability Surety

No Industry Rpt No Industry Rpt

Source: © A.M. Best Company — used by permission. (Note: Independent Agentfocused lines of business are bold and underlined, and the total for just those lines is provided in the last line of the compendium, Total (IA-Focused Lines).

1-Year 5-Year Penetration Penetration

Louisiana Marketplace Report

Page 48

Appendix #2: Distribution Style Classifications This Louisiana P&C Marketplace Summary classifies insurers into distribution styles based on the insurer’s reported marketing type(s). These marketing types are provided as part of what is known as a “Galley Process,” and made available by A.M. Best as part of various insurer attributes in their Best’s Financial Suite. Below are the various marketing types reported by insurers in 2022.

Marketing Types: Affinity Group Marketing Bank Broker Career Agent Direct Response Exclusive/Captive Agent General Agent Inactive Independent Agency Internet Managing General Agent Not Available Other Other Agency Other Direct Worksite Marketing

Distribution Style Classifications: The approach used by this P&C Marketplace Summary is to take each insurer’s reported marketing type and put data from that insurer into one of 6 distribution styles. Some insurer classifications are obvious and straight forward. Others less so. When insurers list multiple marketing types, more weight is given to the marketing type listed first that closest aligns to each distribution style. About 10% of insurers have “Not Available” for their listed marketing type. These insurers represent less than 1% of all written premiums in 2022, and those insurers are categorized as “Other.”

There are 6 distribution styles into which each insurer is categorized in this Summary: (1) Pure IA or Broker, (2) MGA/Wholesale, (3) IA-Mixed, (4) Exclusive-Captive, (5) Direct, and (6) Other. When general independent agent distribution figures are needed, data for the first three distribution styles are combined, and are of the most interest. The remaining three distribution styles stand on their own. Other industry analysis of distribution and penetration may vary in how the impact of insurer distribution choices are determined, but generally the results are similar to the approach taken in this Summary.

By controlling the distribution style classification in this way for each insurer, flexibility is attained in providing data that matches an independent agent’s view of the marketplace. It allows determination of approximate penetrations of the distribution styles by line of business. It also allows creating lists of insurers by line of business for each distribution style.

Louisiana Marketplace Report

Page 49

Proprietary Classification of Premiums by Line of Business Featured in the table below are the premiums as calculated based on the proprietary classification of insurers into distribution styles. Premiums are shown first for each line of business and All Distribution styles combined, and then for the 6 distribution styles just listed above separately. Bold and underlined in the table below are the 26 P&C independent agent-focused lines of business. The total for those 26 lines is provided in the last line of the table, Total (IA-Focused Lines).

2022 - Louisiana: All Lines of Business Distribution Style - DPW (Premiums) in Millions of Dollars Louisiana All P-C Lines of P-C Business

All Distribution Pure IA or Broker MGA/Wholesale IA-Mixed Exclusive-Captive Direct DPW DPW (4) (1+2+3+4+5+6) DPW (1) DPW (2) DPW (3) (5)

Accident & Health Aggregate Write-ins Aircraft (all perils)

88 19 51

48 3 48

6 4 2

1 0 0

All Commercial Auto All Private Passenger Auto

1,050 4,964

606 1,035

176 208

29 34

Allied Perils Only Boiler & Machinery

924 53

435 31

59 0

340 19

Burglary & Theft Commercial Multi-Peril Credit

6 695 33

4 455 24

0 108 2

0 18 0

Earthquake

8

5

1

0

Excess Workers' Comp Farmowners Multi-Peril

59 16

56 6

0 0

0 0

Federal Flood

259

96

97

0

Fidelity Financial Guaranty Fire Peril Only

15 1 579

12 0 409

0 0 44

0 0 83

Homeowners Multi-Peril Inland Marine International

2,466 583 0

739 398 0

288 31 0

135 33 0

Medical Malpractice

116

44

8

52

Mortgage Guaranty Multi-Peril Crop Ocean Marine Other Liability (Claims-made) Other Liability (Occurrence) Private Crop Private Flood Products Liability Surety Warranty Workers' Compensation Total (All Lines)

63 154 172 300 1,016 6 29 53 152 7 875 14,811

12 113 102 253 724 4 22 44 120 3 746 6,596

0 5 63 27 163 0 2 6 12 0 50 1,364

0 36 1 3 11 1 1 0 1 0 32 832

Total (IA-Focused Lines)

14,600

6,505

1,352

831

31 0 0 100 2,361 19 1 1 100 5 1 0 10 49 0 0 13 895 88 0 3 0 0 0 2 53 0 0 1 6 3 14 3,757 3,718

Other (6)

1 11 0

(0) 0 0

122 1,327

18 0

59 2

12 0

0 10 2

0 5 0

0

0

3 0

0 0

17

0

2 0 26

0 1 5

399 31 0

9 2 0

7

3

36 0 6 7 48 0 4 2 8 1 30 2,160

16 0 0 7 17 0 0 0 5 0 2 102

2,109

85

Source: © A.M. Best Company — used by permission. (Note: Independent Agent-focused lines of business are bold and underlined, and the total for just those lines is provided in the last line of the compendium, Total (IA-Focused Lines).

Louisiana Marketplace Report

Page 50

Top 10 Largest Insurers by Distribution Style To provide examples of the classification approach results, the top insurers in each distribution style are shown below with the reported marketing type and premiums for Louisiana.

Top 10 Insurers Classified as IA or Broker - DPW (Premiums) in Millions of Dollars Louisiana Policy-Issuing Insurers Progressive Security Insurance Company Louisiana Workers' Compensation Corp Imperial Fire and Casualty Insurance Co Continental Casualty Company Safeco Insurance Company of Oregon Progressive Property Insurance Company National Union Fire Ins Co Pittsburgh PA Foremost Insurance Co Grand Rapids, MI Scottsdale Insurance Company Travelers Property Casualty Co of Amer

Group Progressive Insurance Group ...

Allstate Insurance Group CNA Insurance Companies Liberty Mutual Insurance Companies Progressive Insurance Group American International Group Farmers Insurance Group Nationwide Group Travelers Group

2022 DPW 638.2 248.5 205.6 165.8 131.1 117.9 116.7 109.2 105.7 105.2

Listed Marketing Type Independent Agency Independent Agency Independent Agency Independent Agency Independent Agency Independent Agency Broker Independent Agency Independent Agency Independent Agency

Top 10 Insurers Classified as MGA/Wholesale - DPW (Premiums) in Millions of Dollars Louisiana Policy-Issuing Insurers GoAuto Insurance Company SureChoice Underwriiters Reciprocal Exch Wright National Flood Insurance Company Houston Specialty Insurance Company Allied Trust Insurance Company Evanston Insurance Company Centauri National Insurance Company Old American Indemnity Company U.S. Specialty Insurance Company Clear Blue Specialty Insurance Company

Group ...

Forza Insurance Group ...

Skyward Specialty Insurance Group ...

Markel Corporation Group AU Holding Company Group Old American Capital Group Tokio Marine US PC Group Clear Blue Insurance Group

2022 DPW 152.1 102.2 92.5 89.4 72.3 60.8 57.7 55.1 45.2 37.6

Listed Marketing Type Managing General Agent Managing General Agent Managing General Agent Managing General Agent Managing General Agent Managing General Agent Managing General Agent Managing General Agent Managing General Agent, Independent Agency Managing General Agent

Top 10 Insurers Classified as IA-Mixed - DPW (Premiums) in Millions of Dollars Louisiana Policy-Issuing Insurers Louisiana Citizens Property Ins Corp Factory Mutual Insurance Company American Modern Property & Casualty Ins LAMMICO American Agri-Business Insurance Company United Financial Casualty Company Church Mutual Insurance Company, S.I. Automobile Club Inter-Insurance Exchange Affiliated FM Insurance Company Princeton Excess & Surplus Lines Ins Co

Group ...

FM Global Group Munich-American Holding Corp Companies LAMMICO Group Sompo Holdings US Group Progressive Insurance Group Church Mutual Insurance Group Auto Club Enterprises Insurance Group FM Global Group Munich-American Holding Corp Companies

2022 DPW 424.6 88.4 47.4 46.2 33.5 23.6 21.9 21.7 17.1 17.0

Listed Marketing Type Other Direct Response, Broker Worksite Marketing Direct Response, Independent Agency Other Agency Independent Agency, Direct Response Direct Response, Independent Agency Independent Agency, Exclusive/Captive Agent Broker, Direct Response Affinity Group Marketing, Broker

Top 10 Insurers Classified as Exclusive-Captive - DPW (Premiums) in Millions of Dollars Louisiana Policy-Issuing Insurers State Farm Mutual Automobile Ins Co State Farm Fire and Casualty Company Allstate Property and Casualty Ins Co Allstate Insurance Company Louisiana Farm Bureau Casualty Ins Co Shelter Mutual Insurance Company American National Property & Casualty Co Allstate Indemnity Company Liberty Insurance Underwriters, Inc. Southern Farm Bureau Casualty Ins Co

Group State Farm Group State Farm Group Allstate Insurance Group Allstate Insurance Group Southern Farm Bureau Casualty Group Shelter Insurance Companies American National Prop & Cas Group Allstate Insurance Group Liberty Mutual Insurance Companies Southern Farm Bureau Casualty Group

2022 DPW 1,415.6 780.1 385.1 250.9 246.6 138.1 91.4 83.8 51.8 50.0

Listed Marketing Type Exclusive/Captive Agent Exclusive/Captive Agent Exclusive/Captive Agent Exclusive/Captive Agent Exclusive/Captive Agent Exclusive/Captive Agent Exclusive/Captive Agent Exclusive/Captive Agent Exclusive/Captive Agent, Direct Response Exclusive/Captive Agent

Top 10 Insurers Classified as Direct - DPW (Premiums) in Millions of Dollars Louisiana Policy-Issuing Insurers Progressive Paloverde Insurance Company GEICO Casualty Company Louisiana Farm Bureau Mutual Ins Co United Services Automobile Association GEICO Secure Insurance Company USAA General Indemnity Company USAA Casualty Insurance Company Liberty Personal Insurance Company Garrison Property and Casualty Ins Co Liberty Mutual Fire Insurance Company

Group Progressive Insurance Group Berkshire Hathaway Insurance Group ...

USAA Group Berkshire Hathaway Insurance Group USAA Group USAA Group Liberty Mutual Insurance Companies USAA Group Liberty Mutual Insurance Companies

2022 DPW 434.0 345.1 163.4 156.7 152.5 140.3 127.8 97.2 70.7 63.8

Listed Marketing Type Direct Response Direct Response Direct Response Direct Response Direct Response Direct Response Direct Response Direct Response Direct Response Direct Response

Top 10 Insurers Classified as Other - DPW (Premiums) in Millions of Dollars Louisiana Policy-Issuing Insurers Bridgeway Insurance Company Berkshire Hathaway Specialty Ins Co Essent Guaranty, Inc. Accredited Specialty Insurance Company Spinnaker Specialty Insurance Company Westfield Specialty Insurance Company Upland Specialty Insurance Company National Mortgage Insurance Corporation Greenwich Insurance Company Endurance Assurance Corporation

Group Munich-American Holding Corp Companies Berkshire Hathaway Insurance Group Essent Guaranty Group Randall Group Spinnaker Insurance Group Westfield Group ...

National Mortgage Insurance Group XL America Companies Sompo Holdings US Group

2022 DPW 14.1 12.3 10.2 7.4 5.7 5.5 5.3 5.0 5.0 4.2

Listed Marketing Type Inactive Not Available Not Available Inactive Inactive Inactive Inactive Not Available Not Available Not Available

Source: © A.M. Best Company — used by permission, and the Real Insurance Solutions Consulting proprietary classification of policy issuing insurers, based on reported Marketing Types into Distribution Styles.

Louisiana Marketplace Report

Page 51

Appendix #3: Definitions Line-of-Business (LOB or Combination) Aggregate Write-ins

NAIC Line Numbers

Definition

Line 34

Explained coverage written in that do not fit elsewhere.

Aircraft (all perils)

Line 22

Coverage for aircraft (hull) and their contents; aircraft owners’ and aircraft manufacturers’ liability to passengers, airports and other third parties.

All Commercial Auto

Lines 19.3+19.4+21.1 Commercial Auto No-Fault (Personal Injury Protection). Other Commercial Auto Passenger Liability (Include-BI, PD, UM and UIM). Commercial Auto Physical Damage.

All Private Passenger

Lines 19.1+19.2+21.1 Private Passenger Auto No-Fault (Personal Injury Protection). Other Private Passenger Auto Liability (Include-BI/PD/UM and UIM). Private Passenger Auto Physical Damage.

Boiler & Machinery

Line 27

Coverage for the failure of boilers, machinery and electrical equipment. Benefits include: (i) property of the insured that has been directly damaged by the accident. (ii) Costs of temporary repairs and expediting expenses. (iii) Liability for damage to the property of others.

Burglary & Theft

Line 26

Coverage for property taken or destroyed by breaking and entering the insured’s premises, burglary or theft, forgery or counterfeiting, fraud, kidnap and ransom, and off-premises exposure.

Commercial Multiple Peril

Line 5

A contract for a commercial enterprise that packages two or more insurance coverages protecting an enterprise from various property and liability risk exposures. Frequently includes fire, allied lines, various other coverages (e.g., difference in conditions) and liability coverage (such coverages would be included in other annual statement lines, if written individually).

Include multi-peril policies (other than farmowners, homeowners and automobile policies) that include coverage for liability other than auto. (Builders’ Risk Policies, Businessowners, Commercial Package Policies, Manufacturers Output Policies, e-Commerce and Difference-inConditions).

Credit

Line 28

Coverage purchased by consumers, manufacturers, merchants, educational institutions or other providers of goods and services extending credit, for indemnification of losses or damages resulting from the nonpayment of debts owed to/from them for goods or services provided in the normal course of their business.

Excess Workers’ Compensation Line 17.3

Indemnification coverage provided to self-insured employers on an excess of loss basis.

Farmowners Multiperil

Line 4

A package policy for farming and ranching risks, similar to a homeowners policy, that has been adopted for farms and ranches and includes both property and liability coverages for personal and business losses. Coverages include farm dwellings and their contents, barns, stables, other farm structures and farm inland marine, such as mobile equipment and livestock. A commercial package policy for farming and ranching risks that includes both property and liability coverage.

Coverage includes barns, stables, other farm structures and farm inland marine, such as mobile equipment and livestock.

Fidelity

Line 23

A bond covering an employer’s loss resulting from an employee’s dishonest act (e.g., loss of cash, securities, valuables, etc.)

Financial Guaranty

Line 10

A surety bond, insurance policy, or when issued by an insurer, an indemnity contract and any guaranty similar to the foregoing types, under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee or indemnitee as a result of failure to perform a financial obligation (see Financial Guaranty Insurance Guideline (#1626)).

Fire & Allied Lines

Lines 1 + 2.1 + 2.2 + 2.3 + 12

Fire, Allied Lines, Multi-Peril Crop, Federal Flood, Private Crop, Private Flood and Earthquake (see further descriptions of each under Fire & Allied Lines).

Homeowners Multiperil

Line 3

A package policy combining broad property coverage for the personal property and/or structure with broad personal liability coverage. Coverage applicable to the dwelling, appurtenant structures, unscheduled personal property and additional living expense are typical. Includes mobile homes at a fixed location. (Alternative Workers’ Compensation, Employers’ Liability and Standard Workers’ Compensation).

Inland Marine

Line 9

Coverage for property that may be in transit, held by a bailee, at a fixed location, a movable good that is often at different locations (e.g., off-road construction equipment) or scheduled property (e.g., Homeowners Personal Property Floater), including items such as live animals, property with antique or collector’s value, etc. This line also includes instrumentalities of transportation and communication, such as bridges, tunnels, piers, wharves, docks, pipelines, power and phone lines, and radio and television towers. (Animal Mortality, EDP Policies, Pet Insurance Plans, Communication Equipment, Event Cancellation, Travel Coverage, Vehicle Excess Waiver, Boatowners, Other Commercial Inland Marine, Other Personal Marine and Cash and Cash in Transit Insurance).

Louisiana Marketplace Report

Page 52

Line-of-Business (LOB or Combination) International

NAIC Line Numbers

Definition

Line-29

Includes all business transacted outside the U.S. and its territories and possessions where the appropriate line of business is not determinable

Medical Professional Liability

Line 11

Insurance coverage protecting a licensed health care provider or health care facility against legal liability resulting from the death or injury of any person due to the insured’s misconduct, negligence, or incompetence in rendering professional services. Medical Professional Liability is also known as Medical Malpractice.

Mortgage Guaranty

Line 6

Insurance that indemnifies a lender from loss if a borrower fails to meet required mortgage payments.

Ocean Marine

Line 8

Coverage for ocean and inland water transportation exposures; goods or cargoes; ships or hulls; earnings; and liability.

Other Liability (Claims-made)

Line 17.2

Same as 17.1 but on a Claims-Made Basis. These policies cover insured events that are reported (as defined in the policy) within the effective dates of the policy, subject to retroactive dates and extended reporting periods when applicable.

Other Liability (Occurrence)

Line 17.1

Occurrence Based: These policies cover insured events that occur within the effective dates of the policy, regardless of when they are reported to the reporting entity.Insurance coverage protecting the insured against legal liability resulting from negligence, carelessness or a failure to act, causing property damage or personal injury to others. Typically, coverages include construction and alteration liability; contingent liability; contractual liability; elevators and escalators liability; errors and omissions liability, environmental pollution liability; excess stop loss, excess over insured or self-insured amounts and umbrella liability; liquor liability; personal injury liability; premises and operations liability; completed operations liability, nonmedical professional liability, etc. Also includes indemnification coverage provided to self-insured employers on an excess of loss basis (excess workers’ compensation). (Completed Operations, Construction Liability, Contingent Liability, Contractual Liability, Elevators, Error and Omissions, Environmental Pollution, Excess and Umbrella, Personal Liability, Premises and Operations, Excess Workers’ Compensation, Commercial General Liability, Comprehensive Personal Liability, Day Care Centers, Directors and Officers, Employee Benefit Liability, Employers’ Liability, Employment Practices, Fire Legal, Municipal Liability, Nuclear Energy, Veterinarian, Internet Liability and Cyber Liability). Excludes excess workers’ compensation.

Products Liability

Surety

Warranty

Line 18

Insurance coverage protecting the manufacturer, distributor, seller or lessor of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product.

Line 24

A three–party agreement where the insurer agrees to pay a second party (the obligee) or make complete an obligation in response to the default, acts or omissions of a third party (the principal).

Line 30

Coverage that protects against manufacturer’s defects past the normal warranty period and for repair after breakdown to return a product to its originally intended use. Warranty insurance generally protects consumers from financial loss caused by the seller’s failure to rectify or compensate for defective or incomplete work and cost of parts and labor necessary to restore a product’s usefulness. Includes, but is not limited to, coverage for all obligations and liabilities incurred by a service contract provider, mechanical breakdown insurance and service contracts written by insurers. (Mechanical Breakdown and Service Contracts).

Insurance that covers an employer’s liability for injuries, disability or death to persons in their employment, without regard to fault, as prescribed by state or Federal workers’ compensation laws and other statutes. Includes employer’s liability coverage against the common law liability for injuries to employees (as distinguished from the liability imposed by Workers’ Compensation Laws). Excludes excess workers’ compensation.

Workers Compensation

Line 16

Fire & Allied Lines Breakout Fire Only

NAIC Line Numbers Line 1

Definition Coverage protecting the insured against the loss to real or personal property from damage caused by the peril of fire or lightning, including business interruption, loss of rents, etc.

Allied Lines

Line 2.1

Extended coverage; glass; tornado, windstorm and hail; sprinkler and water damage; explosion, riot and civil commotion; rain; and damage from aircraft and vehicle.

Multi-Peril Crop

Line 2.2

Insurance protection that is subsidized or reinsured by the Federal Crop Insurance Corporation for protection against losses due to damage, decreases in revenues and/or gross margins from crop, livestock and other agricultural-related production from unfavorable weather conditions, drought, wind, frost, fire or lightning, flood, hail, insect infestation, disease or other yieldreducing conditions or perils.

Federal Flood

Line 2.3

Coverage provided by the Federal Insurance Administration (FIA) of the Federal Emergency Management Agency (FEMA) through insurers participating in the National Flood Insurance Program’s (NFIP) Write Your Own (WYO) program. Coverage is subject to the terms and conditions provided in the Financial Assistance/Subsidy Arrangement between the reporting entity and the FIA.

Private Crop

Line 2.4

Private market coverage for crop insurance and agricultural-related protection, such as hail and fire, and is not reinsured by the Federal Crop Ins

Private Flood

Line 2.5

Private market coverage (primary standalone, first dollar policies that cover the flood peril and excess flood) for flood insurance that is not offered through the National Flood Insurance Program. (Sewer/water backup coverage issued as an endorsement homeowners or commercial policy.)

Earthquake

Line 12

Property coverages for losses resulting from a sudden trembling or shaking of the earth, including that caused by volcanic eruption. Excluded are losses resulting from fire, explosion, flood or tidal wave following the covered event.

Source: ©1984 –2019 National Association of Insurance Commissioners: Annual Statement Instructions Property/Casualty-2019 Reporting Year

Louisiana Marketplace Report

Page 53

Appendix #4: Line of Business Facts - Visual Reference Below is an image of a sample Top Line of Business detail page. It is provided with notations (A-I) to assist in understanding the components of the product details provided for each line of business.

Page 54

This 2023 Louisiana Annual P&C Marketplace Summary has provided the reader with both visual and numeric presentations of the Louisiana P&C marketplace data, as a benefit of your membership with the Independent Insurance Agents & Brokers of Louisiana.

Two additional, informative products are available from Real Insurance Solutions Consulting: Quarterly state marketplace summaries are made available during the calendar year, as the data is reported by P&C insurers becomes available.

Individual insurer summaries are also available, based on the same data provided in the annual and quarterly summaries, with data provided both on a national and Louisiana-specific basis.

All questions and comments or need for further analysis are welcomed at the contact information below.

P&C Insurance Industry Analysis Provided by: Real Insurance Solutions Consulting, LLC Paul A. Buse, Principal www.realinsurancesc.com 301-842-7472

P&C Insurance Industry Summary Provided by: Independent Insurance Agents & Brokers of Louisiana Ben Albright, CEO & President www.IIABL.com 225-819-8007

18153 E. Petroleum Drive | Baton Rouge, LA 70809