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The Reinsurance Capital Cycle Casualty Actuarial Society

The Reinsurance Capital Cycle Casualty Actuarial Society. June 1, 2006 Jeffrey Cohen Stone Point Capital jcohen@stonepoint.com. 4 Waves of Start-up Capital. Property/Casualty Industry’s ROE is Lower than All Industries’ ROE. Source: Insurance Information Institute, Fortune.

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The Reinsurance Capital Cycle Casualty Actuarial Society

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  1. The Reinsurance Capital CycleCasualty Actuarial Society June 1, 2006 Jeffrey Cohen Stone Point Capital jcohen@stonepoint.com

  2. 4 Waves of Start-up Capital

  3. Property/Casualty Industry’s ROE is Lower than All Industries’ ROE Source: Insurance Information Institute, Fortune

  4. Top Performing Quintile Second Quintile Third Quintile Fourth Quintile Fifth Quintile Performance of Property/Casualty Companies Varies Widely Return on Statutory Surplus Source: McKinsey & Company

  5. Return to Initial Investors

  6. Post 9/11 Start-ups have Generated Positive Investment Returns

  7. 2001 Start-Ups Trailing 12 Months Total Gross Premiums Written GPW ($, MM) Source: Dowling & Partners

  8. 2001 Start-Ups Composite Combined Ratio GAAP Combined Ratio Source: Dowling & Partners

  9. Shareholders’ Equity – 2001 and 2005 Start-ups

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