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Peer Benchmarking for a Group of Leading U.S. Specialty Insurers May, 2013

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Peer Benchmarking on Key Bottom-Line Ratios and Investment Return Expense Ratio – 2012, %

Loss Ratio – 2012, %

50%

100% 33.9%

80%

0%

Markel Corp

Argo

63.1%

79.3%

47.1%

75.5%

63.0% Argo

Industry Average (7 Cos.)

Investment Yield, % (2012)

2012 Endurance WR Berkley

Markel Corp

HCC Endurance Insurance Specialty Holdings Holdings Return on Invested Assets

RLI

Meadowbrook WR Insurance Berkley Group

3.5%

5.7%

0%

4.9%

8.1%

10%

4.7%

20%

9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0%

3.9%

30%

2011 HCC Meadowbrook

RLI Meadowbrook WR Insurance Berkley Group

Loss Ratio

Industry Average (7 Cos.)

Return on Average Equity, %

-10% 2010 Markel RLI Argo

HCC Endurance Insurance Specialty Holdings Holdings

3.9%

Expense Ratio

RLI Meadowbrook WR Insurance Berkley Group

0%

4.5%

Markel HCC Endurance Corp Insurance Specialty Holdings Holdings

20%

67.8% 92.5%

39.2%

34.1%

32.1%

10%

41.9%

40%

26.8%

20%

19.9%

60% 43.3%

30%

53.8%

40%

Argo

Industry Average (7 Cos.)

Source: Research Databases, Company filings,, Earnings Call report, Annual Report, Company Website, Primary and Secondary Research

© 2011 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.

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Report Concludes Here

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Peer benchmarking for a group of leading u s specialty insurers  
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