Marketing Presentation January 26, 2011

1. Marketing Presentation January 26, 2011

2. Mercator Risk Services is an independent wholesale insurance brokerage firm formed in 2005. It is a subsidiary of Preferred Concepts, LLC. Preferred Concepts is owned by Stone Point Capital/Trident III, and Company Management. Over the past 20 years the Stone Point team has been at the forefront of innovation in the insurance market with investments in companies such as ACE, XL, Mid Ocean, AXIS, James River, Paris Re, Harbor Point Limited and Wilton Re. Background

3. Our collaborative approach brings the best resources to every transaction. Our brokers are specialists in the products and industries in which they work. Our focus on responsiveness and service quality makes our retailers and our markets look better. We lead the industry in disclosure, transparency, and regulatory compliance. Why Mercator?

4. National Platform-Hub approach New York Atlanta Hartford Los Angeles San Francisco Business Model - Structure

5. Disclosure and Compliance Each Broker is individually licensed as an Excess and Surplus Lines Broker as well as hold an active Property and Casualty Agents’ license. Business code of ethics signed by all employees Eliminate individual and contingent commissions Full Income disclosure Business Model - continued

6. J.C. Sparling EVP Vince Gatto Northeast/MW SVP Property Fac Rebecca Steele VP (LA) David Novak West SVP (See Separate Chart) Rory Dowling AVP National Property Team South Property (See Separate Chart)

7. J.C. Sparling EVP Randy Rust VP Grant Chiles AVP South Property Team Elaine Johnson Assoc. Broker Lisa Prebble TA

8. Vince Gatto SVP John O’Marra AVP Melissa Judd AVP Policy Checking Michele Tesoriero TA Northeast Property Team

9. J.C. Sparling – Executive Vice President – National Property (Atlanta) As Executive Vice President of Property Insurance, J.C. leads a team of 12 property experts with rich and diverse wholesale, retail and underwriting backgrounds. With this experience, J.C. and his team have longstanding and trusted relationships with domestic and global underwriters. Prior to joining Mercator, J.C. served as a Managing Director at Marsh, where he was in charge of property operations for the south region. He and his team of property specialists were responsible for bringing approximately $700 million in property premiums into the insurance marketplace. He has over 21 years in the industry with 19 of those years in complex property placements. J.C. graduated from Cornell University in 1989 with a B.S. in Communications. Vince Gatto – Senior Vice President – Property (New York) Vince is the Property Team Leader for the Northeast & Midwest Regions, located in Mercator’s NY office. With over 13 years of insurance industry experience, Vince has worked in wholesale for the past 7 years formerly for CRC Insurance Services and NIP Wholesale, handling risk management, middle market and small business property. Prior to wholesale, Vince was employed by a multinational retailer handling Fortune 500 and Fortune 1,000 clients. Vince's specialties in property include commercial and residential real estate, manufacturing, power & utilities, municipalities, builder’s risk; all inclusive of CAT exposed areas. Vince earned his B.A. from the Richard Stockton College of New Jersey in Pomona, NJ. Biographies

10. David Novak – Senior Vice President - West Property (San Francisco) David oversees Mercator’s west coast property practice in San Francisco. He has 16 years of experience in the insurance industry.  Before joining Mercator, David was a Vice President at Cooper Gay, an independent Lloyd’s of London broker based in New York City.  While at Cooper Gay, David was responsible for the creation and development of their San Francisco office and their west coast property practice.  Prior to moving to San Francisco, David spent two years working for the company in London, working on large property placements. He received his B.A. in International Relations and Economics from Syracuse University.  He earned his MBA in Finance and Information Technology from Tulane University in New Orleans. Randall Rust, CPCU – Vice President – South Property (Atlanta) Randy is responsible for all aspects of marketing and placements for property risks. He has more than 35 years of industry experience and over 20 years in retail and wholesale brokerage. He has an emphasis on catastrophe related risks, especially windstorm. Randy also oversees our in-house flood facilities thru Lloyd’s of London. Prior to Mercator, Randy worked at Swett & Crawford, Marsh and several property insurers. He graduated from Kent State University. Biographies (continued)

11. Rory Dowling – Assistant Vice President – West Coast Property (San Francisco)                Rory is responsible for marketing and placing property risks in the west region. He has more than 5 years of experience in the E&S property marketplace, with an emphasis on catastrophe driven risks. Rory is especially skilled at EQ placements. He joined Mercator in 2007 after spending two years in London working for the Catlin Syndicate on the binding authority underwriting team. Rory graduated from Washington and Lee University with an undergraduate degree in Business Administration. Grant Chiles, CRIS - Assistant Vice President - South Property & Construction (Atlanta) As a Broker on Mercator's Property team in Atlanta, Grant has a dual role as a property broker and heading up the Southeast Construction Practice. Grant is responsible for all aspects of marketing and placements for builder's risk, contractor's equipment and fixed property. Prior to brokerage, Grant served as a consultant in the MGA/MGU space where he was responsible for implementing software management platforms for regional and national clients. Grant holds advanced certifications in Construction Risk Management and a B.B.A in Marketing from Georgia Southern University. He is licensed as a Specialty Property/Casualty Insurance Broker and has over 9 years experience in the Insurance industry; he specializes in large commercial Property and Construction risks. Biographies (continued)

12. Products • “All risk” including CAT • Vacant Buildings • Builder’s Risk • Monoline CAT (Wind, Flood & EQ) • REO/Forced Placed Programs • DICs • Deductible Buybacks

13. Markets • Close to SE markets including RSUI, Aspen, AXIS, Arch, Westchester, etc. • Mercator offices in other key cities for multiple access points to insurers. • Proprietary line slips for middle market, monoline flood, Builder’s Risk, terrorism, etc. • Over 100 market relationships

14. 2010 Property Premium by Peril

15. 2010 Property Premium by Occupancy

16. Survey Period: 01/01/10 – 12/31/10 # Surveys Sent: 2,657 # Surveys Completed: 384 Completion/Response Rate: 14.5% Mercator Customer Feedback

17. Limited points of contact Property offices in NY, San Francisco and Atlanta Reporting by product line rather than geography All property brokers report to J.C. Sparling Experienced brokers who will learn your accounts What’s in it for You?

18. Mercator will provide complete and consistent submissions on all accounts Full transparency will lead to Mercator being a trusted trading partner We don’t “shotgun” the market. You take advantage of our higher hit ratios with key wholesale markets Enhanced commissions opportunity What’s in it for You? (continued)

19. What’s in it for You? (continued) • Despite market conditions, Mercator’s Property book grew 22% in 2010. • Mercator’s property hit ratio (received to bound) was 27% in 2010, we believe the highest in the industry. • Mercator’s property retention rate (premium $) was 80% in 2010, we believe the highest in the industry.

20. As Mercator continues to grow, we are seeking long term and stable relationships with key retailers. We look forward to growing our business partnership with you. Conclusion