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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 254.15 725.25 Td (T) Tj ET Q q 0 0 0 rg BT 260.08 725.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 303.32 725.25 Td ( CONTENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.70 693.48 Td (Page) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 668.91259765625 m 84.8388671875 668.91259765625 l s q 0 0 1 rg BT 52.50 670.48 Td (P) Tj ET Q q 0 0 1 rg BT 57.87 670.48 Td (AR) Tj ET Q q 0 0 1 rg BT 71.96 670.48 Td (T) Tj ET Q q 0 0 1 rg BT 78.45 670.48 Td ( I) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 649.32 Td (ITEM 1.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 647.9833984375 m 154.736328125 647.9833984375 l s q 0 0 1 rg BT 107.50 649.32 Td (BUSINESS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 154.74 649.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 635.32 Td (ITEM 1A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 633.9833984375 m 184.375 633.9833984375 l s q 0 0 1 rg BT 107.50 635.32 Td (RISK F) Tj ET Q q 0 0 1 rg BT 137.60 635.32 Td (ACT) Tj ET Q q 0 0 1 rg BT 157.42 635.32 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 184.38 635.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 621.32 Td (ITEM 1B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 619.9833984375 m 264.1357421875 619.9833984375 l s q 0 0 1 rg BT 107.50 621.32 Td (UNRESOL) Tj ET Q q 0 0 1 rg BT 152.70 621.32 Td (VED ST) Tj ET Q q 0 0 1 rg BT 186.62 621.32 Td (AFF COMMENTS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 264.14 621.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 607.32 Td (ITEM 2.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 605.9833984375 m 165.80078125 605.9833984375 l s q 0 0 1 rg BT 107.50 607.32 Td (PROPER) Tj ET Q q 0 0 1 rg BT 144.69 607.32 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 165.80 607.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 593.32 Td (ITEM 3.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 591.9833984375 m 211.2939453125 591.9833984375 l s q 0 0 1 rg BT 107.50 593.32 Td (LEGAL) Tj ET Q q 0 0 1 rg BT 139.90 593.32 Td ( PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 211.29 593.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 579.32 Td (ITEM 4.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 577.9833984375 m 242.7001953125 577.9833984375 l s q 0 0 1 rg BT 107.50 579.32 Td (MINE SAFETY) Tj ET Q q 0 0 1 rg BT 172.96 579.32 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 556.86259765625 m 88.73046875 556.86259765625 l s q 0 0 1 rg BT 52.50 558.43 Td (P) Tj ET Q q 0 0 1 rg BT 57.87 558.43 Td (AR) Tj ET Q q 0 0 1 rg BT 71.96 558.43 Td (T) Tj ET Q q 0 0 1 rg BT 78.45 558.43 Td ( II) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 544.32 Td (ITEM 5.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 542.9833984375 m 459.7412109375 542.9833984375 l s q 0 0 1 rg BT 107.50 544.32 Td (MARKET) Tj ET Q q 0 0 1 rg BT 149.54 544.32 Td ( FOR REGISTRANTS COMMON EQUITY) Tj ET Q q 0 0 1 rg BT 332.15 544.32 Td (, RELA) Tj ET Q q 0 0 1 rg BT 362.15 544.32 Td (TED ST) Tj ET Q q 0 0 1 rg BT 395.58 544.32 Td (OCKHOLDER ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 532.9833984375 m 387.7197265625 532.9833984375 l s q 0 0 1 rg BT 107.50 534.32 Td (MA) Tj ET Q q 0 0 1 rg BT 122.50 534.32 Td (TTERS ) Tj ET Q q 0 0 1 rg BT 155.01 534.32 Td (AND ISSUER PURCHASES OF EQUITY) Tj ET Q q 0 0 1 rg BT 328.55 534.32 Td ( SECURITIES) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 520.32 Td (ITEM 6.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 518.9833984375 m 241.59912109375 518.9833984375 l s q 0 0 1 rg BT 107.50 520.32 Td (SELECTED FINANCIAL) Tj ET Q q 0 0 1 rg BT 213.51 520.32 Td ( DA) Tj ET Q q 0 0 1 rg BT 229.35 520.32 Td (T) Tj ET Q q 0 0 1 rg BT 234.65 520.32 Td (A) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 241.32 520.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 506.32 Td (ITEM 7.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 504.9833984375 m 479.4775390625 504.9833984375 l s q 0 0 1 rg BT 107.50 506.32 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 1 rg BT 251.96 506.32 Td (AND ) Tj ET Q q 0 0 1 rg BT 275.57 506.32 Td (ANAL) Tj ET Q q 0 0 1 rg BT 302.34 506.32 Td (YSIS OF FINANCIAL) Tj ET Q q 0 0 1 rg BT 395.32 506.32 Td ( CONDITION ) Tj ET Q q 0 0 1 rg BT 455.31 506.32 Td (AND ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 494.9833984375 m 228.8232421875 494.9833984375 l s q 0 0 1 rg BT 107.50 496.32 Td (RESUL) Tj ET Q q 0 0 1 rg BT 138.25 496.32 Td (TS OF OPERA) Tj ET Q q 0 0 1 rg BT 199.38 496.32 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 482.32 Td (ITEM 7A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 480.9833984375 m 447.1923828125 480.9833984375 l s q 0 0 1 rg BT 107.50 482.32 Td (QUANTIT) Tj ET Q q 0 0 1 rg BT 151.13 482.32 Td (A) Tj ET Q q 0 0 1 rg BT 157.25 482.32 Td (TIVE ) Tj ET Q q 0 0 1 rg BT 181.96 482.32 Td (AND QUALIT) Tj ET Q q 0 0 1 rg BT 242.54 482.32 Td (A) Tj ET Q q 0 0 1 rg BT 248.65 482.32 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 1 rg BT 343.11 482.32 Td (ABOUT) Tj ET Q q 0 0 1 rg BT 377.37 482.32 Td ( MARKET) Tj ET Q q 0 0 1 rg BT 421.91 482.32 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 468.32 Td (ITEM 8.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 466.9833984375 m 364.65087890625 466.9833984375 l s q 0 0 1 rg BT 107.50 468.32 Td (FINANCIAL) Tj ET Q q 0 0 1 rg BT 161.02 468.32 Td ( ST) Tj ET Q q 0 0 1 rg BT 174.38 468.32 Td (A) Tj ET Q q 0 0 1 rg BT 180.50 468.32 Td (TEMENTS ) Tj ET Q q 0 0 1 rg BT 228.55 468.32 Td (AND SUPPLEMENT) Tj ET Q q 0 0 1 rg BT 316.37 468.32 Td (AR) Tj ET Q q 0 0 1 rg BT 329.71 468.32 Td (Y) Tj ET Q q 0 0 1 rg BT 336.56 468.32 Td ( DA) Tj ET Q q 0 0 1 rg BT 352.40 468.32 Td (T) Tj ET Q q 0 0 1 rg BT 357.71 468.32 Td (A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 454.32 Td (ITEM 9.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 452.9833984375 m 492.353515625 452.9833984375 l s q 0 0 1 rg BT 107.50 454.32 Td (CHANGES IN ) Tj ET Q q 0 0 1 rg BT 169.73 454.32 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 1 rg BT 279.55 454.32 Td (WITH ) Tj ET Q q 0 0 1 rg BT 307.59 454.32 Td (ACCOUNT) Tj ET Q q 0 0 1 rg BT 355.13 454.32 Td (ANTS ON ) Tj ET Q q 0 0 1 rg BT 400.13 454.32 Td (ACCOUNTING ) Tj ET Q q 0 0 1 rg BT 468.19 454.32 Td (AND ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 442.9833984375 m 225.1904296875 442.9833984375 l s q 0 0 1 rg BT 107.50 444.32 Td (FINANCIAL) Tj ET Q q 0 0 1 rg BT 161.02 444.32 Td ( DISCLOSURE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 430.32 Td (ITEM 9A.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 428.9833984375 m 253.9111328125 428.9833984375 l s q 0 0 1 rg BT 107.50 430.32 Td (CONTROLS ) Tj ET Q q 0 0 1 rg BT 162.23 430.32 Td (AND PROCEDURES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 253.91 430.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 416.32 Td (ITEM 9B.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 414.9833984375 m 212.2216796875 414.9833984375 l s q 0 0 1 rg BT 107.50 416.32 Td (OTHER INFORMA) Tj ET Q q 0 0 1 rg BT 188.34 416.32 Td (TION) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 212.22 416.32 Td () Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 393.86259765625 m 92.6220703125 393.86259765625 l s q 0 0 1 rg BT 52.50 395.43 Td (P) Tj ET Q q 0 0 1 rg BT 57.87 395.43 Td (AR) Tj ET Q q 0 0 1 rg BT 71.96 395.43 Td (T) Tj ET Q q 0 0 1 rg BT 78.45 395.43 Td ( III) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 381.32 Td (ITEM 10.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 379.9833984375 m 429.0087890625 379.9833984375 l s q 0 0 1 rg BT 107.50 381.32 Td (DIRECT) Tj ET Q q 0 0 1 rg BT 143.43 381.32 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 1 rg BT 275.11 381.32 Td (ANDCORPORA) Tj ET Q q 0 0 1 rg BT 345.41 381.32 Td (TE GOVERNANCE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 367.32 Td (ITEM 11.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 365.9833984375 m 243.330078125 365.9833984375 l s q 0 0 1 rg BT 107.50 367.32 Td (EXECUTIVE COMPENSA) Tj ET Q q 0 0 1 rg BT 219.45 367.32 Td (TION) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 243.33 367.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 353.32 Td (ITEM 12.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 351.9833984375 m 482.0263671875 351.9833984375 l s q 0 0 1 rg BT 107.50 353.32 Td (SECURITY) Tj ET Q q 0 0 1 rg BT 156.02 353.32 Td ( OWNERSHIP) Tj ET Q q 0 0 1 rg BT 216.48 353.32 Td ( OF CER) Tj ET Q q 0 0 1 rg BT 253.12 353.32 Td (T) Tj ET Q q 0 0 1 rg BT 258.42 353.32 Td (AIN BENEFICIAL) Tj ET Q q 0 0 1 rg BT 336.66 353.32 Td ( OWNERS ) Tj ET Q q 0 0 1 rg BT 383.33 353.32 Td (AND MANAGEMENT) Tj ET Q q 0 0 1 rg BT 479.53 353.32 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 341.9833984375 m 299.8193359375 341.9833984375 l s q 0 0 1 rg BT 107.50 343.32 Td (AND RELA) Tj ET Q q 0 0 1 rg BT 156.67 343.32 Td (TED ST) Tj ET Q q 0 0 1 rg BT 190.09 343.32 Td (OCKHOLDER MA) Tj ET Q q 0 0 1 rg BT 269.26 343.32 Td (TTERS) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 329.32 Td (ITEM 13.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 327.9833984375 m 457.96875 327.9833984375 l s q 0 0 1 rg BT 107.50 329.32 Td (CER) Tj ET Q q 0 0 1 rg BT 126.35 329.32 Td (T) Tj ET Q q 0 0 1 rg BT 131.66 329.32 Td (AIN RELA) Tj ET Q q 0 0 1 rg BT 176.93 329.32 Td (TIONSHIPS ) Tj ET Q q 0 0 1 rg BT 230.00 329.32 Td (AND RELA) Tj ET Q q 0 0 1 rg BT 279.16 329.32 Td (TED ) Tj ET Q q 0 0 1 rg BT 300.92 329.32 Td (TRANSACTIONS, ) Tj ET Q q 0 0 1 rg BT 381.48 329.32 Td (AND DIRECT) Tj ET Q q 0 0 1 rg BT 441.58 329.32 Td (OR ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 317.9833984375 m 183.603515625 317.9833984375 l s q 0 0 1 rg BT 107.50 319.32 Td (INDEPENDENCE) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 305.32 Td (ITEM 14.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 303.9833984375 m 324.326171875 303.9833984375 l s q 0 0 1 rg BT 107.50 305.32 Td (PRINCIP) Tj ET Q q 0 0 1 rg BT 144.93 305.32 Td (AL) Tj ET Q q 0 0 1 rg BT 157.89 305.32 Td ( ) Tj ET Q q 0 0 1 rg BT 159.83 305.32 Td (ACCOUNTING FEES ) Tj ET Q q 0 0 1 rg BT 253.73 305.32 Td (AND SER) Tj ET Q q 0 0 1 rg BT 295.43 305.32 Td (VICES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 324.33 305.32 Td () Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 52.5 282.86259765625 m 91.97021484375 282.86259765625 l s q 0 0 1 rg BT 52.50 284.43 Td (P) Tj ET Q q 0 0 1 rg BT 57.87 284.43 Td (AR) Tj ET Q q 0 0 1 rg BT 71.96 284.43 Td (T) Tj ET Q q 0 0 1 rg BT 78.45 284.43 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 52.50 270.32 Td (ITEM 15.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 107.5 268.9833984375 m 352.8125 268.9833984375 l s q 0 0 1 rg BT 107.50 270.32 Td (EXHIBITS ) Tj ET Q q 0 0 1 rg BT 155.00 270.32 Td (AND FINANCIAL) Tj ET Q q 0 0 1 rg BT 232.68 270.32 Td ( ST) Tj ET Q q 0 0 1 rg BT 246.05 270.32 Td (A) Tj ET Q q 0 0 1 rg BT 252.16 270.32 Td (TEMENT) Tj ET Q q 0 0 1 rg BT 292.53 270.32 Td ( SCHEDULES) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 52.5 254.9833984375 m 113.6181640625 254.9833984375 l s q 0 0 1 rg BT 52.50 256.32 Td (SIGNA) Tj ET Q q 0 0 1 rg BT 81.95 256.32 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 113.62 256.32 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 553.5 668.91259765625 m 558.5 668.91259765625 l s q 0 0 1 rg BT 553.50 670.48 Td (3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 553.5 647.91259765625 m 558.5 647.91259765625 l s q 0 0 1 rg BT 553.50 649.48 Td (4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 633.91259765625 m 558.5 633.91259765625 l s q 0 0 1 rg BT 548.50 635.48 Td (19) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 619.91259765625 m 558.5 619.91259765625 l s q 0 0 1 rg BT 548.50 621.48 Td (38) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 605.91259765625 m 558.5 605.91259765625 l s q 0 0 1 rg BT 548.50 607.48 Td (38) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 591.91259765625 m 558.5 591.91259765625 l s q 0 0 1 rg BT 548.50 593.48 Td (38) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 577.91259765625 m 558.5 577.91259765625 l s q 0 0 1 rg BT 548.50 579.48 Td (39) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 556.86259765625 m 558.5 556.86259765625 l s q 0 0 1 rg BT 548.50 558.43 Td (39) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 532.86259765625 m 558.5 532.86259765625 l s q 0 0 1 rg BT 548.50 534.43 Td (39) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 518.91259765625 m 558.5 518.91259765625 l s q 0 0 1 rg BT 548.50 520.48 Td (41) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 504.91259765625 m 558.5 504.91259765625 l s q 0 0 1 rg BT 548.50 506.48 Td (44) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 480.91259765625 m 558.5 480.91259765625 l s q 0 0 1 rg BT 548.50 482.48 Td (70) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 466.91259765625 m 558.5 466.91259765625 l s q 0 0 1 rg BT 548.50 468.48 Td (72) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 452.91259765625 m 558.5 452.91259765625 l s q 0 0 1 rg BT 548.50 454.48 Td (72) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 428.91259765625 m 558.5 428.91259765625 l s q 0 0 1 rg BT 548.50 430.48 Td (73) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 414.91259765625 m 558.5 414.91259765625 l s q 0 0 1 rg BT 548.50 416.48 Td (74) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 393.86259765625 m 558.5 393.86259765625 l s q 0 0 1 rg BT 548.50 395.43 Td (74) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 379.91259765625 m 558.5 379.91259765625 l s q 0 0 1 rg BT 548.50 381.48 Td (74) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 365.91259765625 m 558.5 365.91259765625 l s q 0 0 1 rg BT 548.50 367.48 Td (74) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 351.91259765625 m 558.5 351.91259765625 l s q 0 0 1 rg BT 548.50 353.48 Td (74) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 327.91259765625 m 558.5 327.91259765625 l s q 0 0 1 rg BT 548.50 329.48 Td (74) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 303.91259765625 m 558.5 303.91259765625 l s q 0 0 1 rg BT 548.50 305.48 Td (74) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 282.86259765625 m 558.5 282.86259765625 l s q 0 0 1 rg BT 548.50 284.43 Td (75) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 268.91259765625 m 558.5 268.91259765625 l s q 0 0 1 rg BT 548.50 270.48 Td (75) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 548.5 254.91259765625 m 558.5 254.91259765625 l s q 0 0 1 rg BT 548.50 256.48 Td (76) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL endstream endobj 9 0 obj <>] /Rotate 0 /Contents 10 0 R>> endobj 10 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 749.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 749.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 749.25 Td ( I) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td (Special Note ) Tj ET Q q 0 0 0 rg BT 104.50 737.25 Td (About Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.25 Td (Certain statements in Management) Tj ET Q q 0 0 0 rg BT 218.40 713.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 287.57 713.25 Td (Analysis, other than purely historical information, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (Litigation Reform ) Tj ET Q q 0 0 0 rg BT 123.93 677.25 Td (Act of 1995, Section 27A) Tj ET Q q 0 0 0 rg BT 225.87 677.25 Td ( of the Securities ) Tj ET Q q 0 0 0 rg BT 295.30 677.25 Td (Act of 1933 and Section 21E of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 522.46 677.25 Td (Act of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (1934, as amended \(the "Exchange ) Tj ET Q q 0 0 0 rg BT 187.42 665.25 Td (Act"\). ) Tj ET Q q 0 0 0 rg BT 214.09 665.25 Td (These forward-looking statements generally are identified by the words "believe," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td ("project," "predict," "expect," "anticipate," "estimate," "intend," "plan," "may) Tj ET Q q 0 0 0 rg BT 358.32 653.25 Td (," "should," "will," "would," "will be," "will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (assumptions that are subject to risks and uncertainties which may cause actual results to dif) Tj ET Q q 0 0 0 rg BT 414.22 629.25 Td (fer materially from the forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (looking statements. ) Tj ET Q q 0 0 0 rg BT 129.22 617.25 Td (A) Tj ET Q q 0 0 0 rg BT 135.89 617.25 Td ( detailed discussion of risks and uncertainties that could cause actual results and events to dif) Tj ET Q q 0 0 0 rg BT 507.55 617.25 Td (fer materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (from such forward-looking statements is included in the section entitled "Risk Factors" \(refer to Part I, Item1A\) and include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (but are not limited to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 559.16 cm /I20 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 561.32 Td (Our results will likely fluctuate from period to period and may not be indicative of our long-term prospects;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 530.16 cm /I21 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 532.32 Td (If our losses and loss adjustment expenses greatly exceed our loss reserves, our financial condition may be) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 522.32 Td (significantly and negatively affected;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 491.16 cm /I22 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 492.42 Td (Our investment portfolio may be concentrated in a few large positions which could result in large losses;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 460.26 cm /I23 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 463.32 Td (The property and casualty reinsurance market may be affected by cyclical trends;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 430.26 cm /I24 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 433.32 Td (The ) Tj ET Q q 0 0 0 rg BT 103.55 433.32 Td (ef) Tj ET Q q 0 0 0 rg BT 111.23 433.32 Td (fect ) Tj ET Q q 0 0 0 rg BT 128.62 433.32 Td (of ) Tj ET Q q 0 0 0 rg BT 139.45 433.32 Td (emer) Tj ET Q q 0 0 0 rg BT 159.35 433.32 Td (ging ) Tj ET Q q 0 0 0 rg BT 179.53 433.32 Td (claim ) Tj ET Q q 0 0 0 rg BT 204.25 433.32 Td (and ) Tj ET Q q 0 0 0 rg BT 221.18 433.32 Td (coverage ) Tj ET Q q 0 0 0 rg BT 259.77 433.32 Td (issues ) Tj ET Q q 0 0 0 rg BT 286.16 433.32 Td (on ) Tj ET Q q 0 0 0 rg BT 298.66 433.32 Td (our ) Tj ET Q q 0 0 0 rg BT 314.49 433.32 Td (business ) Tj ET Q q 0 0 0 rg BT 350.88 433.32 Td (is ) Tj ET Q q 0 0 0 rg BT 360.05 433.32 Td (uncertain;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 400.26 cm /I25 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 403.32 Td (Rating agencies may downgrade or withdraw either of our ratings;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 370.26 cm /I26 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 373.32 Td (We depend on DME Advisors, LP \("DME Advisors"\), to implement our investment strategy;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 340.26 cm /I27 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 343.32 Td (Loss ) Tj ET Q q 0 0 0 rg BT 106.89 343.32 Td (of ) Tj ET Q q 0 0 0 rg BT 117.72 343.32 Td (key ) Tj ET Q q 0 0 0 rg BT 134.66 343.32 Td (executives ) Tj ET Q q 0 0 0 rg BT 179.36 343.32 Td (could ) Tj ET Q q 0 0 0 rg BT 204.08 343.32 Td (adversely ) Tj ET Q q 0 0 0 rg BT 244.89 343.32 Td (impact ) Tj ET Q q 0 0 0 rg BT 274.61 343.32 Td (our ) Tj ET Q q 0 0 0 rg BT 290.44 343.32 Td (ability ) Tj ET Q q 0 0 0 rg BT 318.49 343.32 Td (to ) Tj ET Q q 0 0 0 rg BT 328.77 343.32 Td (implement ) Tj ET Q q 0 0 0 rg BT 374.04 343.32 Td (our ) Tj ET Q q 0 0 0 rg BT 389.87 343.32 Td (business ) Tj ET Q q 0 0 0 rg BT 426.26 343.32 Td (strategy; ) Tj ET Q q 0 0 0 rg BT 463.19 343.32 Td (and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 310.26 cm /I28 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 313.32 Td (Currency fluctuations could result in exchange rate losses and negatively impact our business. ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 284.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 284.25 Td (e caution that the foregoing list of important factors is not intended to be and is not exhaustive. ) Tj ET Q q 0 0 0 rg BT 466.81 284.25 Td (W) Tj ET Q q 0 0 0 rg BT 475.45 284.25 Td (e undertake no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (otherwise and all subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (are expressly qualified in their entirety by this paragraph. If one or more risks or uncertainties materialize, or if our underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (assumptions prove to be incorrect, actual results may vary materially from what we projected. ) Tj ET Q q 0 0 0 rg BT 427.16 236.25 Td (Any forward-looking statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (in this Form 10-K reflect our current view with respect to future events and are subject to these and other risks, uncertainties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (and assumptions relating to our operations, results of operations, growth, strategy and liquidity) Tj ET Q q 0 0 0 rg BT 427.95 212.25 Td (. Readers are cautioned not to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (place undue reliance on the forward-looking statements which speak only to the dates on which they were made.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 176.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 176.25 Td (e intend to communicate certain events that we believe may have a material adverse impact on ouroperations or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (financial position, including property and casualty catastrophic events and material losses in our investment portfolio, in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (timely manner through a public announcement. Other than as required by the Exchange ) Tj ET Q q 0 0 0 rg BT 401.61 152.25 Td (Act,we do not intend to make public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (announcements regarding reinsurance or investments events that we do not believe, based on management's estimates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (current information, will have a material adverse impact on ouroperations or financial position.) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Item 1. BUSINESS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.35 749.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (Unless otherwise indicated or unless the context otherwise requires, all references in this annual report on Form 10-K to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td ("the Company) Tj ET Q q 0 0 0 rg BT 106.54 713.25 Td (," "we," "us," "our" and similar expressions are references to Greenlight Capital Re, Ltd. and its consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (subsidiaries. Unless otherwise indicated or unless the context otherwise requires, all references in this annual report to entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (names are as set forth in the following table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td () Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50 653.75 m 188 653.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 188 653.75 m 563 653.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 657.48 Td (Reference) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.50 657.48 Td (Entitys legal name) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 644.32 Td (Greenlight Capital Re) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 644.32 Td (Greenlight Capital Re, Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 630.32 Td (Greenlight Re) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 630.32 Td (Greenlight Reinsurance, Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 616.32 Td (GRIL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 616.32 Td (Greenlight Reinsurance Ireland, Designated ) Tj ET Q q 0 0 0 rg BT 367.94 616.32 Td (Activity Company ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 444.60 620.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 602.32 Td (Verdant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.50 602.32 Td (Verdant Holding Company, Ltd.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 578.78 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 574.25 Td (During the year ended December 31, 2015, GRIL) Tj ET Q q 0 0 0 rg BT 258.50 574.25 Td ( was re-registered and the entity's legal name was amended from Greenlight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (Reinsurance Ireland, Limited, to Greenlight Reinsurance Ireland, Designated ) Tj ET Q q 0 0 0 rg BT 359.11 562.25 Td (Activity Company) Tj ET Q q 0 0 0 rg BT 432.63 562.25 Td (, in accordance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (requirements of the Companies ) Tj ET Q q 0 0 0 rg BT 176.69 550.25 Td (Act 2014 of Ireland and as stipulated by the Central Bank of Ireland for all regulated insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (and reinsurance entities in Ireland.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (Company Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 478.25 Td (Greenlight Capital Re is a holding company that was incorporated in July 2004 under the laws of the Cayman Islands. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (August 2004, we raised gross proceeds of $212.2 million from private placements of Greenlight Capital Re) Tj ET Q q 0 0 0 rg BT 481.35 466.25 Td (s Class ) Tj ET Q q 0 0 0 rg BT 511.36 466.25 Td (A) Tj ET Q q 0 0 0 rg BT 518.03 466.25 Td ( ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (shares and Class B ordinary shares, or) Tj ET Q q 0 0 0 rg BT 201.57 454.25 Td (, collectively) Tj ET Q q 0 0 0 rg BT 252.56 454.25 Td (, theordinary shares. On May 24, 2007, Greenlight Capital Re raised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (proceeds of $208.3 million, net of underwriting fees, in an initial public of) Tj ET Q q 0 0 0 rg BT 346.75 442.25 Td (fering of Class ) Tj ET Q q 0 0 0 rg BT 407.58 442.25 Td (A) Tj ET Q q 0 0 0 rg BT 414.25 442.25 Td ( ordinary shares, as well as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (additional $50.0 million from a private placement of Class B ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 406.25 Td (e are a Cayman Islands headquartered global specialist property and casualty reinsurer with a reinsurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (investment strategy that we believe dif) Tj ET Q q 0 0 0 rg BT 203.99 394.25 Td (ferentiates us from most of our competitors. ) Tj ET Q q 0 0 0 rg BT 382.10 394.25 Td (W) Tj ET Q q 0 0 0 rg BT 390.74 394.25 Td (e conduct our reinsurance operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (through two licensed and regulated reinsurance entities: Greenlight Re, based in the Cayman Islands, and GRIL, based in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (Dublin, Ireland. Greenlight Re provides multi-line property and casualty reinsurance globally) Tj ET Q q 0 0 0 rg BT 422.63 370.25 Td (, while GRIL) Tj ET Q q 0 0 0 rg BT 475.31 370.25 Td ( focuses mainly on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (the Europeanmarket and primarily serves clients located inEurope. Our goal is to build long-term shareholder value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (byselectively of) Tj ET Q q 0 0 0 rg BT 115.41 346.25 Td (fering customized reinsurance solutions, in markets where capacity and alternatives are limited,which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (believe will yield favorable long-term returns on equity) Tj ET Q q 0 0 0 rg BT 270.73 334.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 322.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 310.25 Td (e aim to complement our underwriting results with a non-traditional investment approach in order to achieve higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (rates of return over the long term than reinsurance companies that employ more traditional, fixed-income investment strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 286.25 Td (e manage our investment portfolio according to a value-oriented philosophy) Tj ET Q q 0 0 0 rg BT 361.57 286.25 Td (, in which we take long positions in perceived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (undervalued securities and short positions in perceived overvalued securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 262.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 250.25 Td (In addition, from time to time, we may seek to form long-term strategic alliances with insurance companies and general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (agents to complement our property and casualty reinsurance business and our non-traditional investment approach. ) Tj ET Q q 0 0 0 rg BT 511.68 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 517.09 238.25 Td (o facilitate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (such strategic alliances, we formed ) Tj ET Q q 0 0 0 rg BT 192.04 226.25 Td (V) Tj ET Q q 0 0 0 rg BT 198.15 226.25 Td (erdant, which, among other activities, has made and may makestrategic investments in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (select group of property and casualty insurers and general agents in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.25 Td (Because we employ an opportunistic underwriting philosophy) Tj ET Q q 0 0 0 rg BT 324.14 190.25 Td (, period-to-period comparisons of our underwriting results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (may not be meaningful. In addition, our historical investment results may not necessarily be indicative of future performance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (Due to the nature of our reinsurance and investment strategies, our operating results will likely fluctuate from period to period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (Description of Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 118.25 Td (Greenlight Re is licensed and regulated by the Cayman Islands Monetary ) Tj ET Q q 0 0 0 rg BT 371.14 118.25 Td (Authority \("CIMA"\) to write property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (casualty reinsurance business as well as long term business \(e.g., life insurance, long term disability) Tj ET Q q 0 0 0 rg BT 448.20 106.25 Td (, long term care, etc.\); ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 94.25 Td (, to date we have not written any long term business. GRIL) Tj ET Q q 0 0 0 rg BT 319.50 94.25 Td ( is licensed and regulated by the Central Bank of Ireland ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (\("CBI"\) to write property and casualty reinsurance business. Currently) Tj ET Q q 0 0 0 rg BT 330.55 82.25 Td (, we manage our business on the basis of one operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (segment: property and casualty reinsurance. ) Tj ET Q q 0 0 0 rg BT 227.59 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 236.22 70.25 Td (e currently of) Tj ET Q q 0 0 0 rg BT 289.91 70.25 Td (fer excess of loss and quota share products in the property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (casualty market. Our underwriting operations are designed to capitalize on inef) Tj ET Q q 0 0 0 rg BT 365.59 58.25 Td (ficiencies that we perceive exist in the traditional ) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (approach to underwriting. ) Tj ET Q q 0 0 0 rg BT 155.40 749.10 Td (W) Tj ET Q q 0 0 0 rg BT 164.04 749.10 Td (e believe that we conduct our business dif) Tj ET Q q 0 0 0 rg BT 331.31 749.10 Td (ferently from traditional reinsurers in multiple ways, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 705.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 703.01 cm /I29 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 705.17 Td (we focus on offeringcustomized reinsurance solutions to select customersat times and in markets where capacity and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 695.17 Td (alternatives are limited rather than primarily pursuing and participating in broadly available traditional property and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 685.17 Td (casualty opportunities;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 655.01 cm /I30 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 657.17 Td (we aim to build a reinsurance portfolio comprised principally of high frequency and low severity contracts with) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 647.17 Td (favorable ultimate economic results measured after all loss payments have been made rather than focusing on interim) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 637.17 Td (reported results when losses may be incurred but not yet reported or paid;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 605.01 cm /I31 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 607.17 Td (we generally seek to act as the lead underwriter on a majority of the contracts we underwrite in an effort to obtain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 597.17 Td (greater influence in negotiating pricing, terms and conditions. We may from time to time participate in contracts that) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 587.17 Td (have been negotiated and priced by another party. For example, on some longer duration casualty business that is) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 577.17 Td (comprised of larger, syndicated reinsurance placements, we may follow the market on these transactions;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 545.01 cm /I32 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 547.17 Td (we maintain a small group of experienced generalist underwriters that are capable of underwriting many lines of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 537.17 Td (property and casualty business rather than a large staff of underwriters, each with an individual, specific focus on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 527.17 Td (certain lines of business;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 495.01 cm /I33 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 497.17 Td (we implement a "cradle to grave" service philosophy where the same deal team underwrites and services each) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 487.17 Td (reinsurance contract rather than separating underwriting and servicing duties among many employees; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 453.01 cm /I34 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 455.17 Td (we compensate our management with a cash bonus structure largely dependent on our underwriting results over a) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 445.17 Td (multi-year period rather than on premium volume or preliminary underwriting results in any given financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 435.22 Td (accounting period.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 410.10 Td (Our investment strategy) Tj ET Q q 0 0 0 rg BT 171.94 410.10 Td (, like our reinsurance strategy) Tj ET Q q 0 0 0 rg BT 289.85 410.10 Td (, is designed to maximize returns over the long term while ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (minimizing the risk of capital loss. Unlike the investment strategies of many of our traditional competitors, which invest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (primarily in fixed-income securities either directly or through fixed-fee arrangements with one or more investment managers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (our investment strategy is to invest in long and short positions primarily in publicly-traded equity and corporate debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (instruments exclusively through a joint venture with DME ) Tj ET Q q 0 0 0 rg BT 285.02 362.10 Td (Advisors LLC \("DME"\). Our investment advisor) Tj ET Q q 0 0 0 rg BT 480.54 362.10 Td (, DME ) Tj ET Q q 0 0 0 rg BT 509.71 362.10 Td (Advisors, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (compensated with a fixed annual fee based on assets under management and the joint venture participant, DME, is compensated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (on the positive performance of our portfolio, subject to a loss carry forward. DME ) Tj ET Q q 0 0 0 rg BT 380.52 338.10 Td (Advisors, which makes investments on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (behalf, is a value-oriented investment advisor that analyzes companies' available financial data, business strategies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (prospects in an ef) Tj ET Q q 0 0 0 rg BT 119.57 314.10 Td (fort to identify undervalued and overvalued securities. DME ) Tj ET Q q 0 0 0 rg BT 363.11 314.10 Td (Advisors and DME are both controlled by David ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (Einhorn, the Chairman of our Board of Directors and the President of Greenlight Capital, Inc. DME ) Tj ET Q q 0 0 0 rg BT 450.79 302.10 Td (Advisors has the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (contractual right to manage substantially all of our investable assets until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.59 290.10 Td (December 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.18 290.10 Td (, and is required to follow our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (investment guidelines and to act in a manner that is fair and equitable in allocating investment opportunities to us. However) Tj ET Q q 0 0 0 rg BT 543.97 278.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 73.67 266.10 Td (Advisors is not otherwise restricted with respect to the nature or timing of making investments for our account.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 242.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 242.10 Td (e measure our success by long-term growth in book value per share, which we believe is the most comprehensive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (gauge of the performance of our business. ) Tj ET Q q 0 0 0 rg BT 219.45 230.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 268.78 230.10 Td (, our incentive compensation plans are designed to align employee and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (shareholder interests. Compensation under our cash bonus plan is lar) Tj ET Q q 0 0 0 rg BT 324.26 218.10 Td (gely dependent on the ultimate underwriting returns of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (business measured over a multi-year period, rather than premium tar) Tj ET Q q 0 0 0 rg BT 323.11 206.10 Td (gets or estimated underwriting profitability for the year in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (which we initially underwrote the business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 170.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 170.10 Td (e characterize the reinsurance risks we assume as frequency or severity and aim to balance the risks and opportunities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (of our underwriting activities by creating a diversified portfolio of both types of businesses, although over the long term we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (generally have a preference for frequency business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 122.10 Td (Frequency business is characterized as contracts containing a potentially lar) Tj ET Q q 0 0 0 rg BT 379.26 122.10 Td (ge number of smaller losses emanating from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (multiple events. Clients generally buy this protection to increase their own underwriting capacity and typically select a reinsurer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (based upon the reinsurer's financial strength, service and expertise. ) Tj ET Q q 0 0 0 rg BT 319.08 98.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.72 98.10 Td (e expect the results of frequency business to be less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (volatile than those of severity business from period to period due to its greater predictability) Tj ET Q q 0 0 0 rg BT 417.09 86.10 Td (. ) Tj ET Q q 0 0 0 rg BT 421.91 86.10 Td (W) Tj ET Q q 0 0 0 rg BT 430.54 86.10 Td (e also expect that over time the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (profit mar) Tj ET Q q 0 0 0 rg BT 89.58 74.10 Td (gins and return on equity of our frequency business will be lower than those of our severity business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 50.10 Td (Severity business is typically characterized as contracts with the potential for significant losses emanating from one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 38.10 Td (event or multiple events. Clients generally buy this protection to reduce volatility from their balance sheets, and accordingly) Tj ET Q q 0 0 0 rg BT 545.65 38.10 Td (, we ) Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (expect the results of severity business to be volatile from period to period. However) Tj ET Q q 0 0 0 rg BT 384.56 749.10 Td (, over the long term, we also expect that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (severity business will generate higher profit mar) Tj ET Q q 0 0 0 rg BT 242.60 737.10 Td (gins and return on equity than our frequency business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.10 Td (While we intend to continue to add to, and diversify) Tj ET Q q 0 0 0 rg BT 284.13 713.10 Td (, our portfolio, our allocation of risk will vary based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (perception of the opportunities available in each line of business. Moreover) Tj ET Q q 0 0 0 rg BT 350.95 701.10 Td (, our focus on certain lines will fluctuate based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (market conditions and we may only of) Tj ET Q q 0 0 0 rg BT 203.17 689.10 Td (fer or underwrite a limited number of lines in any given period. ) Tj ET Q q 0 0 0 rg BT 458.75 689.10 Td (W) Tj ET Q q 0 0 0 rg BT 467.39 689.10 Td (e intend to continue to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 655.01 cm /I35 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 657.17 Td (target markets where capacity and alternatives are underserved or constrained;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 627.01 cm /I36 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 629.17 Td (seek clients with appropriate expertise in their line of business;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 599.01 cm /I37 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 601.17 Td (employ strict underwriting discipline;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 571.01 cm /I38 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 573.17 Td (select reinsurance opportunities with favorable returns on capital over the life of the contract; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 543.01 cm /I39 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 545.17 Td (strengthen and expand relationships with existing clients.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 503.10 Td (The following table sets forth our gross premiums written by line of business:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 434.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 434.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 434.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 434.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 434.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 434.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 434.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 406.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 406.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 406.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 406.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 406.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 406.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 406.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 406.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 378.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 378.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 378.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 378.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 378.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 378.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 378.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 378.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 350.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 350.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 350.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 350.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 350.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 350.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 350.60 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/GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 322.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 322.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 294.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 294.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 294.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 294.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 294.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 294.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 294.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 294.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 294.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 294.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 294.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 294.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 294.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 266.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 266.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 266.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 266.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 266.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 266.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 266.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 266.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 238.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 238.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 238.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 238.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 238.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 238.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 238.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 238.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 238.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 238.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 238.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 238.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 238.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.50 210.60 172.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 229.50 210.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.50 210.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 210.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.50 210.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 210.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.50 210.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.50 210.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.50 210.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 210.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 449.50 210.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 210.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 210.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 462.6 m 283.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 462.6 m 287.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 462.6 m 337.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 462.6 m 391.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 391.5 462.6 m 395.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 462.6 m 445.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 462.6 m 499.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 462.6 m 503.5 462.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 462.6 m 553.5 462.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 364.6 m 283.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 350.6 m 283.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 364.6 m 337.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 350.6 m 337.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 364.6 m 391.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 350.6 m 391.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 364.6 m 445.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 350.6 m 445.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 364.6 m 499.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 350.6 m 499.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 364.6 m 553.5 364.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 350.6 m 553.5 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 280.6 m 283.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 266.6 m 283.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 280.6 m 337.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 266.6 m 337.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 280.6 m 391.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 266.6 m 391.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 280.6 m 445.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 266.6 m 445.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 280.6 m 499.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 266.6 m 499.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 280.6 m 553.5 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 266.6 m 553.5 266.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 210.60000000000002 m 283.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 196.60000000000002 m 283.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 210.60000000000002 m 337.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 196.60000000000002 m 337.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 210.60000000000002 m 391.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 196.60000000000002 m 391.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 210.60000000000002 m 445.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 196.60000000000002 m 445.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 210.60000000000002 m 499.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 196.60000000000002 m 499.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 210.60000000000002 m 553.5 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 196.60000000000002 m 553.5 196.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 182.60000000000002 m 283.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 233.5 180.60000000000002 m 283.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 182.60000000000002 m 337.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 180.60000000000002 m 337.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 182.60000000000002 m 391.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.5 180.60000000000002 m 391.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 182.60000000000002 m 445.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395.5 180.60000000000002 m 445.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 182.60000000000002 m 499.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449.5 180.60000000000002 m 499.5 180.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 182.60000000000002 m 553.5 182.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 180.60000000000002 m 553.5 180.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.00 482.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 340.00 482.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.00 467.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.00 467.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.00 467.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.00 453.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.80 453.28 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 439.28 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 439.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 425.17 Td (Aviation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.65 425.17 Td (691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 425.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 425.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 425.17 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 425.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 425.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 425.17 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 425.17 Td (0.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 425.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 411.17 Td (Commercial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 411.17 Td (16,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 411.17 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 411.17 Td (11,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 411.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 411.17 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 411.17 Td (9,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 411.17 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 397.17 Td (Energy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 397.17 Td (2,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 397.17 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 397.17 Td (2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 397.17 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 397.17 Td (659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 397.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 383.17 Td (Motor physical damage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 383.17 Td (34,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 383.17 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 383.17 Td (24,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 383.17 Td (7.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 383.17 Td (57,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 383.17 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 369.17 Td (Personal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 369.17 Td (57,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 369.17 Td (11.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 369.17 Td (64,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 369.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 369.17 Td (19.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 369.17 Td (145,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 369.17 Td (27.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 355.17 Td (Total Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.10 355.17 Td (111,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 355.17 Td (22.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 355.17 Td (102,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 355.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 355.17 Td (31.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 355.17 Td (214,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 355.17 Td (40.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 341.28 Td (Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 341.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 341.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 341.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 341.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 327.17 Td (General liability ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 127.75 331.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 327.17 Td (28,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 327.17 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 327.17 Td (11,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 327.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 327.17 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 327.22 Td (\(815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 327.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 327.22 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 327.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 313.17 Td (Marine liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 313.17 Td (9,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 313.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 313.17 Td (5,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 313.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 313.17 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 313.17 Td (1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 313.17 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 299.17 Td (Motor liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.10 299.17 Td (203,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 299.17 Td (40.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 299.17 Td (127,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 299.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 299.17 Td (39.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 299.17 Td (253,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 299.17 Td (47.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 285.17 Td (Professional liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 285.17 Td (72,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 285.17 Td (14.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 285.17 Td (27,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 285.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 285.17 Td (8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 285.17 Td (29,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 285.17 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 271.17 Td (Total Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.10 271.17 Td (313,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 271.17 Td (62.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 271.17 Td (171,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 271.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 271.17 Td (53.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 271.17 Td (284,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 271.17 Td (53.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 60.00 257.28 Td (Specialty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 257.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 257.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 257.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 257.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 243.17 Td (Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 243.17 Td (7,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 243.17 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 243.17 Td (5,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 243.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 243.17 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 243.17 Td (3,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 243.17 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 229.17 Td (Health) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 229.17 Td (56,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 229.17 Td (11.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 229.17 Td (43,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 229.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 229.17 Td (13.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 229.17 Td (37,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 229.17 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 215.17 Td (W) Tj ET Q q 0 0 0 rg BT 68.64 215.17 Td (orkers) Tj ET Q q 0 0 0 rg BT 96.22 215.17 Td ( compensation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 156.76 219.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.34 215.17 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 215.17 Td (12,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.15 215.17 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.65 215.17 Td (730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 215.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 215.17 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.80 215.22 Td (\(4,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 215.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 215.22 Td (\(0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 215.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.00 201.17 Td (Total Specialty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.15 201.17 Td (77,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.15 201.17 Td (15.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 201.17 Td (49,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 201.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 201.17 Td (15.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 201.17 Td (36,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 201.17 Td (6.8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.00 186.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.00 186.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.10 186.27 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.15 186.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.65 186.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.00 186.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 186.27 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 186.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 186.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 186.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.00 186.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.10 186.27 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 186.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 186.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td () Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 64.20 162.73 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 162.17 Td (The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.00 152.17 Td (premiums returned upon novation or commutation of contracts.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td () Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (The following table sets forth our gross premiums written by the geographic area of the risk insured:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 55.50 683.60 176.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 683.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 683.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 683.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 683.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 683.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 683.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 683.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.50 655.60 176.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 655.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 655.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 655.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 655.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 655.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 655.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 655.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.50 627.60 176.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 231.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 235.50 627.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 627.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 627.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 627.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 627.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 501.50 627.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.50 627.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 697.6 m 285.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 285.5 697.6 m 289.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 697.6 m 339.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 697.6 m 393.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 697.6 m 397.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 697.6 m 447.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 697.6 m 501.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 697.6 m 505.5 697.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 697.6 m 555.5 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 627.6 m 285.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 614.6 m 285.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235.5 612.6 m 285.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 627.6 m 339.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 614.6 m 339.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 612.6 m 339.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 627.6 m 393.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 614.6 m 393.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 612.6 m 393.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 627.6 m 447.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 614.6 m 447.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 612.6 m 447.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 627.6 m 501.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 614.6 m 501.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 612.6 m 501.5 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 627.6 m 555.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 614.6 m 555.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505.5 612.6 m 555.5 612.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 716.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 277.00 702.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.00 702.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 493.00 702.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.80 688.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 674.17 Td (U.S. and Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 674.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 674.17 Td (383,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 674.17 Td (76.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 674.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 674.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.10 674.17 Td (275,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 674.17 Td (85.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 674.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 674.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.10 674.17 Td (496,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.15 674.17 Td (92.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 674.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 660.17 Td (W) Tj ET Q q 0 0 0 rg BT 66.64 660.17 Td (orldwide ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 104.68 664.70 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 660.17 Td (104,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 660.17 Td (20.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 660.17 Td (31,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 660.17 Td (9.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 660.17 Td (9,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 660.17 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 646.17 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.15 646.17 Td (14,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 646.17 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 646.17 Td (17,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 646.17 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 646.17 Td (28,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 646.17 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 632.17 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 632.17 Td (467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 632.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 632.17 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 632.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 632.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 632.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.00 618.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.10 618.17 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 618.17 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 618.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 618.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.10 618.17 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 618.17 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.65 618.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.00 618.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.10 618.17 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 618.17 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 618.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td () Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 66.70 594.73 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 593.72 Td ("Worldwide" is comprised of contracts that reinsure risks in more than one geographic area and do not) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 583.72 Td (specifically exclude the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.50 573.72 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 545.10 Td (Additional information about our business is set forth in "Item 7 Management) Tj ET Q q 0 0 0 rg BT 403.31 545.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 472.48 545.10 Td (Analysis of Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (Condition and Results of Operations" and Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.06 533.10 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.06 533.10 Td ( to our consolidated financial statements included herein.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (Marketing and Distribution) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 473.10 Td ( majority of our business is sourced through reinsurance brokers. Brokerage distribution channels provide us with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (access to an ef) Tj ET Q q 0 0 0 rg BT 107.34 461.10 Td (ficient, variable cost and global distribution system without the significant time and expense that would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (incurred in creating a wholly-owned distribution network. ) Tj ET Q q 0 0 0 rg BT 283.70 449.10 Td (W) Tj ET Q q 0 0 0 rg BT 292.34 449.10 Td (e believe that our financial strength rating, unencumbered balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (sheet and superior client service are essential for creating long-term relationships with clients and brokers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 413.10 Td (e aim to build and strengthenlong-term relationships with global reinsurance brokers. Our management team has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (significant relationships with most of the primary and specialty broker intermediaries in the reinsurance marketplace. ) Tj ET Q q 0 0 0 rg BT 520.28 401.10 Td (W) Tj ET Q q 0 0 0 rg BT 528.91 401.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (believe that by maintaining close relationships with brokers we will be able to continue to obtain access to a broad range of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (reinsurance clients and opportunities. ) Tj ET Q q 0 0 0 rg BT 201.22 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 209.86 377.10 Td (efocus on the quality and financial strength of any brokerage firm with which we do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (business. Brokers do not have the authority to bind us to any reinsurance contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 341.10 Td (Reinsurance brokers receive a brokerage commission that is usually a percentage of gross premiums written. ) Tj ET Q q 0 0 0 rg BT 513.40 341.10 Td (W) Tj ET Q q 0 0 0 rg BT 522.04 341.10 Td (e seek to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (become the first choice of brokers and clients by providing:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 297.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 295.01 cm /I40 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 297.17 Td (customized solutions that address the specific business needs of our clients;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 281.01 cm /I41 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 283.17 Td (rapid and substantive responses to proposal and pricing quote requests;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 266.01 cm /I42 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 268.17 Td (timely payment of claims;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 251.01 cm /I43 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 253.17 Td (financial security; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 236.01 cm /I44 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.50 238.17 Td (clear indication of risks we will and will not underwrite.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 209.10 Td (The following table sets forth the premiums sourced frombrokerswho each accounted for more than 10% ofour gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (written premiums:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 131.60 214.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 131.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 131.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 131.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 131.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 131.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 131.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 131.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 131.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 131.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 131.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 131.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 131.60 40.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 103.60 214.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 103.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 103.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 103.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 103.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 103.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 103.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 103.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 103.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 103.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 103.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 103.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 103.60 40.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267 145.60000000000002 m 312 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312 145.60000000000002 m 316 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316 145.60000000000002 m 366 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370 145.60000000000002 m 415 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415 145.60000000000002 m 419 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 145.60000000000002 m 469 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473 145.60000000000002 m 518 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 518 145.60000000000002 m 522 145.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522 145.60000000000002 m 562 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 89.60000000000002 m 312 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 76.60000000000002 m 312 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 74.60000000000002 m 312 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 89.60000000000002 m 366 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 76.60000000000002 m 366 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 74.60000000000002 m 366 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 89.60000000000002 m 415 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 76.60000000000002 m 415 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 74.60000000000002 m 415 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 89.60000000000002 m 469 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 76.60000000000002 m 469 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 74.60000000000002 m 469 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 89.60000000000002 m 518 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 76.60000000000002 m 518 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 74.60000000000002 m 518 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 89.60000000000002 m 562 89.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 76.60000000000002 m 562 76.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 74.60000000000002 m 562 74.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 164.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 150.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 150.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 150.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 150.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 136.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.55 136.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 122.17 Td (Largest broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.60 122.17 Td (278,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 122.17 Td (55.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 122.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.60 122.17 Td (161,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 122.17 Td (49.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 122.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 122.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 122.17 Td (282,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 122.17 Td (52.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 122.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 108.17 Td (2nd largest broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.60 108.17 Td (110,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 108.17 Td (22.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.60 108.17 Td (61,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 108.17 Td (19.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 108.17 Td (119,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 108.17 Td (22.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 94.17 Td (3rd largest broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 94.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 94.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.60 94.17 Td (40,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 94.17 Td (12.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 94.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 94.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 80.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 80.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.60 80.17 Td (388,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 80.17 Td (77.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 80.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 80.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.60 80.17 Td (263,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 80.17 Td (81.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 80.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 80.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 80.17 Td (401,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 80.17 Td (74.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 80.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 52.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 52.10 Td (e believe that by maintaining close relationships with brokers, we are able to obtain access to a range of potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 40.10 Td (clients that meet our criteria. ) Tj ET Q q 0 0 0 rg BT 166.49 40.10 Td (W) Tj ET Q q 0 0 0 rg BT 175.13 40.10 Td (e meet frequently in the Cayman Islands, Ireland and elsewhere with brokers and senior ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (representatives of clients and prospective clients. ) Tj ET Q q 0 0 0 rg BT 247.49 749.10 Td (All contract submissions are received, reviewed and approved in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (executive of) Tj ET Q q 0 0 0 rg BT 98.46 737.10 Td (fices in the Cayman Islands or Ireland. Due to our dependence on brokers, the inability to obtain business from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (them could adversely af) Tj ET Q q 0 0 0 rg BT 145.12 725.10 Td (fect our business strategy) Tj ET Q q 0 0 0 rg BT 245.83 725.10 Td (. See "Item 1A. Risk Factors Risks Related to Our Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 511.84 725.10 Td (The ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (inability to obtain business pr) Tj ET Q q 0 0 0 rg BT 168.58 713.10 Td (ovided fr) Tj ET Q q 0 0 0 rg BT 204.03 713.10 Td (om br) Tj ET Q q 0 0 0 rg BT 227.27 713.10 Td (okers could adversely affect our business strategy and r) Tj ET Q q 0 0 0 rg BT 450.20 713.10 Td (esults of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.03 713.10 Td (" In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (addition, we may assume a degree of credit risk of our reinsurance brokers. See "Item 1A. Risk Factors Risks Related to Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 100.06 689.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.47 689.10 Td (e may be subject to the cr) Tj ET Q q 0 0 0 rg BT 209.29 689.10 Td (edit risk of our br) Tj ET Q q 0 0 0 rg BT 279.48 689.10 Td (okers, cedents and agents.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.73 689.10 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.82 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 87.46 665.10 Td (e believe that diversity in our sources of business helps reduce any potential adverse ef) Tj ET Q q 0 0 0 rg BT 434.39 665.10 Td (fects arising out of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (termination of any one of our business relationships.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (Underwriting and Risk Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 605.10 Td (e have established a small team of generalist underwriters and actuaries to operate our reinsurance business. ) Tj ET Q q 0 0 0 rg BT 518.96 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.60 605.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (believe that our underwriters' experience, coupled with our approach to underwriting, allows us to deploy our capital in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (variety of lines of business and to capitalize on opportunities that we believe of) Tj ET Q q 0 0 0 rg BT 366.17 581.10 Td (fer favorable returns on equity over the long ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (term. Our underwriters and actuaries have expertise in a number of lines of business and we also look to outside consultants on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (a fee-for) Tj ET Q q 0 0 0 rg BT 83.44 557.10 Td (-service basis to help us with niche areas of expertise when we deem it appropriate. ) Tj ET Q q 0 0 0 rg BT 419.25 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 427.88 557.10 Td (e generally apply the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (underwriting and risk management principles:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 521.10 Td (Economics of Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 497.10 Td (Our primary goal is to build a reinsurance portfolio that has attractive economic results. ) Tj ET Q q 0 0 0 rg BT 429.27 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 437.91 497.10 Td (e may underwrite a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (reinsurance contract that may not demonstrate immediate short-term accounting benefits if we believe it will provide a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (favorable return on capital over the life of the contract. In pricing our products, we assume investment returns that approximate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (the risk-free rate, which wereview and adjust, if necessary) Tj ET Q q 0 0 0 rg BT 284.03 461.10 Td (, on an annual basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 437.10 Td (Actuarially Based Pricing) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 425.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 413.10 Td (e have developed and use proprietary actuarial models and also use several commercially available tools to price our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (business. Our models not only consider conventional underwriting metrics, but also incorporate a component for risk aversion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (that places greater weight on scenarios that result in greater losses. ) Tj ET Q q 0 0 0 rg BT 318.11 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 326.75 389.10 Td (e price each transaction based on our view of the merits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (and structure of the transaction.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 365.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 353.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.69 353.10 Td (eam ) Tj ET Q q 0 0 0 rg BT 101.04 353.10 Td (Approach) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 329.10 Td (Each transaction typically is assigned to a deal team comprised of at least an underwriter and an actuary to evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (underwriting, structuring and pricing. Prior to committing capital to any transaction, the deal team creates a deal analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (memorandum that highlights the key components of the proposed transaction and presents the proposed transaction to a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (group of staf) Tj ET Q q 0 0 0 rg BT 100.42 293.10 Td (f, including underwriting, actuarial, risk management and finance. ) Tj ET Q q 0 0 0 rg BT 367.37 293.10 Td (This group is provided an opportunity to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (critically evaluate the proposed transaction. ) Tj ET Q q 0 0 0 rg BT 225.54 281.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 275.45 281.10 Td (, our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 373.85 281.10 Td (ficer or Chief Underwriting Of) Tj ET Q q 0 0 0 rg BT 496.96 281.10 Td (ficer must agree ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (that the transaction meets our underwriting guidelines before we submit a firm proposal. Our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 501.14 269.10 Td (ficer and Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (Underwriting Of) Tj ET Q q 0 0 0 rg BT 116.25 257.10 Td (ficer maintain the exclusive ultimate authority to bind contracts.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 233.10 Td (Act as Lead Underwriter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 209.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 209.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 113.47 209.10 Td (, one reinsurer acts as the lead underwriter in negotiating principal policy terms and pricing of reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 90.41 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 99.05 197.10 Td (e aim to act as the lead underwriter for the majority of the aggregate premiums that we underwrite. ) Tj ET Q q 0 0 0 rg BT 496.22 197.10 Td (W) Tj ET Q q 0 0 0 rg BT 504.86 197.10 Td (e believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (lead underwriting is an important factor in achieving long-term success, as lead underwriters typically have greater influence in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (negotiating pricing, terms and conditions. In addition, we believe that reinsurers that lead policies are generally solicited for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (broader range of business and have greater access to attractive opportunities. However) Tj ET Q q 0 0 0 rg BT 395.07 161.10 Td (, we may from time to time participate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (contracts that have been negotiated and priced by another party) Tj ET Q q 0 0 0 rg BT 301.80 149.10 Td (. For example, on some longer duration casualty business that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (comprised of lar) Tj ET Q q 0 0 0 rg BT 114.85 137.10 Td (ger) Tj ET Q q 0 0 0 rg BT 127.22 137.10 Td (, syndicated reinsurance placements, we may follow the market on these transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 113.10 Td (Alignment of Company and Client) Tj ET Q q 0 0 0 rg BT 220.78 113.10 Td (s Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 89.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 89.10 Td (e seek to ensure that each contract we underwrite aligns our interests with our client) Tj ET Q q 0 0 0 rg BT 423.35 89.10 Td (s interests. Specifically) Tj ET Q q 0 0 0 rg BT 515.18 89.10 Td (, depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (upon the opportunity we may seek to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td () Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 24.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 746.07 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 743.91 cm /I45 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 746.07 Td (pay our clients a commission based upon a predetermined percentage of the profit we realize on the business, which) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 736.07 Td (we refer to as a profit commission;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 716.91 cm /I46 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 719.07 Td (provide ) Tj ET Q q 0 0 0 rg BT 118.86 719.07 Td (that ) Tj ET Q q 0 0 0 rg BT 136.67 719.07 Td (the ) Tj ET Q q 0 0 0 rg BT 151.69 719.07 Td (client ) Tj ET Q q 0 0 0 rg BT 176.72 719.07 Td (pays ) Tj ET Q q 0 0 0 rg BT 197.86 719.07 Td (a ) Tj ET Q q 0 0 0 rg BT 205.11 719.07 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 265.67 719.07 Td (amount ) Tj ET Q q 0 0 0 rg BT 298.48 719.07 Td (of ) Tj ET Q q 0 0 0 rg BT 309.62 719.07 Td (all ) Tj ET Q q 0 0 0 rg BT 322.42 719.07 Td (losses ) Tj ET Q q 0 0 0 rg BT 349.13 719.07 Td (before ) Tj ET Q q 0 0 0 rg BT 377.48 719.07 Td (our ) Tj ET Q q 0 0 0 rg BT 393.62 719.07 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 442.51 719.07 Td (policyincurs ) Tj ET Q q 0 0 0 rg BT 497.26 719.07 Td (aloss ) Tj ET Q q 0 0 0 rg BT 522.57 719.07 Td (payment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 709.07 Td (which ) Tj ET Q q 0 0 0 rg BT 112.44 709.07 Td (we ) Tj ET Q q 0 0 0 rg BT 126.60 709.07 Td (refer ) Tj ET Q q 0 0 0 rg BT 147.97 709.07 Td (to ) Tj ET Q q 0 0 0 rg BT 158.24 709.07 Td (as ) Tj ET Q q 0 0 0 rg BT 169.07 709.07 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 218.78 709.07 Td (retentions;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 692.91 cm /I47 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 695.07 Td (provide that the client pays a predetermined proportion of all losses above a predetermined amount, which we refer to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 685.07 Td (as co-participation; and/or) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 665.91 cm /I48 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 668.07 Td (charge the client a premium for reinstatement of reinsurance coverage to the full amount, which we refer to as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 658.07 Td (reinstatement premium, if coverage has beenreduced as a result of a reinsurance loss payment.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 627.00 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 627.00 Td (e believe that through profit commissions, self-insured retentions, co-participation, reinstatement premiums and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 615.00 Td (terms within the contract, our clients are provided with an incentive to manage our interests. ) Tj ET Q q 0 0 0 rg BT 420.59 615.00 Td (W) Tj ET Q q 0 0 0 rg BT 429.23 615.00 Td (e believe that aligning our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 603.00 Td (interests with our clients' interests promotes accurate reporting of information, timely settling and management of claims and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.00 Td (limits the potential for disputes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 579.00 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 79.00 579.00 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 567.00 Td (Integrated Underwriting Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 555.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 543.00 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 543.00 Td (e implement a "cradle to grave" service philosophy where the same deal team underwrites and oversees each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.00 Td (reinsurance contract. ) Tj ET Q q 0 0 0 rg BT 135.11 531.00 Td (W) Tj ET Q q 0 0 0 rg BT 143.74 531.00 Td (e believe this method enables us to best understand the risks and likelihood of loss for any particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.00 Td (contract and to provide superior client service.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.26 519.00 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 495.00 Td (Detailed Contract Diligence) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 483.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 471.00 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 471.00 Td (e are highly selective in the contracts we choose to underwrite and spend a significant amount of time with our clients ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 459.00 Td (and brokers to understand the risks and appropriately structure the contracts. ) Tj ET Q q 0 0 0 rg BT 357.56 459.00 Td (Where necessary) Tj ET Q q 0 0 0 rg BT 424.92 459.00 Td (, we conduct or contract for on-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 447.00 Td (site audits or reviews of the clients' underwriting files, systems and operations. ) Tj ET Q q 0 0 0 rg BT 366.61 447.00 Td (W) Tj ET Q q 0 0 0 rg BT 375.25 447.00 Td (e usually obtain significant amounts of data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 435.00 Td (from our clients to conduct a thorough actuarial modeling analysis. ) Tj ET Q q 0 0 0 rg BT 319.71 435.00 Td (As part of our pricing and underwriting process, we assess, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 423.00 Td (among other factors:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 391.07 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 388.91 cm /I49 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 391.07 Td (the clients and industry's historical loss data;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 374.91 cm /I50 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 377.07 Td (the expected duration for claims to fully develop;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 359.91 cm /I51 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 362.07 Td (the clients pricing and underwriting strategies;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 344.91 cm /I52 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 347.07 Td (the geographic areas in which the client is doing business and its market share;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 329.91 cm /I53 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 332.07 Td (the reputation and financial strength of the client;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 314.91 cm /I54 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 317.07 Td (the reputation and expertise of the broker;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 299.91 cm /I55 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 302.07 Td (the likelihood of establishing a long-term relationship with the client and the broker; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 284.91 cm /I56 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 287.07 Td (reports provided by independent industry specialists.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.00 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 258.00 Td (Underwriting ) Tj ET Q q 0 0 0 rg BT 134.20 258.00 Td (Authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 234.00 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 234.00 Td (e use actuarial models that we produce and apply our underwriting guidelines to analyze each reinsurance opportunity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.00 Td (before we commit capital. ) Tj ET Q q 0 0 0 rg BT 156.22 222.00 Td (The Underwriting Committee of our Board of Directors, which we refer to as the Underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.00 Td (Committee, sets parameters for zonal and aggregate property catastrophic caps and limits for maximum loss potential under any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.00 Td (individual contract. ) Tj ET Q q 0 0 0 rg BT 129.57 198.00 Td (The Underwriting Committee must approve any exceptions to the established limits. Our approach to risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.00 Td (control imposes an absolute loss limit on our natural catastrophic exposures as well as an estimate of probable maximum losses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.00 Td (and we have also established zonal and aggregate limits. ) Tj ET Q q 0 0 0 rg BT 277.58 174.00 Td (W) Tj ET Q q 0 0 0 rg BT 286.21 174.00 Td (e manage all non-catastrophic exposures and other risks by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.00 Td (analyzing our maximum loss potential on a contract-by-contract basis. ) Tj ET Q q 0 0 0 rg BT 333.13 162.00 Td (The maximum underwriting authorities, as set by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.00 Td (Underwriting Committee, may be amended from time to time, includingas and when our capital base changes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 138.00 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 126.00 Td (Retrocessional Coverage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 102.00 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 102.00 Td (e may from time to time purchase retrocessional coverage for one or more of the following reasons: to manage our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.00 Td (overall exposure, to reduce our net liability on individual risks, to obtain additional underwriting capacity and to balance our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.00 Td (underwriting portfolio. ) Tj ET Q q 0 0 0 rg BT 143.10 78.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 193.00 78.00 Td (, retrocession can be used as a mechanism to share the risks and rewards of business written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.00 Td (and, therefore, can be used as a tool to align our interests with those of our counterparties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.50 54.00 Td () Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (The amount of retrocessional coverage that we purchase varies based on numerous factors, some of which include the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (inherent riskiness of the portfolio of business we write and the level of our capital base. Given our opportunistic approach to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (underwriting, which may change the composition and inherent riskiness of our underwriting portfolio on an annual basis, it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (not possible to predict the level of retrocessional coverage that we will purchase in any given year) Tj ET Q q 0 0 0 rg BT 441.03 713.10 Td (.) Tj ET Q q 0 0 0 rg BT 445.85 713.10 Td (T) Tj ET Q q 0 0 0 rg BT 451.26 713.10 Td (o date, ourretrocessional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (coverage has been primarily used as a tool to align our interests with those of our counterparties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 689.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 677.10 Td (e intend to only purchase uncollateralized retrocessional coverage from a reinsurer with a minimum financial strength ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (rating of "A- \(Excellent\)" from ) Tj ET Q q 0 0 0 rg BT 175.68 665.10 Td (A.M. Best Company) Tj ET Q q 0 0 0 rg BT 257.81 665.10 Td (, Inc. \("A.M. Best"\) or an equivalent rating from a recognized rating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (service. For non-rated reinsurers, we monitor and obtain collateral in the form of cash, funds withheld, letters of credit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (regulatory trusts or other collateral in the form of guarantees.) Tj ET Q q 0 0 0 rg BT 295.80 641.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.25 641.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.83 641.10 Td (, the aggregate amount due from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (reinsurers from retrocessional coverages represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.91 629.10 Td (1.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.74 629.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.57 629.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.57 629.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.85 629.10 Td (4.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.68 629.10 Td (\) of our gross outstanding loss reserves. For further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (details please see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.80 617.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.80 617.10 Td ( to the consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 312.84 617.10 Td (W) Tj ET Q q 0 0 0 rg BT 321.48 617.10 Td (e regularly evaluate the financial condition of our reinsurers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (to assess their ability to honor their obligations. ) Tj ET Q q 0 0 0 rg BT 241.42 605.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.92 605.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.95 605.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.95 605.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.95 605.10 Td ( provision for uncollectible losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (recoverable was considered necessary) Tj ET Q q 0 0 0 rg BT 200.72 593.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 569.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 108.63 569.10 Td (Allocation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 545.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 545.10 Td (e allocate capital to each contract that we bind. Our capital allocation methodology uses the probability and magnitude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (of potential for economic loss. ) Tj ET Q q 0 0 0 rg BT 173.73 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 182.37 533.10 Td (e allocate capital for the period from each contract) Tj ET Q q 0 0 0 rg BT 386.71 533.10 Td (s inception until the risk is resolved. ) Tj ET Q q 0 0 0 rg BT 533.73 533.10 Td (W) Tj ET Q q 0 0 0 rg BT 542.37 533.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (have developed a proprietary return on equity capital allocation model to evaluate and price each reinsurance contract that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (underwrite. ) Tj ET Q q 0 0 0 rg BT 97.63 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 106.27 509.10 Td (e use dif) Tj ET Q q 0 0 0 rg BT 139.97 509.10 Td (ferent return on equity thresholds depending on the type and risk characteristics of the business we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (underwrite.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (Claims Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 449.10 Td (Our claims management process begins upon receipt of claims submissions from our clients, whichthe underwriter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (reviews for authorization prior to entry and settlement. ) Tj ET Q q 0 0 0 rg BT 270.27 437.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 320.17 437.10 Td (, our in-house claims manager is responsible for overseeing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (the review of claims and providing approval for complex or lar) Tj ET Q q 0 0 0 rg BT 301.46 425.10 Td (ge claim settlements. ) Tj ET Q q 0 0 0 rg BT 387.92 425.10 Td (W) Tj ET Q q 0 0 0 rg BT 396.56 425.10 Td (e believe this ensures that we pay claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (consistently within the terms and conditions of each contract. Depending on the size of the claim payment, additional approvals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (for payment must be obtained from ourexecutive of) Tj ET Q q 0 0 0 rg BT 258.14 401.10 Td (ficers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.10 Td (Where necessary) Tj ET Q q 0 0 0 rg BT 143.86 377.10 Td (, we conduct or contract for on-site claims and underwriting audits at cedents and third party claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (handlers, particularly for lar) Tj ET Q q 0 0 0 rg BT 161.49 365.10 Td (ge accounts and for those whose performance dif) Tj ET Q q 0 0 0 rg BT 357.63 365.10 Td (fers from our expectations. ) Tj ET Q q 0 0 0 rg BT 467.68 365.10 Td (Through these audits, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (we evaluate and monitor ceding companies) Tj ET Q q 0 0 0 rg BT 225.08 353.10 Td ( claims-handling practices, including the or) Tj ET Q q 0 0 0 rg BT 398.18 353.10 Td (ganization of their claims departments, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (their fact-finding and investigation techniques, their loss notifications, the adequacy of their reserves, their negotiation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (settlement practices and their adherence to claims-handling guidelines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 305.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 305.10 Td (e recognize that fair interpretation of our reinsurance agreements with our clients and timely payment of covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (claims arevaluable services to our clients.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 245.10 Td (Our reserving philosophy is to set reserves to our best estimate of the actual results that stem from the risks underwritten. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (Our actuaries provide reserving estimates on a quarterly basis calculated to meet our estimated future obligations. ) Tj ET Q q 0 0 0 rg BT 506.11 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.75 233.10 Td (e reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (on a transaction by transaction basis. ) Tj ET Q q 0 0 0 rg BT 199.00 221.10 Td (W) Tj ET Q q 0 0 0 rg BT 207.64 221.10 Td (e engage independent external actuaries who review and provide an opinion on these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (estimates at least once a year) Tj ET Q q 0 0 0 rg BT 164.72 209.10 Td (. Due to the use of dif) Tj ET Q q 0 0 0 rg BT 251.47 209.10 Td (ferent assumptions, accounting treatment and loss experience, the amount we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (establish as reserves with respect to individual risks, transactions or classes of business may be greater or less than those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (established by clients or ceding companies. Reserves may also include unearned premiums, premium deposits, profit sharing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (earned but not yet paid, claims reported but not yet paid, claims incurred but not reported and claims in the process of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (settlement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 137.10 Td (Reserves do not represent an exact calculation of liability) Tj ET Q q 0 0 0 rg BT 305.21 137.10 Td (. Rather) Tj ET Q q 0 0 0 rg BT 336.47 137.10 Td (, reserves represent our best estimate of the expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (cost of the ultimate settlement and administration of the claim. ) Tj ET Q q 0 0 0 rg BT 301.94 125.10 Td (Although the methods for establishing reserves are well-tested, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (some of the major assumptions about anticipated loss emer) Tj ET Q q 0 0 0 rg BT 285.38 113.10 Td (gence patterns are subject to unanticipated fluctuation. ) Tj ET Q q 0 0 0 rg BT 505.67 113.10 Td (W) Tj ET Q q 0 0 0 rg BT 514.30 113.10 Td (e base these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (estimates on our assessment of facts and circumstances then known, as well as estimates of future trends in claim severity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (frequency) Tj ET Q q 0 0 0 rg BT 88.83 89.10 Td (, judicial theories of liability and other factors, including the actions of third parties, which are beyond our control.) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 94.21 742.25 Td (Arrangements and Letter) Tj ET Q q 0 0 0 rg BT 203.45 742.25 Td ( of Cr) Tj ET Q q 0 0 0 rg BT 228.26 742.25 Td (edit Facilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 718.25 Td (e are licensedand admitted as an insurer only inthe Cayman Islands and theEuropean Economic ) Tj ET Q q 0 0 0 rg BT 476.40 718.25 Td (Area. Many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (jurisdictions, such as the United States, do not permit clients to take credit for reinsurance on their statutory financial statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (if such reinsurance is obtained from unlicensed or non-admitted insurers without appropriate collateral. ) Tj ET Q q 0 0 0 rg BT 464.37 694.25 Td (As a result, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (anticipate that all of our U.S. clients and a portion of our non-U.S. clients will require us to provide collateral for the contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (we bind with them. ) Tj ET Q q 0 0 0 rg BT 129.03 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 137.67 670.25 Td (e expect this collateral to take the form of funds withheld, trust arrangements or letters of credit. ) Tj ET Q q 0 0 0 rg BT 523.93 670.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 658.25 Td (, we hadletter of credit facilities with an aggregate capacity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.47 658.25 Td ($720.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.36 658.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.19 658.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.19 658.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.47 658.25 Td ($760.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.36 658.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 537.14 658.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 646.25 Td (, we had issued letters of credit totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.76 646.25 Td ($245.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 646.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.48 646.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.48 646.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.76 646.25 Td ($273.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 646.25 Td (\) to clients. ) Tj ET Q q 0 0 0 rg BT 483.31 646.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 533.22 646.25 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 634.25 Td (, we had pledged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.34 634.25 Td ($78.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.23 634.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.06 634.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.06 634.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.34 634.25 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.89 634.25 Td (\) as collateral through trust arrangements. ) Tj ET Q q 0 0 0 rg BT 462.82 634.25 Td (The failure to maintain, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (replace or increase our letter of credit facilities and trust arrangements on commercially acceptable terms may significantly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (negatively af) Tj ET Q q 0 0 0 rg BT 101.24 610.25 Td (fect our ability to implement our business strategy) Tj ET Q q 0 0 0 rg BT 301.38 610.25 Td (. See "Item 1A. Risk Factors Risks Relating to Our Business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 62.00 598.25 Td (Our failur) Tj ET Q q 0 0 0 rg BT 102.47 598.25 Td (e to maintain sufficient collateral arrangements or to incr) Tj ET Q q 0 0 0 rg BT 333.74 598.25 Td (ease our collateral capacity on commer) Tj ET Q q 0 0 0 rg BT 492.50 598.25 Td (cially acceptable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (terms as we gr) Tj ET Q q 0 0 0 rg BT 107.74 586.25 Td (ow could significantly and negatively affect our ability to implement our business strategy) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 468.25 586.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.75 586.25 Td (") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (Competition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.25 Td (The reinsurance industry is highly competitive. ) Tj ET Q q 0 0 0 rg BT 267.66 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 276.30 538.25 Td (e compete with major reinsurers, most of which are well established, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (have significant operating histories and strong financial strength ratings, and have developed long-standing client relationships.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.25 Td (Our competitors include ) Tj ET Q q 0 0 0 rg BT 175.65 502.25 Td (ACE Limited, Everest Re, General Re Corporation, Hannover Re Group, Munich Reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 490.25 Td (, PartnerRe Ltd., Swiss Reinsurance Company) Tj ET Q q 0 0 0 rg BT 272.62 490.25 Td (, ) Tj ET Q q 0 0 0 rg BT 277.43 490.25 Td (Third Point Reinsurance Ltd. and ) Tj ET Q q 0 0 0 rg BT 413.34 490.25 Td (T) Tj ET Q q 0 0 0 rg BT 419.09 490.25 Td (ransatlantic Reinsurance Company) Tj ET Q q 0 0 0 rg BT 557.84 490.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (as well as smaller companies and other niche reinsurers. ) Tj ET Q q 0 0 0 rg BT 276.09 478.25 Td (Although we seek to provide coverage where capacity and alternatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (are limited, we directly compete with these lar) Tj ET Q q 0 0 0 rg BT 234.80 466.25 Td (ger companies due to the breadth of their coverage across the property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (casualty market in substantially all lines of business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.25 Td (While most of our competitors have had a longer operating history than us, we believe that our approach to underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (allows us to be successful in underwriting transactions against more established competitors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (Ratings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.25 Td (Currently) Tj ET Q q 0 0 0 rg BT 114.18 370.25 Td (, our reinsurance subsidiaries, Greenlight Re and GRIL) Tj ET Q q 0 0 0 rg BT 334.58 370.25 Td ( are both rated "A) Tj ET Q q 0 0 0 rg BT 405.30 370.25 Td ( \(Excellent\)" by ) Tj ET Q q 0 0 0 rg BT 470.75 370.25 Td (A.M. Best. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (October 23, 2015, ) Tj ET Q q 0 0 0 rg BT 123.66 358.25 Td (A.M. Best af) Tj ET Q q 0 0 0 rg BT 175.13 358.25 Td (firmed Greenlight Re's rating of "A) Tj ET Q q 0 0 0 rg BT 316.26 358.25 Td ( \(Excellent\)" but revised the outlook from stable to negative. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (The "A) Tj ET Q q 0 0 0 rg BT 78.30 346.25 Td ( \(Excellent\)" rating from ) Tj ET Q q 0 0 0 rg BT 179.01 346.25 Td (A.M. Best is the third highest of 15 ratings. ) Tj ET Q q 0 0 0 rg BT 354.93 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 363.57 346.25 Td (e believe that a strong rating is an important ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (factor in the marketing of reinsurance products to clients and brokers. ) Tj ET Q q 0 0 0 rg BT 330.33 334.25 Td (These ratings reflect the rating agency) Tj ET Q q 0 0 0 rg BT 486.10 334.25 Td (s opinion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (reinsurance subsidiaries' financial strength, operating performance and ability to meet obligations. It is not an evaluation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (directed toward the protection of investors or a recommendation to buy) Tj ET Q q 0 0 0 rg BT 333.76 310.25 Td (, sell or hold our Class ) Tj ET Q q 0 0 0 rg BT 425.71 310.25 Td (A) Tj ET Q q 0 0 0 rg BT 432.38 310.25 Td ( ordinary shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.25 Td (The failure to maintain a strong rating may significantly and negatively af) Tj ET Q q 0 0 0 rg BT 372.06 286.25 Td (fect our ability to implement our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 80.51 274.25 Td (. See "Item 1A. Risk Factors Risks Relating to Our Business ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 349.86 274.25 Td (A) Tj ET Q q 0 0 0 rg BT 355.78 274.25 Td ( downgrade or withdrawal of either of our ) Tj ET Q q 0 0 0 rg BT 527.83 274.25 Td (A.M. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (Best ratings may significantly and negatively affect our ability to implement our business strategy successfully) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 491.10 262.25 Td (.") Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 214.25 Td (Cayman Islands Insurance Regulation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.25 Td (The legislative framework for the carrying on of insurance and reinsurance business in and from within the Cayman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (Islands is comprised of ) Tj ET Q q 0 0 0 rg BT 144.30 178.25 Td (The Insurance Law) Tj ET Q q 0 0 0 rg BT 220.84 178.25 Td (, 2010 and underlying regulations thereto \(the "Law"\) which was brought into force ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (in the Cayman Islands ef) Tj ET Q q 0 0 0 rg BT 148.74 166.25 Td (fective as of November 1, 2012. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 142.25 Td (Greenlight Re holds a Class D insurer license issued in accordance with the terms of the Law and is subject to regulation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (by CIMA.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 106.25 Td (As the holder of a Class D insurer license, Greenlight Re is permitted to carry on reinsurance business from the Cayman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (Islands, but, except with the prior written approval of CIMA, may not carry on any insurance or reinsurance business where the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (underlying risk originates and resides in the Cayman Islands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 58.25 Td (Greenlight Re is required to comply with the following principal requirements under the Law:) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (12) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 743.91 cm /I57 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 746.07 Td (to maintain capital and a margin of solvency in accordance with the capital and solvency requirements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 736.07 Td (prescribed by the Law;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 703.91 cm /I58 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 706.07 Td (to carry on its business in accordance with the terms of the license application submitted to CIMA and to seek) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 696.07 Td (the prior approval of CIMA for any proposed change thereto;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 663.91 cm /I59 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 666.07 Td (to maintain adequate arrangements for the management of risks and a system of governance as approved by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 656.07 Td (CIMA;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 623.91 cm /I60 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 626.07 Td (to maintain a minimum of at least two directors and to seek the prior approval of CIMA in respect of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 616.07 Td (appointment of directors and officers and to provide CIMA with information in connection therewith and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 606.07 Td (notification of any changes thereto;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 573.91 cm /I61 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 576.07 Td (to have a place of business in the Cayman Islands and to maintain such resources, including staff and facilities,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 566.07 Td (books and records as CIMA considers appropriate having regard for the nature and scale of the business of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 556.07 Td (Greenlight Re;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 523.91 cm /I62 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 526.07 Td (to submit to CIMA an annual return in the prescribed form together with:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 511.07 Td (1. financial statements prepared in accordance with any internationally recognized accounting standards,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 501.07 Td (audited by an independent auditor approved by CIMA;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 486.07 Td (2. an actuarial valuation of Greenlight Re's assets and liabilities, certified by an actuary approved by CIMA;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 461.07 Td (3. certification of solvency prepared by a person approved by CIMA in accordance with the prescribed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 451.07 Td (requirements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 436.07 Td (4. confirmation that the information contained in Greenlight Re's license application, as modified by any) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.50 426.07 Td (subsequent changes, remains correct; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 411.07 Td (5. such other information as may be prescribed by CIMA; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 378.91 cm /I63 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 381.07 Td (to pay an annual license fee.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 352.00 Td (It is the duty of CIMA:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 332.07 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 329.91 cm /I64 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 332.07 Td (to maintain a general review of insurance practices in the Cayman Islands;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 300.91 cm /I65 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 303.07 Td (to examine the affairs or business of any licensee or other person carrying on, or who has carried on, insurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 293.07 Td (business in order to ensure that the Law has been complied with and that the licensee is in a sound financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 283.07 Td (position and is carrying on its business in a fit and proper manner;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 251.91 cm /I66 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 254.07 Td (to examine and report on the annual returns delivered to CIMA in terms of the Law; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 95.50 221.91 cm /I67 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 224.07 Td (to examine and make recommendations with respect to, among other things, proposals for the revocation of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 214.12 Td (licenses and cases of suspected insolvency of licensed entities.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 188.00 Td (Where CIMA) Tj ET Q q 0 0 0 rg BT 131.21 188.00 Td ( believes that a licensee is committing, or is about to commit or pursue, an act that is an unsafe or unsound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.00 Td (business practice, CIMA) Tj ET Q q 0 0 0 rg BT 148.09 176.00 Td ( may direct the licensee to cease or refrain from committing the act or pursuing the of) Tj ET Q q 0 0 0 rg BT 490.01 176.00 Td (fending course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.00 Td (conduct. Failure to comply with such a CIMA) Tj ET Q q 0 0 0 rg BT 235.86 164.00 Td ( direction may be punishable on summary conviction by a fine of up to 100,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.00 Td (Cayman Islands dollars \(which is approximately US$120,000\) or to imprisonment for a term of five years or to both, and on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.00 Td (conviction on indictment to a fine of 500,000 Cayman Islands dollars \(which is approximately US$600,000\) or to imprisonment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.00 Td (for a term of ten years or to both and to an additional 10,000 Cayman Islands dollars \(which is approximately US$12,000\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.00 Td (every day after conviction that the breach continues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 92.00 Td (Whenever CIMA) Tj ET Q q 0 0 0 rg BT 145.65 92.00 Td ( believes that a licensee is or may become unable to meet its obligations as they fall due, is carrying on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.00 Td (business in a manner likely to be detrimental to the public interest or to the interest of its creditors or policyholders, has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.00 Td (contravened the terms of the Law or has otherwise behaved in such a manner so as to cause CIMA) Tj ET Q q 0 0 0 rg BT 443.26 68.00 Td ( to call into question the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.00 Td (licensee) Tj ET Q q 0 0 0 rg BT 84.48 56.00 Td (s fitness, CIMA) Tj ET Q q 0 0 0 rg BT 147.54 56.00 Td ( may take one of a number of steps, including requiring the licensee to take steps to rectify the matter) Tj ET Q q 0 0 0 rg BT 552.01 56.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 44.00 Td (suspending the license of the licensee, revoking the license, imposing conditions upon the license and amending or revoking ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (any such condition, requiring the substitution of any director) Tj ET Q q 0 0 0 rg BT 291.55 749.10 Td (, manager or of) Tj ET Q q 0 0 0 rg BT 352.45 749.10 Td (ficer of the licensee, at the expense of the licensee, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (appointing a person to advise the licensee on the proper conduct of its af) Tj ET Q q 0 0 0 rg BT 338.95 737.10 Td (fairs and to report to CIMA) Tj ET Q q 0 0 0 rg BT 448.66 737.10 Td ( thereon, at the expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (the licensee, appointing a person to assume control of the licensee) Tj ET Q q 0 0 0 rg BT 316.36 725.10 Td (s af) Tj ET Q q 0 0 0 rg BT 330.34 725.10 Td (fairs or otherwise requiring such action to be taken by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (licensee as CIMA) Tj ET Q q 0 0 0 rg BT 120.59 713.10 Td ( considers necessary) Tj ET Q q 0 0 0 rg BT 201.58 713.10 Td (. ) Tj ET Q q 0 0 0 rg BT 206.40 713.10 Td (T) Tj ET Q q 0 0 0 rg BT 211.81 713.10 Td (o date, we have not been subject to any such actions from CIMA.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 689.10 Td (Other Regulations in the Cayman Islands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (As Cayman Islands exempted companies, Greenlight Capital Re and Greenlight Re may not carry on business or trade ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (locally in the Cayman Islands except in furtherance of their business outside the Cayman Islands, andareprohibited from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (soliciting the public of the Cayman Islands to subscribe for any of their securities or debt. ) Tj ET Q q 0 0 0 rg BT 410.07 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 418.70 641.10 Td (e are further required to file a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (return with the Registrar of Companies in January of each year and to pay an annual registration fee at that time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.10 Td (The Cayman Islands has no exchange controls restricting dealings in currencies or securities.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 581.10 Td (Ireland Insurance Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 557.10 Td (Our Irish subsidiary) Tj ET Q q 0 0 0 rg BT 155.84 557.10 Td (, GRIL, is authorized as a non-life reinsurance undertaking by the CBI. ) Tj ET Q q 0 0 0 rg BT 442.52 557.10 Td (The Solvency II Directive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (2009/138/EC \(known as "Solvency II"\) introduced a new European regulatory regime for insurers and reinsurers and has been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (transposed into Irish law by the European Union \(Insurance and Reinsurance\) Regulations 2015 \(the "Irish Regulations"\). GRIL) Tj ET Q q 0 0 0 rg BT 561.89 533.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (is now authorized to conduct reinsurance business under provisions of the Irish Regulations which became ef) Tj ET Q q 0 0 0 rg BT 486.15 521.10 Td (fective on January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (1, 2016. GRIL) Tj ET Q q 0 0 0 rg BT 107.46 509.10 Td ( is required to comply at all times with the Irish Regulations, the Irish Insurance ) Tj ET Q q 0 0 0 rg BT 429.06 509.10 Td (Acts 1909 to 2015, regulations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (relating to insurance business or reinsurance business promulgated under the European Communities ) Tj ET Q q 0 0 0 rg BT 455.52 497.10 Td (Act 1972, the Irish Central ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (Bank ) Tj ET Q q 0 0 0 rg BT 72.56 485.10 Td (Acts 1942 to 2015 as amended, regulations promulgated thereunder and directions, guidelines and codes of conduct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (issued by CBI\(collectively the "Irish Insurance ) Tj ET Q q 0 0 0 rg BT 241.59 473.10 Td (Acts and Regulations"\). In addition, GRIL) Tj ET Q q 0 0 0 rg BT 411.11 473.10 Td ( is required to meet risk-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (solvency requirements imposed under Solvency II on insurers and reinsurers across all member states, including Ireland. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Solvency II, together with European Commission "delegated acts" and guidance issued by the European Insurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (Occupational Pensions ) Tj ET Q q 0 0 0 rg BT 142.82 437.10 Td (Authority) Tj ET Q q 0 0 0 rg BT 181.06 437.10 Td (, sets out classification and eligibility requirements, including the characteristics required for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (any capital contribution to qualify as regulatory capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (Overview of Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.10 Td (Our investment portfolio is managed by DME ) Tj ET Q q 0 0 0 rg BT 262.86 377.10 Td (Advisors, a value-oriented investment advisor that analyzes companies' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (available financial data, business strategies and prospects in an ef) Tj ET Q q 0 0 0 rg BT 310.89 365.10 Td (fort to identify undervalued and overvalued securities. DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (Advisors is controlled by David Einhorn, the Chairman of our Board of Directors and the President of Greenlight Capital, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 341.10 Td (fective January 1, 2014 we entered into a second amended and restated agreement \(the "venture agreement"\), wherein the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 329.10 Td (, Greenlight Re, GRIL, and DME have agreed to create a joint venture for the purposes of managing certain jointly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (held assets.) Tj ET Q q 0 0 0 rg BT 97.37 317.10 Td (The ventureagreement, which replaces the previous agreement dated ) Tj ET Q q 0 0 0 rg BT 376.13 317.10 Td (August 31, 2010, expires on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.40 317.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 305.10 Td ( and will renew automatically for successive three-year periods unless at least 90 days prior to the end of the then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (currentterm, DME notifies the other participants of its desire to terminate the venture agreement or any other participant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (notifies DME of its desire to withdraw from the venture agreement. Simultaneously with the venture agreement, we entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (into an investment advisory agreement \(the "advisory agreement"\) with DME ) Tj ET Q q 0 0 0 rg BT 362.02 269.10 Td (Advisors to provide discretionary advisory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (services relating to the assets and liabilities of the venture. ) Tj ET Q q 0 0 0 rg BT 285.08 257.10 Td (The advisory agreement term period mirrors that of the venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 233.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 221.10 Td (Pursuant to the venture agreement and the advisory agreement, DME ) Tj ET Q q 0 0 0 rg BT 355.03 221.10 Td (Advisors has the exclusive right to manage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (substantially all of our investable assets, subject to the investment guidelines adopted by the respective Boards of Directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (Greenlight Re and GRIL, for so long as the venture agreement is in ef) Tj ET Q q 0 0 0 rg BT 328.68 197.10 Td (fect. DME ) Tj ET Q q 0 0 0 rg BT 372.83 197.10 Td (Advisors receives a monthly management fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (based on an annual rate of 1.5%of the capital account balance of each participant. In addition, DME receives a performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (allocation based on the positive performance change in such participant) Tj ET Q q 0 0 0 rg BT 338.56 173.10 Td (s capital account equal to 20% of net profits calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (per annum, subject to a loss carry forward provision.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 137.10 Td (The loss carry forward provision allows DME to earn a reducedperformance allocationof 10% on profits in any year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (subsequent to the year in which a participant's capital account \(other than DME\)incurs a loss, until all the losses are recouped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (and an additional amount equal to 150% of the loss is earned. DME is not entitled to a performance allocation in a year in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (which such participant's capital account incurs a loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 77.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 77.10 Td (Advisors is required to follow our investment guidelines and act in a manner that it considers fair and equitable in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (allocating investment opportunities to us, but the advisory agreement does not otherwise impose any specific obligations or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (requirements concerning the allocation of time, ef) Tj ET Q q 0 0 0 rg BT 248.96 53.10 Td (fort or investment opportunities to us or any restrictions on the nature or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.10 Td (timing of investments for our account, or other accounts that DME ) Tj ET Q q 0 0 0 rg BT 318.33 41.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 387.31 41.10 Td (filiates may manage. In addition, DME ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (Advisors can outsource to sub-advisors without our consent or approval. In the event that DME ) Tj ET Q q 0 0 0 rg BT 433.31 749.10 Td (Advisors and any of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 737.10 Td (filiates attempt to simultaneously invest in the same opportunity) Tj ET Q q 0 0 0 rg BT 313.06 737.10 Td (, the opportunity will be allocated pro-rata as reasonably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (determined by DME ) Tj ET Q q 0 0 0 rg BT 133.65 725.10 Td (Advisors and its af) Tj ET Q q 0 0 0 rg BT 208.74 725.10 Td (filiates. ) Tj ET Q q 0 0 0 rg BT 240.40 725.10 Td (Af) Tj ET Q q 0 0 0 rg BT 250.77 725.10 Td (filiates of DME ) Tj ET Q q 0 0 0 rg BT 315.48 725.10 Td (Advisors presently serve as general partner or investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (advisor of Greenlight Capital, L.P) Tj ET Q q 0 0 0 rg BT 184.48 713.10 Td (., Greenlight Capital Qualified, L.P) Tj ET Q q 0 0 0 rg BT 324.45 713.10 Td (., Greenlight Capital Of) Tj ET Q q 0 0 0 rg BT 418.96 713.10 Td (fshore, Ltd., Greenlight Capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (Of) Tj ET Q q 0 0 0 rg BT 59.87 701.10 Td (fshore Qualified, Ltd., Greenlight Capital Of) Tj ET Q q 0 0 0 rg BT 238.53 701.10 Td (fshore Partners, Greenlight Capital \(Gold\), L.P) Tj ET Q q 0 0 0 rg BT 425.15 701.10 Td (., Greenlight Capital Of) Tj ET Q q 0 0 0 rg BT 519.67 701.10 Td (fshore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (\(Gold\), Ltd., Greenlight Capital Of) Tj ET Q q 0 0 0 rg BT 189.56 689.10 Td (fshore Master \(Gold\), Ltd., Greenlight Masters, L.P) Tj ET Q q 0 0 0 rg BT 395.35 689.10 Td (., Greenlight Masters Qualified, L.P) Tj ET Q q 0 0 0 rg BT 538.10 689.10 Td (., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (Greenlight Masters Of) Tj ET Q q 0 0 0 rg BT 139.29 677.10 Td (fshore, Ltd., Greenlight Masters Of) Tj ET Q q 0 0 0 rg BT 280.47 677.10 Td (fshore I, Ltd., Greenlight Masters Of) Tj ET Q q 0 0 0 rg BT 427.47 677.10 Td (fshore Partners and Greenlight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (Masters Partners \(collectively the "Greenlight Funds"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 641.10 Td (e have agreed to use commercially reasonable ef) Tj ET Q q 0 0 0 rg BT 279.02 641.10 Td (forts to cause all of our current and future subsidiaries to enter into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (substantially similar venture agreements, provided that any such agreement shall be terminable on the same date that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (venture agreement is terminable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 593.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 593.10 Td (e have agreed to release DME and DME ) Tj ET Q q 0 0 0 rg BT 248.96 593.10 Td (Advisors and their af) Tj ET Q q 0 0 0 rg BT 332.93 593.10 Td (filiates from, and to indemnify and hold them harmless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (against, any liability arising out of the venture agreement and the advisory agreement, subject to certain exceptions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Furthermore, DME and DME ) Tj ET Q q 0 0 0 rg BT 170.32 569.10 Td (Advisors and their af) Tj ET Q q 0 0 0 rg BT 254.28 569.10 Td (filiates have agreed to indemnify us against any liability incurred in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (connection with certain actions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 533.10 Td (Greenlight Re or GRIL) Tj ET Q q 0 0 0 rg BT 169.16 533.10 Td ( may also withdraw as a participant under the venture agreement prior to the expiration of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (termat any timeonly ) Tj ET Q q 0 0 0 rg BT 140.12 521.10 Td (for cause,) Tj ET Q q 0 0 0 rg BT 184.91 521.10 Td () Tj ET Q q 0 0 0 rg BT 187.49 521.10 Td ( which the venture agreement defines as:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 489.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 487.01 cm /I68 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 489.17 Td (a material violation of applicable law relating to DME's or DME Advisors advisory business;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 458.01 cm /I69 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 460.17 Td (DME's or DME Advisors' gross negligence, willful misconduct or reckless disregard of any of DME's obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 450.17 Td (under the venture agreement or DME Advisors' obligations under the advisory agreement;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 419.01 cm /I70 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 421.17 Td (a material breach by DME or DME Advisors of Greenlight Res or GRILs investment guidelines that is not cured) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 411.22 Td (within a 15-day period; or) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 382.01 cm /I71 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 384.17 Td (a material breach by DME or DME Advisors of its obligations to return and deliver assets as we may request.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 355.10 Td (In addition, GRIL) Tj ET Q q 0 0 0 rg BT 148.06 355.10 Td ( may withdraw as a participant under the venture agreement prior to the expiration of its term due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (unsatisfactory long term performance of DME ) Tj ET Q q 0 0 0 rg BT 237.22 343.10 Td (Advisors, as determined solely by the Board of Directors of GRIL) Tj ET Q q 0 0 0 rg BT 501.51 343.10 Td ( on each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.10 Td (anniversary date of the venture agreement.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 307.10 Td (Investment Strategy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 283.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 283.10 Td (Advisors implements a value-oriented investment strategy by taking long positions in perceived undervalued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (securities and short positions in perceived overvalued securities. DME ) Tj ET Q q 0 0 0 rg BT 333.32 271.10 Td (Advisors aims to achieve high absolute rates of return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (while minimizing the risk of capital loss. DME ) Tj ET Q q 0 0 0 rg BT 239.75 259.10 Td (Advisors attempts to determine the risk/return characteristics of potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (investments by analyzing factors such as the risk that expected cash flows will not be obtained, the volatility of the cash flows, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (the leverage of the underlying business and the security's liquidity) Tj ET Q q 0 0 0 rg BT 313.09 235.10 Td (, among others.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 211.10 Td (Our Board of Directors conducts reviews of our investment portfolio activities and oversees our investment guidelines to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (meet our investment objectives. ) Tj ET Q q 0 0 0 rg BT 179.01 199.10 Td (W) Tj ET Q q 0 0 0 rg BT 187.64 199.10 Td (e believe our investment approach, while less predictable than traditional fixed-income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td (portfolios, complements our reinsurance business and will achieve higher rates of return over the long term than reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.10 Td (companies that invest predominantlyin fixed-income securities. Our investment guidelines are designed to maintain adequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (liquidity to fund our reinsurance operations and to protect against unexpected events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 139.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 139.10 Td (Advisors, which is contractually obligated to adhere to our investment guidelines, makes investment decisions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.10 Td (our behalf, which may include buying publicly listed equity securities and corporate debt, selling securities short and investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.10 Td (in private placements, futures, currencies, commodities, credit default swaps, interest rate swaps, sovereign debt, derivatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (and other instruments. ) Tj ET Q q 0 0 0 rg BT 140.60 103.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.04 103.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.63 103.10 Td (, DME ) Tj ET Q q 0 0 0 rg BT 272.80 103.10 Td (Advisors was in compliance with our investment guidelines.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td () Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (15) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 749.25 Td (Investment Guidelines) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (The investment guidelines adopted by the respective Boards of Directors of Greenlight Re and GRIL, which may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (amended or modified from time to time, take into account restrictions imposed on us by regulators, our liability mix, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (requirements to maintain an appropriate claims paying rating by ratings agencies and requirements of lenders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.25 Td (As of the date hereof, the investment guidelines for Greenlight Re currently state:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 645.32 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 643.16 cm /I72 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 645.31 Td (Composition of Investments: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.43 645.31 Td (At least 80% of the assets in the investment portfolio will be held in debt or equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 635.32 Td (securities \(including swaps\) of publicly-traded companies \(or their subsidiaries\) and governments of the Or) Tj ET Q q 0 0 0 rg BT 514.37 635.32 Td (ganization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 625.32 Td (of Economic Co-operation and Development, \(the "OECD"\), high income countries, cash, cash equivalents and gold. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 615.32 Td (No more than 10% of the assets in the investment portfolio will be held in private equity securities.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 582.16 cm /I73 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 584.31 Td (Concentration of Investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.59 584.31 Td ( Other than cash, cash equivalents, United States government obligations and gold, no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 574.32 Td (single investment in the investment portfolio will constitute more than 20% of the portfolio.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 538.16 cm /I74 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 540.31 Td (Liquidity:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.94 540.31 Td ( ) Tj ET Q q 0 0 0 rg BT 126.89 540.31 Td (Assets will be invested in such fashion that Greenlight Re has a reasonable expectation that it can meet any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 530.32 Td (of its liabilities as they become due. Greenlight Re will review with the investment advisor the liquidity of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 520.32 Td (portfolio on a periodic basis.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 489.16 cm /I75 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 491.31 Td (Monitoring:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.39 491.31 Td ( Greenlight Re will require the investment advisor to re-evaluate each position in the investment portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 481.32 Td (and to monitor changes in intrinsic value and trading value and provide monthly reports on the investment portfolio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 471.32 Td (Greenlight Re asGreenlight Re may reasonably determine.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 440.16 cm /I76 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 442.31 Td (Leverage:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.04 442.31 Td ( ) Tj ET Q q 0 0 0 rg BT 128.36 442.31 Td (The investment portfolio may not employ greater than 15% indebtedness for borrowed money) Tj ET Q q 0 0 0 rg BT 504.27 442.31 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 432.32 Td (net mar) Tj ET Q q 0 0 0 rg BT 115.58 432.32 Td (gin balances, for extended time periods. ) Tj ET Q q 0 0 0 rg BT 277.57 432.32 Td (The investment advisor may employ) Tj ET Q q 0 0 0 rg BT 423.00 432.32 Td (, in the normal course of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 422.32 Td (business, up to 30% indebtedness for periods of less than 30 days.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 391.25 Td (The investment guidelines for GRIL) Tj ET Q q 0 0 0 rg BT 221.65 391.25 Td ( areidentical to Greenlight Re's exceptfor concentration of investments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.25 Td (leverage, whichfor GRIL) Tj ET Q q 0 0 0 rg BT 152.42 379.25 Td ( are as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 367.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 347.32 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 345.16 cm /I77 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.50 347.31 Td (Concentration of Investments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.59 347.31 Td ( Other than cash, cash equivalents and United States government obligations, \(1\) no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 337.32 Td (single investment in the investment portfolio will constitute more than 10% of the portfolio, \(2\) the 10 lar) Tj ET Q q 0 0 0 rg BT 513.46 337.32 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 327.32 Td (investments shall not constitute greater than 50% of the total investment portfolio, and \(3\) the investment portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 317.32 Td (shall at all times be comprised of a minimum of 50 debt or equity securities of publicly traded companies \(or their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 307.37 Td (subsidiaries\).) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 278.16 cm /I78 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 91.50 280.31 Td (Leverage:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.04 280.31 Td ( ) Tj ET Q q 0 0 0 rg BT 134.36 280.31 Td (The investment portfolio may not employ greater than 5% indebtedness for borrowed money) Tj ET Q q 0 0 0 rg BT 505.27 280.31 Td (, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 270.32 Td (net mar) Tj ET Q q 0 0 0 rg BT 121.58 270.32 Td (gin balances, for extended time periods. ) Tj ET Q q 0 0 0 rg BT 283.57 270.32 Td (The investment advisor may use, in the normal course of business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 260.32 Td (an aggregate of up to 20% net mar) Tj ET Q q 0 0 0 rg BT 229.32 260.32 Td (gin leverage for periods of less than 30 days.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 243.25 Td () Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (16) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.50 749.25 Td (Investment Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 73.50 725.25 Td ( Composition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 701.25 Td (The following table represents the fair value of the total long positions in our investment portfolio as reported in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (consolidated financial statements:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 635.75 305.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 635.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 635.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 635.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 635.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 635.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 635.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 635.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 635.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 607.75 305.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 607.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 607.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 607.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 607.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 607.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 579.75 305.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 579.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 579.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 579.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 579.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 579.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 550.75 305.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 550.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 550.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 550.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 550.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 550.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 550.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 550.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 550.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 522.75 305.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 522.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 522.75 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.00 522.75 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 522.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 522.75 43.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358 649.75 m 411 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411 649.75 m 415 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415 649.75 m 458 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462 649.75 m 515 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515 649.75 m 519 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519 649.75 m 562 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 565.75 m 411 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 565.75 m 458 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 565.75 m 515 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 565.75 m 562 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 550.75 m 411 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 550.75 m 458 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 550.75 m 515 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 550.75 m 562 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 522.75 m 411 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 508.75 m 411 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 506.75 m 411 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 522.75 m 458 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 508.75 m 458 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415 506.75 m 458 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 522.75 m 515 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 508.75 m 515 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 506.75 m 515 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 522.75 m 562 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 508.75 m 562 508.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 506.75 m 562 506.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.65 668.43 Td (December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.50 654.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.50 654.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 425.30 640.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 626.32 Td (Debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 626.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 626.32 Td (39,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 626.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 626.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 626.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 626.32 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 626.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 626.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 612.32 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.60 612.32 Td (890,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.60 612.32 Td (76.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 612.32 Td (1,246,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 612.32 Td (82.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 598.32 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 598.32 Td (15,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 598.32 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 598.32 Td (19,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 598.32 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 584.32 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 584.32 Td (98,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 584.32 Td (8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 584.32 Td (96,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 584.32 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 570.32 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 570.32 Td (21,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 570.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 570.32 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 570.32 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.10 555.42 Td (1,064,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.60 555.42 Td (91.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 555.42 Td (1,430,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 555.42 Td (94.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 541.32 Td (Funds and cash held with brokers and swap counterparties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.60 541.32 Td (120,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.60 541.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 541.32 Td (79,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 541.32 Td (5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 527.32 Td (Financial contracts, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.30 527.37 Td (\(15,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 527.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.30 527.37 Td (\(1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 527.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 527.32 Td (2,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 527.32 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 512.42 Td (Total long investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 512.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.10 512.42 Td (1,169,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.60 512.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 512.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.50 512.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 512.42 Td (1,513,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.60 512.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 512.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 484.25 Td (The following table represents the fair value of our total short positions as reported in the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (statements:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 418.75 303.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 418.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 418.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 418.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 418.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 418.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 390.75 303.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 390.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 390.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 390.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 390.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 390.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 390.75 54.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 390.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 390.75 43.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 361.75 303.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 361.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 361.75 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.00 361.75 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 515.00 361.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.00 361.75 43.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356 432.75 m 410 432.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410 432.75 m 414 432.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414 432.75 m 457 432.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461 432.75 m 515 432.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 515 432.75 m 519 432.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519 432.75 m 562 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 361.75 m 410 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 347.75 m 410 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 345.75 m 410 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 361.75 m 457 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 347.75 m 457 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 345.75 m 457 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 361.75 m 515 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 347.75 m 515 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461 345.75 m 515 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 361.75 m 562 361.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 347.75 m 562 347.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519 345.75 m 562 345.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.65 451.43 Td (December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.00 437.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 437.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.30 423.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 409.32 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 409.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 409.32 Td (796,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.60 409.32 Td (90.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 409.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.50 409.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 409.32 Td (823,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 409.32 Td (75.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 409.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 395.32 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 395.32 Td (12,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 395.32 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 395.32 Td (10,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 395.32 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 381.32 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 381.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 381.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 381.32 Td (6,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 381.32 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 366.42 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 366.42 Td (74,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 366.42 Td (8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 366.42 Td (250,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 366.42 Td (22.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 351.42 Td (Total short investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.65 351.42 Td (882,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.60 351.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.15 351.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.50 351.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.10 351.42 Td (1,090,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.60 351.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 351.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 323.25 Td (DME ) Tj ET Q q 0 0 0 rg BT 110.67 323.25 Td (Advisors also reports the composition of our managed portfolio on a delta adjusted and notional exposure basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (which it believes is the appropriate manner in which to assess the exposure and profile of investments and is the way in which it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (manages the portfolio. ) Tj ET Q q 0 0 0 rg BT 141.52 299.25 Td (This exposure analysis does not include cash \(U.S. dollar and foreign currencies\), gold and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (commodities,credit default swaps, sovereign debt, foreign currency derivatives,interest rateoptions and other macro positions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (In addition, under this methodology) Tj ET Q q 0 0 0 rg BT 192.44 275.25 Td (, the exposure for total return swaps is reported at full notional amount. ) Tj ET Q q 0 0 0 rg BT 479.69 275.25 Td (The notional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (amount of a derivative contract is the underlying value upon which payment obligations are computed. For an equity total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (return swap, for example, the notional amount is the number of shares underlying the swap multiplied by the market price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.25 Td (those shares. Options are reported at their delta adjusted basis. ) Tj ET Q q 0 0 0 rg BT 300.91 239.25 Td (The delta ofan option is the sensitivity of the option price to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (underlying stock \(or commodity\)price. ) Tj ET Q q 0 0 0 rg BT 209.28 227.25 Td (The delta adjusted basis is the number of shares underlying the option multiplied by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (delta and the underlying stock \(or commodity\) price.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 203.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 203.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 191.25 Td (The following table represents the composition of our investment portfolio based on the percentage of assets in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td (investment account managed by DME ) Tj ET Q q 0 0 0 rg BT 204.74 179.25 Td (Advisors:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 113.75 317.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 113.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 113.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 113.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 113.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 113.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 113.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 113.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 113.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 85.75 317.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 85.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 85.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 85.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 85.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 85.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 85.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 85.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 85.75 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370 141.75 m 415 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415 141.75 m 419 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 141.75 m 464 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468 141.75 m 513 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513 141.75 m 517 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 141.75 m 562 141.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370 127.75 m 415 127.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415 127.75 m 419 127.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 127.75 m 464 127.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468 127.75 m 513 127.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513 127.75 m 517 127.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 127.75 m 562 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 71.75 m 415 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 58.75 m 415 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 56.75 m 415 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 71.75 m 464 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 58.75 m 464 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 56.75 m 464 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 71.75 m 513 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 58.75 m 513 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 56.75 m 513 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 71.75 m 562 71.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 58.75 m 562 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 56.75 m 562 56.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.65 147.48 Td (December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.50 132.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.50 132.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 374.60 118.48 Td (Long %) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.80 118.48 Td (Short %) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.60 118.48 Td (Long %) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 520.80 118.48 Td (Short %) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 104.32 Td (Debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 104.32 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 104.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 104.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 104.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 104.32 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 104.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 104.32 Td (\(2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 104.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 90.32 Td (Equities & related derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 90.32 Td (86.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.95 90.32 Td (\(74.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 90.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 90.32 Td (102.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 90.32 Td (\(64.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 90.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 76.32 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 76.32 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 76.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 76.32 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 76.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 62.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 62.32 Td (89.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 62.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.95 62.32 Td (\(74.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 62.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 62.32 Td (105.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 62.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 62.32 Td (\(66.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 62.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td () Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 749.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 749.10 Td (, our exposure to gold on a delta adjusted basis was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.26 749.10 Td (10.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.09 749.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.92 749.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.92 749.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.20 749.10 Td (6.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.03 749.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.10 Td (The following table represents the composition of our investment portfolio, by industry sector) Tj ET Q q 0 0 0 rg BT 451.86 725.10 Td (, based on the percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (of assets in our investment account managed by DME ) Tj ET Q q 0 0 0 rg BT 267.51 713.10 Td (Advisors as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.78 713.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.37 713.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 677.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 677.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 677.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 677.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 677.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 677.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 677.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 649.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 649.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 649.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 649.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 649.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 621.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 621.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 621.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 621.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 621.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 621.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 621.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 593.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 593.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 593.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 593.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 593.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 565.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 565.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 565.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 565.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 565.60 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 677.6 m 464 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468 677.6 m 513 677.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 677.6 m 562 677.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 551.6 m 464 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 538.6 m 464 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 536.6 m 464 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 551.6 m 513 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 538.6 m 513 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 536.6 m 513 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 551.6 m 562 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 538.6 m 562 538.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 536.6 m 562 536.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 681.33 Td (Sector) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 681.33 Td (Long %) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.80 681.33 Td (Short %) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.25 681.33 Td (Net %) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 668.17 Td (Basic Materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 668.17 Td (7.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 668.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 668.17 Td (\(4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 668.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 668.17 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 668.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 654.17 Td (Consumer Cyclical) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 654.17 Td (26.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 654.17 Td (\(9.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 654.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 654.17 Td (17.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 640.17 Td (Consumer Non-Cyclical) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 640.17 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 640.17 Td (\(8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 640.22 Td (\(7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 640.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 626.17 Td (Energy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 626.17 Td (8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 626.17 Td (\(5.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 626.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 626.17 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 612.17 Td (Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 612.17 Td (11.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 612.17 Td (\(8.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 612.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 612.17 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 598.17 Td (Healthcare) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 598.17 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 598.17 Td (\(13.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 598.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 598.22 Td (\(8.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 598.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 584.17 Td (Industrial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 584.17 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 584.17 Td (\(9.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 584.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 584.17 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 570.17 Td (Technology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 570.17 Td (11.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 570.17 Td (\(13.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 570.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 570.22 Td (\(2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 570.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 556.17 Td (Utilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 556.17 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 556.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 556.17 Td (7.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 542.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 542.17 Td (89.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 542.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 542.17 Td (\(74.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 542.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 542.17 Td (15.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 542.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.10 Td (The following table represents the composition of our investment portfolio, by the market capitalization of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (underlying security) Tj ET Q q 0 0 0 rg BT 126.33 502.10 Td (, based on the percentage of assets in our investment account managed by DME ) Tj ET Q q 0 0 0 rg BT 447.63 502.10 Td (Advisors as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.90 502.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 490.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 454.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 454.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 454.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 454.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 426.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 426.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 426.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 426.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 426.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 398.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 398.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 398.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 398.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 398.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 370.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 370.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.00 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 370.60 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.00 370.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.00 370.60 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 454.6 m 464 454.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468 454.6 m 513 454.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517 454.6 m 562 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 370.6 m 464 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 357.6 m 464 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 355.6 m 464 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 370.6 m 513 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 357.6 m 513 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 355.6 m 513 355.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 370.6 m 562 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 357.6 m 562 357.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 355.6 m 562 355.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 458.33 Td (Capitalization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.60 458.33 Td (Long %) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.80 458.33 Td (Short %) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.25 458.33 Td (Net %) Tj ET Q /GS0 gs q 128.80 0 0 9.09 51.50 443.01 cm /I79 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 445.17 Td (25.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 445.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 445.17 Td (\(24.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 445.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 445.17 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 445.17 Td (%) Tj ET Q /GS0 gs q 192.86 0 0 9.09 51.50 429.01 cm /I80 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 431.17 Td (29.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 431.17 Td (\(37.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 431.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 431.22 Td (\(7.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 431.17 Td (\)) Tj ET Q /GS0 gs q 181.40 0 0 9.09 51.50 415.01 cm /I81 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 417.17 Td (26.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 417.17 Td (\(12.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 417.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 417.17 Td (14.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 403.17 Td (Small Cap Equity \(<$1 billion\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 403.17 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.95 403.17 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 403.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 403.17 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 389.17 Td (Debt Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 389.17 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 389.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 389.17 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 375.17 Td (Other Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 375.17 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.80 375.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 375.17 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 361.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.65 361.17 Td (89.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 361.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.95 361.17 Td (\(74.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.80 361.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 361.17 Td (15.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 361.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 333.10 Td (Investment Returns) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 309.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 309.10 Td ( summary of our consolidated net investment income is as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 243.60 351.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 243.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 243.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 243.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 214.60 351.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 214.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 214.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 214.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 214.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 214.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 214.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 186.60 351.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 186.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 186.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 186.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 186.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 186.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 186.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 158.60 351.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 158.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 158.60 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 158.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 158.60 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 257.6 m 454 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 257.6 m 508 257.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 257.6 m 562 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 158.60000000000002 m 454 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 145.60000000000002 m 454 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 143.60000000000002 m 454 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 158.60000000000002 m 508 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 145.60000000000002 m 508 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 143.60000000000002 m 508 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 158.60000000000002 m 562 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 145.60000000000002 m 562 145.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 143.60000000000002 m 562 143.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.50 276.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.50 262.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.50 262.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.50 262.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.30 248.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 233.27 Td (Realized gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 233.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 233.27 Td (22,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 233.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 233.27 Td (352,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 233.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 233.27 Td (122,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 219.17 Td (Change in unrealized gains and losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 219.22 Td (\(265,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 219.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 219.22 Td (\(187,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 219.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 219.17 Td (149,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 205.17 Td (Investment related foreign exchange gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.30 205.22 Td (\(3,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 205.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 205.17 Td (14,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 205.17 Td (44,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 191.17 Td (Interest and dividend income, net of withholding taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 191.17 Td (15,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 191.17 Td (31,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 191.17 Td (22,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 177.17 Td (Interest, dividend and other expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 177.22 Td (\(31,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 177.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 177.22 Td (\(38,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 177.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 177.22 Td (\(47,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 177.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 163.17 Td (Investment advisor compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 163.22 Td (\(19,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 163.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 163.22 Td (\(49,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 163.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 163.22 Td (\(72,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 163.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 149.17 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 149.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 149.22 Td (\(281,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 149.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 149.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 149.17 Td (122,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 149.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 149.17 Td (218,140) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td () Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (Our investment return is based on the total assets in our investment account, which includes the majority of our equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (capital and collected premiums. Investment returns, net of all fees and expenses, by quarter and for the last five years are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 84.78 729.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 688.60 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 688.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 688.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 688.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 688.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 688.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 688.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 688.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 688.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 688.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 688.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 659.60 229.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 659.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 659.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 659.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 659.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 659.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 659.60 52.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 51.00 631.60 229.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.00 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 631.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 631.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 631.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 631.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.00 631.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 631.60 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 284 688.6 m 336 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340 688.6 m 392 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396 688.6 m 448 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 452 688.6 m 504 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508 688.6 m 560 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 631.6 m 336 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 631.6 m 392 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 631.6 m 448 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 631.6 m 504 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 631.6 m 560 631.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 617.6 m 336 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 615.6 m 336 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 617.6 m 392 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 615.6 m 392 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 617.6 m 448 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 615.6 m 448 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 617.6 m 504 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 615.6 m 504 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 617.6 m 560 617.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 615.6 m 560 615.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.50 693.33 Td (Quarter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.50 693.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.50 693.33 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 693.33 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.50 693.33 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.50 693.33 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 679.17 Td (1st) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.95 679.17 Td (\(1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 679.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.95 679.17 Td (\(0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 679.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 679.17 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 679.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 679.17 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 679.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.95 679.17 Td (\(3.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.80 679.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 664.17 Td (2nd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.95 664.17 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.25 664.17 Td (8.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 664.17 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.30 664.22 Td (\(3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.95 664.17 Td (\(1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.80 664.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 650.17 Td (3rd) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.95 650.17 Td (\(14.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 650.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.95 650.17 Td (\(3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 650.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 650.17 Td (4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 650.17 Td (8.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.25 650.17 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 636.17 Td (4th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.95 636.17 Td (\(4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 636.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.25 636.17 Td (5.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 636.17 Td (6.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.30 636.22 Td (\(4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 636.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.25 636.17 Td (7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 622.17 Td (Full Year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.95 622.17 Td (\(20.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 622.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.25 622.17 Td (8.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 622.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 622.17 Td (19.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 622.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.65 622.17 Td (7.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 622.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.25 622.17 Td (2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.15 622.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 597.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.58 593.10 Td ( Investment returns are calculated monthly and compounded to calculate the quarterly and annual returns. ) Tj ET Q q 0 0 0 rg BT 495.37 593.10 Td (Actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (investment income may vary depending on cash flows into and out of the investment account. Past performance is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (necessarily indicative of future results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 533.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 533.10 Td (Advisors and its af) Tj ET Q q 0 0 0 rg BT 175.76 533.10 Td (filiates manage and expect to manage other client accounts besides ours, some of which have, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (may have, objectives similar to ours. Because of the similarity or potential similarity of our investment portfolio to these other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (client accounts, and because, as a matter of ordinary course, DME ) Tj ET Q q 0 0 0 rg BT 316.07 509.10 Td (Advisors and its af) Tj ET Q q 0 0 0 rg BT 391.16 509.10 Td (filiates provide their clients, including us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (with results of their respective investment portfolios on the last day of each month, those other clients indirectly may have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (material non-public information regarding our investment portfolio. ) Tj ET Q q 0 0 0 rg BT 323.14 485.10 Td (T) Tj ET Q q 0 0 0 rg BT 328.55 485.10 Td (o address this issue, and to comply with Regulation FD, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (we present, prior to the start of trading on the first business day of each month, our lar) Tj ET Q q 0 0 0 rg BT 393.40 473.10 Td (gest disclosed long positions, a summary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (of our consolidated net investment returns, information on our long and short exposures and from time to time certain other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (material information relating to our investment portfolio, on our website, www) Tj ET Q q 0 0 0 rg BT 364.89 449.10 Td (.greenlightre.ky) Tj ET Q q 0 0 0 rg BT 427.55 449.10 Td (. DME ) Tj ET Q q 0 0 0 rg BT 456.72 449.10 Td (Advisors may choose not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (to disclose certain positions to its clients in order to protect its investment strategy) Tj ET Q q 0 0 0 rg BT 377.40 437.10 Td (. ) Tj ET Q q 0 0 0 rg BT 382.22 437.10 Td (Therefore, we present on our website the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (lar) Tj ET Q q 0 0 0 rg BT 59.87 425.10 Td (gest positions held by us that are disclosed by DME ) Tj ET Q q 0 0 0 rg BT 269.29 425.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 338.27 425.10 Td (filiates to their other clients.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (Internal Risk Management) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.10 Td (Our risk manager is responsible for the construct and review of our internal risk management function. ) Tj ET Q q 0 0 0 rg BT 489.81 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 498.44 377.10 Td (e review our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (investment portfolio together with our reinsurance operations on a periodic basis to ensure that we have suf) Tj ET Q q 0 0 0 rg BT 478.64 365.10 Td (ficient capital to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (withstand losses on either or both of our investment and reinsurance portfolios under stressed scenarios. ) Tj ET Q q 0 0 0 rg BT 467.56 353.10 Td (W) Tj ET Q q 0 0 0 rg BT 476.59 353.10 Td (ith the assistance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 73.67 341.10 Td (Advisors, we periodically analyze both our assets and liabilities including the numerous components of risk in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (portfolio, such as concentration risk and liquidity risk.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 104.04 305.10 Td (T) Tj ET Q q 0 0 0 rg BT 109.79 305.10 Td (echnology) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 281.10 Td (Our information technology infrastructure is currently housed in our corporate of) Tj ET Q q 0 0 0 rg BT 400.67 281.10 Td (fices in Grand Cayman, Cayman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Islands. ) Tj ET Q q 0 0 0 rg BT 82.65 269.10 Td (W) Tj ET Q q 0 0 0 rg BT 91.29 269.10 Td (e have implemented backup procedures to ensure that data is backed up on a daily basis and can be restored in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (appropriate time frame as needed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 233.10 Td (e have a disaster recovery plan with respect to our information technology infrastructure that includes data and systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (replication between our Cayman Islands of) Tj ET Q q 0 0 0 rg BT 221.21 221.10 Td (fice and Dublin of) Tj ET Q q 0 0 0 rg BT 294.06 221.10 Td (fice and other of) Tj ET Q q 0 0 0 rg BT 359.68 221.10 Td (f-site locations. ) Tj ET Q q 0 0 0 rg BT 423.65 221.10 Td (W) Tj ET Q q 0 0 0 rg BT 432.29 221.10 Td (e believe we can access our core ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (systems with insignificant outages and restore operation of our secondary systems in the event that our primary systems are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (unavailable due to a disaster or otherwise.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (Employees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 149.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 149.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 149.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.63 149.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.63 149.10 Td ( full-time employees, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.38 149.10 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.38 149.10 Td ( of whom were based in Grand Cayman, Cayman Islands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 137.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.44 137.10 Td ( were based in Dublin, Ireland. ) Tj ET Q q 0 0 0 rg BT 197.33 137.10 Td (W) Tj ET Q q 0 0 0 rg BT 205.96 137.10 Td (e believe that our employee relations are good. None of our employees are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (collective bar) Tj ET Q q 0 0 0 rg BT 103.46 125.10 Td (gaining agreements, and we are not aware of any current ef) Tj ET Q q 0 0 0 rg BT 340.11 125.10 Td (forts to implement such agreements.) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Additional Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (Our website address is www) Tj ET Q q 0 0 0 rg BT 190.27 725.25 Td (.greenlightre.ky and we make available, free of char) Tj ET Q q 0 0 0 rg BT 398.32 725.25 Td (ge, on or through our website, links to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (our annual reports on Form 10-K and quarterly reports on Form 10-Q including XBRL) Tj ET Q q 0 0 0 rg BT 396.57 713.25 Td ( instance documents, current reports on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (Form 8-K and other documents we file with or furnish to the SEC, as soon as reasonably practicable after such material is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (electronically filed with or furnished to the SEC. In order to comply with Regulation FD, our investment returns are posted on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (our website on a monthly basis. ) Tj ET Q q 0 0 0 rg BT 178.10 677.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 228.00 677.25 Td (, our Code of Business Conduct and Ethics is available on our website.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (ITEM 1A. RISK F) Tj ET Q q 0 0 0 rg BT 133.21 641.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 154.14 641.25 Td (ORS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 617.25 Td (Any of these factors could result in a significant or material adverse ef) Tj ET Q q 0 0 0 rg BT 366.88 617.25 Td (fect on our results of operations or financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (condition. ) Tj ET Q q 0 0 0 rg BT 91.72 605.25 Td (Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (or results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (Risks Relating to Our) Tj ET Q q 0 0 0 rg BT 142.38 569.25 Td ( Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (Our results of operations will likely fluctuate from period to period and may not be indicative of our long-term prospects.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 521.25 Td (The performance of our reinsurance operations and our investment portfolio will likely fluctuate from period to period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (Fluctuations will result from a variety of factors, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 489.32 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 487.16 cm /I82 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 489.32 Td (reinsurance contract pricing;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 473.16 cm /I83 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 474.42 Td (our assessment of the quality of available reinsurance opportunities;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 458.16 cm /I84 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 459.42 Td (the volume and mix of reinsurance products we underwrite;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 443.16 cm /I85 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 444.42 Td (loss experience on our reinsurance liabilities;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 428.16 cm /I86 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 429.42 Td (the performance of our investment portfolio; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 413.16 cm /I87 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 414.42 Td (our ability to assess and integrate our risk management strategy properly.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 386.25 Td (In particular) Tj ET Q q 0 0 0 rg BT 125.24 386.25 Td (, we seek attractive opportunities to underwrite products and make investments to achieve favorable returns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (on equity over the long term. Our investment strategy to invest primarily in long and short positions in publicly-traded equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.25 Td (and debt instruments is subject to market volatility and is likely to be more volatile than traditional fixed-income portfolios that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (are comprised primarily of investment grade bonds. In addition, our dif) Tj ET Q q 0 0 0 rg BT 334.25 350.25 Td (ferentiated strategy and focus on long-term growth in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (book value will result in fluctuations in total premiums written from period to period as we concentrate on underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (contracts that we believe will generate better long-term, rather than short-term, results. ) Tj ET Q q 0 0 0 rg BT 397.98 326.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 447.32 326.25 Td (, our short-term results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (operations may not be indicative of our long-term prospects.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 302.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (Established competitors with greater resources may make it dif) Tj ET Q q 0 0 0 rg BT 307.65 290.25 Td (ficult for us to ef) Tj ET Q q 0 0 0 rg BT 376.36 290.25 Td (fectively market our products or of) Tj ET Q q 0 0 0 rg BT 518.66 290.25 Td (fer our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 278.25 Td (products at a profit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 254.25 Td (The reinsurance industry is highly competitive. ) Tj ET Q q 0 0 0 rg BT 267.66 254.25 Td (W) Tj ET Q q 0 0 0 rg BT 276.30 254.25 Td (e compete with major reinsurers, many of which have substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.25 Td (greater financial, marketing and management resources than we do. Competition in the types of business that we underwrite is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.25 Td (based on many factors, including:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 210.32 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 208.16 cm /I88 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 210.32 Td (premium charges;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 194.16 cm /I89 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 196.32 Td (ability to obtain terms and conditions appropriate with the risk being assumed and in accordance with our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 186.32 Td (underwriting guidelines;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 170.16 cm /I90 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 172.32 Td (the general reputation and perceived financial strength of the reinsurer;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 155.16 cm /I91 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 157.32 Td (relationships with reinsurance brokers;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 140.16 cm /I92 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 142.32 Td (ratings assigned by independent rating agencies;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 125.16 cm /I93 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 127.32 Td (speed of claims payment and reputation; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 110.16 cm /I94 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 112.32 Td (the experience and reputation of the members of our underwriting team in the particular lines of reinsurance we seek) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 102.32 Td (to underwrite.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 86.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 74.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 126.40 74.25 Td (, although the members of our underwriting team have general experience across many property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (casualty lines, they may not have the requisite experience or expertise to compete for all transactions that fall within our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.25 Td (strategy of of) Tj ET Q q 0 0 0 rg BT 102.63 50.25 Td (fering customized frequency and severity contracts at times and in markets where capacity and alternatives may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 38.25 Td (limited.) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (Our competitors include ) Tj ET Q q 0 0 0 rg BT 175.65 730.10 Td (ACE Limited, Everest Re, General Re Corporation, Hannover Re Group, Munich Reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 718.10 Td (, PartnerRe Ltd., Swiss Reinsurance Company and ) Tj ET Q q 0 0 0 rg BT 292.52 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 298.28 718.10 Td (ransatlantic Reinsurance Company) Tj ET Q q 0 0 0 rg BT 437.03 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 441.48 718.10 Td (Although we seek to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (coverage where capacity and alternatives are limited, we directly compete with these lar) Tj ET Q q 0 0 0 rg BT 401.65 706.10 Td (ger companies due to the breadth of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (their coverage across the property and casualty market in substantially all lines of business. ) Tj ET Q q 0 0 0 rg BT 416.71 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.35 694.10 Td (e also compete with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (reinsurers, such as ) Tj ET Q q 0 0 0 rg BT 125.41 682.10 Td (Third Point Reinsurance Ltd., which may have similar investment strategies and may seek similar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (underwriting opportunities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (Further) Tj ET Q q 0 0 0 rg BT 105.54 646.10 Td (, our ability to compete may be harmed if insurance industry participants continue to consolidate. Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (entities may try to use their enhanced market power to negotiate price reductions for our products and services. If competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (pressures reduce our prices, we would expect to write less business. If and when the insurance industry further consolidates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (competition for customers may become more intense, and the importance of acquiring and properly servicing each customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (may become greater) Tj ET Q q 0 0 0 rg BT 130.01 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 134.83 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.47 598.10 Td (e could incur greater expenses relating to customer acquisition and retention, further reducing our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (operating mar) Tj ET Q q 0 0 0 rg BT 105.13 586.10 Td (gins. In addition, insurance companies that mer) Tj ET Q q 0 0 0 rg BT 294.34 586.10 Td (ge may be able to spread their risks across a consolidated, lar) Tj ET Q q 0 0 0 rg BT 538.52 586.10 Td (ger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (capital base so that they require less reinsurance. ) Tj ET Q q 0 0 0 rg BT 246.74 574.10 Td (The number of companies of) Tj ET Q q 0 0 0 rg BT 362.08 574.10 Td (fering retrocessional reinsurance may decline. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (Reinsurance intermediaries could also consolidate, potentially adversely impacting our ability to access business and distribute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (our products. ) Tj ET Q q 0 0 0 rg BT 104.59 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.23 550.10 Td (e could also experience more robust competition from lar) Tj ET Q q 0 0 0 rg BT 342.41 550.10 Td (ger) Tj ET Q q 0 0 0 rg BT 354.78 550.10 Td (, better capitalized competitors. ) Tj ET Q q 0 0 0 rg BT 482.51 550.10 Td (Any of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (foregoing could significantly) Tj ET Q q 0 0 0 rg BT 164.93 538.10 Td (, and negatively) Tj ET Q q 0 0 0 rg BT 227.87 538.10 Td (, af) Tj ET Q q 0 0 0 rg BT 240.46 538.10 Td (fect our business or our results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 514.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 514.10 Td (e cannot assure you that we will be able to compete successfully in the reinsurance market. Our failure to compete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 502.10 Td (fectively could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 240.45 502.10 Td (fect our financial condition and results of operations and may increase the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (likelihood that we may be deemed to be a passive foreign investment company or an investment company) Tj ET Q q 0 0 0 rg BT 472.62 490.10 Td (. See "Item 1A. Risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (Factors - Risks Relating to Insurance and Other Regulations ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.51 478.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.90 478.10 Td (W) Tj ET Q q 0 0 0 rg BT 311.31 478.10 Td (e ar) Tj ET Q q 0 0 0 rg BT 326.77 478.10 Td (e subject to the risk of possibly becoming an investment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (company under U.S. federal securities law) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 219.01 466.10 Td (.") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (If our losses and loss adjustment expenses greatly exceed our loss reserves, our financial condition may be significantly and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (negatively af) Tj ET Q q 0 0 0 rg BT 101.80 430.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.10 Td (Our results of operations and financial condition depend upon our ability to assess accurately the potential losses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (loss adjustment expenses associated with the risks we reinsure. Reserves are estimates at a given time of claims an insurer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (ultimately expects to pay) Tj ET Q q 0 0 0 rg BT 149.10 382.10 Td (, based upon facts and circumstances then known, predictions of future events, estimates of future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (trends in claim severity and other variable factors. ) Tj ET Q q 0 0 0 rg BT 252.30 370.10 Td (The inherent uncertainties of estimating loss reserves generally are greater ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (for reinsurance companies as compared to primary insurers, primarily due to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 326.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 324.01 cm /I95 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 326.17 Td (the lapse of time from the occurrence of an event to the reporting of the claim and the ultimate resolution or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 316.17 Td (settlement of the claim;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 300.01 cm /I96 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 302.17 Td (the diversity of development patterns among different types of reinsurance treaties; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 285.01 cm /I97 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 287.17 Td (the necessary reliance on the client for information regarding claims.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 258.10 Td (On the majority of premiums we underwrite, our estimation of reserves may be less reliable than the reserve estimations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (of a reinsurer with a greater volume of business and an established loss history) Tj ET Q q 0 0 0 rg BT 363.49 246.10 Td (. ) Tj ET Q q 0 0 0 rg BT 367.94 246.10 Td (Actual losses and loss adjustment expenses paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (may deviate substantially from the estimates of our loss reserves contained in our financial statements andcouldnegatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 222.10 Td (fect our results of operations.If we determine our loss reserves to be inadequate, we will increase our loss reserves with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (corresponding reduction in our net income and capitalin the period in which we identify the deficiency) Tj ET Q q 0 0 0 rg BT 462.05 210.10 Td (, and such a reduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (would also negatively af) Tj ET Q q 0 0 0 rg BT 147.35 198.10 Td (fect our results of operations. If our losses and loss adjustment expenses greatly exceed our loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (reserves, our financial condition may be significantly and negatively af) Tj ET Q q 0 0 0 rg BT 333.67 186.10 Td (fected. For a summary of the ef) Tj ET Q q 0 0 0 rg BT 461.77 186.10 Td (fects of reserve re-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (estimation on prior year reserves and net income, see "Part II. Item 7. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 452.77 174.10 Td (Analysis of Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (Condition and Results of Operations - Critical ) Tj ET Q q 0 0 0 rg BT 235.87 162.10 Td (Accounting Policies, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 321.69 162.10 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 380.70 162.10 Td (Adjustment Expense Reserves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.04 162.10 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 150.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 75.70 138.10 Td (fect of emerging claim and coverage issues on our business is uncertain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 114.10 Td (As ) Tj ET Q q 0 0 0 rg BT 89.53 114.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 124.23 114.10 Td (practices ) Tj ET Q q 0 0 0 rg BT 161.68 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 178.03 114.10 Td (legal, ) Tj ET Q q 0 0 0 rg BT 201.89 114.10 Td (judicial ) Tj ET Q q 0 0 0 rg BT 233.79 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 250.15 114.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 293.16 114.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 336.75 114.10 Td (change, ) Tj ET Q q 0 0 0 rg BT 369.48 114.10 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 416.93 114.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 442.74 114.10 Td (related ) Tj ET Q q 0 0 0 rg BT 471.86 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.55 114.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 509.58 114.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.93 114.10 Td (coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.85 102.10 Td (emer) Tj ET Q q 0 0 0 rg BT 89.65 102.10 Td (ge. ) Tj ET Q q 0 0 0 rg BT 104.49 102.10 Td (V) Tj ET Q q 0 0 0 rg BT 110.60 102.10 Td (arious ) Tj ET Q q 0 0 0 rg BT 138.17 102.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 182.97 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 194.43 102.10 Td (our ) Tj ET Q q 0 0 0 rg BT 210.89 102.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 252.61 102.10 Td (such ) Tj ET Q q 0 0 0 rg BT 274.07 102.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.53 102.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 331.44 102.10 Td (or ) Tj ET Q q 0 0 0 rg BT 342.90 102.10 Td (exclusions ) Tj ET Q q 0 0 0 rg BT 388.24 102.10 Td (from ) Tj ET Q q 0 0 0 rg BT 410.81 102.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 450.02 102.10 Td (or ) Tj ET Q q 0 0 0 rg BT 461.48 102.10 Td (choice ) Tj ET Q q 0 0 0 rg BT 490.70 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 502.16 102.10 Td (forum, ) Tj ET Q q 0 0 0 rg BT 532.23 102.10 Td (may ) Tj ET Q q 0 0 0 rg BT 552.58 102.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 90.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 83.99 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.24 90.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 126.68 90.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.92 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.60 90.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 184.05 90.10 Td (we ) Tj ET Q q 0 0 0 rg BT 198.17 90.10 Td (intend, ) Tj ET Q q 0 0 0 rg BT 228.13 90.10 Td (due ) Tj ET Q q 0 0 0 rg BT 245.03 90.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 257.77 90.10 Td (among ) Tj ET Q q 0 0 0 rg BT 287.45 90.10 Td (other ) Tj ET Q q 0 0 0 rg BT 310.46 90.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 339.87 90.10 Td (disputes ) Tj ET Q q 0 0 0 rg BT 375.12 90.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 408.12 90.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.36 90.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 456.91 90.10 Td (and ) Tj ET Q q 0 0 0 rg BT 473.81 90.10 Td (choice ) Tj ET Q q 0 0 0 rg BT 502.37 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.16 90.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 535.06 90.10 Td (forum. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.10 Td (These ) Tj ET Q q 0 0 0 rg BT 75.66 78.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 101.84 78.10 Td (may ) Tj ET Q q 0 0 0 rg BT 121.34 78.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 161.94 78.10 Td (af) Tj ET Q q 0 0 0 rg BT 169.53 78.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 186.80 78.10 Td (our ) Tj ET Q q 0 0 0 rg BT 202.42 78.10 Td (business ) Tj ET Q q 0 0 0 rg BT 238.59 78.10 Td (by ) Tj ET Q q 0 0 0 rg BT 250.88 78.10 Td (either ) Tj ET Q q 0 0 0 rg BT 275.93 78.10 Td (extending ) Tj ET Q q 0 0 0 rg BT 317.64 78.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 356.01 78.10 Td (beyond ) Tj ET Q q 0 0 0 rg BT 387.74 78.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.24 78.10 Td (period ) Tj ET Q q 0 0 0 rg BT 430.07 78.10 Td (that ) Tj ET Q q 0 0 0 rg BT 447.35 78.10 Td (we ) Tj ET Q q 0 0 0 rg BT 461.30 78.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 498.02 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 508.63 78.10 Td (by ) Tj ET Q q 0 0 0 rg BT 520.92 78.10 Td (increasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.75 66.10 Td (number ) Tj ET Q q 0 0 0 rg BT 96.34 66.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.70 66.10 Td (size ) Tj ET Q q 0 0 0 rg BT 124.29 66.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.65 66.10 Td (claims. ) Tj ET Q q 0 0 0 rg BT 165.29 66.10 Td (In ) Tj ET Q q 0 0 0 rg BT 175.66 66.10 Td (some ) Tj ET Q q 0 0 0 rg BT 198.80 66.10 Td (instances, ) Tj ET Q q 0 0 0 rg BT 239.99 66.10 Td (these ) Tj ET Q q 0 0 0 rg BT 262.58 66.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 296.82 66.10 Td (may ) Tj ET Q q 0 0 0 rg BT 316.07 66.10 Td (not ) Tj ET Q q 0 0 0 rg BT 330.89 66.10 Td (manifest ) Tj ET Q q 0 0 0 rg BT 367.36 66.10 Td (themselves ) Tj ET Q q 0 0 0 rg BT 413.83 66.10 Td (until ) Tj ET Q q 0 0 0 rg BT 434.20 66.10 Td (many ) Tj ET Q q 0 0 0 rg BT 458.45 66.10 Td (years ) Tj ET Q q 0 0 0 rg BT 481.58 66.10 Td (after ) Tj ET Q q 0 0 0 rg BT 501.94 66.10 Td (we ) Tj ET Q q 0 0 0 rg BT 515.63 66.10 Td (haveissued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 90.45 54.10 Td (or ) Tj ET Q q 0 0 0 rg BT 101.41 54.10 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 150.13 54.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 188.86 54.10 Td (that ) Tj ET Q q 0 0 0 rg BT 206.48 54.10 Td (are ) Tj ET Q q 0 0 0 rg BT 221.33 54.10 Td (af) Tj ET Q q 0 0 0 rg BT 228.91 54.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 255.97 54.10 Td (by ) Tj ET Q q 0 0 0 rg BT 268.60 54.10 Td (these ) Tj ET Q q 0 0 0 rg BT 291.78 54.10 Td (changes. ) Tj ET Q q 0 0 0 rg BT 328.54 54.10 Td (As ) Tj ET Q q 0 0 0 rg BT 342.29 54.10 Td (a ) Tj ET Q q 0 0 0 rg BT 349.36 54.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 376.71 54.10 Td (we ) Tj ET Q q 0 0 0 rg BT 391.00 54.10 Td (may ) Tj ET Q q 0 0 0 rg BT 410.85 54.10 Td (not ) Tj ET Q q 0 0 0 rg BT 426.27 54.10 Td (be ) Tj ET Q q 0 0 0 rg BT 438.34 54.10 Td (able ) Tj ET Q q 0 0 0 rg BT 457.63 54.10 Td (to ) Tj ET Q q 0 0 0 rg BT 468.04 54.10 Td (ascertain ) Tj ET Q q 0 0 0 rg BT 506.20 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.05 54.10 Td (full ) Tj ET Q q 0 0 0 rg BT 537.57 54.10 Td (extent ) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.29 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.07 742.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 115.75 742.10 Td (under ) Tj ET Q q 0 0 0 rg BT 140.97 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 156.76 742.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 197.53 742.10 Td (or ) Tj ET Q q 0 0 0 rg BT 208.31 742.10 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 256.85 742.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 295.40 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 309.52 742.10 Td (many ) Tj ET Q q 0 0 0 rg BT 334.19 742.10 Td (years ) Tj ET Q q 0 0 0 rg BT 357.75 742.10 Td (following ) Tj ET Q q 0 0 0 rg BT 399.09 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.76 742.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 450.10 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.88 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 476.67 742.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 517.54 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 535.54 742.10 Td (ef) Tj ET Q q 0 0 0 rg BT 543.13 742.10 Td (fects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 730.10 Td (unforeseen ) Tj ET Q q 0 0 0 rg BT 106.70 730.10 Td (development ) Tj ET Q q 0 0 0 rg BT 160.85 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.68 730.10 Td (substantial ) Tj ET Q q 0 0 0 rg BT 216.95 730.10 Td (government ) Tj ET Q q 0 0 0 rg BT 267.21 730.10 Td (intervention ) Tj ET Q q 0 0 0 rg BT 318.04 730.10 Td (could ) Tj ET Q q 0 0 0 rg BT 342.75 730.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 383.57 730.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 413.28 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.11 730.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 457.16 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.44 730.10 Td (adhere ) Tj ET Q q 0 0 0 rg BT 496.58 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.86 730.10 Td (our ) Tj ET Q q 0 0 0 rg BT 522.69 730.10 Td (goals.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.62 706.10 Td ( downgrade or withdrawal of either of our ) Tj ET Q q 0 0 0 rg BT 230.83 706.10 Td (A.M. Best ratings may significantly and negatively af) Tj ET Q q 0 0 0 rg BT 449.26 706.10 Td (fect our ability to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (implement our business strategy successfully) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 233.58 694.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (Companies, insurers and reinsurance brokers use ratings from independent rating agencies as an important means of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (assessing the financial strength and quality of reinsurers. In October 2015, ) Tj ET Q q 0 0 0 rg BT 348.59 658.10 Td (A.M. Best reaf) Tj ET Q q 0 0 0 rg BT 407.84 658.10 Td (firmed our financial strength rating of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td ("A) Tj ET Q q 0 0 0 rg BT 60.25 646.10 Td ( \(Excellent\)" for each of Greenlight Re and GRIL, but amended the outlook from stable to negative. ) Tj ET Q q 0 0 0 rg BT 461.71 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 468.38 646.10 Td ( \(Excellent\) is the third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (highest of 15 ratings that ) Tj ET Q q 0 0 0 rg BT 150.88 634.10 Td (A.M. Best issues. ) Tj ET Q q 0 0 0 rg BT 223.48 634.10 Td (These ratings reflect the rating agency) Tj ET Q q 0 0 0 rg BT 379.24 634.10 Td (s opinion of our reinsurance subsidiaries' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (financial strength, operating performance and ability to meet obligations. It is not an evaluation directed toward the protection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (of investors or a recommendation to buy) Tj ET Q q 0 0 0 rg BT 211.03 610.10 Td (, sell or hold our Class ) Tj ET Q q 0 0 0 rg BT 302.98 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 309.65 610.10 Td ( ordinary shares. ) Tj ET Q q 0 0 0 rg BT 377.96 610.10 Td (A.M. Best periodically reviews our ratings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (and may revise one or more of our ratings downward or revoke them at its sole discretion based primarily on its analysis of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (balance sheet strength, operating performance and business profile. Factors that may af) Tj ET Q q 0 0 0 rg BT 397.81 586.10 Td (fect such an analysis include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 554.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 552.01 cm /I98 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 554.17 Td (if we change our business practices from our organizational business plan in a manner that no longer supports our) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 544.17 Td (A.M. Best ratings;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 513.01 cm /I99 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 515.17 Td (if unfavorable financial or market trends impact us;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 483.01 cm /I100 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 485.17 Td (if our actual losses significantly exceed our loss reserves;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 453.01 cm /I101 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 455.17 Td (if A.M. Best alters its capital adequacy assessment methodology in a manner that would adversely affect the rating of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 445.17 Td (either reinsurer;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 413.01 cm /I102 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 415.17 Td (if we are unable to retain our senior management and other key personnel; or) Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 383.01 cm /I103 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 385.17 Td (if our investment portfolio incurs significant losses.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 356.10 Td (If ) Tj ET Q q 0 0 0 rg BT 85.11 356.10 Td (A.M. Best downgrades or withdraws either of our ratings, we could be severely limited or prevented from writing any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (new reinsurance contracts, which would significantly and negatively af) Tj ET Q q 0 0 0 rg BT 333.94 344.10 Td (fect our ability to implement our business strategy) Tj ET Q q 0 0 0 rg BT 534.08 344.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 320.10 Td (Some of our reinsurance contracts provide the client with the right to terminate the agreement if our ) Tj ET Q q 0 0 0 rg BT 477.75 320.10 Td (A.M. Best ratings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (are downgraded below certain rating thresholds. ) Tj ET Q q 0 0 0 rg BT 244.53 308.10 Td (W) Tj ET Q q 0 0 0 rg BT 253.17 308.10 Td (e expect that similar provisions will also be included in some contracts in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (future. See - ") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 105.23 296.10 Td (A) Tj ET Q q 0 0 0 rg BT 111.16 296.10 Td ( downgrade in our ratings below specified levels or a significant decr) Tj ET Q q 0 0 0 rg BT 389.37 296.10 Td (ease in our capital or surplus could enable ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (certain clients to terminate r) Tj ET Q q 0 0 0 rg BT 163.55 284.10 Td (einsurance agr) Tj ET Q q 0 0 0 rg BT 223.45 284.10 Td (eements or to r) Tj ET Q q 0 0 0 rg BT 283.35 284.10 Td (equir) Tj ET Q q 0 0 0 rg BT 304.08 284.10 Td (e additional collateral.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 396.02 284.10 Td (") Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (The property and casualty reinsurance market may be af) Tj ET Q q 0 0 0 rg BT 282.64 260.10 Td (fected by cyclical trends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 236.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 236.10 Td (e write reinsurance in the property and casualty markets. ) Tj ET Q q 0 0 0 rg BT 313.76 236.10 Td (The property and casualty reinsurance industry is cyclical. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (Primary insurers) Tj ET Q q 0 0 0 rg BT 118.46 224.10 Td ( underwriting results, prevailing general economic and market conditions, liability retention decisions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (companies and primary insurers and reinsurance premium rates influence the demand for property and casualty reinsurance. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (Prevailing prices and available surplus to support assumed business influence reinsurance supply) Tj ET Q q 0 0 0 rg BT 436.81 200.10 Td (. Supply may fluctuate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (response to changes in return on capital realized in the reinsurance industry) Tj ET Q q 0 0 0 rg BT 350.13 188.10 Td (, the frequency and severity of losses and prevailing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (general economic and market conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 152.10 Td (As a result, the reinsurance business historically has been a cyclical industry characterized by periods of intense price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (competition due to high levels of available underwriting capacity as well as periods when shortages of capacity have permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (favorable premium levels and changes in terms and conditions. ) Tj ET Q q 0 0 0 rg BT 304.25 128.10 Td (The supply of available reinsurance capital has increased over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (the past several years and may increase further) Tj ET Q q 0 0 0 rg BT 235.96 116.10 Td (, either as a result of capital provided by new entrants or by the commitment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.10 Td (additional capital by existing insurers or reinsurers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 80.10 Td (Continued increases in the supply of reinsurance may have consequences for the reinsurance industry generally and for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (us, including fewer contracts written, lower premium rates, increased expenses for customer acquisition and retention, less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (favorable policy terms and conditions and/or lower premium volume.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (Unpredictable developments, including courts granting increasingly lar) Tj ET Q q 0 0 0 rg BT 360.96 730.10 Td (ger awards for certain damages, natural disasters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (\(such as catastrophic hurricanes, windstorms, tornadoes, earthquakes, wildfiresand floods\), fluctuations in interest rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (changes in the investment environment that af) Tj ET Q q 0 0 0 rg BT 233.71 706.10 Td (fect market prices of investments and inflationary pressures, af) Tj ET Q q 0 0 0 rg BT 484.83 706.10 Td (fect the industry) Tj ET Q q 0 0 0 rg BT 552.59 706.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 96.62 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 101.44 694.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 127.07 694.10 Td (fects of cyclicality could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 349.31 694.10 Td (fect our financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (The global economic downturns and any significant weakness in the U.S. economy could harm our business, our liquidity ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (and financial condition and our stock price.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 634.10 Td (eak economic conditions may adversely af) Tj ET Q q 0 0 0 rg BT 255.17 634.10 Td (fect \(among other aspects of our business\) the demand for and claims made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (under our products, the ability of customers, counterparties and others to establish or maintain their relationships with us, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (ability to access and ef) Tj ET Q q 0 0 0 rg BT 140.39 610.10 Td (ficiently use internal and external capital resources and our investment performance. ) Tj ET Q q 0 0 0 rg BT 480.63 610.10 Td (V) Tj ET Q q 0 0 0 rg BT 486.56 610.10 Td (olatility in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (U.S. and other securities markets may adversely af) Tj ET Q q 0 0 0 rg BT 252.31 598.10 Td (fect our investment portfolio and our stock price.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.62 574.10 Td ( downgrade in our ratings below specified levels or a significant decrease in our capital or surplus could enable certain ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (clients to terminate reinsurance agreements or to require additional collateral.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 372.28 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (Certain of our assumed reinsurance contracts contain provisions that permit our clients to cancel the contract or require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (additional collateral in the event of a downgrade in our ratings below specified levels or a reduction of our capital or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (surplusbelow specified levels over the course of the agreement. ) Tj ET Q q 0 0 0 rg BT 307.84 514.10 Td (Whether a client would exercise such cancellation rights would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (likely depend, among other things, on the reason the provision is triggered, the prevailing market conditions, the degree of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (unexpired coverage and the pricing and availability of replacement reinsurance coverage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 466.10 Td (If any such provisions were to become exercisable, we cannot predict whether or how many of our clients would actually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (exercise such rights or the extent to which they would have a significant and negative ef) Tj ET Q q 0 0 0 rg BT 401.70 454.10 Td (fect on our financial condition, results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (of operations or future prospects but they could have a significant adverse ef) Tj ET Q q 0 0 0 rg BT 355.33 442.10 Td (fect on the operations of our Company) Tj ET Q q 0 0 0 rg BT 509.08 442.10 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.58 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (If we lose or are unable to retain our senior management and other key personnel and are unable to attract qualified ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (personnel, our ability to implement our business strategy could be delayed or hindered, which, in turn, could significantly ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (and negatively af) Tj ET Q q 0 0 0 rg BT 119.86 394.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.10 Td (Our future success depends, to a significant extent, on the ef) Tj ET Q q 0 0 0 rg BT 317.35 370.10 Td (forts of our senior management and other key personnel to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (implement our business strategy) Tj ET Q q 0 0 0 rg BT 178.00 358.10 Td (. ) Tj ET Q q 0 0 0 rg BT 182.82 358.10 Td (W) Tj ET Q q 0 0 0 rg BT 191.45 358.10 Td (e believe there are only a limited number of available, qualified executives with substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (experience in our industry) Tj ET Q q 0 0 0 rg BT 153.54 346.10 Td (. ) Tj ET Q q 0 0 0 rg BT 158.36 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 167.00 346.10 Td (e could face challenges attracting and retaining personnel in the Cayman Islands and/or in Dublin, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Ireland. ) Tj ET Q q 0 0 0 rg BT 82.26 334.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 131.60 334.10 Td (, the loss of the services of one or more of the members of our senior management or other key personnel, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (or our inability to hire and retain other key personnel, could prevent us from continuing to implement our business strategy and, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (consequently) Tj ET Q q 0 0 0 rg BT 101.61 310.10 Td (, significantly and negatively af) Tj ET Q q 0 0 0 rg BT 227.78 310.10 Td (fect our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 286.10 Td (e do not currently maintain key man life insurance with respect to any of our senior management, including our Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.35 274.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 120.27 274.10 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 200.07 274.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 217.98 274.10 Td (, Chief Underwriting Of) Tj ET Q q 0 0 0 rg BT 314.45 274.10 Td (ficer or Chief ) Tj ET Q q 0 0 0 rg BT 370.26 274.10 Td (Actuarial Of) Tj ET Q q 0 0 0 rg BT 420.33 274.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 438.09 274.10 Td (. If any member of senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (management dies or becomes incapacitated, or leaves the Company to pursue employment opportunities elsewhere, we would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (be solely responsible for locating an adequate replacement for such senior management and for bearing any related cost. ) Tj ET Q q 0 0 0 rg BT 532.74 250.10 Td (T) Tj ET Q q 0 0 0 rg BT 538.15 250.10 Td (o the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (extent that we are unable to locate an adequate replacement or are unable to do so within a reasonable period of time, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (business may be significantly and negatively af) Tj ET Q q 0 0 0 rg BT 238.71 226.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (Our ability to implement our business strategy could be adversely af) Tj ET Q q 0 0 0 rg BT 328.20 202.10 Td (fected by Cayman Islands employment restrictions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.10 Td (Under Cayman Islands law) Tj ET Q q 0 0 0 rg BT 184.43 178.10 Td (, persons who are not Caymanian, do not possess Caymanian status, or are not otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (entitled to reside and work in the Cayman Islands pursuant to provisions of the Immigration Law \(2015 Revision\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (Cayman Islands, which we refer to as the Immigration Law) Tj ET Q q 0 0 0 rg BT 286.56 154.10 Td (, may not engage in any gainful occupation in the Cayman Islands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (without an appropriate governmental work permit. Such a work permit may be granted or extended on a continuous basis for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (maximum period of nine years \(after having been legally and ordinarily resident in the Cayman Islands for a period of eight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (years a person may apply for permanent residence in accordance with the provisions of the Immigration Law\) upon showing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (that, after proper public advertisement, no Caymanian or person of Caymanian status, or other person legally and ordinarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (resident in the Cayman Islands who meets the minimum standards for the advertised position is available. ) Tj ET Q q 0 0 0 rg BT 474.50 94.10 Td (The failure of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (work permits to be granted or extended could prevent us from continuing to implement our business strategy) Tj ET Q q 0 0 0 rg BT 483.75 82.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td () Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Operational risks, including human or systems failures, are inherent in our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 718.25 Td (Operational risks and losses can result from, among other things, fraud, errors, failure to document transactions properly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (or to obtain proper internal authorization, failure to comply with regulatory requirements, information technology failures or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (external events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 670.25 Td (e believe that our modeling, underwriting and information technology and application systems are critical to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.21 658.25 Td (W) Tj ET Q q 0 0 0 rg BT 96.85 658.25 Td (e utilize modeling tools to facilitate our pricing, reserving, and risk management tools to manage risks in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (reinsurance portfolio. ) Tj ET Q q 0 0 0 rg BT 137.90 646.25 Td (These models help us to control risk accumulation, inform management and other stakeholders of capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (requirements and to improve the risk/return profile or minimize the amount of capital required to cover the risks in each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (reinsurance contract. However) Tj ET Q q 0 0 0 rg BT 171.54 622.25 Td (, given the inherent uncertainty of modeling techniques and the application of such techniques, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (these models and databases may not accurately address the emer) Tj ET Q q 0 0 0 rg BT 307.27 610.25 Td (gence of a variety of matters which might be deemed to impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (certain of our coverages. ) Tj ET Q q 0 0 0 rg BT 150.66 598.25 Td (These models have been developed internally and in some cases they make use of third party software. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (The construction of these models and the selection of assumptions requires significant actuarial judgment. Furthermore, these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (models typically rely on either cedent or industry data, both of which may be incomplete or may be subject to errors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 562.25 Td (, these models may understate the exposures we are assuming and our financial results may be adversely impacted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (perhaps significantly) Tj ET Q q 0 0 0 rg BT 132.44 550.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.25 Td (Moreover) Tj ET Q q 0 0 0 rg BT 115.53 526.25 Td (, our information technology and application systems have been an important part of our underwriting process ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (and our ability to compete successfully) Tj ET Q q 0 0 0 rg BT 205.20 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 210.02 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 218.66 514.25 Td (e have also licensed certain systems and data from third parties. ) Tj ET Q q 0 0 0 rg BT 475.61 514.25 Td (W) Tj ET Q q 0 0 0 rg BT 484.25 514.25 Td (e cannot be certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (that we will have access to these, or comparable, service providers, or that our information technology or application systems ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (will continue to operate as intended. Like all companies, our information technology and application systems may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (vulnerable to data breaches,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 161.11 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.61 478.25 Td (interruptions or failures due to events that may be beyond our control, including, but not limited to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (natural disasters, theft, terrorist attacks, malicious cyber) Tj ET Q q 0 0 0 rg BT 272.83 466.25 Td (-attacks) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 303.93 466.25 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.43 466.25 Td ( computer viruses, hackers and general technology failures. ) Tj ET Q q 0 0 0 rg BT 545.79 466.25 Td (A) Tj ET Q q 0 0 0 rg BT 552.46 466.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (major defect or failure in our internal controls or information technology and application systems could result in management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (distraction, result in a violation of applicable privacy or other laws, harm our reputation, cause a loss of customers or give rise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (to monetary fines or penalties or otherwise increase expenses. ) Tj ET Q q 0 0 0 rg BT 299.23 430.25 Td (W) Tj ET Q q 0 0 0 rg BT 307.87 430.25 Td (e believe appropriate controls and mitigation procedures are in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (place to prevent significant risk of data breaches, interruptions or failures in, information technology and application systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (but internal controls provide only a reasonable, not absolute, assurance as to the absence of errors or irregularities and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (inef) Tj ET Q q 0 0 0 rg BT 64.87 394.25 Td (fectiveness of such controls and procedures could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 370.39 394.25 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 382.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (Our failure to maintain suf) Tj ET Q q 0 0 0 rg BT 161.57 370.25 Td (ficient collateral arrangements or to increase our collateral capacity on commercially acceptable ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (terms as we grow could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 272.09 358.25 Td (fect our ability to implement our business strategy) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 477.00 358.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 334.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 334.25 Td (e are not licensed or admitted as a reinsurer in any jurisdiction other than the Cayman Islands and the European ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (Economic ) Tj ET Q q 0 0 0 rg BT 91.99 322.25 Td (Area. Certain jurisdictions, including the United States, do not permit insurance companies to take credit for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (reinsurance obtained from unlicensed or non-admitted insurers on their statutory financial statements unless appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (security measures are implemented. Consequently) Tj ET Q q 0 0 0 rg BT 249.62 298.25 Td (, certain clients will require us to provide collateral often in the form of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (letter of credit, a trust agreement or funds withheld. ) Tj ET Q q 0 0 0 rg BT 257.86 286.25 Td (When we provide collateral, we are customarily required to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (collateral to the letter of credit provider or beneficiary of the trust agreement. Our ability to provide collateral, and the costs at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (which we provide collateral, are primarily dependent on the composition of our investment portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.25 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 238.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 113.47 238.25 Td (, letters of credit are collateralized and trust agreements are funded with fixed-income securities or cash. Banks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (may be willing to accept our investment portfolio as collateral, but on terms that may be less favorable to us than reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (companies that invest solely or predominantly in fixed-income securities. ) Tj ET Q q 0 0 0 rg BT 345.35 214.25 Td (The inability to renew) Tj ET Q q 0 0 0 rg BT 433.29 214.25 Td (, maintain or obtain letters of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (credit collateralized by our investment portfolio or fund trust agreements may significantly limit the amount of reinsurance we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (can write or require us to modify our investment strategy) Tj ET Q q 0 0 0 rg BT 276.84 190.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 178.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 166.25 Td (Our investment portfolio is used to provide collateral so that letters of credit and trust agreements can be issued. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (event of a decline in the market value of our investment portfolio that results in a collateral shortfall, we have the right, at our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (option, to reduce the outstanding obligations under the applicable letter of credit facility or trust agreement, to deposit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (additional collateral or to change the collateral composition in order to cure the shortfall. If the shortfall is not cured within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (prescribed time period, an event of default will immediately occur) Tj ET Q q 0 0 0 rg BT 313.85 118.25 Td (. ) Tj ET Q q 0 0 0 rg BT 318.67 118.25 Td (W) Tj ET Q q 0 0 0 rg BT 327.31 118.25 Td (e will be prohibited from issuing additional collateral until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (any shortfall is cured.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 82.25 Td (Our access to funds under our existing credit facilities is dependent on the ability of the banks that are parties to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (facilities to meet their funding commitments. ) Tj ET Q q 0 0 0 rg BT 232.33 70.25 Td (Those banks may not be able to meet their funding commitments if they ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (experience shortages of capital and liquidity or if they experience excessive volumes of borrowing requests within a short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (period of time, and we might be forced to replace credit sources in a dif) Tj ET Q q 0 0 0 rg BT 335.60 46.25 Td (ficult market.) Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (Any significant consolidation in the financial industry could lead to increased reliance on and exposure to particular ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (institutions. If we cannot obtain adequate capital or sources of credit on favorable terms, or at all, our business, operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (results and financial condition could be adversely af) Tj ET Q q 0 0 0 rg BT 257.86 706.10 Td (fected. It is possible that, in the future,rating agencies may reduce our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (existing ratings. If one or more of our ratings were downgraded, we could incur higher borrowing costs and our ability to access ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (the capital markets could be impacted. Our inability to obtain adequate capital could have a significant and negative ef) Tj ET Q q 0 0 0 rg BT 523.31 682.10 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (our business, financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 646.10 Td (e may need additional collateral capacity as we grow) Tj ET Q q 0 0 0 rg BT 296.06 646.10 Td (, and if we are unable to renew) Tj ET Q q 0 0 0 rg BT 418.69 646.10 Td (, maintain or increase our collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (facilities or are unable to do so on commercially acceptable terms we may need to liquidate all or a portion of our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (portfolio and invest in a fixed-income portfolio or other forms of investment acceptable to our clients and banks as collateral, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (which could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 222.32 610.10 Td (fect our ability to implement our business strategy) Tj ET Q q 0 0 0 rg BT 422.46 610.10 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.96 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Our failure to comply with restrictive covenants contained in our current or future credit facilities could trigger prepayment ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (obligations, which could adversely af) Tj ET Q q 0 0 0 rg BT 201.82 574.10 Td (fect our business, financial condition and results of operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.36 574.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 550.10 Td (Each of our credit facilities requires us and/or certain of our subsidiaries to comply with certain covenants, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (restrictions on our ability to place a lien or char) Tj ET Q q 0 0 0 rg BT 238.98 538.10 Td (ge on pledged assets, issue debt and in certain circumstances on the payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (dividends. Our failure to comply with these or other covenants could result in an event of default under one or more credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (facilities or any credit facility we may enter into in the future, which, if not cured or waived, could result in us being required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (repay the amounts outstanding under these facilities prior to maturity) Tj ET Q q 0 0 0 rg BT 325.17 502.10 Td (. ) Tj ET Q q 0 0 0 rg BT 329.62 502.10 Td (As a result, our business, financial condition and results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (of operations could be significantly and negatively af) Tj ET Q q 0 0 0 rg BT 262.31 490.10 Td (fected.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (The inability to obtain business provided from brokers could adversely af) Tj ET Q q 0 0 0 rg BT 349.31 466.10 Td (fect our business strategy and results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 560.45 466.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 442.10 Td (Since we began underwriting operations in ) Tj ET Q q 0 0 0 rg BT 249.79 442.10 Td (April 2006, substantially all of our business has been placed through brokered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (transactions, which involve a limited number of reinsurance brokers which exposes us to concentration risk.In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.93 430.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.93 430.10 Td (, we had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 418.10 Td (brokers \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.82 418.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.82 418.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.10 418.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.08 418.10 Td ( brokers\) who each accounted for more than 10% of our gross written premiums, and in the aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (they accounted for approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.67 406.10 Td (77.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.50 406.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.33 406.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.33 406.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.61 406.10 Td (81.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.44 406.10 Td (\) of our gross premiums written. Because broker) Tj ET Q q 0 0 0 rg BT 463.07 406.10 Td (-produced business is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (concentrated with a small number of brokers, we are exposed to concentration risk. ) Tj ET Q q 0 0 0 rg BT 384.48 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 389.89 394.10 Td (o lose or fail to expand all or a substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (portion of the business provided through brokers, many of whom may not be familiar with our Cayman Islands jurisdiction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 195.38 370.10 Td (fect our business and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 346.10 Td (e may need additional capital in the future in order to operate our business, and such capital may not be available to us or ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (may not be available to us on favorable terms.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 310.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 310.10 Td (e may need to raise additional capital in the future through public or private equity or debt of) Tj ET Q q 0 0 0 rg BT 456.23 310.10 Td (ferings or otherwise in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (order to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 278.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 276.01 cm /I104 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 278.17 Td (fund liquidity needs caused by underwriting or investment losses;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 243.27 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 252.01 cm /I105 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 253.27 Td (replace capital lost in the event of significant reinsurance losses or adverse reserve developments or significant) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 243.27 Td (investment losses;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 218.27 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 216.11 cm /I106 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 218.27 Td (satisfy collateral requirements that may be imposed by our clients or by regulators;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 194.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 192.01 cm /I107 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 194.17 Td (meet applicable statutory jurisdiction requirements;) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 170.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 168.01 cm /I108 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 170.17 Td (meet rating agency capital requirements; or) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 146.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 72.50 144.01 cm /I109 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.50 146.17 Td (respond to competitive pressures.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 118.10 Td (Additional capital may not be available on terms favorable to us, or at all. Further) Tj ET Q q 0 0 0 rg BT 402.67 118.10 Td (, any additional capital raised through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (the sale of equity could dilute existing ownership interest in our company and may cause the market price of our Class ) Tj ET Q q 0 0 0 rg BT 525.21 106.10 Td (A) Tj ET Q q 0 0 0 rg BT 531.88 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (ordinary shares to decline. ) Tj ET Q q 0 0 0 rg BT 156.97 94.10 Td (Additional capital raised through the issuance of debt may result in creditors having rights, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (preferences and privileges senior or otherwise superior to those of our Class ) Tj ET Q q 0 0 0 rg BT 355.53 82.10 Td (A) Tj ET Q q 0 0 0 rg BT 362.20 82.10 Td ( ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 70.10 Td () Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Our property and property catastrophe reinsurance operations may make us vulnerable to losses from catastrophes and may ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td (cause our results of operations to vary significantly from period to period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.25 Td (Certain of our reinsurance operations expose us to claims arising out of unpredictable catastrophic events, such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (hurricanes, hailstorms, tornadoes, windstorms, severe winter weather) Tj ET Q q 0 0 0 rg BT 325.69 694.25 Td (, earthquakes, floods, droughts, fires, explosions, volcanic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (eruptions and other natural or man-made disasters such as acts of war or terrorism, cyber attacks, major aircraft crashes, riots or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (political unrest. ) Tj ET Q q 0 0 0 rg BT 114.03 670.25 Td (The incidence and severity of catastrophes are inherently unpredictable but the loss experience of property ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (catastrophe reinsurers has been generally characterized as low frequency and high severity) Tj ET Q q 0 0 0 rg BT 411.18 658.25 Td (. Claims from catastrophic events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (could reduce our earnings and cause substantial volatility in our results of operations for any fiscal quarter or year and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 634.25 Td (fect our financial condition. Corresponding reductions in our surplus levels could impact our ability to write new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (reinsurance policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 610.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.25 Td (Catastrophic losses are a function of the insured exposure in the af) Tj ET Q q 0 0 0 rg BT 342.07 598.25 Td (fected area and the severity of the event. Because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (accounting regulations do not permit reinsurers to reserve for catastrophic events until they occur) Tj ET Q q 0 0 0 rg BT 438.14 586.25 Td (, claims from catastrophic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (events could cause substantial volatility in our financial results for any fiscal quarter or year and could significantly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (negatively af) Tj ET Q q 0 0 0 rg BT 101.24 562.25 Td (fect our financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 538.25 Td (e depend on our clients' evaluations of the risks associated with their insurance underwriting, which may subject us to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (reinsurance losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.25 Td (In some of our proportional reinsurance business, in which we assume an agreed percentage of each underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (insurance contract being reinsured, or quota share contracts, we do not expect to separately evaluate each of the original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (individual risks assumed under these reinsurance contracts. ) Tj ET Q q 0 0 0 rg BT 288.69 478.25 Td (Therefore, we will be lar) Tj ET Q q 0 0 0 rg BT 387.63 478.25 Td (gely dependent on the original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (underwriting decisions made by ceding companies. ) Tj ET Q q 0 0 0 rg BT 256.77 466.25 Td (W) Tj ET Q q 0 0 0 rg BT 265.40 466.25 Td (e will be subject to the risk that the clients may not have adequately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (evaluated the insured risks and that the premiums ceded may not adequately compensate us for the risks we assume. ) Tj ET Q q 0 0 0 rg BT 516.40 454.25 Td (W) Tj ET Q q 0 0 0 rg BT 525.04 454.25 Td (e also do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (not expect to separately evaluate each of the individual claims made on the underlying insurance contracts under quota share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 90.41 430.25 Td (Therefore, we will be dependent on the original claims decisions made by our clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 406.25 Td (e could face unanticipated losses from political instability which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 456.89 406.25 Td (fect on our financial ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (condition and results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 370.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 370.25 Td (e could be exposed to unexpected losses on our reinsurance contracts resulting from political instability and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (politically driven events globally) Tj ET Q q 0 0 0 rg BT 180.76 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 185.58 358.25 Td (These risks are inherently unpredictable and recent events may indicate an increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (frequency and severity of losses. It is dif) Tj ET Q q 0 0 0 rg BT 211.50 346.25 Td (ficult to predict the timing of these events or to estimate the amount of loss that any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (given occurrence will generate. ) Tj ET Q q 0 0 0 rg BT 177.31 334.25 Td (T) Tj ET Q q 0 0 0 rg BT 182.72 334.25 Td (o the extent that losses from these risks occur) Tj ET Q q 0 0 0 rg BT 363.94 334.25 Td (, our financial condition and results of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (could be significantly and negatively af) Tj ET Q q 0 0 0 rg BT 207.32 322.25 Td (fected.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.50 310.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (Changing climate conditions may adversely af) Tj ET Q q 0 0 0 rg BT 239.59 298.25 Td (fect our financial condition, profitability or cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 274.25 Td (Climate change, to the extent it produces extreme changes in temperatures and changes in weather patterns, could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (impact the frequency or severity of weather events and wildfires.Further) Tj ET Q q 0 0 0 rg BT 340.94 262.25 Td (, it could impact the af) Tj ET Q q 0 0 0 rg BT 430.73 262.25 Td (fordability and availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (homeowners insurance, which could have an impact on pricing. Changes in weather patterns could also af) Tj ET Q q 0 0 0 rg BT 473.35 250.25 Td (fect the frequency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (and severity of other natural catastrophe events to which we may be exposed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 214.25 Td (e may be subject to the credit risk of our brokers, cedents and agents.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 341.25 214.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 190.25 Td (In accordance with industry practice, we frequently pay amounts owed on claims under our policies to reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td (brokers, and these brokers, in turn, remit these amounts to the ceding companies that have reinsured a portion of their liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (with us. In some jurisdictions, if a broker fails to make such a payment, we might remain liable to the client for the deficiency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (notwithstanding the broker) Tj ET Q q 0 0 0 rg BT 157.63 154.25 Td () Tj ET Q q 0 0 0 rg BT 160.41 154.25 Td (s obligation to make such payment. Conversely) Tj ET Q q 0 0 0 rg BT 349.45 154.25 Td (, in certain jurisdictions, when the client pays ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.25 Td (premiums for policies to reinsurance brokers for payment to us, these premiums are considered to have been paid and the client ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (will no longer be liable to us for these premiums, whether or not we have actually received them. Consequently) Tj ET Q q 0 0 0 rg BT 494.83 130.25 Td (, we assume a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (degree of credit risk associated with brokers around the world.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 94.25 Td (In addition, we are also exposed to the credit risk of our cedents and agents, who, pursuant to their contracts with us, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (may be required to pay us profit commission, additional premiums, reinstatement premiums, and adjustments to ceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (commissions over a period of time, which in some cases may extend beyond the initial period of risk coverage. Insolvency) Tj ET Q q 0 0 0 rg BT 539.55 70.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (liquidity problems, distressed financial condition or the general ef) Tj ET Q q 0 0 0 rg BT 312.86 58.25 Td (fects of an economic recession may increase the risk that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 46.25 Td (cedents or agents may not pay a part of or the full amount of their obligations to us. ) Tj ET Q q 0 0 0 rg BT 385.63 46.25 Td (T) Tj ET Q q 0 0 0 rg BT 391.04 46.25 Td (o the extent our cedents or agents become ) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (unable to pay us, we would be required to recognize a downward adjustment to our premiums receivable or reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (recoverables, as applicable, in our financial statements. ) Tj ET Q q 0 0 0 rg BT 272.56 730.10 Td (While we generally seek to mitigate this risk through, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (things, collateral agreements, funds withheld, corporate guarantees and right of of) Tj ET Q q 0 0 0 rg BT 376.71 718.10 Td (fset of receivables against any losses payable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (an increased inability of customers to fulfill their obligations to us could have an adverse ef) Tj ET Q q 0 0 0 rg BT 415.05 706.10 Td (fect on our financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (Our reinsurance balances receivable at December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.94 670.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.94 670.10 Td ( totaled $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 670.10 Td (187.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.04 670.10 Td (, which included premiums and ceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (commissions receivable, a majority of which are not collateralized. ) Tj ET Q q 0 0 0 rg BT 320.05 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.69 658.10 Td (e cannot assure you that such receivables will be collected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (or that valuation allowances or write downs for uncollectible recoverable amounts will not be required in future periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 622.10 Td (e may be unable to purchase reinsurance for the liabilities we reinsure, and if we successfully purchase such reinsurance, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (we may be unable to collect, which could adversely af) Tj ET Q q 0 0 0 rg BT 269.29 610.10 Td (fect our business, financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 586.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 586.10 Td (e purchase reinsurance for certain liabilities we reinsure, which we refer to as retrocessional coverage, in order to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (mitigate the ef) Tj ET Q q 0 0 0 rg BT 107.07 574.10 Td (fect of a potential concentration of losses upon our financial condition. ) Tj ET Q q 0 0 0 rg BT 392.36 574.10 Td (The insolvency or inability or refusal of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (retrocessionaire to make payments under the terms of its agreement with us could have an adverse ef) Tj ET Q q 0 0 0 rg BT 452.51 562.10 Td (fect on us because we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (remain liable to our client. From time to time, market conditions have limited, and in some cases have prevented, reinsurers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (from obtaining the types and amounts of retrocessional coverage that they consider necessary for their business needs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 526.10 Td (, we may not be able to obtain our desired amounts of retrocessional coverage or negotiate terms that we deem ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (appropriate or acceptable or obtain retrocessional coverage from entities with satisfactory creditworthiness. Our failure to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (establish adequate retrocessional arrangements or the failure of our retrocessional arrangements to protect us from overly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (concentrated risk exposure could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 305.06 490.10 Td (fect our business, financial condition and results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (The failure of any risk management and loss limitation methods we employ) Tj ET Q q 0 0 0 rg BT 358.87 466.10 Td (,) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 361.37 466.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 363.87 466.10 Td (as well as an unexpected accumulation of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (attritional losses, could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 254.86 454.10 Td (fect on our financial condition and results of operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 430.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 430.10 Td (e seek to limit our loss exposure in a variety of ways, including by writing many of our reinsurance contracts on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (excess of loss basis, adhering to maximum limitations on policies written in defined geographical zones, limiting program size ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (for each client, establishing per risk and per occurrence limitations for each event, employing coverage restrictions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (following prudent underwriting guidelines for each program written. In the case of proportional treaties, we generally seek per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (occurrence limitations or loss ratio caps to limit the impact of losses from any one event. ) Tj ET Q q 0 0 0 rg BT 406.73 382.10 Td (W) Tj ET Q q 0 0 0 rg BT 415.36 382.10 Td (e also seek to limit our loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (exposure through geographic diversification. Notwithstanding these loss limitation techniques, one or more future catastrophic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (or other events could result in claims that substantially exceed our expectations in ways limiting the applicability of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (techniques, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 253.12 346.10 Td (fect on our financial condition and results of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (Currency fluctuations could result in exchange rate losses and negatively impact our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 298.10 Td (Our functional currency is the U.S. dollar) Tj ET Q q 0 0 0 rg BT 242.01 298.10 Td (. However) Tj ET Q q 0 0 0 rg BT 283.26 298.10 Td (, we expect that we will write a portion of our business and receive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (premiums and pay claims in currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 308.88 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 313.69 286.10 Td (W) Tj ET Q q 0 0 0 rg BT 322.33 286.10 Td (e may incur foreign currency exchange gains or losses as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (we ultimately receive premiums and settle claims in foreign currencies. In addition, DME ) Tj ET Q q 0 0 0 rg BT 410.22 274.10 Td (Advisors may invest a portion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (portfolio in securities or cash denominated in currencies other than the U.S. dollar) Tj ET Q q 0 0 0 rg BT 377.19 262.10 Td (. Consequently) Tj ET Q q 0 0 0 rg BT 436.53 262.10 Td (, we may experience exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (rate losses to the extent any of our foreign currency exposure is not hedged, which could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 527.50 250.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (business. If we do seek to hedge our foreign currency exposure through the use of forward foreign currency exchange contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (or currency swaps, we will be subject to the risk that our counterparties to the arrangements fail to perform.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (There are dif) Tj ET Q q 0 0 0 rg BT 103.20 202.10 Td (ferences under Cayman Islands corporate law and Delaware corporate law with respect to interested party ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (transactions which may benefit certain of our shareholders at the expense of other shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 166.10 Td (Under Cayman Islands corporate law) Tj ET Q q 0 0 0 rg BT 224.69 166.10 Td (, a director may vote on a contract or transaction where the director has an interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (as a shareholder) Tj ET Q q 0 0 0 rg BT 113.51 154.10 Td (, director) Tj ET Q q 0 0 0 rg BT 149.21 154.10 Td (, of) Tj ET Q q 0 0 0 rg BT 162.36 154.10 Td (ficer or employee provided such interest is disclosed. None of our contracts will be deemed to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (void because any director is an interested party in such transaction and interested parties will not be held liable for monies owed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (to the Company) Tj ET Q q 0 0 0 rg BT 112.73 130.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 106.10 Td (Under Delaware law) Tj ET Q q 0 0 0 rg BT 158.58 106.10 Td (, interested party transactions are voidable.) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Risks Relating to Insurance and Other) Tj ET Q q 0 0 0 rg BT 214.06 749.25 Td ( Regulations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td (Any suspension or revocation of our reinsurance license would materially impact our ability to do business and implement ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (our business strategy) Tj ET Q q 0 0 0 rg BT 135.81 713.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 689.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 689.25 Td (e are presently licensed as a reinsurer only in the Cayman Islands and the European Economic ) Tj ET Q q 0 0 0 rg BT 463.90 689.25 Td (Area. ) Tj ET Q q 0 0 0 rg BT 488.15 689.25 Td (The suspension or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (revocation of our licenses to do business as a reinsurance company in either ofthese jurisdictions for any reason would mean ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (that we would not be able to enter into any new reinsurance contracts in that jurisdiction until the suspension ended or we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (became licensed in another jurisdiction. ) Tj ET Q q 0 0 0 rg BT 210.56 653.25 Td (Any such suspension or revocation of our license would negatively impact our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (reputation in the reinsurance marketplace and could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 363.33 641.25 Td (fect on our results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 617.25 Td (CIMA) Tj ET Q q 0 0 0 rg BT 102.06 617.25 Td (may take a number of actions, including suspending or revoking a reinsurance license whenever CIMA) Tj ET Q q 0 0 0 rg BT 516.94 617.25 Td ( believes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (that a licensee is or may become unable to meet its obligations, is carrying on business in a manner likely to be detrimental to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (the public interest or to the interest of its creditors or policyholders, has contravened the terms of the Law or has otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (behaved in such a manner so as to cause CIMA) Tj ET Q q 0 0 0 rg BT 238.62 581.25 Td ( to call into question the licensee's fitness.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.49 581.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 557.25 Td (Further CIMA) Tj ET Q q 0 0 0 rg BT 134.00 557.25 Td ( may suspend or revoke our license if:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 537.32 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 535.16 cm /I110 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 537.32 Td (we cease to carry on reinsurance business;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 521.16 cm /I111 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 523.32 Td (the direction and management of our reinsurance business has not been conducted in a fit and proper manner;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 506.16 cm /I112 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 508.32 Td (a person holding a position as a director, manager or officer is not a fit and proper person to hold the respective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 498.32 Td (position; or) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 482.16 cm /I113 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 484.32 Td (we become bankrupt or go into liquidation or we are wound up or otherwise dissolved.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 455.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 113.07 455.25 Td (, if CIMA) Tj ET Q q 0 0 0 rg BT 152.24 455.25 Td ( suspended or revoked our license, we could lose our exemption under the Investment Company ) Tj ET Q q 0 0 0 rg BT 538.81 455.25 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.25 Td (of 1940, as amended \(the "Investment Company ) Tj ET Q q 0 0 0 rg BT 244.65 443.25 Td (Act"\)\(See " ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 305.85 443.25 Td (W) Tj ET Q q 0 0 0 rg BT 313.26 443.25 Td (e ar) Tj ET Q q 0 0 0 rg BT 328.72 443.25 Td (e subject to the risk of possibly becoming an investment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (company under U.S. federal securities law) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.75 431.25 Td (."\)) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 407.25 Td (Our reinsurance subsidiaries are subject to minimum capital and surplus requirements, and our failure to meet these ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (requirements could subject us to regulatory action.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 383.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 371.25 Td (The Insurance \(Capital and Solvency\) \(Classes B, C, and D Insurers\) Regulations, 2012 \(the "Capital and Solvency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.25 Td (Regulations"\) impose on Greenlight Re a minimumcapital requirement of US$50 million, a prescribed capital requirement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (US$466.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.17 347.25 Td (and a requirement to maintain solvency equal to or in excess of the total prescribed capital requirement \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td ("Capital Requirements"\).) Tj ET Q q 0 0 0 rg BT 152.37 335.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.81 335.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.39 335.25 Td (, Greenlight Re was in compliance with the Capital Requirements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 323.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 311.25 Td (Under the prudential regime applying prior to the introduction of Solvency II, GRIL, our Irish subsidiary) Tj ET Q q 0 0 0 rg BT 495.48 311.25 Td (, was required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (maintain statutory reserves, particularly in respect of underwriting liabilities, and a solvency mar) Tj ET Q q 0 0 0 rg BT 436.42 299.25 Td (gin of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.53 299.25 Td (US$18.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.20 299.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 287.25 Td ( as provided for in the Irish Insurance ) Tj ET Q q 0 0 0 rg BT 280.26 287.25 Td (Acts and Regulations. ) Tj ET Q q 0 0 0 rg BT 370.25 287.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.70 287.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.28 287.25 Td (, GRIL) Tj ET Q q 0 0 0 rg BT 501.24 287.25 Td ( has been in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (compliance with the capital requirements required under the Irish Insurance ) Tj ET Q q 0 0 0 rg BT 354.38 275.25 Td (Acts and Regulations. Solvency II has introduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 263.25 Td (risk-based solvency requirements which GRIL) Tj ET Q q 0 0 0 rg BT 235.75 263.25 Td ( is required to comply with as of January 1, 2016, including calculating and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.25 Td (maintaining a minimum capital requirement and solvency capital requirement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 239.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 227.25 Td (Any failure to meet applicable requirements or minimum statutory capital requirements could subject us to further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.25 Td (examination or action by regulators, including restrictions on dividend payments, limitations on our writing of additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.25 Td (business or engaging in financial or other activities, enhanced supervision, financial or other penalties or liquidation. Further) Tj ET Q q 0 0 0 rg BT 547.57 203.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.25 Td (any changes in existing risk based capital requirements or minimum statutory capital requirements may require us to increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.25 Td (our statutory capital levels, which we might be unable to do.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 167.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 155.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 155.25 Td (e are a holding company that depends on the ability of our subsidiaries to pay dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 143.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 131.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 131.25 Td (e are a holding company and do not have any significant operations or assets other than our ownership of the shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.25 Td (our subsidiaries. Dividends and other permitted distributions from our subsidiaries are our primary source of funds to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.25 Td (ongoing cash requirements, including future debt service payments, if any) Tj ET Q q 0 0 0 rg BT 345.15 107.25 Td (, and other expenses, and to pay dividends to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.25 Td (shareholders if we choose to do so. Some of our subsidiaries are subject to significant regulatory restrictions limiting their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.25 Td (ability to declare and pay dividends.) Tj ET Q q 0 0 0 rg BT 199.28 83.25 Td (The inability of our subsidiaries to pay dividends in an amount suf) Tj ET Q q 0 0 0 rg BT 464.89 83.25 Td (ficient to enable us to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.25 Td (meet our cash requirements at the holding company level could have an adverse ef) Tj ET Q q 0 0 0 rg BT 379.47 71.25 Td (fect on our operations and our ability to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.25 Td (dividends to our shareholders if we choose to do so and/or meet our debt service obligations, if any) Tj ET Q q 0 0 0 rg BT 445.42 59.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 47.25 Td () Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 749.10 Td (o ) Tj ET Q q 0 0 0 rg BT 89.62 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.55 749.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 131.69 749.10 Td (any ) Tj ET Q q 0 0 0 rg BT 148.84 749.10 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 749.10 Td (oursubsidiaries ) Tj ET Q q 0 0 0 rg BT 225.64 749.10 Td (located ) Tj ET Q q 0 0 0 rg BT 257.22 749.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.71 749.10 Td (jurisdictions ) Tj ET Q q 0 0 0 rg BT 319.86 749.10 Td (other ) Tj ET Q q 0 0 0 rg BT 343.12 749.10 Td (than ) Tj ET Q q 0 0 0 rg BT 363.04 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.97 749.10 Td (Cayman ) Tj ET Q q 0 0 0 rg BT 414.00 749.10 Td (Islandsconsiderdeclaring ) Tj ET Q q 0 0 0 rg BT 521.12 749.10 Td (dividends, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (such ) Tj ET Q q 0 0 0 rg BT 69.78 737.10 Td (subsidiariesare ) Tj ET Q q 0 0 0 rg BT 133.65 737.10 Td (required ) Tj ET Q q 0 0 0 rg BT 168.92 737.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.65 737.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 210.59 737.10 Td (with ) Tj ET Q q 0 0 0 rg BT 230.32 737.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 276.70 737.10 Td (set ) Tj ET Q q 0 0 0 rg BT 289.76 737.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 311.15 737.10 Td (under ) Tj ET Q q 0 0 0 rg BT 335.87 737.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 378.91 737.10 Td (law ) Tj ET Q q 0 0 0 rg BT 395.29 737.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.68 737.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 458.07 737.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.79 737.10 Td (such ) Tj ET Q q 0 0 0 rg BT 488.07 737.10 Td (other ) Tj ET Q q 0 0 0 rg BT 510.57 737.10 Td (jurisdictions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (These ) Tj ET Q q 0 0 0 rg BT 75.88 725.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 122.81 725.10 Td (could ) Tj ET Q q 0 0 0 rg BT 147.53 725.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 188.34 725.10 Td (impactthe ) Tj ET Q q 0 0 0 rg BT 232.77 725.10 Td (Company) Tj ET Q q 0 0 0 rg BT 271.01 725.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 701.10 Td (e are subject to the risk of possibly becoming an investment company under U.S. federal securities law) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 477.83 701.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (In the United States,the Investment Company ) Tj ET Q q 0 0 0 rg BT 263.14 677.10 Td (Act regulates certain companies that invest in or trade securities. ) Tj ET Q q 0 0 0 rg BT 523.69 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 532.33 677.10 Td (e rely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (on an exemption under the Investment Company ) Tj ET Q q 0 0 0 rg BT 246.40 665.10 Td (Act for an entity or) Tj ET Q q 0 0 0 rg BT 322.86 665.10 Td (ganized and regulated as a foreign insurance company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (which is engaged primarily and predominantly in the reinsurance of risks on insurance agreements. ) Tj ET Q q 0 0 0 rg BT 448.36 653.10 Td (The law in this area is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (subjective and there is a lack of guidance as to the meaning of "primarily and predominantly" under the relevant exemption to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (the Investment Company ) Tj ET Q q 0 0 0 rg BT 151.99 629.10 Td (Act. For example, there is no standard for the amount of premiums that need to be written relative to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (the level of an entity) Tj ET Q q 0 0 0 rg BT 134.47 617.10 Td (s capital in order to qualify for the exemption. If this exemption were deemed inapplicable, we would have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (to register under the Investment Company ) Tj ET Q q 0 0 0 rg BT 220.02 605.10 Td (Act as an investment company) Tj ET Q q 0 0 0 rg BT 342.11 605.10 Td (. Registered investment companies are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (extensive, restrictive and potentially adverse regulation relating to, among other things, operating methods, management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (capital structure, leverage, dividends and transactions with af) Tj ET Q q 0 0 0 rg BT 293.95 581.10 Td (filiates. Registered investment companies are not permitted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (operate their business in the manner in which we operate our business, nor are registered investment companies permitted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (have many of the relationships that we have with our af) Tj ET Q q 0 0 0 rg BT 271.47 557.10 Td (filiated companies. ) Tj ET Q q 0 0 0 rg BT 349.50 557.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 398.84 557.10 Td (, we likely would not be permitted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (engage DME ) Tj ET Q q 0 0 0 rg BT 104.49 545.10 Td (Advisors as our investment advisor) Tj ET Q q 0 0 0 rg BT 245.18 545.10 Td (, unless we obtained board and shareholder approvals under the Investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.33 533.10 Td (Act. If DME ) Tj ET Q q 0 0 0 rg BT 143.10 533.10 Td (Advisors were not our investment advisor) Tj ET Q q 0 0 0 rg BT 310.17 533.10 Td (, we would seek to identify and retain another investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (advisor with a value-oriented investment philosophy) Tj ET Q q 0 0 0 rg BT 259.08 521.10 Td (. If we could not identify or retain such an advisor) Tj ET Q q 0 0 0 rg BT 458.90 521.10 Td (, we would be required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (make substantial modifications to our investment strategy) Tj ET Q q 0 0 0 rg BT 279.92 509.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.36 509.10 Td (Any such changes to our investment strategy could significantly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (negatively impact our investment results, financial condition and our ability to implement our business strategy) Tj ET Q q 0 0 0 rg BT 494.03 497.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 473.10 Td (If at any time it were established that we had been operating as an investment company in violation of the registration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (requirements of the Investment Company ) Tj ET Q q 0 0 0 rg BT 217.52 461.10 Td (Act, there would be a risk, among other material adverse consequences, that we could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (become subject to monetary penalties or injunctive relief, or both, or that we would be unable to enforce contracts with third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (parties or that third parties could seek to obtain rescission of transactions with us undertaken during the period in which it was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (established that we were an unregistered investment company) Tj ET Q q 0 0 0 rg BT 296.27 425.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 401.10 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 401.10 Td (o the extent that the laws and regulations change in the future so that contracts we write are deemed not to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (reinsurance contracts, we will be at greater risk of not qualifying for the Investment Company ) Tj ET Q q 0 0 0 rg BT 427.16 389.10 Td (Act exception. ) Tj ET Q q 0 0 0 rg BT 487.42 389.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 537.32 389.10 Td (, it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (possible that our classification as an investment company would result in the suspension or revocation of our reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (license.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.76 365.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (Insurance regulations to which we are, or may become, subject, and potential changes thereto, could have a significant and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (negative ef) Tj ET Q q 0 0 0 rg BT 94.02 329.10 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 305.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 305.10 Td (e currently are admitted to do business in the Cayman Islands and the European Economic ) Tj ET Q q 0 0 0 rg BT 457.65 305.10 Td (Area.Our operations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (each of these jurisdictions are subject to varying degrees of regulation and supervision. ) Tj ET Q q 0 0 0 rg BT 399.77 293.10 Td (The laws and regulations of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (jurisdictions in which our subsidiaries are domiciled require that, among other things, these subsidiaries maintain minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (levels of statutory or regulatory capital, surplus and liquidity) Tj ET Q q 0 0 0 rg BT 291.30 269.10 Td (, meet solvency standards, submit to periodic examinations of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (financial condition and restrict payments of dividends and reductions of capital. Statutes, regulations and policies that our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (subsidiaries are subject to may also restrict the ability of these subsidiaries to write insurance and reinsurance policies, make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (certain investments and distribute funds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 221.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 209.10 Td (More specifically with respect to our Irish subsidiary) Tj ET Q q 0 0 0 rg BT 296.74 209.10 Td (, European legislation known as "Solvency II", was introduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (with ef) Tj ET Q q 0 0 0 rg BT 77.37 197.10 Td (fect from January 1, 2016 and governs the prudential regulation of insurers and reinsurers, and requires insurers and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (reinsurers in Europe to meet risk-based solvency requirements. It also imposes group solvency and governance requirements on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (groups with insurers and/or reinsurers operating in the European Economic ) Tj ET Q q 0 0 0 rg BT 352.20 173.10 Td (Area. ) Tj ET Q q 0 0 0 rg BT 376.08 173.10 Td (A) Tj ET Q q 0 0 0 rg BT 382.75 173.10 Td ( number of European Commission delegated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (acts and technical standards have been adopted, which set out more detailed requirements based on the overarching provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (of the Solvency II Directive. However) Tj ET Q q 0 0 0 rg BT 202.38 149.10 Td (, further delegated acts, technical standards and guidance are likely to be published on an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (ongoing basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 125.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 113.10 Td () Tj ET Q q 0 0 0 rg BT 83.45 113.10 Td (Although we do not presently expect that we will be admitted to do business in any other jurisdiction other than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (Cayman Islands and the European Economic ) Tj ET Q q 0 0 0 rg BT 231.12 101.10 Td (Area, we cannot assure you that insurance regulators in the United States or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (elsewhere will not review our activities and claim that we are subject to such jurisdiction) Tj ET Q q 0 0 0 rg BT 407.72 89.10 Td (s licensing requirements. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (we are subject to indirect regulatory requirements imposed by jurisdictions that may limit our ability to provide reinsurance. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (example, our ability to write reinsurance may be subject, in certain cases, to arrangements satisfactory to applicable regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (bodies, and proposed legislation and regulations may have the ef) Tj ET Q q 0 0 0 rg BT 308.14 53.10 Td (fect of imposing additional requirements upon, or restricting ) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (the market for) Tj ET Q q 0 0 0 rg BT 105.74 749.10 Td (, non-U.S. reinsurers such as Greenlight Re and GRIL, with whom domestic companies may place business. ) Tj ET Q q 0 0 0 rg BT 540.75 749.10 Td (W) Tj ET Q q 0 0 0 rg BT 549.39 749.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (do not know of any such proposed legislation pending at this time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 713.10 Td (e may not be able to comply fully with, or obtain desired exemptions from, revised statutes, regulations and policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (that currently) Tj ET Q q 0 0 0 rg BT 102.44 701.10 Td (, or may in the future, govern the conduct of our business. Failure to comply with, or to obtain desired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (authorizations and/or exemptions under) Tj ET Q q 0 0 0 rg BT 207.67 689.10 Td (, any applicable laws could result in restrictions on our ability to do business or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (undertake activities that are regulated in one or more of the jurisdictions in which we operate and could subject us to fines and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (other sanctions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td (In addition, governmental authorities worldwide have become increasingly interested in potential risks posed by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (insurance industry as a whole, and to the commercial and financial systems in general. ) Tj ET Q q 0 0 0 rg BT 397.54 629.10 Td (While we cannot predict the exact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (nature, timing or scope of possible governmental initiatives, there may be increased regulatory intervention in our industry in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (the future. Changes in the laws or regulations to which our subsidiaries are subject or may become subject, or in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (interpretations thereof by enforcement or regulatory agencies, could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 428.31 593.10 Td (fect on our business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Risks Relating to Our) Tj ET Q q 0 0 0 rg BT 142.38 569.10 Td ( Investment Strategy and Our) Tj ET Q q 0 0 0 rg BT 269.97 569.10 Td ( Investment ) Tj ET Q q 0 0 0 rg BT 322.20 569.10 Td (Advisor) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 545.10 Td (e have limited control as to how our investment portfolio is allocated and its performance depends on the ability of DME ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (Advisors to select and manage appropriate investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 509.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 509.10 Td (Advisors acts as our exclusive investment advisor for our investment portfolio and recommends appropriate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (investment opportunities. ) Tj ET Q q 0 0 0 rg BT 153.10 497.10 Td (Although DME ) Tj ET Q q 0 0 0 rg BT 217.55 497.10 Td (Advisors is contractually obligated to follow our investment guidelines, we cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (assure shareholders as to how assets will be allocated to dif) Tj ET Q q 0 0 0 rg BT 286.48 485.10 Td (ferent investment opportunities, including long and short positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (and derivatives trading, which could increase the level of risk to which our investment portfolio will be exposed. In addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 73.67 461.10 Td (Advisors can outsource to sub-advisors without our consent or approval.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 437.10 Td (The performance of our investment portfolio depends to a great extent on the ability of DME ) Tj ET Q q 0 0 0 rg BT 450.28 437.10 Td (Advisors to select and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (manage appropriate investments. Our advisory agreement with DME ) Tj ET Q q 0 0 0 rg BT 327.48 425.10 Td (Advisors terminates on December 31, 2016, unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (extended, and we have limited ability to terminate the advisory agreement earlier) Tj ET Q q 0 0 0 rg BT 373.26 413.10 Td (. ) Tj ET Q q 0 0 0 rg BT 378.08 413.10 Td (W) Tj ET Q q 0 0 0 rg BT 386.72 413.10 Td (e cannot assure you that DME ) Tj ET Q q 0 0 0 rg BT 509.47 413.10 Td (Advisors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (will be successful in meeting our investment objectives or that the advisory agreement with DME ) Tj ET Q q 0 0 0 rg BT 441.91 401.10 Td (Advisors will be renewed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (The failure of DME ) Tj ET Q q 0 0 0 rg BT 131.14 389.10 Td (Advisors to perform adequately could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 406.43 389.10 Td (fect our business, results of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (and financial condition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 353.10 Td (e depend upon DME ) Tj ET Q q 0 0 0 rg BT 145.06 353.10 Td (Advisors to implement our investment strategy) Tj ET Q q 0 0 0 rg BT 334.97 353.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 329.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 329.10 Td (e depend upon DME ) Tj ET Q q 0 0 0 rg BT 170.12 329.10 Td (Advisors to implement our investment strategy) Tj ET Q q 0 0 0 rg BT 357.50 329.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.95 329.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 411.29 329.10 Td (, the diminution or loss of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (services of DME ) Tj ET Q q 0 0 0 rg BT 119.21 317.10 Td (Advisors could significantly af) Tj ET Q q 0 0 0 rg BT 242.62 317.10 Td (fect our business. DME ) Tj ET Q q 0 0 0 rg BT 338.99 317.10 Td (Advisors, in turn, is dependent on the talents, ef) Tj ET Q q 0 0 0 rg BT 530.16 317.10 Td (forts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (and leadership of DME ) Tj ET Q q 0 0 0 rg BT 145.03 305.10 Td (Advisors) Tj ET Q q 0 0 0 rg BT 183.73 305.10 Td ( principals. ) Tj ET Q q 0 0 0 rg BT 230.49 305.10 Td (The diminution or loss of the services of DME ) Tj ET Q q 0 0 0 rg BT 419.07 305.10 Td (Advisors) Tj ET Q q 0 0 0 rg BT 457.77 305.10 Td ( principals, or diminution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (or loss of their reputation and integrity or any negative market or industry perception arising from that diminution or loss, could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (have a material adverse ef) Tj ET Q q 0 0 0 rg BT 153.70 281.10 Td (fect on our business.In addition, the loss of DME ) Tj ET Q q 0 0 0 rg BT 354.79 281.10 Td (Advisors'key personnel, or DME ) Tj ET Q q 0 0 0 rg BT 491.02 281.10 Td (Advisors' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (inability to hire and retain other key personnel, over which we have no control, could delay or prevent DME ) Tj ET Q q 0 0 0 rg BT 484.65 269.10 Td (Advisors from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (fully implementing our investment strategy on our behalf, and consequently) Tj ET Q q 0 0 0 rg BT 352.67 257.10 Td (, could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 503.55 257.10 Td (fect our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 233.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 221.10 Td (Our advisory agreement with DME ) Tj ET Q q 0 0 0 rg BT 220.08 221.10 Td (Advisors does not allow us to terminate the agreement in the event that DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (Advisors loses any or all of its principals or key personnel. ) Tj ET Q q 0 0 0 rg BT 287.05 209.10 Td (The advisory agreement expires on the date on which the venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (agreement expires or terminates for any reason. ) Tj ET Q q 0 0 0 rg BT 242.01 197.10 Td (The venture agreement requires that we utilize the advisory services of DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 118.48 185.10 Td (filiates exclusively until December 31, 2016, subject to limited termination provisions. See ") Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 501.38 185.10 Td (The ventur) Tj ET Q q 0 0 0 rg BT 544.05 185.10 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (agr) Tj ET Q q 0 0 0 rg BT 63.02 173.10 Td (eement has limited termination pr) Tj ET Q q 0 0 0 rg BT 198.19 173.10 Td (ovisions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.96 173.10 Td (.") Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 161.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (Our investment performance may suf) Tj ET Q q 0 0 0 rg BT 203.21 149.10 Td (fer as a result of adverse capital market developments or other factors that impact our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 83.02 137.10 Td (, which could in turn adversely af) Tj ET Q q 0 0 0 rg BT 220.91 137.10 Td (fect our financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 113.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 113.10 Td (e may derive a significant portion of our income from our investment portfolio. ) Tj ET Q q 0 0 0 rg BT 404.50 113.10 Td (As a result, our operating results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (depend in part on the performance of our investment portfolio. ) Tj ET Q q 0 0 0 rg BT 302.30 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 310.94 101.10 Td (e strive to structure our investments in a manner that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (recognizes our liquidity needs for future liabilities. ) Tj ET Q q 0 0 0 rg BT 254.82 89.10 Td (W) Tj ET Q q 0 0 0 rg BT 263.46 89.10 Td (e cannot assure you that DME ) Tj ET Q q 0 0 0 rg BT 386.20 89.10 Td (Advisors will successfully structure our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (investments in relation to our anticipated liabilities. Failure to do so could force us to liquidate investments at a significant loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (or at prices that are not optimal, which could significantly and adversely af) Tj ET Q q 0 0 0 rg BT 348.94 65.10 Td (fect our financial results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td () Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (The risks associated with DME ) Tj ET Q q 0 0 0 rg BT 203.98 749.10 Td (Advisors) Tj ET Q q 0 0 0 rg BT 242.68 749.10 Td ( value-oriented investment strategy may be substantially greater than the risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (associated with traditional fixed-income investment strategies. In addition, making long equity investments in an up or rising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (market may increase the risk of not generating profits on these investments and we may incur losses if the market declines. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 86.07 713.10 Td (, making short equity investments in a down or falling market may increase the risk of not generating profits on these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (investments and we may incur losses if the market rises. ) Tj ET Q q 0 0 0 rg BT 276.77 701.10 Td (The success of our investment strategy may also be af) Tj ET Q q 0 0 0 rg BT 492.35 701.10 Td (fected by general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (economic conditions. Unexpected market volatility and illiquidity associated with our investments could significantly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (negatively af) Tj ET Q q 0 0 0 rg BT 101.24 677.10 Td (fect our investment portfolio results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (Potential conflicts of interest with DME ) Tj ET Q q 0 0 0 rg BT 215.80 653.10 Td (Advisors may exist that could adversely af) Tj ET Q q 0 0 0 rg BT 387.83 653.10 Td (fect us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (None of DME ) Tj ET Q q 0 0 0 rg BT 135.66 629.10 Td (Advisors or its principals, including David Einhorn, Chairman of our Board of Directors and the President ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (of Greenlight Capital, Inc., are obligated to devote any specific amount of time to the af) Tj ET Q q 0 0 0 rg BT 400.31 617.10 Td (fairs of our Company) Tj ET Q q 0 0 0 rg BT 485.48 617.10 Td (. ) Tj ET Q q 0 0 0 rg BT 489.92 617.10 Td (Af) Tj ET Q q 0 0 0 rg BT 500.30 617.10 Td (filiates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 73.67 605.10 Td (Advisors, including Greenlight Capital, Inc., manage and expect to continue to manage other client accounts, some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (which have objectives similar to ours, including collective investment vehicles managed by DME ) Tj ET Q q 0 0 0 rg BT 442.18 593.10 Td (Advisors' af) Tj ET Q q 0 0 0 rg BT 490.18 593.10 Td (filiates and in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (which DME ) Tj ET Q q 0 0 0 rg BT 100.61 581.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 169.59 581.10 Td (filiates may have an equity interest. Pursuant to our advisory agreement with DME ) Tj ET Q q 0 0 0 rg BT 503.40 581.10 Td (Advisors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 73.67 569.10 Td (Advisors has the exclusive right to manage our investment portfolio and is required to follow our investment guidelines ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (and act in a manner that is fair and equitable in allocating investment opportunities to us, but the agreement does not otherwise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (impose any specific obligations or requirements concerning allocation of time, ef) Tj ET Q q 0 0 0 rg BT 373.94 545.10 Td (fort or investment opportunities to us or any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (restriction on the nature or timing of investments for our account or other accounts that DME ) Tj ET Q q 0 0 0 rg BT 424.40 533.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 493.38 533.10 Td (filiates may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (manage. If we compete for any investment opportunity with another entity that DME ) Tj ET Q q 0 0 0 rg BT 391.63 521.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 460.61 521.10 Td (filiates manage, DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (Advisors is not required to af) Tj ET Q q 0 0 0 rg BT 166.24 509.10 Td (ford us any exclusivity or priority) Tj ET Q q 0 0 0 rg BT 300.29 509.10 Td (. DME ) Tj ET Q q 0 0 0 rg BT 329.46 509.10 Td (Advisors' interest and the interests of its af) Tj ET Q q 0 0 0 rg BT 499.66 509.10 Td (filiates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (including Greenlight Capital, Inc., may at times conflict, possibly to DME ) Tj ET Q q 0 0 0 rg BT 348.62 497.10 Td (Advisors' detriment, which may potentially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 485.10 Td (fect our investment opportunities and returns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 461.10 Td (Although Mr) Tj ET Q q 0 0 0 rg BT 128.45 461.10 Td (. Einhorn, Chairman of our Board of Directors, recused himself from the vote by the Board of Directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Greenlight Re approving and adopting Greenlight Re's investment guidelines, he is not, under Cayman Islands law) Tj ET Q q 0 0 0 rg BT 507.50 449.10 Td (, legally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (restricted from participating in making decisions with respect to Greenlight Re's investment guidelines. ) Tj ET Q q 0 0 0 rg BT 464.54 437.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 513.88 437.10 Td (, his ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (involvement as a member of the Boards of Directors of Greenlight Capital Re, Ltd. and Greenlight Re may lead to a conflict of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 389.10 Td (Advisors and its af) Tj ET Q q 0 0 0 rg BT 175.76 389.10 Td (filiates may also manage accounts whose advisory fee schedules, investment objectives and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (policies dif) Tj ET Q q 0 0 0 rg BT 94.03 377.10 Td (fer from ours, which may cause DME ) Tj ET Q q 0 0 0 rg BT 247.32 377.10 Td (Advisors and its af) Tj ET Q q 0 0 0 rg BT 322.41 377.10 Td (filiates to ef) Tj ET Q q 0 0 0 rg BT 369.99 377.10 Td (fect trading in one account that may have an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.13 365.10 Td (fect on another account, including ours. ) Tj ET Q q 0 0 0 rg BT 251.00 365.10 Td (W) Tj ET Q q 0 0 0 rg BT 259.64 365.10 Td (e are not entitled to inspect the trading records of DME ) Tj ET Q q 0 0 0 rg BT 482.63 365.10 Td (Advisors, or its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (principals, that are not related to our Company) Tj ET Q q 0 0 0 rg BT 235.46 353.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (Our investment portfolio may be concentrated in a few large positions which could result in large losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 305.10 Td (Our investment guidelines provide that DME ) Tj ET Q q 0 0 0 rg BT 259.25 305.10 Td (Advisors may commit up to 20% of Greenlight Re) Tj ET Q q 0 0 0 rg BT 464.22 305.10 Td (s assets under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (management \(10% for GRIL\) to any one investment. In addition, GRIL's investment guidelines require that the 10 lar) Tj ET Q q 0 0 0 rg BT 519.61 293.10 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (investments shall not constitute more than 50% of the total investment portfolio and GRIL's investment portfolio shall at all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (times be comprised of a minimum of 50 debt or equity securities of publicly traded companies. ) Tj ET Q q 0 0 0 rg BT 431.36 269.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 480.69 269.10 Td (, from time to time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (we may hold a few) Tj ET Q q 0 0 0 rg BT 124.93 257.10 Td (, relatively lar) Tj ET Q q 0 0 0 rg BT 180.56 257.10 Td (ge security positions in relation to our capital. ) Tj ET Q q 0 0 0 rg BT 365.80 257.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.24 257.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.83 257.10 Td (, we were invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (approximately 101 equity and debt securities and the lar) Tj ET Q q 0 0 0 rg BT 273.69 245.10 Td (gest five long and short positions comprised an aggregate of 24% and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (21%, respectively) Tj ET Q q 0 0 0 rg BT 120.49 233.10 Td (, of our investment portfolio. Since our investment portfolio may not be widely diversified, it may be subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (to more rapid changes in value than would be the case if the investment portfolio were required to maintain a wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (diversification among companies, securities and types of securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 185.10 Td (e are exposed to credit risk primarily from the possibility that counterparties may default on their obligations to us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 161.10 Td (e are exposed to credit risk primarily from the possibility that counterparties may default on their obligations to us. ) Tj ET Q q 0 0 0 rg BT 546.51 161.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (amount of the maximum exposure to credit risk is indicated by the carrying value of our financial assets. In addition, we hold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (the securities of our investment portfolio with several prime brokers and have credit risk from the possibility that one or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (of them may default on their obligations to us. Other than our investment in derivative contracts and corporate debt, if any) Tj ET Q q 0 0 0 rg BT 537.60 125.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (the fact that our investments are held by prime brokers and custodians on our behalf, we have no other significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (concentrations of credit risk.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 77.10 Td (Issuers or borrowers whose securities or debt we hold, customers, reinsurers, clearing agents, exchanges, clearing houses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (and other financial intermediaries and guarantors may default on their obligations to us due to bankruptcy) Tj ET Q q 0 0 0 rg BT 471.78 65.10 Td (, insolvency) Tj ET Q q 0 0 0 rg BT 519.46 65.10 Td (, lack of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 82.74 53.10 Td (, adverse economic conditions, operational failure, fraud or other reasons. Such defaults could have a significant and ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (negative ef) Tj ET Q q 0 0 0 rg BT 93.46 749.10 Td (fect on our results of operations, financial condition and cash flows. ) Tj ET Q q 0 0 0 rg BT 367.00 749.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 416.90 749.10 Td (, the underlying assets supporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (our financial contractsmay deteriorate causing these securities to incur losses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.41 713.10 Td (Advisors may trade on margin and use other forms of financial leverage, which could potentially adversely af) Tj ET Q q 0 0 0 rg BT 523.95 713.10 Td (fect our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td (Our investment guidelines provide DME ) Tj ET Q q 0 0 0 rg BT 241.75 677.10 Td (Advisors with the ability to trade on mar) Tj ET Q q 0 0 0 rg BT 404.04 677.10 Td (gin and use other forms of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (leverage. Fluctuations in the market value of our investment portfolio could have a disproportionately lar) Tj ET Q q 0 0 0 rg BT 469.48 665.10 Td (ge ef) Tj ET Q q 0 0 0 rg BT 489.00 665.10 Td (fect in relation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (our capital. ) Tj ET Q q 0 0 0 rg BT 96.43 653.10 Td (Any event which may adversely af) Tj ET Q q 0 0 0 rg BT 235.36 653.10 Td (fect the value of positions we hold could significantly and negatively af) Tj ET Q q 0 0 0 rg BT 521.49 653.10 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (net asset value of our investment portfolio and thus our results of operations.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 629.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.41 617.10 Td (Advisors may ef) Tj ET Q q 0 0 0 rg BT 139.78 617.10 Td (fectuate short sales that subject us to unlimited loss potential.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 593.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 593.10 Td (Advisors may enter into transactions in which it sells a security it does not own, which we refer to as a short sale, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (in anticipation of a decline in the market value of the security) Tj ET Q q 0 0 0 rg BT 294.59 581.10 Td (. Short sales for our account theoretically will involve unlimited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (loss potential since the market price of securities sold short may continuously increase. DME ) Tj ET Q q 0 0 0 rg BT 424.13 569.10 Td (Advisors might have dif) Tj ET Q q 0 0 0 rg BT 520.89 569.10 Td (ficulty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (purchasing securities to meet short sale delivery obligations and may have to cover short sales at suboptimal prices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 74.41 533.10 Td (Advisors may transact in derivative instruments, which may increase the risk of our investment portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 509.10 Td (Derivative instruments, or derivatives, include futures, options, swaps, structured securities and other instruments and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (contracts that derive their value from one or more underlying securities, financial benchmarks, currencies, commodities or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (indices. ) Tj ET Q q 0 0 0 rg BT 82.64 485.10 Td (There are a number of risks associated with derivatives trading. Because many derivatives are leveraged, and thus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (provide significantly more market exposure than the money paid or deposited when the transaction is entered into, a relatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (small adverse market movement may result in a substantial loss, and may potentially expose us to a loss exceeding the original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (amount invested. Derivatives may also expose us to liquidity and counterparty risk. ) Tj ET Q q 0 0 0 rg BT 385.36 449.10 Td (There may not be a liquid market within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (which to close or dispose of outstanding derivatives contracts. In the event of the counterparty) Tj ET Q q 0 0 0 rg BT 429.11 437.10 Td (s default, we will generally only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (rank as an unsecured creditor and risk the loss of all or a portion of the amounts we are contractually entitled to receive.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (The compensation arrangements of DME and DME ) Tj ET Q q 0 0 0 rg BT 266.65 401.10 Td (Advisors may create an incentive to ef) Tj ET Q q 0 0 0 rg BT 422.56 401.10 Td (fect transactions that are risky or ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (speculative.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 365.10 Td (Pursuant to the venture agreement and the advisory agreement, we are obligated to pay the following: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 345.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 343.01 cm /I114 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 345.17 Td (a 1.5% annual management fee to DME Advisors, regardless of the performance of our investment account, payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 335.17 Td (monthly based on the capital account balance of each participant; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 67.50 314.01 cm /I115 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 316.17 Td (a performance allocation to DME based on the positive performance change in such participant's capital account equal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.50 306.17 Td (to 20% of net profits calculated per annum, subject to a loss carry forward provision.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 279.10 Td (The loss carry forward provision allows DME to earn reduced performance allocation of 10% of profits in any year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (subsequent to the year in which our investment account managed by DME ) Tj ET Q q 0 0 0 rg BT 349.43 267.10 Td (Advisors incurs a loss, until all losses are recouped ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (and an additional amount equal to 150% of the loss is earned.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 231.10 Td (While the performance compensation arrangement provides that losses will be carried forward as an of) Tj ET Q q 0 0 0 rg BT 487.83 231.10 Td (fset against net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.10 Td (profits in subsequent periods, DME and DME ) Tj ET Q q 0 0 0 rg BT 235.59 219.10 Td (Advisors generally will not otherwise be penalized for losses or decreases in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.10 Td (value of our portfolio. ) Tj ET Q q 0 0 0 rg BT 140.13 207.10 Td (These performance compensation arrangements may create an incentive for DME ) Tj ET Q q 0 0 0 rg BT 469.43 207.10 Td (Advisors to engage in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.10 Td (transactions that focus on the potential for short-term gains rather than long-term growth or that are particularly risky or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (speculative.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 52.00 159.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 76.91 159.10 Td (Advisors' representatives' service on boards and committees may place trading restrictions on our investments and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (may subject us to indemnification liability) Tj ET Q q 0 0 0 rg BT 221.63 147.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 123.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 123.10 Td (Advisors may from time to time place its or its af) Tj ET Q q 0 0 0 rg BT 297.67 123.10 Td (filiates) Tj ET Q q 0 0 0 rg BT 327.47 123.10 Td ( representatives on creditors) Tj ET Q q 0 0 0 rg BT 442.52 123.10 Td ( committees and/or boards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (certain companies in which we have invested. ) Tj ET Q q 0 0 0 rg BT 235.36 111.10 Td (While such representation may enable DME ) Tj ET Q q 0 0 0 rg BT 414.75 111.10 Td (Advisors to enhance the sale value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (of our investments, it may also place trading restrictions on our investments and may subject us to indemnification liability) Tj ET Q q 0 0 0 rg BT 540.70 99.10 Td (. ) Tj ET Q q 0 0 0 rg BT 545.52 99.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (advisory agreement provides for the indemnification of DME ) Tj ET Q q 0 0 0 rg BT 297.21 87.10 Td (Advisors or any other person designated by DME ) Tj ET Q q 0 0 0 rg BT 497.73 87.10 Td (Advisors for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (claims arising from such board representation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 51.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 51.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 51.10 Td (, representatives of DME ) Tj ET Q q 0 0 0 rg BT 282.00 51.10 Td (Advisors \(including Mr) Tj ET Q q 0 0 0 rg BT 375.88 51.10 Td (. Einhorn\) sat on the board of Green Brick ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 39.10 Td (Partners Inc., whose securities are publicly traded and were included in our portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.88 39.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.47 39.10 Td (.) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (The ability to use "soft dollars" may provide DME ) Tj ET Q q 0 0 0 rg BT 259.95 737.10 Td (Advisors with an incentive to select certain brokers that may take into ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (account benefits to be received by DME ) Tj ET Q q 0 0 0 rg BT 214.92 725.10 Td (Advisors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 701.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 100.67 701.10 Td (Advisors is entitled to use so-called "soft dollars" generated by commissions paid in connection with transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (for our investment portfolio to pay for certain of DME ) Tj ET Q q 0 0 0 rg BT 269.45 689.10 Td (Advisors' operating and overhead costs, including the payment of all or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (portion of its costs and expenses of operation. "Soft dollars" are a means of paying brokerage firms for their services through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (commission revenue, rather than through direct payments. DME ) Tj ET Q q 0 0 0 rg BT 308.88 665.10 Td (Advisors' right to use soft dollars may give DME ) Tj ET Q q 0 0 0 rg BT 507.61 665.10 Td (Advisors an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (incentive to select brokers or dealers for our transactions, or to negotiate commission rates or other execution terms, in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (manner that takes into account the soft dollar benefits received by DME ) Tj ET Q q 0 0 0 rg BT 339.41 641.10 Td (Advisors rather than giving exclusive consideration to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (the interests of our investment portfolio and, accordingly) Tj ET Q q 0 0 0 rg BT 276.57 629.10 Td (, may create a conflict.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 617.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (The venture agreement has limited termination provisions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 581.10 Td (The venture agreement has limited termination provisions which restrict our ability to manage our investment portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (outside of DME ) Tj ET Q q 0 0 0 rg BT 115.89 569.10 Td (Advisors. Because the venture agreement contains exclusivity and limited termination provisions, we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (unable to use investment managers other than DME ) Tj ET Q q 0 0 0 rg BT 258.89 557.10 Td (Advisors for so long as the agreement is in ef) Tj ET Q q 0 0 0 rg BT 440.06 557.10 Td (fect. ) Tj ET Q q 0 0 0 rg BT 459.87 557.10 Td (The current venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (agreement term ends on December 31, 2016 and will automatically renew for successive three-year terms unless at least 90 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (days prior to the end of the then currentterm, DME notifies us of its desire to terminate the venture agreement, or Greenlight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (Re or GRIL) Tj ET Q q 0 0 0 rg BT 96.90 521.10 Td ( notifies DME of their desire to withdraw from the venture agreement. Greenlight Re or GRIL) Tj ET Q q 0 0 0 rg BT 473.64 521.10 Td (may also withdraw ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (as participants under the venture agreementprior to the expiration ofthe venture agreement'sterm at any timeonly "for cause", ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (which is defined as:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 477.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 475.01 cm /I116 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 477.17 Td (a material violation of applicable law relating to DME's or DME Advisors' advisory business;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 461.01 cm /I117 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 463.17 Td (DME's or DME Advisors' gross negligence, willful misconduct or reckless disregard of DME's obligations under the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 453.17 Td (venture agreement or DME Advisors' obligations under the advisory agreement;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 438.01 cm /I118 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 440.17 Td (a material breach by DME or DME Advisors of Greenlight Res or GRILs investment guidelines that is not cured) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 430.17 Td (within a 15-day period; or) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 415.01 cm /I119 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 417.17 Td (a material breach by DME or DME Advisors of its obligations to return and deliver assets as we may request.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 388.10 Td (In addition, GRIL) Tj ET Q q 0 0 0 rg BT 148.06 388.10 Td ( may withdraw as a participant under the venture agreement prior to the expiration of its term due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (unsatisfactory long term performance of DME or DME ) Tj ET Q q 0 0 0 rg BT 272.77 376.10 Td (Advisors, as determined solely by the Board of Directors of GRIL) Tj ET Q q 0 0 0 rg BT 537.06 376.10 Td ( on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (each anniversary date of the venture agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 340.10 Td (Greenlight Re may not withdraw or terminate the venture agreement on the basis of performance. If Greenlight Re ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (becomes dissatisfied with the results of the investment performance of DME or DME ) Tj ET Q q 0 0 0 rg BT 393.59 328.10 Td (Advisors, we will be unable to hire new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (investment managers until the venture agreement expires by its terms or is terminated for cause.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (Certain of our investments may have limited liquidity and lack valuation data, which could create a conflict of interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 268.10 Td (Our investment guidelines provide DME ) Tj ET Q q 0 0 0 rg BT 241.75 268.10 Td (Advisors with the flexibility to invest in certain securities with limited liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (or no public market. ) Tj ET Q q 0 0 0 rg BT 132.91 256.10 Td (This lack of liquidity may adversely af) Tj ET Q q 0 0 0 rg BT 287.68 256.10 Td (fect the ability of DME ) Tj ET Q q 0 0 0 rg BT 382.94 256.10 Td (Advisors to execute trade orders at desired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (prices and may impact our ability to fulfill our payment obligations. ) Tj ET Q q 0 0 0 rg BT 323.70 244.10 Td (T) Tj ET Q q 0 0 0 rg BT 329.11 244.10 Td (o the extent that DME ) Tj ET Q q 0 0 0 rg BT 419.93 244.10 Td (Advisors invests in securities or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (instruments for which market quotations are not readily available, under the terms of the advisory agreement the valuation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (such securities and instruments for purposes of compensation to DME ) Tj ET Q q 0 0 0 rg BT 332.23 220.10 Td (Advisors will be determined by DME ) Tj ET Q q 0 0 0 rg BT 484.99 220.10 Td (Advisors, whose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (determination, subject to audit verification, will be conclusive and binding in the absence of bad faith or manifest error) Tj ET Q q 0 0 0 rg BT 524.35 208.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (Because the advisory agreement gives DME ) Tj ET Q q 0 0 0 rg BT 228.89 196.10 Td (Advisors the power to determine the value of securities with no readily discernible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (market value, and because the calculation of DME ) Tj ET Q q 0 0 0 rg BT 253.59 184.10 Td (Advisors' fee is based on the value of the investment account, a conflict may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (exist or arise.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 160.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (Increased regulation or scrutiny of alternative investment advisors may af) Tj ET Q q 0 0 0 rg BT 353.48 148.10 Td (fect DME ) Tj ET Q q 0 0 0 rg BT 395.88 148.10 Td (Advisors) Tj ET Q q 0 0 0 rg BT 434.03 148.10 Td ( ability to manage our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (investment portfolio or af) Tj ET Q q 0 0 0 rg BT 154.04 136.10 Td (fect our business reputation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 112.10 Td (The regulatory environment for investment managers is evolving, and changes in the regulation of managers may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 100.10 Td (fect the ability of DME ) Tj ET Q q 0 0 0 rg BT 193.16 100.10 Td (Advisors to obtain the leverage it might otherwise obtain or to pursue its trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (strategies.In addition, the securities and futures markets are subject to comprehensive statutes, regulations and mar) Tj ET Q q 0 0 0 rg BT 510.29 88.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (requirements.) Tj ET Q q 0 0 0 rg BT 106.52 76.10 Td (The SEC, other regulators and self-regulatory or) Tj ET Q q 0 0 0 rg BT 299.89 76.10 Td (ganizations and exchanges are authorized to take extraordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (actions in the event of market emer) Tj ET Q q 0 0 0 rg BT 190.37 64.10 Td (gencies.) Tj ET Q q 0 0 0 rg BT 225.18 64.10 Td (The regulation of derivatives transactions and funds that engage in such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (transactions is an evolving area of law and is subject to modification by government and judicial action.) Tj ET Q q 0 0 0 rg BT 467.17 52.10 Td (Any future regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 40.10 Td (change could have a significant negative impact on our financial condition and results of operations.) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 737.10 Td (Short sale transactions have been subject to increased regulatory scrutiny) Tj ET Q q 0 0 0 rg BT 368.25 737.10 Td (, including the imposition of restrictions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (short selling certain securities and reporting requirements.Our ability to execute a short selling strategy may be materially and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (adversely impacted by temporary and/or new permanent rules, interpretations, prohibitions, and restrictions adopted in response ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (to these adverse market events.) Tj ET Q q 0 0 0 rg BT 176.49 701.10 Td (T) Tj ET Q q 0 0 0 rg BT 181.90 701.10 Td (emporary restrictions and/or prohibitions on short selling activity may be imposed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (regulatory authorities with little or no advance notice and may impact prior and future trading activities of our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (portfolio. ) Tj ET Q q 0 0 0 rg BT 88.94 677.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 138.85 677.10 Td (, the SEC, its non-U.S. counterparts, other governmental authorities and/or self-regulatory or) Tj ET Q q 0 0 0 rg BT 509.69 677.10 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (may at any time promulgate permanent rules or interpretations consistent with such temporary restrictions or that impose ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (additional or dif) Tj ET Q q 0 0 0 rg BT 113.75 653.10 Td (ferent permanent or temporary limitations or prohibitions.) Tj ET Q q 0 0 0 rg BT 347.95 653.10 Td (The SEC might impose dif) Tj ET Q q 0 0 0 rg BT 454.99 653.10 Td (ferent limitations and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (prohibitions on short selling from those imposed by various non-U.S. regulatory authorities.) Tj ET Q q 0 0 0 rg BT 420.11 641.10 Td (These dif) Tj ET Q q 0 0 0 rg BT 457.42 641.10 Td (ferent regulations, rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (or interpretations might have dif) Tj ET Q q 0 0 0 rg BT 178.73 629.10 Td (ferent ef) Tj ET Q q 0 0 0 rg BT 212.13 629.10 Td (fective periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.10 Td (Regulatory authorities may) Tj ET Q q 0 0 0 rg BT 184.71 605.10 Td (, from time-to-time, impose restrictions that adversely af) Tj ET Q q 0 0 0 rg BT 410.86 605.10 Td (fect our ability to borrow certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (securities in connection with short sale transactions.In addition, traditional lenders of securities might be less likely to lend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (securities under certain market conditions.) Tj ET Q q 0 0 0 rg BT 221.11 581.10 Td (As a result, we may not be able to ef) Tj ET Q q 0 0 0 rg BT 367.00 581.10 Td (fectively pursue a short selling strategy due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (limited supply of securities available for borrowing.) Tj ET Q q 0 0 0 rg BT 259.82 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 268.46 569.10 Td (e may also incur additional costs in connection with short sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (transactions, including, in the event that DME ) Tj ET Q q 0 0 0 rg BT 235.85 557.10 Td (Advisors is required to enter into a borrowing arrangement in advance of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (short sales.Moreover) Tj ET Q q 0 0 0 rg BT 135.47 545.10 Td (, the ability to continue to borrow a security is not guaranteed and we are subject to strict delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 106.52 533.10 Td (The inability to deliver securities within the required time frame may subject us to mandatory close out by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (executing broker) Tj ET Q q 0 0 0 rg BT 116.77 521.10 Td (-dealer) Tj ET Q q 0 0 0 rg BT 143.97 521.10 Td (.) Tj ET Q q 0 0 0 rg BT 148.42 521.10 Td (A) Tj ET Q q 0 0 0 rg BT 155.09 521.10 Td ( mandatory close out may subject us to unintended costs and losses.Certain action or inaction by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (third parties, such as executing broker) Tj ET Q q 0 0 0 rg BT 201.47 509.10 Td (-dealers or clearing broker) Tj ET Q q 0 0 0 rg BT 307.05 509.10 Td (-dealers, may materially impact our ability to ef) Tj ET Q q 0 0 0 rg BT 497.91 509.10 Td (fect short sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (transactions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 485.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.00 485.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 473.10 Td (e may invest in securities based outside the United States which may be riskier than securities of United States issuers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 449.10 Td (Under our investment guidelines, DME ) Tj ET Q q 0 0 0 rg BT 236.48 449.10 Td (Advisors may invest in securities of issuers or) Tj ET Q q 0 0 0 rg BT 420.44 449.10 Td (ganized or based outside the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (United States. ) Tj ET Q q 0 0 0 rg BT 107.92 437.10 Td (These investments may be subject to a variety of risks and other special considerations not af) Tj ET Q q 0 0 0 rg BT 480.13 437.10 Td (fecting securities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (U.S. issuers. Particularly within the Euro-zone, there is increasing market concern as to the potential default of government ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (issuers.Should governments default on their obligations, there could be a negative impact on both the Company) Tj ET Q q 0 0 0 rg BT 501.07 413.10 Td (s direct ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (holdings as well as non-government issues held within the country of default.Many foreign securities markets are not as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (developed or ef) Tj ET Q q 0 0 0 rg BT 111.51 389.10 Td (ficient as those in the United States. Securities of some foreign issuers are less liquid and more volatile than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (securities of comparable U.S. issuers. Similarly) Tj ET Q q 0 0 0 rg BT 238.81 377.10 Td (, volume and liquidity in many foreign securities markets are less than in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (United States and, at times, price volatility can be greater than in the United States. Non-U.S. issuers may be subject to less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (stringent financial reporting and informational disclosure standards, regulatory oversight, practices and requirements than those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (applicable to U.S. issuers.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (Risks Relating to our) Tj ET Q q 0 0 0 rg BT 139.60 317.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 166.83 317.10 Td (A) Tj ET Q q 0 0 0 rg BT 173.50 317.10 Td ( Ordinary Shar) Tj ET Q q 0 0 0 rg BT 239.44 317.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.62 293.10 Td ( shareholder may be required to sell its Class ) Tj ET Q q 0 0 0 rg BT 242.20 293.10 Td (A) Tj ET Q q 0 0 0 rg BT 248.32 293.10 Td ( ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 269.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 94.37 269.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 118.54 269.10 Td (Amended and Restated Memorandum and ) Tj ET Q q 0 0 0 rg BT 289.33 269.10 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 333.76 269.10 Td (Association, or ) Tj ET Q q 0 0 0 rg BT 396.26 269.10 Td (Articles, provide that we have the option, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (but not the obligation, to require a shareholder to sell its Class ) Tj ET Q q 0 0 0 rg BT 299.73 257.10 Td (A) Tj ET Q q 0 0 0 rg BT 306.40 257.10 Td ( ordinary shares for their fair market value to us, to other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (shareholders or to third parties if our Board of Directors determines that ownership of our Class ) Tj ET Q q 0 0 0 rg BT 434.41 245.10 Td (A) Tj ET Q q 0 0 0 rg BT 441.08 245.10 Td ( ordinary shares by such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (shareholder may result in adverse tax, regulatory or legal consequences to us, any of our subsidiaries or any of our shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (and that such sale is necessary to avoid or cure such adverse consequences.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 209.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (Provisions of our ) Tj ET Q q 0 0 0 rg BT 122.75 197.10 Td (Articles, the Companies Law of the Cayman Islands and our corporate structure may each impede a ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (takeover) Tj ET Q q 0 0 0 rg BT 83.93 185.10 Td (, which could adversely af) Tj ET Q q 0 0 0 rg BT 190.69 185.10 Td (fect the value of our Class ) Tj ET Q q 0 0 0 rg BT 300.31 185.10 Td (A) Tj ET Q q 0 0 0 rg BT 306.43 185.10 Td ( ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 161.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 94.00 161.10 Td (Articles contain certain provisions that could make it more dif) Tj ET Q q 0 0 0 rg BT 342.36 161.10 Td (ficult for a third party to acquire us, even if doing so ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (would be beneficial to our shareholders. Our ) Tj ET Q q 0 0 0 rg BT 230.00 149.10 Td (Articles provide that a director may only be removed for "cause" as defined in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Articles, upon the af) Tj ET Q q 0 0 0 rg BT 130.96 137.10 Td (firmative vote of not less than 50% of the votes cast at a meeting at which more than 50% of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.13 137.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.63 137.10 Td (our issued and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (outstanding Class ) Tj ET Q q 0 0 0 rg BT 122.28 125.10 Td (A) Tj ET Q q 0 0 0 rg BT 128.95 125.10 Td ( ordinary shares are represented. Further) Tj ET Q q 0 0 0 rg BT 290.15 125.10 Td (, under our ) Tj ET Q q 0 0 0 rg BT 335.70 125.10 Td (Articles, a director may only be removed without cause ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (upon the af) Tj ET Q q 0 0 0 rg BT 94.30 113.10 Td (firmative vote of not less than 80% of the votes cast at a meeting at which more than 50% of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.48 113.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.98 113.10 Td (our issued and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (outstanding Class ) Tj ET Q q 0 0 0 rg BT 122.28 101.10 Td (A) Tj ET Q q 0 0 0 rg BT 128.95 101.10 Td ( ordinary shares are represented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 89.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 77.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 94.00 77.10 Td (Articles permit our Board of Directors to issue preferred shares from time to time, with such rights and preferences ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (as they consider appropriate. Our Board of Directors may authorize the issuance of preferred shares with terms and conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (and under circumstances that could have an ef) Tj ET Q q 0 0 0 rg BT 233.96 53.10 Td (fect of discouraging a takeover or other transaction, deny shareholders the receipt ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (of a premium on their Class ) Tj ET Q q 0 0 0 rg BT 162.82 749.10 Td (A) Tj ET Q q 0 0 0 rg BT 169.49 749.10 Td ( ordinary shares in the event of a tender or other of) Tj ET Q q 0 0 0 rg BT 372.28 749.10 Td (fer for Class ) Tj ET Q q 0 0 0 rg BT 423.66 749.10 Td (A) Tj ET Q q 0 0 0 rg BT 430.33 749.10 Td ( ordinary shares and have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (depressive ef) Tj ET Q q 0 0 0 rg BT 101.79 737.10 Td (fect on the market price of the Class ) Tj ET Q q 0 0 0 rg BT 248.41 737.10 Td (A) Tj ET Q q 0 0 0 rg BT 255.08 737.10 Td ( ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.10 Td (As compared to mer) Tj ET Q q 0 0 0 rg BT 157.68 713.10 Td (gers undercorporate law in the United States, it may be more dif) Tj ET Q q 0 0 0 rg BT 416.59 713.10 Td (ficult to consummate a mer) Tj ET Q q 0 0 0 rg BT 525.82 713.10 Td (ger of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (two or more companies in the Cayman Islands or the mer) Tj ET Q q 0 0 0 rg BT 278.70 701.10 Td (ger of one or more Cayman Islands companies with one or more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (overseas companies, even if such transaction would be beneficial to our shareholders.Cayman Islands lawhas statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (provisions that provide for the reconstruction and amalgamation of companies, which are commonly referred to, in the Cayman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (Islands, as "schemes of arrangement".) Tj ET Q q 0 0 0 rg BT 203.82 665.10 Td (The Companies Law \(as amended\) of the Cayman Islands \(the "Companies Law"\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (provides for the mer) Tj ET Q q 0 0 0 rg BT 130.68 653.10 Td (ger or consolidation of two or more companies that are Cayman Islands entities or the mer) Tj ET Q q 0 0 0 rg BT 491.79 653.10 Td (ger of one or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (more Cayman Islands companies with one or more overseas companies, where the surviving entity is either a Cayman Islands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (company or an overseas company) Tj ET Q q 0 0 0 rg BT 184.36 629.10 Td (. Prior to the adoption of certain amendments to the Companies Law) Tj ET Q q 0 0 0 rg BT 460.03 629.10 Td (, the "scheme of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (arrangement" was the onlyvehicle availableto consolidate companies and Cayman Islands law did not provide for mer) Tj ET Q q 0 0 0 rg BT 526.31 617.10 Td (gers as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (that term is understood under corporate law in the United States.) Tj ET Q q 0 0 0 rg BT 309.44 605.10 Td (Although the current mer) Tj ET Q q 0 0 0 rg BT 410.61 605.10 Td (ger provisions have made it faster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (and easier for companies to mer) Tj ET Q q 0 0 0 rg BT 177.32 593.10 Td (ge or consolidate than the "schemes of arrangement" statutory provision, these provisions do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (not replace the "schemes of arrangement" provision which continues to apply) Tj ET Q q 0 0 0 rg BT 358.59 581.10 Td (. ) Tj ET Q q 0 0 0 rg BT 363.41 581.10 Td (The procedural and legal requirements necessary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (to consummate these transactionsunder the mer) Tj ET Q q 0 0 0 rg BT 241.48 569.10 Td (ger provisions of the Companies Law or the "schemes of arrangement" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (provision may bemore rigorous and take longer to complete than the procedures typically required to consummate a mer) Tj ET Q q 0 0 0 rg BT 533.61 557.10 Td (ger in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 533.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 521.10 Td (Under Cayman Islands law and practice, a "scheme of arrangement" must be approved at a shareholders' meeting by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (each class of shareholders, in each case, by a majority of the number of holders of each class of an entity's shares that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (present and voting, either in person or by proxy) Tj ET Q q 0 0 0 rg BT 239.08 497.10 Td (, at such a meeting, which holders must also represent 75% in value of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (class issued that are present and voting, either in person or by proxy) Tj ET Q q 0 0 0 rg BT 320.73 485.10 Td (, at such meeting, excluding the shares owned by the parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (to the scheme of arrangement.) Tj ET Q q 0 0 0 rg BT 172.23 473.10 Td (A) Tj ET Q q 0 0 0 rg BT 178.90 473.10 Td ( mer) Tj ET Q q 0 0 0 rg BT 196.77 473.10 Td (ger requires approval by special resolution of the shareholders of each company \(which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (normally requires, as a minimum, a two thirds majority of shareholders voting together as one class\) and such other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (authorization, if any) Tj ET Q q 0 0 0 rg BT 129.66 449.10 Td (, as may be specified in such constituent company's articles of association. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 437.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 425.10 Td (Although a mer) Tj ET Q q 0 0 0 rg BT 139.08 425.10 Td (ger under the Companies Law does not require court approval, the convening of these meetings and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (terms of an amalgamationunder the "schemes of arrangement" provision must be sanctioned by the Grand Court of the Cayman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (Islands. ) Tj ET Q q 0 0 0 rg BT 82.28 401.10 Td (Although there is no requirement to seek the consent of the creditors of the parties involved in the scheme of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (arrangement, the Grand Court typically seeks to ensure that the creditors have consented to the transfer of their liabilities to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (surviving entity or that the scheme of arrangement does not otherwise materially adversely af) Tj ET Q q 0 0 0 rg BT 422.81 377.10 Td (fect the creditors' interests. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (Furthermore, the Grand Court will only approve a scheme of arrangement if it is satisfied that:) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 343.01 cm /I120 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 345.17 Td (the statutory provisions as to majority vote have been complied with;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 323.01 cm /I121 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 325.17 Td (the shareholders have been fairly represented at the meeting in question;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 302.01 cm /I122 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 304.17 Td (the scheme of arrangement is such as a businessman would reasonably approve; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 281.01 cm /I123 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 283.17 Td (the scheme of arrangement is not one that would more properly be sanctioned under some other provision of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 273.17 Td (Companies Law.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 257.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 245.10 Td (In addition, David Einhorn, Chairman of our Board of Directors, owns all of the outstanding Class B ordinary shares. ) Tj ET Q q 0 0 0 rg BT 547.80 245.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (a result, we will not be able to enter into a scheme of arrangement without the approval of Mr) Tj ET Q q 0 0 0 rg BT 423.55 233.10 Td (. Einhorn as the holder of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (Class B ordinary shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (Holders of Class ) Tj ET Q q 0 0 0 rg BT 119.97 197.10 Td (A) Tj ET Q q 0 0 0 rg BT 126.09 197.10 Td ( ordinary shares may have dif) Tj ET Q q 0 0 0 rg BT 248.41 197.10 Td (ficulty obtaining or enforcing a judgment against us, and they may face ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.43 185.10 Td (ficulties in protecting their interests because we are incorporated under Cayman Islands law) Tj ET Q q 0 0 0 rg BT 440.08 185.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 161.10 Td (Because we are a Cayman Islands company) Tj ET Q q 0 0 0 rg BT 250.78 161.10 Td (, there is uncertainty as to whether the Grand Court of the Cayman Islands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (would recognize or enforce judgments of United States courts obtained against us predicated upon the civil liability provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (of the securities laws of the United States or any state thereof, or be competent to hear original actions brought in the Cayman ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (Islands against us predicated upon the securities laws of the United States or any state thereof.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 101.10 Td (e are incorporated as an exempted company limited by shares under the Companies Law) Tj ET Q q 0 0 0 rg BT 438.53 101.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.98 101.10 Td (A) Tj ET Q q 0 0 0 rg BT 449.65 101.10 Td ( significant amount of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (assets are located outside of the United States. ) Tj ET Q q 0 0 0 rg BT 236.39 89.10 Td (As a result, it may be dif) Tj ET Q q 0 0 0 rg BT 334.80 89.10 Td (ficult for persons purchasing Class ) Tj ET Q q 0 0 0 rg BT 475.61 89.10 Td (A) Tj ET Q q 0 0 0 rg BT 482.28 89.10 Td ( ordinary shares to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 77.10 Td (fect service of process within the United States upon us or to enforce judgments against us or judgments obtained in U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (courts predicated upon the civil liability provisions of the federal securities laws of the United States or any state of the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.10 Td () Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (Although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (of the Cayman Islands will, based on the principle that a judgment by a competent foreign court will impose upon the judgment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (debtor an obligation to pay the sum for which judgment has been given, recognize and enforce a foreign judgment of a court of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (competent jurisdiction if such judgment is final, for a liquidated sum, not in respect of taxes or a fine or penalty if not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (inconsistent with a Cayman Islands judgment in respect of the same matters, and was not obtained in a manner) Tj ET Q q 0 0 0 rg BT 492.04 701.10 Td (, and is not of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (kind, the enforcement of which is contrary to the public policy of the Cayman Islands. ) Tj ET Q q 0 0 0 rg BT 396.73 689.10 Td (There is doubt, however) Tj ET Q q 0 0 0 rg BT 493.52 689.10 Td (, as to whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (the courts of the Cayman Islands will, in an original action in the Cayman Islands, recognize or enforce judgments of U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (courts predicated upon the civil liability provisions of the securities laws of the United States or any state of the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (on the grounds that such provisions are penal in nature.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 629.10 Td ( Cayman Islands court may stay proceedings if concurrent proceedings are being brought elsewhere.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.10 Td (Unlike many jurisdictions in the United States, Cayman Islands law does not specifically provide for shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (appraisal rights on a mer) Tj ET Q q 0 0 0 rg BT 148.18 593.10 Td (ger or consolidation of an entity) Tj ET Q q 0 0 0 rg BT 275.55 593.10 Td (. ) Tj ET Q q 0 0 0 rg BT 280.37 593.10 Td (This may make it more dif) Tj ET Q q 0 0 0 rg BT 386.55 593.10 Td (ficult for shareholders to assess the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (any consideration they may receive in a mer) Tj ET Q q 0 0 0 rg BT 226.19 581.10 Td (ger or consolidation or to require that the of) Tj ET Q q 0 0 0 rg BT 400.96 581.10 Td (feror give a shareholder additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (consideration if he believes the consideration of) Tj ET Q q 0 0 0 rg BT 240.92 569.10 Td (fered is insuf) Tj ET Q q 0 0 0 rg BT 292.95 569.10 Td (ficient.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 545.10 Td (Shareholders of Cayman Islands exempted companies such as ours have no general rights under Cayman Islands law to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (inspect corporate records and accounts. Our directors have discretion under our ) Tj ET Q q 0 0 0 rg BT 368.83 533.10 Td (Articles to determine whether or not, and under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (what conditions, the corporate records may be inspected by shareholders, but are not obligated to make them available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 104.86 509.10 Td (This fact may make it more dif) Tj ET Q q 0 0 0 rg BT 228.52 509.10 Td (ficult for shareholders to obtain the information needed to establish any facts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 473.10 Td (Subject to limited exceptions, under Cayman Islands law) Tj ET Q q 0 0 0 rg BT 303.58 473.10 Td (, a minority shareholder may not bring a derivative action ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (against our Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (Provisions of our ) Tj ET Q q 0 0 0 rg BT 122.75 437.10 Td (Articles may reallocate the voting power of our Class ) Tj ET Q q 0 0 0 rg BT 342.65 437.10 Td (A) Tj ET Q q 0 0 0 rg BT 348.77 437.10 Td ( ordinary shares and subject holders of Class ) Tj ET Q q 0 0 0 rg BT 536.21 437.10 Td (A) Tj ET Q q 0 0 0 rg BT 542.33 437.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (ordinary shares to SEC compliance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 401.10 Td (In certain circumstances, the total voting power of our Class ) Tj ET Q q 0 0 0 rg BT 319.49 401.10 Td (A) Tj ET Q q 0 0 0 rg BT 326.16 401.10 Td ( ordinary shares held by any one person will be reduced to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (less than 9.9% of the total issued and outstanding ordinary shares, and the total voting power of the Class B ordinary shares will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (be reduced to 9.5% of the total voting power of the total issued and outstanding ordinary shares. In the event a holder of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 365.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 365.10 Td (ordinary shares acquires shares representing 9.9% or more of the total voting power of our total ordinary shares or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (Class B ordinary shares represent more than 9.5% of the total voting power of our total outstanding shares, there will be an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 341.10 Td (fective reallocation of the voting power of the Class ) Tj ET Q q 0 0 0 rg BT 266.75 341.10 Td (A) Tj ET Q q 0 0 0 rg BT 273.42 341.10 Td ( ordinary shares or Class B ordinary shares which may cause a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (shareholder to acquire 5% or more of the voting power of the total ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 305.10 Td (Such a shareholder may become subject to the reporting and disclosure requirements of Sections 13\(d\) and \(g\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 90.87 293.10 Td (Act. Such a reallocation also may result in an obligation to amend previous filings made under Section 13\(d\) or \(g\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (the Exchange ) Tj ET Q q 0 0 0 rg BT 105.59 281.10 Td (Act. Under our ) Tj ET Q q 0 0 0 rg BT 167.80 281.10 Td (Articles, we have no obligation to notify shareholders of any adjustments to their voting power) Tj ET Q q 0 0 0 rg BT 546.88 281.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Shareholders should consult their own legal counsel regarding the possible reporting requirements under Section 13 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 90.87 257.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 233.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 233.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 233.10 Td (, David Einhorn owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.34 233.10 Td (16.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.17 233.10 Td ( of the issued and outstanding ordinary shares, which given that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (each Class B share is entitled to ten votes, causes him to exceed the 9.5% limitation imposed on the total voting power of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (Class B ordinary shares. ) Tj ET Q q 0 0 0 rg BT 149.03 209.10 Td (Thus, the voting power held by the Class B ordinary shares that is in excess of the 9.5% limitation will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (be reallocated pro-rata to holders of Class ) Tj ET Q q 0 0 0 rg BT 218.61 197.10 Td (A) Tj ET Q q 0 0 0 rg BT 225.28 197.10 Td ( ordinary shares according to their percentage interest in the Company) Tj ET Q q 0 0 0 rg BT 505.64 197.10 Td (. However) Tj ET Q q 0 0 0 rg BT 546.89 197.10 Td (, no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (shareholder will be allocated voting rights that would cause it to have 9.9% or more of the total voting power of our ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 79.31 173.10 Td (The allocation of the voting power of the Class B ordinary shares to a holder of Class ) Tj ET Q q 0 0 0 rg BT 422.84 173.10 Td (A) Tj ET Q q 0 0 0 rg BT 429.51 173.10 Td ( ordinary shares will depend ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (upon the total voting power of the Class B ordinary shares outstanding, as well as the percentage of Class ) Tj ET Q q 0 0 0 rg BT 473.30 161.10 Td (A) Tj ET Q q 0 0 0 rg BT 479.97 161.10 Td ( ordinary shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (held by a shareholder and the other holders of Class ) Tj ET Q q 0 0 0 rg BT 258.89 149.10 Td (A) Tj ET Q q 0 0 0 rg BT 265.56 149.10 Td ( ordinary shares. ) Tj ET Q q 0 0 0 rg BT 333.88 149.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 383.21 149.10 Td (, we cannot estimate with precision what ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (multiple of a vote per share a holder of Class ) Tj ET Q q 0 0 0 rg BT 231.12 137.10 Td (A) Tj ET Q q 0 0 0 rg BT 237.79 137.10 Td ( ordinary shares will be allocated as a result of the anticipated reallocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (voting power of the Class B ordinary shares.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Risks Relating to ) Tj ET Q q 0 0 0 rg BT 124.60 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 130.35 742.25 Td (axation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 718.25 Td (e may become subject to taxation in the Cayman Islands, which would negatively af) Tj ET Q q 0 0 0 rg BT 401.36 718.25 Td (fect our results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 694.25 Td (Under current Cayman Islands law) Tj ET Q q 0 0 0 rg BT 215.25 694.25 Td (, we are not obligated to pay any taxes in the Cayman Islands on either income or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (capital gains. ) Tj ET Q q 0 0 0 rg BT 104.58 682.25 Td (The Governor) Tj ET Q q 0 0 0 rg BT 160.75 682.25 Td (-in-Cabinet of Cayman Islands has granted us an exemption from the imposition of any such tax on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (us until February 1, 2025. ) Tj ET Q q 0 0 0 rg BT 155.14 670.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.78 670.25 Td (e cannot be assured that after such date we would not be subject to any such tax. If we were to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (become subject to taxation in the Cayman Islands, our financial condition and results of operations could be significantly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (negatively af) Tj ET Q q 0 0 0 rg BT 101.24 646.25 Td (fected. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (Greenlight Capital Re, Greenlight Re and/or GRIL) Tj ET Q q 0 0 0 rg BT 258.87 622.25 Td (may be subject to United States federal income taxation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.25 Td (Greenlight Capital Re and Greenlight Re are incorporated under the laws of the Cayman Islands, and GRIL) Tj ET Q q 0 0 0 rg BT 505.72 598.25 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (incorporated under the laws of Ireland. ) Tj ET Q q 0 0 0 rg BT 207.31 586.25 Td (These entities intend to operate in a manner that will not cause us to be treated as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (engaging in a trade or business within the United States and will not cause us to be subject to current United States federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (income taxation on Greenlight Capital Re's, Greenlight Re's and/or GRIL) Tj ET Q q 0 0 0 rg BT 342.12 562.25 Td () Tj ET Q q 0 0 0 rg BT 344.90 562.25 Td (s net income. However) Tj ET Q q 0 0 0 rg BT 436.69 562.25 Td (, because there are no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (definitive standards provided by the Internal Revenue Code, regulations or court decisions as to the specific activities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (constitute being engaged in the conduct of a trade or business within the United States, and as any such determination is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (essentially factual in nature, we cannot assure you that the United States Internal Revenue Service \(the "IRS"\), will not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (successfully assert that Greenlight Capital Re, Greenlight Re and/or GRIL) Tj ET Q q 0 0 0 rg BT 346.27 514.25 Td ( are engaged in a trade or business within the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (States.If the IRS were to successfullyassert that Greenlight Capital Re, Greenlight Re, and/or GRIL) Tj ET Q q 0 0 0 rg BT 454.30 502.25 Td ( have been engaged in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (trade or business within the United States in any taxable year) Tj ET Q q 0 0 0 rg BT 293.48 490.25 Td (, various adverse tax consequences could result, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (following: Greenlight Capital Re, Greenlight Re and/or GRIL) Tj ET Q q 0 0 0 rg BT 296.30 478.25 Td ( may become subject to current United States federal income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (taxationonits net income from sources within the United States;Greenlight Capital Re, Greenlight Re and/or GRIL) Tj ET Q q 0 0 0 rg BT 514.03 466.25 Td (may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.25 Td (subject to United States federal income tax on a portion of its net investment income, regardless of its source;Greenlight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.25 Td (Capital Re, Greenlight Re, and/or GRIL) Tj ET Q q 0 0 0 rg BT 209.37 442.25 Td ( may not be entitled to deduct certain expenses that would otherwise be deductible from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (the income subject to United States taxation;andGreenlight Capital Re, Greenlight Re and/or GRIL) Tj ET Q q 0 0 0 rg BT 450.42 430.25 Td ( may be subject to United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (States branch profits tax on profits deemed to have been distributed out of the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 406.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (United States persons who own Class ) Tj ET Q q 0 0 0 rg BT 204.72 394.25 Td (A) Tj ET Q q 0 0 0 rg BT 210.84 394.25 Td ( ordinary shares may be subject to United States federal income taxation on our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (undistributed earnings and may recognize ordinary income upon disposition of Class ) Tj ET Q q 0 0 0 rg BT 401.69 382.25 Td (A) Tj ET Q q 0 0 0 rg BT 407.81 382.25 Td ( ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 357.05 Td (Passive For) Tj ET Q q 0 0 0 rg BT 124.18 357.05 Td (eign Investment Company) Tj ET Q q 0 0 0 rg BT 227.49 357.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.99 357.05 Td ( Significant potential adverse United States federal income tax consequences) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 537.38 357.05 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.05 Td (including certain reporting requirements, generally apply to any United States person who owns shares in a passive foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.05 Td (investment company) Tj ET Q q 0 0 0 rg BT 131.89 333.05 Td (, or a PFIC. ) Tj ET Q q 0 0 0 rg BT 180.60 333.05 Td (W) Tj ET Q q 0 0 0 rg BT 189.24 333.05 Td (e believe that each of Greenlight Capital Re and Greenlight Re was a PFIC in 2006, 2005 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 321.05 Td (and 2004. ) Tj ET Q q 0 0 0 rg BT 91.26 321.05 Td (W) Tj ET Q q 0 0 0 rg BT 99.90 321.05 Td (e do not believe, although we cannot assure you, that none of Greenlight Capital Re, Greenlight Re or GRIL) Tj ET Q q 0 0 0 rg BT 532.46 321.05 Td ( has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.05 Td (been a PFIC from 2007 onwards. ) Tj ET Q q 0 0 0 rg BT 184.58 309.05 Td (W) Tj ET Q q 0 0 0 rg BT 193.22 309.05 Td (e cannot provide assurance that none of Greenlight Capital Re,Greenlight Re or GRIL) Tj ET Q q 0 0 0 rg BT 539.40 309.05 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.05 Td (be a PFIC in any future taxable year) Tj ET Q q 0 0 0 rg BT 193.62 297.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 273.05 Td (In general, anyof Greenlight Capital Re, Greenlight Re or GRIL) Tj ET Q q 0 0 0 rg BT 334.94 273.05 Td (would be a PFIC for a taxable year if either \(i\) 75% or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 261.05 Td (more of its income constitutes "passive income" or \(ii\) 50% or more of its assets produce "passive income", or are held for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.05 Td (production of passive income. Passive income generally includes interest, dividends and other investment income but does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.05 Td (include income derived in the active conduct of an insurance business by a corporation predominantly engaged in an insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.05 Td (business. ) Tj ET Q q 0 0 0 rg BT 88.21 225.05 Td (This exception for insurance companies is intended to ensure that a bona fide insurance entity) Tj ET Q q 0 0 0 rg BT 465.87 225.05 Td (s income is not treated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.05 Td (as passive income, except to the extent such income is attributable to financial reserves in excess of the reasonable needs of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.05 Td (insurance business. ) Tj ET Q q 0 0 0 rg BT 129.03 201.05 Td (W) Tj ET Q q 0 0 0 rg BT 137.66 201.05 Td (e believe that we are currently operating and intend to continue operating our business with financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.05 Td (reserves at a level that should not cause us to be deemed PFICs, although we cannot assure you the IRS will not successfully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.05 Td (challenge this conclusion. If we are unable to underwrite suf) Tj ET Q q 0 0 0 rg BT 290.90 177.05 Td (ficient amount of risks, any of Greenlight Capital Re, Greenlight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.05 Td (Re or GRIL) Tj ET Q q 0 0 0 rg BT 96.90 165.05 Td ( may become a PFIC.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.05 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 141.05 Td (In addition, suf) Tj ET Q q 0 0 0 rg BT 137.14 141.05 Td (ficient risk must be transferred under an insurance entity) Tj ET Q q 0 0 0 rg BT 365.95 141.05 Td (s contracts with its insureds in order to qualify ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.05 Td (for the insurance exception. ) Tj ET Q q 0 0 0 rg BT 162.88 129.05 Td (Whether our insurance contracts possess adequate risk transfer for purposes of determining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.05 Td (whether income under our contracts is insurance income, and whether we are predominantly engaged in an insurance business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.05 Td (are subjective in nature and there is very little authority on these issues. ) Tj ET Q q 0 0 0 rg BT 337.57 105.05 Td (W) Tj ET Q q 0 0 0 rg BT 346.20 105.05 Td (e cannot assure you that the IRS will not successfully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.05 Td (challenge our interpretation of the scope of the active insurance company exception and our qualification for the exception. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.05 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 81.05 Td (, the IRS may issue regulatory or other guidance that causes us to fail to qualify for the active insurance company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.05 Td (exception on a prospective or retroactive basis. ) Tj ET Q q 0 0 0 rg BT 239.80 69.05 Td (Therefore, we cannot assure you that we will satisfy the exception for insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.05 Td (companies and will not be treated as PFICs currently or in the future.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 45.05 Td () Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (Contr) Tj ET Q q 0 0 0 rg BT 99.47 742.10 Td (olled For) Tj ET Q q 0 0 0 rg BT 136.59 742.10 Td (eign Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.82 742.10 Td ( United States persons who, directly or indirectly or through attribution rules, own 10% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (or more of the total combined voting power of our shares, which we refer to as United States 10% shareholders, may be subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (to the controlled foreign corporation, or CFC, rules. Under the CFC rules, each United States 10% shareholder must annually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (include his pro-rata share of the CFC) Tj ET Q q 0 0 0 rg BT 200.57 706.10 Td (s "subpart F income", even if no distributions are made. In general, a foreign insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (company will be treated as a CFC only if United States 10% shareholders collectively own more than 25% of the total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (combined voting power or total value of the entity) Tj ET Q q 0 0 0 rg BT 253.34 682.10 Td (s shares for an uninterrupted period of 30 days or more during any year) Tj ET Q q 0 0 0 rg BT 537.98 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 542.80 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 551.43 682.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (believe that the dispersion of our Class ) Tj ET Q q 0 0 0 rg BT 206.97 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 213.64 670.10 Td ( ordinary shares among holders and the restrictions placed on transfer) Tj ET Q q 0 0 0 rg BT 491.48 670.10 Td (, issuance or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (repurchase of our Class ) Tj ET Q q 0 0 0 rg BT 145.58 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 152.25 658.10 Td ( ordinary shares \(including the ownership limitations described below\), will generally prevent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (shareholders who acquire Class ) Tj ET Q q 0 0 0 rg BT 177.80 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 184.47 646.10 Td ( ordinary shares from being United States 10% shareholders. In addition, because our ) Tj ET Q q 0 0 0 rg BT 527.99 646.10 Td (Articles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (prevent any person from holding 9.9% or more of the total combined voting power of our shares \(whether held directly) Tj ET Q q 0 0 0 rg BT 525.38 634.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (indirectly or constructively\), unless such provision is waived by the unanimous consent of our Board of Directors, we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (no persons holding Class ) Tj ET Q q 0 0 0 rg BT 151.73 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 158.40 610.10 Td ( ordinary shares should be viewed as United States 10% shareholders of a CFC for purposes of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (CFC rules. ) Tj ET Q q 0 0 0 rg BT 95.16 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.80 598.10 Td (e cannot assure you, however) Tj ET Q q 0 0 0 rg BT 221.41 598.10 Td (, that these rules will not apply to you. If you are a United States person, we strongly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (ur) Tj ET Q q 0 0 0 rg BT 57.65 586.10 Td (ge you to consult your own tax advisor concerning the CFC rules.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (Related Person Insurance Income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.79 562.10 Td ( If:) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 540.01 cm /I124 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 542.17 Td (our gross income attributable to insurance or reinsurance policies where the direct or indirect insureds are our direct) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 532.17 Td (or indirect United States shareholders or persons related to such United States shareholders equals or exceeds 20% of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 522.17 Td (our gross insurance income in any taxable year; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 68.50 505.01 cm /I125 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 507.17 Td (direct or indirect insureds and persons related to such insureds owned directly or indirectly 20% or more of the voting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 497.17 Td (power or value of our stock,) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.10 Td (a United States person who owns Class ) Tj ET Q q 0 0 0 rg BT 208.66 469.10 Td (A) Tj ET Q q 0 0 0 rg BT 215.33 469.10 Td ( ordinary shares directly or indirectly on the last day of the taxable year would most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (likely be required to include their pro-rata share of our related person insurance income for the taxable year in their income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.10 Td (This amount would be determined as if such related person insurance income were distributed proportionally to United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (persons at that date. ) Tj ET Q q 0 0 0 rg BT 131.24 433.10 Td (W) Tj ET Q q 0 0 0 rg BT 139.88 433.10 Td (e do not expect that we will knowingly enter into reinsurance agreements in which, in the aggregate, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (direct or indirect insureds are, or are related to, owners of 20% or more of the Class ) Tj ET Q q 0 0 0 rg BT 385.77 421.10 Td (A) Tj ET Q q 0 0 0 rg BT 392.44 421.10 Td ( ordinary shares. ) Tj ET Q q 0 0 0 rg BT 461.13 421.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.77 421.10 Td (e do not believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (the 20% gross insurance income threshold will be met. However) Tj ET Q q 0 0 0 rg BT 307.37 409.10 Td (, we cannot assure you that this is or will continue to be the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (case. Consequently) Tj ET Q q 0 0 0 rg BT 126.05 397.10 Td (, we cannot assure you that a person who is a direct or indirect United States shareholder will not be required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (to include amounts in its income in respect of related person insurance income in any taxable year) Tj ET Q q 0 0 0 rg BT 441.04 385.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 361.10 Td (If a United States shareholder is treated as disposing of shares in a foreign insurance corporation that has related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (person insurance income and in which United States persons own 25% or more of the voting power or value of the entity) Tj ET Q q 0 0 0 rg BT 536.33 349.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (shares, any gain from the disposition will generally be treated as a dividend to the extent of the United States shareholder) Tj ET Q q 0 0 0 rg BT 534.46 337.10 Td () Tj ET Q q 0 0 0 rg BT 537.23 337.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.10 Td (portion of the corporation) Tj ET Q q 0 0 0 rg BT 155.31 325.10 Td (s undistributed earnings and profits that were accumulated during the period that the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.10 Td (shareholder owned the shares. In addition, the shareholder will be required to comply with certain reporting requirements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.10 Td (regardless of the amount of shares owned by the direct or indirect United States shareholder) Tj ET Q q 0 0 0 rg BT 416.61 301.10 Td (. ) Tj ET Q q 0 0 0 rg BT 421.06 301.10 Td (Although not free from doubt, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.10 Td (believe these rules should not apply to dispositions of Class ) Tj ET Q q 0 0 0 rg BT 290.04 289.10 Td (A) Tj ET Q q 0 0 0 rg BT 296.71 289.10 Td ( ordinary shares because Greenlight Capital Re is not directly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 277.10 Td (engaged in the insurance business and because proposed United States ) Tj ET Q q 0 0 0 rg BT 333.68 277.10 Td (T) Tj ET Q q 0 0 0 rg BT 339.44 277.10 Td (reasury regulations applicable to this situation appear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 265.10 Td (to apply only in the case of shares of corporations that are directly engaged in the insurance business. ) Tj ET Q q 0 0 0 rg BT 456.69 265.10 Td (W) Tj ET Q q 0 0 0 rg BT 465.33 265.10 Td (e cannot assure you, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 253.10 Td (, that the IRS will interpret the proposed regulations in this manner or that the proposed regulations will not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.10 Td (promulgated in final form in a manner that would cause these rules to apply to dispositions of Class ) Tj ET Q q 0 0 0 rg BT 449.98 241.10 Td (A) Tj ET Q q 0 0 0 rg BT 456.65 241.10 Td ( ordinary shares.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 217.10 Td (United States tax-exempt organizations who own Class ) Tj ET Q q 0 0 0 rg BT 277.22 217.10 Td (A) Tj ET Q q 0 0 0 rg BT 283.34 217.10 Td ( ordinary shares may recognize unrelated business taxable income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 193.10 Td (If you are a United States tax-exempt or) Tj ET Q q 0 0 0 rg BT 236.54 193.10 Td (ganization you may recognize unrelated business taxable income if a portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.10 Td (our subpart F insurance income is allocated to you. In general, subpart F insurance income will be allocated to you if we are a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (CFC as discussed above and you are a United States 10% shareholder or there is related person insurance income and certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (exceptions do not apply) Tj ET Q q 0 0 0 rg BT 144.11 157.10 Td (. ) Tj ET Q q 0 0 0 rg BT 148.56 157.10 Td (Although we do not believe that any United States persons will be allocated subpart F insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.10 Td (income, we cannot assure you that this will be the case. If you are a United States tax-exempt or) Tj ET Q q 0 0 0 rg BT 433.64 145.10 Td (ganization, we advise you to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.10 Td (consult your own tax advisor regarding the risk of recognizing unrelated business taxable income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 121.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 109.10 Td (Proposed changes in United States tax regulations and laws could subject United States persons who own Class ) Tj ET Q q 0 0 0 rg BT 510.04 109.10 Td (A) Tj ET Q q 0 0 0 rg BT 516.16 109.10 Td ( ordinary ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 97.10 Td (shares to United States income taxation on our undistributed earnings and may cause us to undertake changes to the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 85.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 84.23 85.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.07 85.10 Td (which ) Tj ET Q q 0 0 0 rg BT 122.58 85.10 Td (we ) Tj ET Q q 0 0 0 rg BT 136.19 85.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 171.47 85.10 Td (our ) Tj ET Q /GS0 gs q 42.51 0 0 9.93 188.42 82.94 cm /I126 Do Q BT /F4 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 61.10 Td (In ) Tj ET Q q 0 0 0 rg BT 86.78 61.10 Td (April 2015, the IRS issued proposed regulations that would provide guidance regarding the exclusion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.10 Td (investment income of a foreign insurance company from the definition of "passive income" for the purposes of the PFIC rules. ) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (Furthermore, in June 2015, U.S. Senator Ron ) Tj ET Q q 0 0 0 rg BT 232.91 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 241.75 742.10 Td (yden, a member of the U.S. Senate Finance Committee, introduced a bill that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (provides a "bright line" annual test that a foreign company must satisfy in order to qualify as an insurance company for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (purposes of the insurance company exception to the PFIC rules.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 694.10 Td (e are monitoring developments with respect to both the IRS proposed regulations and the ) Tj ET Q q 0 0 0 rg BT 443.77 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 452.60 694.10 Td (yden bill. ) Tj ET Q q 0 0 0 rg BT 492.33 694.10 Td (At this time, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (cannot predict whether or what, if any) Tj ET Q q 0 0 0 rg BT 201.29 682.10 Td (, regulations will be adopted or legislation will be enacted. If regulations are adopted or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (legislation enacted that cause us to fail to meet the requirements of the insurance company exception, such failure could have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.38 658.10 Td (fect on the taxation of our shareholders who are U.S. persons. In that event we may undertake changes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (manner in which we conduct our business, which could have a material ef) Tj ET Q q 0 0 0 rg BT 345.06 646.10 Td (fect on our results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 622.10 Td (The tax laws and interpretations regarding whether an entity is engaged in a United States trade or business, is a CFC, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (has related party insurance income or is a PFIC are subject to change, possibly on a retroactive basis. New regulations or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (pronouncements interpreting or clarifying such rules may be forthcoming from the IRS. ) Tj ET Q q 0 0 0 rg BT 402.84 598.10 Td (W) Tj ET Q q 0 0 0 rg BT 411.48 598.10 Td (e are not able to predict if, when or in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (what form such guidance will be provided and whether such guidance will have a retroactive ef) Tj ET Q q 0 0 0 rg BT 431.12 586.10 Td (fect.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (If investments held by GRIL) Tj ET Q q 0 0 0 rg BT 165.79 562.10 Td ( are determined not to be integral to the insurance and reinsurance business carried on by ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (GRIL, additional Irish tax could be imposed and our business and financial results could be materially adversely af) Tj ET Q q 0 0 0 rg BT 524.35 550.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 526.10 Td (Based on administrative practice, taxable income derived from investments made by GRIL) Tj ET Q q 0 0 0 rg BT 439.90 526.10 Td ( is generally taxed in Ireland ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (at the rate of 12.5% on the grounds that such investments either form part of the permanent capital required by regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (authorities, or are otherwise integral to the insurance and reinsurance business carried on by GRIL. GRIL) Tj ET Q q 0 0 0 rg BT 473.44 502.10 Td ( intends to operate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (such a manner so that the level of investments held by GRIL) Tj ET Q q 0 0 0 rg BT 291.57 490.10 Td ( does not exceed the amount that is integral to the insurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (reinsurance businesses carried on by GRIL. If, however) Tj ET Q q 0 0 0 rg BT 274.58 478.10 Td (, investment income earned by GRIL) Tj ET Q q 0 0 0 rg BT 422.50 478.10 Td ( exceeds these thresholds or if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (administrative practice of the Irish Revenue Commissioners changes, Irish corporation tax could apply to such investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (income at a higher rate \(currently 25%\) instead of the general 12.5% rate, and our results of operations could be materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (adversely af) Tj ET Q q 0 0 0 rg BT 97.90 442.10 Td (fected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (The impact of the initiative of the OECD to eliminate harmful tax practices is uncertain and could adversely af) Tj ET Q q 0 0 0 rg BT 505.42 418.10 Td (fect our tax ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (status in the Cayman Islands.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 382.10 Td (The OECD has published reports and launched a global dialogue among member and non-member countries on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (measures to limit harmful tax competition. ) Tj ET Q q 0 0 0 rg BT 222.34 370.10 Td (These measures are lar) Tj ET Q q 0 0 0 rg BT 313.49 370.10 Td (gely directed at counteracting the ef) Tj ET Q q 0 0 0 rg BT 456.85 370.10 Td (fects of tax havens and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (preferential tax regimes in countries around the world. ) Tj ET Q q 0 0 0 rg BT 269.52 358.10 Td (While the Cayman Islands is currently on the list of jurisdictions that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (have substantially implemented the internationally agreed tax standard,we are not able to predict if additional requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (will be imposed and if so whether changes arising from such additional requirements will subject us to additional taxes.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (ITEM 1B. UNRESOL) Tj ET Q q 0 0 0 rg BT 147.77 310.10 Td (VED ST) Tj ET Q q 0 0 0 rg BT 182.87 310.10 Td (AFF) Tj ET Q q 0 0 0 rg BT 201.94 310.10 Td ( COMMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (ITEM 2. PROPER) Tj ET Q q 0 0 0 rg BT 134.43 262.10 Td (TIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 238.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 238.10 Td (e currently occupy our of) Tj ET Q q 0 0 0 rg BT 186.03 238.10 Td (fice space in Grand Cayman, Cayman Islands under operating lease agreements which will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (expire on June 30, 2018, unless we renew the leases for an additional five year term. ) Tj ET Q q 0 0 0 rg BT 389.11 226.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 439.02 226.10 Td (, we have an operating lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (agreement for of) Tj ET Q q 0 0 0 rg BT 115.95 214.10 Td (fice space in Dublin, Ireland which expires in 2031 but provides us an option to terminate the lease in 2021 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (without any penalty) Tj ET Q q 0 0 0 rg BT 128.28 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.10 202.10 Td (W) Tj ET Q q 0 0 0 rg BT 141.74 202.10 Td (e believe that for the foreseeable future the of) Tj ET Q q 0 0 0 rg BT 323.68 202.10 Td (fice spaces in the Cayman Islands and Ireland will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 190.10 Td (ficient for conducting our operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (ITEM 3. LEGAL) Tj ET Q q 0 0 0 rg BT 128.13 166.10 Td ( PROCEEDINGS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 142.10 Td (From time to time, in the normal course of business, we may be involved in formal and informal dispute resolution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (procedures, which may include arbitration or litigation, the outcomes of which determine our rights and obligations under our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (reinsurance contracts and other contractual agreements. In some disputes, we may seek to enforce our rights under an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (agreement or to collect funds owing to us. In other matters, we may resist attempts by others to collect funds or enforce alleged ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (rights. ) Tj ET Q q 0 0 0 rg BT 77.10 94.10 Td (While the final outcome of legal disputes cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 379.95 94.10 Td (, we do not believe that any of our existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (contractual disputes, when finally resolved, will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 348.09 82.10 Td (fect on our business, financial condition or operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td () Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (39) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (ITEM 4. MINE SAFETY) Tj ET Q q 0 0 0 rg BT 162.47 749.25 Td ( DISCLOSURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 725.25 Td (Not applicable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 701.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 689.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 689.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 689.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 689.25 Td ( II) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (ITEM 5. MARKET) Tj ET Q q 0 0 0 rg BT 138.49 665.25 Td ( FOR REGISTRANTS COMMON EQUITY) Tj ET Q q 0 0 0 rg BT 332.03 665.25 Td (, RELA) Tj ET Q q 0 0 0 rg BT 364.07 665.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 399.18 665.25 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 483.72 665.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 518.46 665.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (ISSUER PURCHASES OF) Tj ET Q q 0 0 0 rg BT 164.71 653.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 206.29 653.25 Td ( SECURITIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (Market Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 605.25 Td (Our Class ) Tj ET Q q 0 0 0 rg BT 118.17 605.25 Td (A) Tj ET Q q 0 0 0 rg BT 124.84 605.25 Td ( ordinary shares began publicly trading on the Nasdaq Global Select Market on May 24, 2007 under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (symbol "GLRE". ) Tj ET Q q 0 0 0 rg BT 120.54 593.25 Td (The following table sets forth, for the periods indicated, the high and low reported sale price per share of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 581.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 581.25 Td ( ordinary shares on the Nasdaq Global Select Market.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 542.75 257.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 542.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 542.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 542.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 542.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 542.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 514.75 257.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 514.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 514.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 514.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 514.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 514.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.00 514.75 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 514.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.00 514.75 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310 556.75 m 370 556.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370 556.75 m 374 556.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374 556.75 m 434 556.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 556.75 m 498 556.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 556.75 m 502 556.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502 556.75 m 562 556.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 310 542.75 m 370 542.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374 542.75 m 434 542.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 438 542.75 m 498 542.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 502 542.75 m 562 542.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.50 561.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.50 561.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.90 547.43 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.05 547.43 Td (Low) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.90 547.43 Td (High) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.05 547.43 Td (Low) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 533.32 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.50 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 533.32 Td (33.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 533.32 Td (30.42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 533.32 Td (34.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 533.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 533.32 Td (29.97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 519.32 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.50 519.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 519.32 Td (31.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 519.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 519.32 Td (29.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 519.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 519.32 Td (34.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 519.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 519.32 Td (30.83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 505.32 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.50 505.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 505.32 Td (30.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 505.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 505.32 Td (22.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 505.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 505.32 Td (35.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 505.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 505.32 Td (31.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 491.32 Td (Fourth Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.50 491.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 491.32 Td (25.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 491.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 491.32 Td (17.86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 491.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 491.32 Td (33.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.50 491.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 491.32 Td (30.18) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 463.25 Td (Holders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 439.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 439.25 Td (January 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.54 439.25 Td (, the number of holders of record of our Class ) Tj ET Q q 0 0 0 rg BT 354.22 439.25 Td (A) Tj ET Q q 0 0 0 rg BT 360.89 439.25 Td ( ordinary shares was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.57 439.25 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.57 439.25 Td (, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.25 Td (including beneficial owners of shares registered in nominee or street name who represent approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 427.25 Td (96.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.63 427.25 Td ( of the Class ) Tj ET Q q 0 0 0 rg BT 546.29 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 552.96 427.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.25 Td (ordinary shares issued and outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 391.25 Td (Dividends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 367.25 Td (Since inception, we have not paid any cash dividends on our Class ) Tj ET Q q 0 0 0 rg BT 344.50 367.25 Td (A) Tj ET Q q 0 0 0 rg BT 351.17 367.25 Td ( ordinary shares or Class B ordinary shares, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 95.50 355.25 Td (, our ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 331.25 Td (Holders of ordinary shares are entitled to receive dividends when, as and if declared by the Board of Directors in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (accordance with the provisions of our ) Tj ET Q q 0 0 0 rg BT 202.23 319.25 Td (Articles and the Companies Law) Tj ET Q q 0 0 0 rg BT 332.66 319.25 Td (. In the event of a liquidation, dissolution or winding-up ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (of the Company) Tj ET Q q 0 0 0 rg BT 113.28 307.25 Td (, the holders of ordinary shares are entitled to share equally and ratably in our assets, if any remain after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (payment of all of our debts and liabilities and the liquidation preference of any outstanding preferred shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 271.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 271.25 Td (e currently do not intend to declare and pay dividends on our ordinary shares in the foreseeable future. However) Tj ET Q q 0 0 0 rg BT 533.19 271.25 Td (, if we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (decide to pay dividends, we cannot assure you that suf) Tj ET Q q 0 0 0 rg BT 267.04 259.25 Td (ficient cash will be available to pay such dividends. In addition, a letter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td (of credit facility prohibits us from paying dividends during an event of default as defined in the letter of credit agreement. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (future dividend policy will also depend on the requirements of any future financing agreements to which we may be a party and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.25 Td (other factors considered relevant by our Board of Directors, such as our results of operations and cash flows, our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.25 Td (position and capital requirements, general business conditions, rating agency guidelines, legal, tax, regulatory and any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (contractual restrictions on the payment of dividends. Further) Tj ET Q q 0 0 0 rg BT 291.26 199.25 Td (, any future declaration and payment of dividends is discretionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.25 Td (and our Board of Directors may at any time modify or revoke our dividend policy on our ordinary shares. Finally) Tj ET Q q 0 0 0 rg BT 501.52 187.25 Td (, our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.25 Td (pay dividends also depends on the ability of our subsidiaries to pay dividends to us. ) Tj ET Q q 0 0 0 rg BT 385.57 175.25 Td (Although Greenlight Capital Re is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.25 Td (subject to any significant legal prohibitions on the payment of dividends, Greenlight Re and GRIL) Tj ET Q q 0 0 0 rg BT 442.66 163.25 Td ( are subject to regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.25 Td (constraints that af) Tj ET Q q 0 0 0 rg BT 120.41 151.25 Td (fect their ability to pay dividends and includeminimum net worth requirements. ) Tj ET Q q 0 0 0 rg BT 442.83 151.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.28 151.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.86 151.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.25 Td (Greenlight Re and GRIL) Tj ET Q q 0 0 0 rg BT 148.27 139.25 Td ( both exceeded the minimum statutory capital requirements. ) Tj ET Q q 0 0 0 rg BT 390.14 139.25 Td (Any dividends we pay will be declared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.25 Td (and paid in U.S. dollars.) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Performance Graph) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (Presented below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 713.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 713.25 Td ( ordinary shares from May 24, 2007 \(the date on which our Class ) Tj ET Q q 0 0 0 rg BT 342.51 713.25 Td (A) Tj ET Q q 0 0 0 rg BT 349.18 713.25 Td ( ordinary shares were first listed on the Nasdaq ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (Global Select Market\) through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.47 701.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.05 701.25 Td ( against the total return index for the Russell 2000 Index, or RUT) Tj ET Q q 0 0 0 rg BT 513.64 701.25 Td (, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (S&P) Tj ET Q q 0 0 0 rg BT 68.03 689.25 Td ( 500 Property & Casualty Insurance Index, or S&P) Tj ET Q q 0 0 0 rg BT 271.24 689.25 Td ( Insurance Index, for the same period. ) Tj ET Q q 0 0 0 rg BT 425.16 689.25 Td (The performance graph assumes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td ($100 invested on May 24, 2007 in the ordinary shares of Greenlight Capital Re, the RUT) Tj ET Q q 0 0 0 rg BT 405.64 677.25 Td ( and the S&P) Tj ET Q q 0 0 0 rg BT 458.32 677.25 Td ( Insurance Index. ) Tj ET Q q 0 0 0 rg BT 529.78 677.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (performance graph also assumes that all dividends are reinvested.) Tj ET Q /GS0 gs q 481.00 0 0 365.00 65.50 283.25 cm /I127 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 264.25 Td (The performance reflected in the graph above is not necessarily indicative of future performance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 240.25 Td (This graph is not "soliciting material," is not deemed filed with the SEC and is not to be incorporated by reference in any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (filing by us under the Securities ) Tj ET Q q 0 0 0 rg BT 178.92 228.25 Td (Act or the Exchange ) Tj ET Q q 0 0 0 rg BT 262.78 228.25 Td (Act, whether made before or after the date hereof and irrespective of any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (general incorporation language in any such filing.) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Pur) Tj ET Q q 0 0 0 rg BT 65.43 749.25 Td (chases of Equity Securities by the Issuer) Tj ET Q q 0 0 0 rg BT 236.36 749.25 Td ( and ) Tj ET Q q 0 0 0 rg BT 256.93 749.25 Td (Affiliated Pur) Tj ET Q q 0 0 0 rg BT 315.91 749.25 Td (chasers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 725.25 Td (The table below details the repurchases that were made under our share repurchase plan duringthe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.56 725.25 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 713.25 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 632.75 121.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 632.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 632.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 632.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 632.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 632.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 602.75 121.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 602.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 602.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 602.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 602.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 602.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 572.75 121.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 572.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 572.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 572.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 572.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 572.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 542.75 121.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 542.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 542.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 542.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 542.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 542.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 512.75 121.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 512.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 512.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 512.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 512.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 512.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 482.75 121.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 482.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 482.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 482.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 482.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 482.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 452.75 121.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 170.00 452.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.00 452.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.00 452.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.00 452.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 452.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.00 452.75 99.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 452.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 452.75 99.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 687.75 m 170 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 687.75 m 273 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 687.75 m 356 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 687.75 m 459 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 687.75 m 562 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 632.75 m 170 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 170 687.75 m 174 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 632.75 m 273 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 687.75 m 277 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 632.75 m 356 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 687.75 m 360 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 632.75 m 459 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 687.75 m 463 687.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 632.75 m 562 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 632.75 m 170 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 632.75 m 273 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277 632.75 m 356 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 632.75 m 459 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 632.75 m 562 632.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 452.75 m 273 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 438.75 m 273 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 174 436.75 m 273 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 452.75 m 459 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 438.75 m 459 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 436.75 m 459 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 452.75 m 562 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 438.75 m 562 438.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 436.75 m 562 436.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.00 692.43 Td (Issuer Purchases of Equity Securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.80 637.43 Td (Period) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.70 647.43 Td (T) Tj ET Q q 0 0 0 rg BT 193.45 647.43 Td (otal Number) Tj ET Q q 0 0 0 rg BT 247.43 647.43 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 179.90 637.43 Td (Shar) Tj ET Q q 0 0 0 rg BT 200.28 637.43 Td (es Pur) Tj ET Q q 0 0 0 rg BT 227.04 637.43 Td (chased ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 258.43 641.96 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.25 647.43 Td (Average Price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 284.20 637.43 Td (Paid per Share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.70 677.43 Td (T) Tj ET Q q 0 0 0 rg BT 379.45 677.43 Td (otal Number) Tj ET Q q 0 0 0 rg BT 433.43 677.43 Td ( of ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 667.43 Td (Shar) Tj ET Q q 0 0 0 rg BT 385.63 667.43 Td (es Pur) Tj ET Q q 0 0 0 rg BT 412.39 667.43 Td (chased as ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.35 657.43 Td (Part of Publicly ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.70 647.43 Td (Announced Plans or) Tj ET Q q 0 0 0 rg BT 452.20 647.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.90 637.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 393.27 637.43 Td (ograms ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 427.43 641.96 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 470.80 677.43 Td (Maximum Number) Tj ET Q q 0 0 0 rg BT 553.11 677.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.35 667.43 Td (of Shar) Tj ET Q q 0 0 0 rg BT 502.56 667.43 Td (es that May ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.55 657.43 Td (Y) Tj ET Q q 0 0 0 rg BT 480.66 657.43 Td (et Be Pur) Tj ET Q q 0 0 0 rg BT 520.47 657.43 Td (chased ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.75 647.43 Td (Under) Tj ET Q q 0 0 0 rg BT 498.79 647.43 Td ( the Plans or) Tj ET Q q 0 0 0 rg BT 552.22 647.43 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 485.90 637.43 Td (Pr) Tj ET Q q 0 0 0 rg BT 496.27 637.43 Td (ograms ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 530.43 641.96 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 622.42 Td (January 1 - 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 622.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 622.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 622.42 Td (2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 607.42 Td (February 1 - 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 607.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 607.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 607.42 Td (2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 592.42 Td (March 1 - 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 592.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 592.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 592.42 Td (2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 577.42 Td (April 1 - 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 577.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 577.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 577.42 Td (2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 562.42 Td (May 1 - 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 562.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 562.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 562.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 562.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 562.42 Td (2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 547.42 Td (June 1 - 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 547.42 Td (140,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 547.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 547.42 Td (30.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 547.42 Td (140,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 547.42 Td (1,860,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 532.42 Td (July 1 - 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 532.42 Td (360,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 532.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 532.42 Td (28.95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 532.42 Td (360,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 532.42 Td (1,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 517.42 Td (August 1 - 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 517.42 Td (113,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 517.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 517.42 Td (26.68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 517.42 Td (113,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 517.42 Td (1,386,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 502.42 Td (September 1 - 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 502.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 502.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 502.42 Td (1,386,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 488.32 Td (October 1 - 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 487.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 487.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 487.42 Td (1,386,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 473.32 Td (November 1 - 30, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 472.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 472.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 472.42 Td (1,386,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 458.32 Td (December 1 - 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.15 457.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.50 457.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 457.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 457.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 457.42 Td (1,386,460) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 443.48 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.65 442.42 Td (613,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 442.42 Td (613,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 442.42 Td (1,386,460) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 430.78 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 426.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 82.32 426.25 Td (A) Tj ET Q q 0 0 0 rg BT 88.99 426.25 Td ( ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 402.25 Td (On ) Tj ET Q q 0 0 0 rg BT 99.67 402.25 Td (August 5, 2008, our board of directors adopted a share repurchase plan authorizing the Company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (repurchaseClass ) Tj ET Q q 0 0 0 rg BT 118.92 390.25 Td (A) Tj ET Q q 0 0 0 rg BT 125.59 390.25 Td ( ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (plans. From time to time, the repurchase plan has been re-approved or modified at the election of our Board of Directors. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (April 29, 2015, our Board of Directors amended the share repurchase plan to extend the duration of the repurchase plan to June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (30, 2016 and reinstated the authorization for the Company to purchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.64 354.25 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.54 354.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 426.65 354.25 Td (A) Tj ET Q q 0 0 0 rg BT 433.32 354.25 Td ( ordinary shares or securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (convertible into Class ) Tj ET Q q 0 0 0 rg BT 138.66 342.25 Td (A) Tj ET Q q 0 0 0 rg BT 145.33 342.25 Td ( ordinary shares. ) Tj ET Q q 0 0 0 rg BT 213.64 342.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.08 342.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.67 342.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.67 342.25 Td (1,386,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.67 342.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 387.79 342.25 Td (A) Tj ET Q q 0 0 0 rg BT 394.46 342.25 Td ( ordinaryshares remained authorized for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (repurchase under the share repurchase plan.) Tj ET Q q 0 0 0 rg BT 226.73 330.25 Td (The Company is not required to repurchase any Class ) Tj ET Q q 0 0 0 rg BT 443.07 330.25 Td (A) Tj ET Q q 0 0 0 rg BT 449.74 330.25 Td ( ordinary shares and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (repurchase plan may be modified, suspended or terminated at any time without prior notice. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (ITEM 6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 200.64 282.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 216.84 282.25 Td (T) Tj ET Q q 0 0 0 rg BT 222.77 282.25 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 258.25 Td (The following table sets forth our selected historical consolidated statement of income data for the fiscal years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (December 31, 2015, 2014, 2013, 2012 and 201) Tj ET Q q 0 0 0 rg BT 237.15 246.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 246.25 Td (, as well as our selected historical consolidated balance sheet data as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (December 31, 2015, 2014, 2013, 2012 and 201) Tj ET Q q 0 0 0 rg BT 237.15 234.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 234.25 Td (, which are derived from our audited consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 528.54 234.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.25 Td (audited consolidated financial statements are prepared in conformitywith accounting principles generally acceptedin the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.25 Td (United States of ) Tj ET Q q 0 0 0 rg BT 115.88 210.25 Td (America \("U.S. GAAP"\) and have been audited by BDO USA, LLP) Tj ET Q q 0 0 0 rg BT 387.05 210.25 Td (, an independent registered public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.25 Td (accounting firm.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 186.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 174.25 Td (These historic results are not necessarily indicative of results for any future period. ) Tj ET Q q 0 0 0 rg BT 409.91 174.25 Td (Y) Tj ET Q q 0 0 0 rg BT 416.13 174.25 Td (ou should read the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.25 Td (selected financial data in conjunction with our consolidated financial statements and related notes thereto contained in "Item 8. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.25 Td (Financial Statements and Supplementary Data" and "Item 7. Management) Tj ET Q q 0 0 0 rg BT 347.86 150.25 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 417.03 150.25 Td (Analysis of Financial Condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.25 Td (Results of Operations" included in this filing and all other information appearing elsewhere or incorporated into this filing by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.25 Td (reference.) 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1 rg /GS0 gs 499.00 451.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 451.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 421.50 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 421.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 421.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 421.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 421.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 421.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 421.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 421.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 421.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 421.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 421.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 391.50 198.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.00 391.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.00 391.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.00 391.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 391.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 391.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 391.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.00 391.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 391.50 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 391.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 391.50 59.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251 727.5 m 310 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 314 727.5 m 373 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 727.5 m 436 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 727.5 m 499 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 727.5 m 562 727.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.00 746.18 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.00 732.18 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 732.18 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.00 732.18 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 732.18 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 522.25 732.18 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.80 717.17 Td (\($ in thousands, except per share and share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 703.18 Td (Selected Consolidated Statement of Income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 693.18 Td (Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 678.17 Td (Gross premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 678.17 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 678.17 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 678.17 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 678.17 Td (427,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 678.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 678.17 Td (397,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 663.17 Td (Net premiums earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 663.17 Td (408,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 663.17 Td (354,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 663.17 Td (547,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 663.17 Td (466,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 663.17 Td (379,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 648.17 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.30 648.17 Td (\(281,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 648.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 648.17 Td (122,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 648.17 Td (218,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 648.17 Td (78,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 648.17 Td (23,118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 633.17 Td (Loss and loss adjustment expenses incurred, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 633.17 Td (317,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 633.17 Td (234,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 633.17 Td (338,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 633.17 Td (366,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 633.17 Td (241,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 618.17 Td (Acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 618.17 Td (116,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 618.17 Td (107,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 618.17 Td (171,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 618.17 Td (142,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.65 618.17 Td (138,751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 603.17 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 603.17 Td (23,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 603.17 Td (24,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 603.17 Td (20,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 603.17 Td (16,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 603.17 Td (13,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 588.17 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 588.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.30 588.17 Td (\(326,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 588.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.50 588.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 588.17 Td (109,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 588.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 588.17 Td (225,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 588.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 588.17 Td (14,598) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 588.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 588.17 Td (6,769) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 574.18 Td (Earnings \(Loss\) Per) Tj ET Q q 0 0 0 rg BT 136.32 574.18 Td ( Shar) Tj ET Q q 0 0 0 rg BT 159.20 574.18 Td (e Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.69 574.18 Td ( ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 189.19 578.71 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 559.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 560.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.30 560.07 Td (\(8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 560.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.50 560.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 560.07 Td (2.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 560.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 560.07 Td (6.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 559.17 Td (0.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 559.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 559.17 Td (0.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 544.17 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.30 545.07 Td (\(8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 545.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 545.07 Td (2.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 545.07 Td (6.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 544.17 Td (0.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 544.17 Td (0.18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 530.18 Td (Weighted average number of ordinary) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 520.18 Td (shares used in the determination of earnings) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 510.18 Td (and loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 495.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 495.17 Td (36,670,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 495.17 Td (37,242,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 495.17 Td (36,838,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 495.17 Td (36,702,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 495.17 Td (36,548,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 480.17 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.10 480.17 Td (36,670,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.10 480.17 Td (37,874,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.10 480.17 Td (37,585,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.10 480.17 Td (37,361,338) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 480.17 Td (37,286,454) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 466.18 Td (Selected Ratios \(based on U.S. GAAP) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 456.18 Td (Consolidated Statement of Income data\)) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 448.10 42.22 -9.09 re f /GS0 gs q 0 0 0 rg BT 51.50 441.17 Td (Loss ratio ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 93.72 452.63 7.58 -9.09 re f /GS0 gs BT /F1 6.50 Tf ET q 0 0 0 rg BT 93.72 445.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 441.17 Td (77.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 441.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 441.17 Td (66.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 441.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 441.17 Td (61.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 441.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 441.17 Td (78.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 441.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 441.17 Td (63.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 441.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 426.17 Td (Acquisition cost ratio ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 140.10 430.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 426.17 Td (28.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 426.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.65 426.17 Td (30.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 426.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 426.17 Td (31.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 426.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 426.17 Td (30.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 426.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 426.17 Td (36.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 426.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 418.10 89.13 -9.09 re f /GS0 gs q 0 0 0 rg BT 51.50 411.17 Td (Internal expense ratio ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 140.63 422.63 7.58 -9.09 re f /GS0 gs BT /F1 6.50 Tf ET q 0 0 0 rg BT 140.63 415.70 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 411.17 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 411.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 411.17 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 411.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 411.17 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 411.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 411.17 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 411.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 411.17 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 411.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 396.17 Td (Corporate expense ratio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 147.02 400.70 Td ( \(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 396.17 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 396.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 396.17 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 396.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 396.17 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 396.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 396.17 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 396.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 396.17 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 396.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 381.17 Td (Combined ratio ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 116.49 385.70 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 381.17 Td (111.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 381.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 381.17 Td (103.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 381.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 381.17 Td (97.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 381.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 381.17 Td (112.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 381.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 381.17 Td (103.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 381.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 355.40 Td (Prior to January 1, 2015, non-investment related foreign exchange gains and losses were recorded under general and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.40 Td (administrative expenses. Ef) Tj ET Q q 0 0 0 rg BT 159.56 343.40 Td (fective January 1, 2015, the presentation has been modified and any non-investment related foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.40 Td (exchange gains or losses are now recorded under "other income \(expense\), net" in the consolidated statements of income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.40 Td (Therefore, the general and administrative expenses, corporate expense ratios and combined ratios for prior periods have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.40 Td (reclassified in the above table to conform to the current year presentation.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (43) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 699.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 699.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 699.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 699.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 699.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 699.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 699.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 699.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 699.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 699.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 699.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 671.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 671.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 671.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 671.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 671.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 671.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 671.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 671.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 671.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 671.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 671.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 642.50 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 642.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 642.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 642.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 642.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 642.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 642.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 642.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 642.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 642.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 642.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 613.50 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 613.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 613.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 613.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 613.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 613.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 613.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 584.50 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 584.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 584.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 584.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 584.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 584.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 584.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 555.50 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 555.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 555.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 555.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 555.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 555.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 555.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 555.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 555.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 555.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 555.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 525.50 210.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 525.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 525.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 525.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 525.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 525.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 525.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 525.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 525.50 57.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 525.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 525.50 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 496.50 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 496.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 496.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 496.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 496.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 496.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 496.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 496.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 496.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 496.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 496.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 467.50 210.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 259.00 467.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 467.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.00 467.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.00 467.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 381.00 467.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 467.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 442.00 467.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 446.00 467.50 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 467.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 467.50 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263 727.5 m 320 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 324 727.5 m 381 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385 727.5 m 442 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 446 727.5 m 503 727.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507 727.5 m 562 727.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.15 746.18 Td (December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.00 732.18 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.00 732.18 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.00 732.18 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.00 732.18 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.25 732.18 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.55 718.07 Td (\($ in thousands, except per share and share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 704.18 Td (Selected Consolidated Balance Sheet Data) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 690.07 Td (Total investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.50 690.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.10 690.07 Td (1,064,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 690.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 690.07 Td (1,430,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.50 690.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 690.07 Td (1,393,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 690.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.10 690.07 Td (1,177,928) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 690.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 690.07 Td (1,030,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 676.07 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 676.07 Td (112,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.65 676.07 Td (12,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 676.07 Td (3,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 676.07 Td (21,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 676.07 Td (42,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 662.07 Td (Restricted cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.10 662.07 Td (1,236,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 662.07 Td (1,296,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 662.07 Td (1,334,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.10 662.07 Td (1,206,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 662.07 Td (957,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 647.17 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.10 647.17 Td (2,712,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 647.17 Td (2,995,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 647.17 Td (3,095,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.10 647.17 Td (2,722,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 647.17 Td (2,343,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 632.17 Td (Securities sold, not yet purchased, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 632.17 Td (882,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 632.17 Td (1,090,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 632.17 Td (1,111,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 632.17 Td (908,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 632.17 Td (683,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 618.07 Td (Due to prime brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 618.07 Td (396,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 618.07 Td (211,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 618.07 Td (314,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 618.07 Td (326,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 618.07 Td (260,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 603.17 Td (Loss and loss adjustment expense reserves ^) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 603.17 Td (305,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 603.17 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 603.17 Td (329,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 603.17 Td (356,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 603.17 Td (241,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 589.07 Td (Unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 589.07 Td (211,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.65 589.07 Td (128,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 589.07 Td (173,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 589.07 Td (188,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 589.07 Td (225,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 574.17 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.10 574.17 Td (1,863,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 574.17 Td (1,801,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 574.17 Td (2,008,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.10 574.17 Td (1,862,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 574.17 Td (1,497,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 560.07 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 560.07 Td (848,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 560.07 Td (1,194,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 560.07 Td (1,086,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 560.07 Td (860,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 560.07 Td (845,698) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 552.10 90.26 -9.09 re f /GS0 gs q 0 0 0 rg BT 51.50 545.17 Td (Adjusted book value* ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 141.76 556.63 7.58 -9.09 re f /GS0 gs BT /F1 6.50 Tf ET q 0 0 0 rg BT 141.76 549.70 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 545.17 Td (825,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 545.17 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 545.17 Td (1,051,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 545.17 Td (821,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 545.17 Td (803,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 530.17 Td (Diluted adjusted bookvalue* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 171.48 534.70 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.65 530.17 Td (836,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.10 530.17 Td (1,184,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.10 530.17 Td (1,067,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 530.17 Td (840,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 530.17 Td (821,318) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 516.18 Td (Ordinary shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 501.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.10 501.17 Td (37,027,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 501.17 Td (37,384,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.10 501.17 Td (37,046,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 501.17 Td (36,702,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 501.17 Td (36,538,149) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 493.10 32.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 51.50 486.17 Td (Diluted ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 84.00 497.63 7.58 -9.09 re f /GS0 gs BT /F1 6.50 Tf ET q 0 0 0 rg BT 84.00 490.70 Td (\(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.10 486.17 Td (37,744,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 486.17 Td (38,516,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.10 486.17 Td (38,257,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 486.17 Td (38,193,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 486.17 Td (38,007,149) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 472.18 Td (Per Share Data) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 464.10 151.06 -9.09 re f /GS0 gs q 0 0 0 rg BT 51.50 457.17 Td (Basic adjusted book value per share* ) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 202.56 468.63 10.83 -9.09 re f /GS0 gs BT /F1 6.50 Tf ET q 0 0 0 rg BT 202.56 461.70 Td (\(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.50 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 457.17 Td (22.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 457.17 Td (31.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 458.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 458.07 Td (28.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.50 458.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 458.07 Td (22.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 458.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 458.07 Td (21.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 442.17 Td (Fully diluted adjusted book value per share* ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 231.74 446.70 Td (\(1) Tj ET Q BT /F1 6.50 Tf ET q 0 0 0 rg BT 236.91 446.70 Td (1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 442.17 Td (22.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.65 442.17 Td (30.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 442.17 Td (27.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 442.17 Td (22.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 442.17 Td (21.61) Tj ET Q BT /F1 10.00 Tf ET BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 406.00 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 406.07 Td (Basic earnings per share is calculated by dividing net income by the weighted average number of common shares and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 396.07 Td (participating securities outstanding for the period. Diluted earnings per share is calculated by taking into account the effects) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 386.07 Td (of exercising all dilutive stock options. In the event of a net loss, any stock options outstanding are excluded from the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 376.07 Td (calculation of diluted loss per share. Unvested stock awards which contain non-forfeitable rights to dividends or dividend) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 366.07 Td (equivalents, whether paid or unpaid \(referred to as "participating securities"\) are included in the number of shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 356.07 Td (outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, the participating securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 346.07 Td (are excluded from both basic and diluted loss per share.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 330.00 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 329.17 Td (The loss ratio is calculated by dividing net loss and loss adjustment expenses incurred by net premiums earned.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 315.00 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 314.17 Td (The acquisition cost ratio is calculated by dividing net acquisition costs by net premiums earned.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 300.00 Td (\(4\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 299.17 Td (The internal expense ratio is the ratio of general and administrative expenses, excluding any corporate expenses, to net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 289.17 Td (premiums earned.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 275.00 Td (\(5\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 274.17 Td (The corporate expense ratio is the ratio of corporate expenses to net premiums earned. Corporate expenses include expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 264.17 Td (relating to Greenlight Capital Re being a publicly listed entity and certain non-core operating expenses.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 250.00 Td (\(6\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 249.17 Td (The combined ratio is the sum of the loss ratio, acquisition cost ratio, the internal expense ratio and corporate expense ratio.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 235.00 Td (\(7\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 231.17 Td (Adjusted book valueequals total equity minus non-controlling interest injoint venture.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 217.00 Td (\(8\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 216.17 Td (Diluted adjusted book value is the adjusted book value plus the proceeds from the exercise of in-the-money options issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 206.17 Td (and outstanding at year end.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 192.00 Td (\(9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 191.17 Td (Diluted number of shares outstandingis the sum of basic shares outstanding and the in-the-money options and restricted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 181.17 Td (stock units issued and outstanding at year end.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 167.00 Td (\(10\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 166.17 Td (Basic adjusted book value per share is calculated by dividing adjusted book value by thenumber of shares and share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 156.17 Td (equivalents issued and outstanding at year end.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 142.00 Td (\(11\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 141.17 Td (Fully diluted adjusted book value per share is calculated by dividing thediluted adjusted book value bythediluted number) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 131.17 Td (of sharesoutstanding at year end.) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 117.00 Td (*) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 117.07 Td (Adjusted book value, diluted adjusted book value, basic adjusted book value per share, and fully diluted adjusted book value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 107.07 Td (per share are non-GAAP measures. For areconciliation of the non-GAAP measures to the most comparable GAAP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 97.07 Td (measures, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 87.07 Td (Results of Operations".) Tj ET Q BT /F1 7.15 Tf ET q 0 0 0 rg BT 48.00 72.00 Td (^) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 71.17 Td (For detailed discussion of change in loss and loss adjustment expenses, refer to "Item 7. Management's Discussion and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 61.17 Td (Analysis of Financial Condition and Results of Operations Financial Condition" and Note 7 to the consolidated financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.00 51.17 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (ITEM 7. MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 243.69 749.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 267.31 749.25 Td (ANAL) Tj ET Q q 0 0 0 rg BT 294.72 749.25 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 332.98 749.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 391.59 749.25 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 454.94 749.25 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 511.53 749.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 539.78 749.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td (OPERA) Tj ET Q q 0 0 0 rg BT 83.76 737.25 Td (TIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 85.50 713.25 Td (Refer) Tj ET Q q 0 0 0 rg BT 106.78 713.25 Td (ences to "we,""us,""our) Tj ET Q q 0 0 0 rg BT 205.55 713.25 Td (,""our company) Tj ET Q q 0 0 0 rg BT 270.89 713.25 Td (," or "the Company" r) Tj ET Q q 0 0 0 rg BT 361.44 713.25 Td (efer to Gr) Tj ET Q q 0 0 0 rg BT 400.51 713.25 Td (eenlight Capital Re, Ltd. \("GLRE"\) and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (its wholly-owned subsidiaries, Gr) Tj ET Q q 0 0 0 rg BT 184.13 701.25 Td (eenlight Reinsurance, Ltd, \("Gr) Tj ET Q q 0 0 0 rg BT 310.44 701.25 Td (eenlight Re"\), Gr) Tj ET Q q 0 0 0 rg BT 378.97 701.25 Td (eenlight Reinsurance Ir) Tj ET Q q 0 0 0 rg BT 473.02 701.25 Td (eland, Ltd. \("GRIL"\) ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (and V) Tj ET Q q 0 0 0 rg BT 72.00 689.25 Td (er) Tj ET Q q 0 0 0 rg BT 79.96 689.25 Td (dant Holding Company) Tj ET Q q 0 0 0 rg BT 173.29 689.25 Td (, Ltd. \("V) Tj ET Q q 0 0 0 rg BT 209.16 689.25 Td (er) Tj ET Q q 0 0 0 rg BT 217.12 689.25 Td (dant"\),unless the context dictates otherwise. Refer) Tj ET Q q 0 0 0 rg BT 419.79 689.25 Td (ences to our "Or) Tj ET Q q 0 0 0 rg BT 486.11 689.25 Td (dinary Shar) Tj ET Q q 0 0 0 rg BT 533.24 689.25 Td (es" ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (r) Tj ET Q q 0 0 0 rg BT 53.02 677.25 Td (efers collectively to our Class ) Tj ET Q q 0 0 0 rg BT 174.20 677.25 Td (A) Tj ET Q q 0 0 0 rg BT 180.13 677.25 Td ( Or) Tj ET Q q 0 0 0 rg BT 193.37 677.25 Td (dinary Shar) Tj ET Q q 0 0 0 rg BT 240.50 677.25 Td (es and Class B Or) Tj ET Q q 0 0 0 rg BT 312.91 677.25 Td (dinary Shar) Tj ET Q q 0 0 0 rg BT 360.04 677.25 Td (es.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 653.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 641.25 Td (The following is a discussion and analysis of our results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.00 641.25 Td (years ended December 31, 2015, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 629.25 Td ( and financial condition as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.29 629.25 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.31 629.25 Td (. ) Tj ET Q q 0 0 0 rg BT 328.13 629.25 Td (The following discussion should be read in conjunction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (with the audited consolidated financial statements and accompanying notes, which appear elsewhere in this filing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 569.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 569.25 Td (e are a Cayman Islands headquartered global specialty property and casualty reinsurer with a reinsurance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (investment strategy that we believe dif) Tj ET Q q 0 0 0 rg BT 203.99 557.25 Td (ferentiates us from most of our competitors. Our goal is to build long-term shareholder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (value byselectively of) Tj ET Q q 0 0 0 rg BT 139.56 545.25 Td (fering customized reinsurance solutions, in markets where capacity and alternatives are limited,which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (we believe will yield favorable long-term returns on equity) Tj ET Q q 0 0 0 rg BT 284.89 533.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 521.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 509.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 509.25 Td (e aim to complement our underwriting results with a non-traditional investment approach in order to achieve higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (rates of return over the long term than reinsurance companies that employ more traditional, fixed-income investment strategies. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 485.25 Td (e manage our investment portfolio according to a value-oriented philosophy) Tj ET Q q 0 0 0 rg BT 361.57 485.25 Td (, in which we take long positions in perceived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (undervalued securities and short positions in perceived overvalued securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 461.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 449.25 Td (Because we employ an opportunistic underwriting philosophy) Tj ET Q q 0 0 0 rg BT 333.14 449.25 Td (, period-to-period comparisons of our underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (results may not be meaningful. In addition, our historical investment results may not necessarily be indicative of future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (performance. Due to the nature of our reinsurance and investment strategies, our operating results will likely fluctuate from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (period to period.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (Outlook and ) Tj ET Q q 0 0 0 rg BT 105.45 389.25 Td (T) Tj ET Q q 0 0 0 rg BT 111.38 389.25 Td (r) Tj ET Q q 0 0 0 rg BT 115.64 389.25 Td (ends) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 365.25 Td (The reinsurance industry has experienced significant consolidation in the last several years, fueled by many traditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (participants with excess capital looking to strengthen their positions in their core markets and boost their investment returns in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.25 Td (low interest rate environment. ) Tj ET Q q 0 0 0 rg BT 171.78 341.25 Td (W) Tj ET Q q 0 0 0 rg BT 180.42 341.25 Td (e believe further consolidation will likely continue but do not believe that consolidation will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (result in a significant reduction in total capital within the industry) Tj ET Q q 0 0 0 rg BT 311.01 329.25 Td (. Rather) Tj ET Q q 0 0 0 rg BT 344.77 329.25 Td (, we expect the industry consolidation to create ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (concentrations of capital in fewer) Tj ET Q q 0 0 0 rg BT 182.93 317.25 Td (, lar) Tj ET Q q 0 0 0 rg BT 198.29 317.25 Td (ger participants, and that with a reduction in the number of competitors in the industry) Tj ET Q q 0 0 0 rg BT 542.83 317.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (pricing may partially stabilize. Further) Tj ET Q q 0 0 0 rg BT 203.22 305.25 Td (, while some opportunities may become available on an attractive basis to only the lar) Tj ET Q q 0 0 0 rg BT 545.99 305.25 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (reinsurance companies in the industry) Tj ET Q q 0 0 0 rg BT 200.47 293.25 Td (, we believe that the consolidation trend may create new opportunities for us if more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (capacity becomes available as a result of the industry consolidating.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 257.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 257.25 Td (e do not believe that the over) Tj ET Q q 0 0 0 rg BT 210.01 257.25 Td (-capitalization of the market is uniform across all industry participants and there are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (many insurers and reinsurers with lower financial security profiles than ours that have and will continue to suf) Tj ET Q q 0 0 0 rg BT 490.03 245.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (disproportionately) Tj ET Q q 0 0 0 rg BT 122.17 233.25 Td (. ) Tj ET Q q 0 0 0 rg BT 126.99 233.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.63 233.25 Td (e believe the value proposition of our reinsurance of) Tj ET Q q 0 0 0 rg BT 344.26 233.25 Td (fering and our dif) Tj ET Q q 0 0 0 rg BT 414.33 233.25 Td (ferentiated underwriting strategy ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (positions us well to compete for new) Tj ET Q q 0 0 0 rg BT 196.05 221.25 Td (, tar) Tj ET Q q 0 0 0 rg BT 211.41 221.25 Td (geted business in niche areas that we know and service well.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 197.25 Td (A) Tj ET Q q 0 0 0 rg BT 92.17 197.25 Td ( key part of our underwriting strategy is to identify and partner with companies that have suf) Tj ET Q q 0 0 0 rg BT 461.89 197.25 Td (fered dislocation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 98.84 185.25 Td (, given declining or flat investment earnings for fixed income investors, resulting from a prolonged low interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.25 Td (environment, we believe underwriting opportunities may increase, which we intend to pursue where we believe pricing is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.25 Td (economically rational. Conversely) Tj ET Q q 0 0 0 rg BT 186.31 161.25 Td (, if attractive opportunities are not available on economically rational terms, we anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.25 Td (that we will seek to maintain or even reduce premium writings rather than accept mispriced risk in order to conserve our capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.25 Td (for a more opportune environment. ) Tj ET Q q 0 0 0 rg BT 192.05 137.25 Td (W) Tj ET Q q 0 0 0 rg BT 200.69 137.25 Td (e believe that significant price increases could occur if financial and credit markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.25 Td (experience adverse shocks that result in the loss of capital of insurers and reinsurers, or if there are major catastrophic events, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.25 Td (especially in North ) Tj ET Q q 0 0 0 rg BT 127.54 113.25 Td (America. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 89.25 Td (During 2015, we experienced more success in closing tar) Tj ET Q q 0 0 0 rg BT 313.86 89.25 Td (geted new business opportunities, especially new transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.25 Td (with existing partners, than we have experienced in the prior two fiscal years. For specific information regarding our gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.25 Td (written premium by area of business as at December 31, 2015, 2014 and 2013, please refer to the table in Note 15 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.25 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 189.18 53.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 239.08 53.25 Td (, several of our renewal clients experienced growth in their portfolios, which, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.25 Td (turn, resulted in growth of the premium ceded under our transactions with these clients in 2015. In particular:) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (45) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 67.50 746.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 746.30 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 746.30 Td (e observed stability and favorable trends in our underlying rates and profitability for our non-standard automobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 734.30 Td (business. ) Tj ET Q q 0 0 0 rg BT 124.21 734.30 Td (W) Tj ET Q q 0 0 0 rg BT 132.85 734.30 Td (e continue to believe we are achieving acceptable risk adjusted returns on this business and expect to have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 722.30 Td (a high concentration of premium in this line for the foreseeable future.) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 67.50 705.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 705.50 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 705.50 Td (e observed an increase in the size of the U.S. health stop loss market as employers seek to control their health care ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 693.50 Td (costs by moving from first dollar health care plans subject to the ) Tj ET Q q 0 0 0 rg BT 344.88 693.50 Td (Af) Tj ET Q q 0 0 0 rg BT 355.26 693.50 Td (fordable Care ) Tj ET Q q 0 0 0 rg BT 411.90 693.50 Td (Act. ) Tj ET Q q 0 0 0 rg BT 431.15 693.50 Td (W) Tj ET Q q 0 0 0 rg BT 439.79 693.50 Td (e believe that the majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 681.50 Td (this growth has been absorbed by lar) Tj ET Q q 0 0 0 rg BT 231.95 681.50 Td (ge carriers that elect to not purchase reinsurance. However) Tj ET Q q 0 0 0 rg BT 466.16 681.50 Td (, we have seen growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 669.50 Td (in the portion of the market controlled by managing general underwriters that rely heavily on quota share reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 657.50 Td (and we expect to modestly increase our market share in this line for the foreseeable future.) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 67.50 640.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 640.70 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 640.70 Td (e note that pricing for property catastrophe retro and other property catastrophe business is under severe competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 628.70 Td (pressure and we believe much of the business in the market is being priced below the expected losses. ) Tj ET Q q 0 0 0 rg BT 497.60 628.70 Td (As such, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 616.70 Td (2015 we have decreased, and expect to continue to decrease, our focus in this line of business unless there is a market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 604.70 Td (changing event that improves expected profitability) Tj ET Q q 0 0 0 rg BT 291.17 604.70 Td (.) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 67.50 587.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 587.90 Td (Our specialty casualty business is comprised of lar) Tj ET Q q 0 0 0 rg BT 287.77 587.90 Td (ger) Tj ET Q q 0 0 0 rg BT 300.14 587.90 Td (, syndicated reinsurance placements for general casualty and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 575.90 Td (professional liability) Tj ET Q q 0 0 0 rg BT 167.34 575.90 Td (. For most of this business, we are not a lead underwriter and, instead are following the market on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 563.90 Td (these transactions. ) Tj ET Q q 0 0 0 rg BT 161.13 563.90 Td (This business has a longer duration of claim payments than business we have historically written, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 551.90 Td (which leads to a build-up of reserves and exposure over a longer period of time. ) Tj ET Q q 0 0 0 rg BT 407.44 551.90 Td (W) Tj ET Q q 0 0 0 rg BT 416.08 551.90 Td (e expect this portion of our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 539.90 Td (to grow modestly in 2016.) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 67.50 523.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 523.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 523.10 Td (e also observed a decrease in the underlying rates and profitability for Florida Homeowners business. If rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 511.10 Td (expected profitability continue to decline, we would expect to further decrease the premiums written in this line.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 499.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 487.10 Td (On October 23, 2015 ) Tj ET Q q 0 0 0 rg BT 171.88 487.10 Td (A.M. Best af) Tj ET Q q 0 0 0 rg BT 223.36 487.10 Td (firmed Greenlight Re's rating of "A) Tj ET Q q 0 0 0 rg BT 364.48 487.10 Td ( \(Excellent\)" but revised the outlook from stable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (to negative. ) Tj ET Q q 0 0 0 rg BT 98.47 475.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.11 475.10 Td (e do not expect any of our current business to be af) Tj ET Q q 0 0 0 rg BT 311.03 475.10 Td (fected due to strong client relationships and our capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.10 Td (position; however) Tj ET Q q 0 0 0 rg BT 121.03 463.10 Td (, there is the potential for new business generation in the rating sensitive areas of the market to be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 427.10 Td (While competitive market conditions have made finding and successfully underwriting new business that meets our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (tar) Tj ET Q q 0 0 0 rg BT 59.87 415.10 Td (geted return hurdles challenging, we believe that we have a strong pipeline of attractive opportunities with counterparties that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.10 Td (seek highly customized structures, terms and conditions, which aligns well with our underwriting strategy) Tj ET Q q 0 0 0 rg BT 472.38 403.10 Td (. ) Tj ET Q q 0 0 0 rg BT 477.20 403.10 Td (W) Tj ET Q q 0 0 0 rg BT 485.83 403.10 Td (e intend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.10 Td (continue to monitor market conditions and pursue opportunities to best position ourselves to participate in future under) Tj ET Q q 0 0 0 rg BT 524.76 391.10 Td (-served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (or capacity-constrained markets as they arise, and intend to of) Tj ET Q q 0 0 0 rg BT 297.00 379.10 Td (fer products that we believe will generate favorable returns on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (equity over the long term. ) Tj ET Q q 0 0 0 rg BT 155.03 367.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 204.37 367.10 Td (, our underlying results and product line concentrations in any given period may vary) Tj ET Q q 0 0 0 rg BT 544.74 367.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (perhaps significantly) Tj ET Q q 0 0 0 rg BT 132.44 355.10 Td (, and are not necessarily indicative of our future results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 331.10 Td (Our investment portfolio had a net long exposure of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.73 331.10 Td (15.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.56 331.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.72 331.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.30 331.10 Td (. Our goal for 2016 is to protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td (capital in an uncertain environment and to find investment opportunities on both our long and short portfolios that we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (will generate positive returns. Despite a Federal Reserve interest rate increase in December) Tj ET Q q 0 0 0 rg BT 413.67 307.10 Td (, monetary policy remains very ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (accommodative globally) Tj ET Q q 0 0 0 rg BT 147.43 295.10 Td (. ) Tj ET Q q 0 0 0 rg BT 154.38 295.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 204.28 295.10 Td (, there are many global economic and political risks that are coming to the forefront. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (Global equity markets have had a dif) Tj ET Q q 0 0 0 rg BT 197.05 283.10 Td (ficult start in 2016 with many global market indices falling, and volatility rising. Given ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (the current investment environment, we judge it appropriate to maintain comparatively lower gross and net equity exposures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (and to hold a significant position in gold and other macro positions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 211.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 211.10 Td (e manage our business on the basis of one operating segment, property and casualty reinsurance, in accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (the qualitative and quantitative criteria established by U.S. GAAP) Tj ET Q q 0 0 0 rg BT 312.21 199.10 Td (. ) Tj ET Q q 0 0 0 rg BT 317.03 199.10 Td (W) Tj ET Q q 0 0 0 rg BT 326.07 199.10 Td (ithin the property and casualty reinsurance segment, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td (analyze our underwriting operations using two categories:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 160.94 cm /I128 Do Q q 0 0 0 rg BT 121.50 163.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 163.98 163.10 Td (business; ) Tj ET Q q 0 0 0 rg BT 203.15 163.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 148.94 cm /I129 Do Q q 0 0 0 rg BT 121.50 151.10 Td (severity ) Tj ET Q q 0 0 0 rg BT 155.66 151.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 127.10 Td (Frequency business is generally characterized as contracts containing a potentially lar) Tj ET Q q 0 0 0 rg BT 427.97 127.10 Td (ge number of small losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.10 Td (emanating from multiple events. Clients generally buy this protection to increase their own underwriting capacity and typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (select a reinsurer basedupon the reinsurer) Tj ET Q q 0 0 0 rg BT 218.13 103.10 Td () Tj ET Q q 0 0 0 rg BT 220.91 103.10 Td (s financial strength, serviceand expertise. ) Tj ET Q q 0 0 0 rg BT 390.67 103.10 Td (W) Tj ET Q q 0 0 0 rg BT 399.30 103.10 Td (e expect the results of frequency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td (business to be less volatile than those of severity business from period to period due togreater predictability) Tj ET Q q 0 0 0 rg BT 481.25 91.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.07 91.10 Td (W) Tj ET Q q 0 0 0 rg BT 494.71 91.10 Td (e also expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (that over time the profit mar) Tj ET Q q 0 0 0 rg BT 162.34 79.10 Td (gins and return on equity of our frequency business will be lower than those of our severity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.10 Td () Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 749.10 Td (Severity business is generally characterized as contracts with the potential for significant losses emanating from one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (event or multiple events. Clients generally buy this protection to remove volatility from their balance sheets, and accordingly) Tj ET Q q 0 0 0 rg BT 548.99 737.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (we expect the results of severity business to be volatile from period to period. However) Tj ET Q q 0 0 0 rg BT 398.72 725.10 Td (, over the long term, we also expect that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (our severity business will generate higher profit mar) Tj ET Q q 0 0 0 rg BT 258.43 713.10 Td (gins and return on equity than those of our frequency business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 665.10 Td (e derive our revenues from two principal sources:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 645.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 643.01 cm /I130 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 645.17 Td (premiums from reinsurance on property and casualty business assumed; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 626.01 cm /I131 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 628.17 Td (income from investments.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 611.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 599.10 Td (Premiums from reinsurance on property and casualty business assumed are directly related to the number) Tj ET Q q 0 0 0 rg BT 497.08 599.10 Td (, type and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 587.10 Td (pricing of contracts we write. For financial reporting purposes, we earn premiums over the contract period in proportion to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 575.10 Td (period of risk covered.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 551.10 Td (Income from our investments is primarily comprised of interest income, dividends, net realized gains and losses, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 539.10 Td (changes in unrealized gains and losses on investment securities. ) Tj ET Q q 0 0 0 rg BT 307.03 539.10 Td (W) Tj ET Q q 0 0 0 rg BT 315.67 539.10 Td (e also derive interest income from money market funds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 527.10 Td (notes receivable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 503.10 Td (In addition, we may from time to time derive other income from gains on deposit accounted contracts, fees generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.10 Td (from advisory services provided by ) Tj ET Q q 0 0 0 rg BT 193.45 491.10 Td (V) Tj ET Q q 0 0 0 rg BT 199.56 491.10 Td (erdant and fees relating to overrides, profit commissions and early termination of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (contracts.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 455.10 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 431.10 Td (Our expenses consist primarily of the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 411.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 409.01 cm /I132 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 411.17 Td (underwriting losses and loss adjustment expenses;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 395.01 cm /I133 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 397.17 Td (acquisition costs;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 380.01 cm /I134 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 382.17 Td (investment-related expenses; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 365.01 cm /I135 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 367.17 Td (general and administrative expenses.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 338.10 Td (Loss and loss adjustment expenses are a function of the amount and type of reinsurance contracts we write and of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (loss experience of the underlying coverage. ) Tj ET Q q 0 0 0 rg BT 225.27 326.10 Td (As described below) Tj ET Q q 0 0 0 rg BT 303.48 326.10 Td (, loss and loss adjustment expenses include an actuarial analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (of the estimated losses, including losses incurred during the period and changes in estimates from prior periods. Depending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (the nature of the contract, loss and loss adjustment expenses may be paid over a period of years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 278.10 Td (Acquisition costs primarily consist of brokerage fees, ceding commissions, premium taxes, profit commissions, letters of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (credit fees, federal excise tax,and other direct expenses we incur that are directly related to underwriting reinsurance contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 254.10 Td (e amortize deferred acquisition costs over the related contract term.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 230.10 Td (Investment-related expenses primarily consist of interest expense on borrowings, dividend expense on short sales, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (management fees and performance compensation that we pay to our investment advisor) Tj ET Q q 0 0 0 rg BT 399.66 218.10 Td (. ) Tj ET Q q 0 0 0 rg BT 404.48 218.10 Td (W) Tj ET Q q 0 0 0 rg BT 413.12 218.10 Td (e net these expenses against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (investment income in our consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 182.10 Td (General and administrative expenses consist primarily of salaries and benefits and related costs, including costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (associated with our incentive compensation plan, bonuses and stock compensation expenses.General and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (expenses also include professional fees, travel and entertainment,information technology) Tj ET Q q 0 0 0 rg BT 406.79 158.10 Td (, rent and other general operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 122.10 Td (For stock option expenses, we calculate compensation cost using the Black-Scholes option pricing model and expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (stock options over their vesting period, which is typically three years. For restricted stock awards and restricted stock units, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (calculate compensation cost using the grant date fair value of each award and expense the stock awards over their vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (period, which is typically three years for employees and one year for directors.) Tj ET Q endstream endobj 97 0 obj <>] /Rotate 0 /Contents 98 0 R>> endobj 98 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (47) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.21 749.25 Td (Accounting Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.55 725.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.09 725.25 Td ( financial statements contain certain amounts that are inherently subjective in nature and have required ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (management to make assumptions and best estimates to determine reported values. If certain factors, including those described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (in "Part I. Item IA. Risk Factors", cause actual events or results to dif) Tj ET Q q 0 0 0 rg BT 338.81 701.25 Td (fer materially from our underlying assumptions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (estimates, there could be a material adverse ef) Tj ET Q q 0 0 0 rg BT 233.67 689.25 Td (fect on our results of operations, financial condition or liquidity) Tj ET Q q 0 0 0 rg BT 487.41 689.25 Td (. ) Tj ET Q q 0 0 0 rg BT 492.23 689.25 Td (W) Tj ET Q q 0 0 0 rg BT 500.87 689.25 Td (e believe that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (the following accounting policies af) Tj ET Q q 0 0 0 rg BT 193.17 677.25 Td (fect the more significant estimates used in the preparation of our consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 96.53 665.25 Td (The descriptions below are summarized and have been simplified for clarity) Tj ET Q q 0 0 0 rg BT 400.22 665.25 Td (. ) Tj ET Q q 0 0 0 rg BT 404.67 665.25 Td (A) Tj ET Q q 0 0 0 rg BT 411.34 665.25 Td ( more detailed description of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (significant accounting policies as well as recently issued accounting standardsis included inNote) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 653.25 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.73 653.25 Td ( to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.22 653.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.76 653.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (financial statements.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 617.25 Td (Premium Revenues and Risk T) Tj ET Q q 0 0 0 rg BT 203.91 617.25 Td (ransfer) Tj ET Q q 0 0 0 rg BT 233.37 617.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.37 617.25 Td (Our property and casualty reinsurance premiums are recorded as premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (written based upon contract terms and information received from ceding companies and their brokers. For excess of loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (reinsurance contracts, premiums are typically stated as a percentage of the subject premiums written by the client, subject to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (minimum and deposit premium. ) Tj ET Q q 0 0 0 rg BT 180.14 581.25 Td (The minimum and deposit premium is typically based on an estimate of subject premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (expected to be written by the client during the contract term. ) Tj ET Q q 0 0 0 rg BT 293.67 569.25 Td (The minimum and deposit premium is reported initially as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (premiums written and adjusted, if necessary) Tj ET Q q 0 0 0 rg BT 224.91 557.25 Td (, in subsequent periods once the actual subject premium is known. For catastrophe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (contracts that contractually require the payment of a reinstatement premium equal to or greater than the original premium upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (the occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (premiums that are contractually calculated on a pro-rata basis of the original premiums are earned over the remaining coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 485.25 Td (For each quota share or proportional property and casualty reinsurance contract we underwrite, our client estimates gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (premiums written at inception of the contract. ) Tj ET Q q 0 0 0 rg BT 234.82 473.25 Td (W) Tj ET Q q 0 0 0 rg BT 243.46 473.25 Td (e generally account for such premiums using our bestestimates and then adjust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (ourestimates based on actual reports providedby our client and based on our expectations of industry developments.) Tj ET Q q 0 0 0 rg BT 519.66 461.25 Td (As the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (contract progresses, we monitor actual premiums received in conjunction with correspondence from the client in order to refine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (our estimate. ) Tj ET Q q 0 0 0 rg BT 103.47 437.25 Td (V) Tj ET Q q 0 0 0 rg BT 109.58 437.25 Td (ariances from initial gross premiums written estimates can be greater for quota share contracts than for excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (loss contracts. ) Tj ET Q q 0 0 0 rg BT 108.10 425.25 Td (All premiums on quota share contracts are earned over the risk coverage period. Unearned premiums consist of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (the unexpired portion of reinsurance provided.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.25 Td (At the inception of each of our reinsurance contracts, we receive premium estimates from the client, which, together with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (historical and industry data, are used to estimate what we believe will be the ultimate premium payable pursuant to each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (contract. ) Tj ET Q q 0 0 0 rg BT 86.52 365.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.16 365.25 Td (e receive actual premiums written by each client as the client reports the actual results of the underlying insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (writings to us on a monthly or quarterly basis \(depending on the terms of the contract\). ) Tj ET Q q 0 0 0 rg BT 398.96 353.25 Td (W) Tj ET Q q 0 0 0 rg BT 407.60 353.25 Td (e book the actual premiums written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.25 Td (when we receive them from our client. Each reporting period we estimate the amount of premiums that are written for stub ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (periods that have not yet been reported to us by the client. For example, for December year) Tj ET Q q 0 0 0 rg BT 413.61 329.25 Td (-end we may have to estimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (December premiums ceded under certain contracts since the client may not be required to report the actual results to us until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (after we have finalized our audited financial statements.) Tj ET Q q 0 0 0 rg BT 275.61 305.25 Td (T) Tj ET Q q 0 0 0 rg BT 281.02 305.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 312.58 305.25 Td (, premium estimates are only used for unreported stub ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (periods, which accounts for a small percentage of our reported premiums written. ) Tj ET Q q 0 0 0 rg BT 377.54 293.25 Td (W) Tj ET Q q 0 0 0 rg BT 386.18 293.25 Td (e believe that estimating premiums written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (for these stub periods is standard reinsurance industry practice.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 257.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 257.25 Td (e are able to confirm the accuracy and completeness of premiums reported by our clients by either reviewing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (client) Tj ET Q q 0 0 0 rg BT 74.49 245.25 Td (s statutory filings and/or performing an audit of the client, as per the terms of the contract. Discrepancies between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (premiums being ceded and reported under a contract are, in our experience, rare. ) Tj ET Q q 0 0 0 rg BT 374.16 233.25 Td (T) Tj ET Q q 0 0 0 rg BT 379.57 233.25 Td (o date, we have not had any material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (discrepancy in premiums being reported by a client that required a dispute resolution process.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 209.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 197.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 197.25 Td (e account for reinsurance contracts in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 351.43 197.25 Td (. ) Tj ET Q q 0 0 0 rg BT 355.88 197.25 Td (Assessing whether or not a reinsurance contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.25 Td (meets the conditions for risk transfer requires judgment. ) Tj ET Q q 0 0 0 rg BT 276.20 185.25 Td (The determination of risk transfer is critical to reporting premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.25 Td (written and is based, in part, on the use of actuarial and pricing models and assumptions. If we determine that a reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.25 Td (contract does not transfer suf) Tj ET Q q 0 0 0 rg BT 165.39 161.25 Td (ficient risk, or if a contract provides retroactive reinsurance coverage, we usedeposit accounting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.25 Td (Any losses on such contracts are char) Tj ET Q q 0 0 0 rg BT 199.27 149.25 Td (ged to earnings immediately and recorded in the consolidated statements of income as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.25 Td (other expense. ) Tj ET Q q 0 0 0 rg BT 109.20 137.25 Td (Any gains relating to such contracts are deferred and amortized over the estimated remaining settlement period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.25 Td (All such deferred gains are included in reinsurance balances payable in the consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 466.00 125.25 Td (Amortized gains are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.25 Td (recorded in the consolidated statementsof income as other income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.25 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 89.25 Td (Investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.95 89.25 Td (Our investments in debt and equity securities that are classified as "trading securities" are carried at fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.25 Td (value in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 198.07 77.25 Td (. ) Tj ET Q q 0 0 0 rg BT 202.89 77.25 Td (The fair values of the listed equitiesare derived based on the last reported price on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.25 Td (balance sheet date as reported by a recognized exchange. ) Tj ET Q q 0 0 0 rg BT 279.75 65.25 Td (The fair values of listed equities that have restrictions on sale or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.25 Td (transfer which expire within one year) Tj ET Q q 0 0 0 rg BT 198.76 53.25 Td (, are determined by adjusting the observed market price of the equity using a liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.25 Td (discount based on observable market inputs. ) Tj ET Q q 0 0 0 rg BT 229.00 41.25 Td (The fair values of debt instruments are generally derived based on the average of ) Tj ET Q endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (multiple market maker or broker quotes which are considered to be binding. ) Tj ET Q q 0 0 0 rg BT 356.17 749.10 Td (Where quotes are not available, debt instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (are valued using cash flow models using assumptions and estimates that may be subjective and non-observable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.10 Td (The fair values of our investments in commodities are based on the commodity) Tj ET Q q 0 0 0 rg BT 395.87 713.10 Td (s last reported price on the balance sheet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (date as reported by a recognized commodities exchange. Our investments in private and unlisted equity securities and limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (partnerships are all carried at fair value, based on broker or market maker quotes, or based on management) Tj ET Q q 0 0 0 rg BT 479.60 689.10 Td (s assumptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (developed from available information, using the services of our investment advisor including the most recent net asset values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (obtained from the managers of those underlying investments. Investments in private equity funds are valued based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (unadjusted net asset values reported by the funds) Tj ET Q q 0 0 0 rg BT 247.87 653.10 Td ( managers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (For securities classified as "trading securities" and "other investments", any realized and unrealized gains or losses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (determined on the basis of specific identification method \(by reference to cost or amortized cost, as appropriate\) and included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (net investment income in the consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 581.10 Td (Financial contracts which include total return swaps, credit default swaps, options, futures and other derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (instruments are recorded at their fair value with any unrealized gains and losses included in net investment income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (consolidated statements of income. Fair values on total return swaps are based on the underlying security) Tj ET Q q 0 0 0 rg BT 472.72 557.10 Td (s fair value which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (obtained from closing prices on a recognized exchange \(for equity or commodityswaps\), or from market makers or broker ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (quotes. Fair values for credit default swaps trading in an active market are based on market maker or broker quotes taking into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (account credit spreads on identical contracts. Our exchange traded option contracts are recorded at fair value based on quoted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (prices in active markets. For over the counter \("OTC"\) options and exchange traded options where a quoted price in an active ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (market is not available, we obtain multiple market maker quotes to determine the fair values. Fair values for other derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (instruments are determined based on multiple broker or market maker quotes taking into account the liquidity and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (availability of an active marketfor the derivative.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 449.10 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 136.97 449.10 Td (Adjustment Expense Reserves.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 262.81 449.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.31 449.10 Td (Our loss and loss adjustment expense reserves are comprised of:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 429.17 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 427.01 cm /I136 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 429.17 Td (case reserves resulting from claims notified to us by our clients;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 410.01 cm /I137 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 412.17 Td (incurred but not reported \("IBNR"\) losses; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 395.01 cm /I138 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 397.17 Td (estimated loss adjustment expenses.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 377.10 Td (Case reserves are provided by our clients, and IBNR losses are estimated each reporting period based on a contract by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (contract review of all data available to us for each individual contract.Each of our reinsurance contracts is unique and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (methods and estimates we use vary depending on the facts and circumstances of each contract. ) Tj ET Q q 0 0 0 rg BT 430.29 353.10 Td (The resulting total loss reserves, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (including IBNR loss reserves, are the sum of each loss reserve estimated on a contract by contract basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 317.10 Td (e establish reserves for contracts based on estimates of the ultimate cost of all losses including IBNR. ) Tj ET Q q 0 0 0 rg BT 493.19 317.10 Td (These estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (ultimate reserves are based on our own actuarial estimates derived from reports received from ceding companies, industry data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (and historical experience. ) Tj ET Q q 0 0 0 rg BT 154.27 293.10 Td (These estimates are periodically reviewed by the Company on a contract by contract basis and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (adjusted when necessary) Tj ET Q q 0 0 0 rg BT 147.70 281.10 Td (. Since reserves are estimates, the setting of appropriate reserves is an inherently uncertain process. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (estimates are based upon actuarial and statistical projections and on our assessment of currently available data, predictions of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (future developments and estimates of future trends and other factors. ) Tj ET Q q 0 0 0 rg BT 326.73 257.10 Td (The final settlement of losses may vary) Tj ET Q q 0 0 0 rg BT 483.25 257.10 Td (, perhaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (materially) Tj ET Q q 0 0 0 rg BT 89.39 245.10 Td (, from the reserves initially established and periodically adjusted. ) Tj ET Q q 0 0 0 rg BT 351.81 245.10 Td (Alladjustments to the estimates are recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (period in which they are determined. Under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 273.06 233.10 Td (, we are not permitted to establish loss reserves, which include case ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (reserves and IBNR loss reserves, until the occurrence of an event which may give rise to a claim. ) Tj ET Q q 0 0 0 rg BT 439.92 221.10 Td (As a result, only loss reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (applicable to losses incurred up to the reporting date are established, with no allowance for the establishment of loss reserves to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (account for expected future loss events.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 173.10 Td (For natural peril exposed business, we generally establish loss reserves based on loss payments and case reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (reported by our clients when, and if, received. ) Tj ET Q q 0 0 0 rg BT 235.64 161.10 Td (W) Tj ET Q q 0 0 0 rg BT 244.28 161.10 Td (e then add our estimates for IBNR losses to the case reserves. ) Tj ET Q q 0 0 0 rg BT 492.63 161.10 Td (T) Tj ET Q q 0 0 0 rg BT 498.04 161.10 Td (o establish our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (IBNR loss estimates, in addition to the loss information and estimates communicated by ceding companies, we use industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (information, knowledge of the business written and management) Tj ET Q q 0 0 0 rg BT 311.66 137.10 Td (s judgment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 113.10 Td (For most of the contracts we write, our risk exposure is limited by defined limits of liability) Tj ET Q q 0 0 0 rg BT 442.17 113.10 Td (. Once the loss limit for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (contract has been reached, we have no further exposure to additional losses from that contract. However) Tj ET Q q 0 0 0 rg BT 465.88 101.10 Td (, certain contracts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (particularly quota share contracts that relate to first dollar exposure, may not contain aggregate limits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 65.10 Td (For all non-natural peril business, we initially reserve every individual contract to the expected loss and loss expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (ratio that we calculated when we originally priced the business. In our pricing analysis, we typically utilize a significant amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.10 Td (of information both from the individual client and from industry data. ) Tj ET Q q 0 0 0 rg BT 330.37 41.10 Td (Where practical, we compare historic reserving data that ) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (we receive from our client, if any) Tj ET Q q 0 0 0 rg BT 182.40 749.10 Td (, to publicly available financial statements of the client in an ef) Tj ET Q q 0 0 0 rg BT 433.80 749.10 Td (fort to identify) Tj ET Q q 0 0 0 rg BT 491.47 749.10 Td (, confirm and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (monitor the accuracy and completeness of the data.) Tj ET Q q 0 0 0 rg BT 256.74 737.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.37 737.10 Td (e require each of our clients to provide loss information for each reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (period, which, depending on the contract, could be monthly or quarterly) Tj ET Q q 0 0 0 rg BT 336.82 725.10 Td (. ) Tj ET Q q 0 0 0 rg BT 341.64 725.10 Td (The loss information required depends on the terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (and conditions of each contract and may include many years of history) Tj ET Q q 0 0 0 rg BT 331.81 713.10 Td (. Depending on the type of business underwritten, we are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (entitled to receive client and industry information on historical paid losses, incurred losses, number of open claims, number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (closed claims, number of total claims, listings of individual lar) Tj ET Q q 0 0 0 rg BT 299.55 689.10 Td (ge losses, earned premiums, policy count, policy limits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (underwritten, exposure information and rate change information. ) Tj ET Q q 0 0 0 rg BT 311.17 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 319.81 677.10 Td (e may alsoreceive information by class or subclass of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (business. If the reserving data is not available from a client, we rely on industry data, as well as the judgment and experience of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (our underwriters and actuaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 629.10 Td (e rely more on client and industry data than our own data to identify unusual trendsrequiring changes in reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (estimates. Each reinsurance contract is dif) Tj ET Q q 0 0 0 rg BT 217.58 617.10 Td (ferent and the degree to which we rely on client data versus our own data varies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (greatly from contract to contract. ) Tj ET Q q 0 0 0 rg BT 183.70 605.10 Td (The extent to which we rely on client data for reserve setting purposes depends upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (availability of historical loss data from the client and our judgment as to how reliable we believe the client) Tj ET Q q 0 0 0 rg BT 477.70 593.10 Td (s historic loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (performance is compared to its current book of business. ) Tj ET Q q 0 0 0 rg BT 278.70 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 287.34 581.10 Td (e may from time to time supplement client data with industry and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (competitor information where we deem appropriate. ) Tj ET Q q 0 0 0 rg BT 260.63 569.10 Td (Where available, we also receive relevant actuarial reports from the client. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 557.10 Td (e supplement this information with subjective information on each client, which may include management experience, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (competitor information, meetings with the client and supplementary industry research and data.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 521.10 Td (Generally) Tj ET Q q 0 0 0 rg BT 115.27 521.10 Td (, we obtain regular updates of premium and loss related information for the current period and historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (periods, which we utilize to update our initial expected loss and loss expense ratio. ) Tj ET Q q 0 0 0 rg BT 382.57 509.10 Td (There may be a time lag from when claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (are reported to our client and when our client reports the claims to us. ) Tj ET Q q 0 0 0 rg BT 330.06 497.10 Td (This time lag may impact our loss reserve estimates from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (period to period. Client reports, whether due monthly or quarterly) Tj ET Q q 0 0 0 rg BT 311.84 485.10 Td (, have set reporting dates of when they are due to us \(for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (example, fifteen days after month end\). ) Tj ET Q q 0 0 0 rg BT 208.88 473.10 Td (As such, the time lag in the client) Tj ET Q q 0 0 0 rg BT 345.52 473.10 Td (s reporting depends upon the terms of the specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (contract. ) Tj ET Q q 0 0 0 rg BT 86.52 461.10 Td (The timing of the reporting requirements is designed so that we receive premium and loss information as soon as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (practicable once the client has closed its books. ) Tj ET Q q 0 0 0 rg BT 240.83 449.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 290.16 449.10 Td (, there should be a short lag in such reporting. ) Tj ET Q q 0 0 0 rg BT 475.13 449.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 525.03 449.10 Td (, most of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (our contracts that have the potential for lar) Tj ET Q q 0 0 0 rg BT 219.53 437.10 Td (ge single event losses have provisions that such loss notification needs to be received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (immediately upon the occurrence of an event.Once we receive this updated information, we use a variety of standard actuarial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (methods in our analysis each quarter) Tj ET Q q 0 0 0 rg BT 195.29 413.10 Td (. Such methods may include: ) Tj ET Q /GS0 gs q 6.00 0 0 9.09 62.50 391.01 cm /I139 Do Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.50 393.33 Td (Paid Loss Development Method) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.32 393.33 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.82 393.33 Td ( ) Tj ET Q q 0 0 0 rg BT 218.14 393.33 Td (W) Tj ET Q q 0 0 0 rg BT 226.78 393.33 Td (e estimate ultimate losses by calculating past paid loss development factors and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 383.17 Td (applying them to exposure periods with further expected paid loss development. ) Tj ET Q q 0 0 0 rg BT 405.57 383.17 Td (The paid loss development method ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 373.17 Td (assumes that losses are paid in a consistent pattern. It provides an objective test of reported loss projections because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 363.17 Td (paid losses contain no reserve estimates. For many coverages, claim payments are made very slowly and it may take ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 353.17 Td (years for claims to be fully reported and settled.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 62.50 336.01 cm /I140 Do Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.50 338.33 Td (Reported Loss Development Method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 338.33 Td ( ) Tj ET Q q 0 0 0 rg BT 236.47 338.33 Td (W) Tj ET Q q 0 0 0 rg BT 245.11 338.33 Td (e estimate ultimate losses by calculating past reported loss development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 328.17 Td (factors and applying them to exposure periods with further expected reported loss development. Since reported losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 318.17 Td (include payments and case reserves, changes in both of these amounts are incorporated in this method. ) Tj ET Q q 0 0 0 rg BT 494.97 318.17 Td (This approach ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 308.17 Td (provides a lar) Tj ET Q q 0 0 0 rg BT 136.74 308.17 Td (ger volume of data to estimate ultimate losses than paid loss methods. ) Tj ET Q q 0 0 0 rg BT 418.45 308.17 Td (Thus, reported loss patterns may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 298.17 Td (be less varied than paid loss patterns, especially for coverage that have historically been paid out over a long period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 288.17 Td (time but for which claims are reported relatively early and case loss reserve estimates have been established.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 62.50 271.01 cm /I141 Do Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.50 273.33 Td (Expected Loss Ratio Method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.55 273.33 Td (W) Tj ET Q q 0 0 0 rg BT 214.19 273.33 Td (e estimate ultimate losses under the expected loss ratio method, by multiplying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 263.17 Td (earned premiums by an expected loss ratio. ) Tj ET Q q 0 0 0 rg BT 257.82 263.17 Td (W) Tj ET Q q 0 0 0 rg BT 266.46 263.17 Td (e select the expected loss ratio using industry data, historical company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 253.17 Td (data and our professional judgment. ) Tj ET Q q 0 0 0 rg BT 228.39 253.17 Td (W) Tj ET Q q 0 0 0 rg BT 237.03 253.17 Td (e use this method for lines of business and contracts where there are no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 243.17 Td (historical losses or where past loss experience is not credible.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 62.50 226.01 cm /I142 Do Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.50 228.33 Td (Bornhuetter-Ferguson Paid Loss Method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.36 228.33 Td (W) Tj ET Q q 0 0 0 rg BT 267.00 228.33 Td (e estimate ultimate losses by modifying expected loss ratios to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 218.17 Td (extent paid losses experienced to date dif) Tj ET Q q 0 0 0 rg BT 246.70 218.17 Td (fer from what would have been expected to have been paid based upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 208.17 Td (selected paid loss development pattern. ) Tj ET Q q 0 0 0 rg BT 241.71 208.17 Td (This method avoids some of the distortions that could result from a lar) Tj ET Q q 0 0 0 rg BT 523.15 208.17 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 198.17 Td (development factor being applied to a small base of paid losses to calculate ultimate losses. ) Tj ET Q q 0 0 0 rg BT 449.99 198.17 Td (W) Tj ET Q q 0 0 0 rg BT 458.63 198.17 Td (e generallyuse this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 188.17 Td (method for lines of business and contracts where there are limited historical paid losses.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 62.50 172.01 cm /I143 Do Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.50 174.33 Td (Bornhuetter-Ferguson Reported Loss Method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.69 174.33 Td (W) Tj ET Q q 0 0 0 rg BT 285.33 174.33 Td (e estimate ultimate losses by modifying expected loss ratios to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 164.17 Td (extent reported losses experienced to date dif) Tj ET Q q 0 0 0 rg BT 262.80 164.17 Td (fer from what would have been expected to have been reported based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 154.17 Td (upon the selected reported loss development pattern. ) Tj ET Q q 0 0 0 rg BT 295.03 154.17 Td (This method avoids some of the distortions that could result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 144.17 Td (from a lar) Tj ET Q q 0 0 0 rg BT 121.74 144.17 Td (ge development factor being applied to a small base of reported losses to calculate ultimate losses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 134.17 Td (W) Tj ET Q q 0 0 0 rg BT 91.14 134.17 Td (egenerally usethis method for lines of business and contracts where there are limited historical reported losses.) Tj ET Q /GS0 gs q 6.00 0 0 9.09 62.50 117.01 cm /I144 Do Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 82.50 119.33 Td (Frequency / Severity Method. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.65 119.33 Td (W) Tj ET Q q 0 0 0 rg BT 215.29 119.33 Td (e estimate ultimate losses under this method by multiplying the ultimate number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 109.17 Td (claims \(i.e. the frequency\), by the estimated ultimate average cost per claim \(i.e. the severity\). By analyzing claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 99.17 Td (experience by its frequency and severity components, we are able to examine trends and patterns in the rates of claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 89.17 Td (emer) Tj ET Q q 0 0 0 rg BT 102.30 89.17 Td (gence \(i.e. reporting\) and settlement \(i.e. closure\) as well as in the average cost of claims. ) Tj ET Q q 0 0 0 rg BT 462.26 89.17 Td (The approach is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 79.17 Td (valuable because sometimes there is more inherent stability in the frequency and severity data when viewed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.50 69.17 Td (separately rather than in the total losses.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td () Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (In addition, we supplement our analysis with other reserving methodologies that we deem to be relevant to specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.10 Td (For each contract, we utilize such reserving methodology that our actuaries deem appropriate in order to calculate a best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (estimate, or point estimate, of reserves. ) Tj ET Q q 0 0 0 rg BT 208.44 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 217.07 701.10 Td (e use various actuarial methods to provide data point estimates to aid us in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (estimation of reasonable and adequate loss reserves. In setting our reserves, we do not select a range of estimates that may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (subject to adjustment. ) Tj ET Q q 0 0 0 rg BT 139.30 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 147.94 677.10 Td (e analyze reserves on a contract by contract basis and do not reserve based on aggregated product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (lines.) Tj ET Q q 0 0 0 rg BT 73.21 665.10 Td (Whether we use one methodology) Tj ET Q q 0 0 0 rg BT 209.18 665.10 Td (, a combination of methodologies or all methodologies depends upon the contract and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (the judgment of the actuaries responsible for the contract. ) Tj ET Q q 0 0 0 rg BT 282.01 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 290.65 653.10 Td (e do not have a set weighting of the various methods we use. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (Certain of the methods we consider are more appropriate depending on the type and structure of the contract, how mature is the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (contract, and the duration of the expected paid losses on the contract. For example, the data estimation for contracts that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (relatively new and therefore have little paid loss development is more appropriately considered using the Bornhuetter) Tj ET Q q 0 0 0 rg BT 518.87 617.10 Td (-Fer) Tj ET Q q 0 0 0 rg BT 535.35 617.10 Td (guson ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (Reported Loss Method than a paid loss development method.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.23 605.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 581.10 Td (Our aggregate reserves are the sum of the point estimate of all contracts. ) Tj ET Q q 0 0 0 rg BT 368.43 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 377.07 581.10 Td (e perform a quarterly loss reserve analysis on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (each contract regardless of the line of business. ) Tj ET Q q 0 0 0 rg BT 240.64 569.10 Td (This analysis may incorporate some or all of the information described above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (using some or all of the methodologies described above.) Tj ET Q q 0 0 0 rg BT 277.04 557.10 Td (W) Tj ET Q q 0 0 0 rg BT 285.68 557.10 Td (e generally calculate IBNR loss reserves for each contract by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (estimating the ultimate incurred losses at any point in time and subtracting cumulative paid claims and case reserves, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (incorporate specific exposures, loss payment and reporting patterns and other relevant factors. Each quarter) Tj ET Q q 0 0 0 rg BT 478.66 533.10 Td (, our reserving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (committee, which is comprised of our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 281.20 521.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 299.11 521.10 Td (, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 378.91 521.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 396.83 521.10 Td (, Chief ) Tj ET Q q 0 0 0 rg BT 425.99 521.10 Td (Actuarial Of) Tj ET Q q 0 0 0 rg BT 476.07 521.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 493.98 521.10 Td (, ) Tj ET Q q 0 0 0 rg BT 498.43 521.10 Td (Assistant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (Controller and Reserving ) Tj ET Q q 0 0 0 rg BT 152.54 509.10 Td (Actuary) Tj ET Q q 0 0 0 rg BT 184.09 509.10 Td (, meets to assess the adequacy of our loss reserves based on the reserve analysis and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (recommendations prepared by the Company) Tj ET Q q 0 0 0 rg BT 229.45 497.10 Td (s actuaries. ) Tj ET Q q 0 0 0 rg BT 276.19 497.10 Td (The reserving committee discusses each contract individually and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (approves or revises the stated reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 67.50 473.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 461.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 126.40 461.10 Td (, we contract with a third-party actuarial firm to perform a quarterly reserve review and to annually opine on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (the reasonableness and adequacy of our aggregate loss reserves. ) Tj ET Q q 0 0 0 rg BT 307.55 449.10 Td (W) Tj ET Q q 0 0 0 rg BT 316.18 449.10 Td (e provide our external actuary with our pricing models, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (reserving analysis and any other data they may request.) Tj ET Q q 0 0 0 rg BT 272.76 437.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 322.66 437.10 Td (, the actuarial firm may inquire as to the various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (assumptions and estimates that we may use in our reserving analysis.) Tj ET Q q 0 0 0 rg BT 328.15 425.10 Td (The external actuarial firm independently creates its own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (reserving models based on industry loss information, augmented by specific client loss information that we may be asked to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (provide as well as its own independent assumptions and estimates.Based on various reserving methodologies that the actuarial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (firm considers appropriate, it creates a reserve estimate for each contract in our portfolio and provides us with an aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (recommended loss reserve, including IBNR.If there are material dif) Tj ET Q q 0 0 0 rg BT 322.27 377.10 Td (ferences between our aggregate booked reserves and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (theactuarial firm) Tj ET Q q 0 0 0 rg BT 121.13 365.10 Td (s recommended reserves, we review the dif) Tj ET Q q 0 0 0 rg BT 293.93 365.10 Td (ferences and make any necessary adjustments to the booked ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 87.08 353.10 Td (T) Tj ET Q q 0 0 0 rg BT 92.49 353.10 Td (o date there have been no material dif) Tj ET Q q 0 0 0 rg BT 243.07 353.10 Td (ferences resulting from the external actuary's reviews requiring adjustments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (our booked reserves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td (Because of the uncertainties that surround our estimates of loss and loss adjustment expense reserves, we cannot be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (certain that ultimate loss and loss adjustment expense payments will not exceed our estimates, or be less than our estimates.If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (our estimated reserves are deficient, we would be required to increase loss reserves in the period in which such deficiencies are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (identified, which would cause a char) Tj ET Q q 0 0 0 rg BT 195.93 281.10 Td (ge to our earnings and a reduction of our capital.Similarly) Tj ET Q q 0 0 0 rg BT 429.38 281.10 Td (, if our estimated reserves are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (excessive, we would decrease loss reserves in such period in which the excessis identified.By way of illustration, since we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (started underwriting operations in 2006, the reserve re-estimation process has resulted in the following ef) Tj ET Q q 0 0 0 rg BT 470.03 257.10 Td (fect on the prior year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (reserves and the corresponding inverse ef) Tj ET Q q 0 0 0 rg BT 215.09 245.10 Td (fect on net income \(excluding any adjustments for additional premiums, reinstatement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (premiums, profit commissions or ceding commissions\) during each of the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.93 233.10 Td (December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.51 233.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 185.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 185.60 11.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 185.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 185.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 185.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 185.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 157.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 157.60 11.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 157.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 157.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 157.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 157.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 129.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 129.60 11.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 129.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 129.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 129.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 129.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 101.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 101.60 11.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 101.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 101.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 101.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 101.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 73.60 336.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 73.60 11.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.00 73.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 73.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 474.00 73.60 12.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 73.60 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 222.60000000000002 m 385 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385 222.60000000000002 m 396 222.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385 199.60000000000002 m 396 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 222.60000000000002 m 470 222.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396 199.60000000000002 m 470 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 222.60000000000002 m 474 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474 222.60000000000002 m 486 222.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474 199.60000000000002 m 486 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 222.60000000000002 m 562 222.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486 199.60000000000002 m 562 199.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 204.28 Td (Calendar Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.90 213.33 Td (Effect on prior) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 404.50 203.33 Td (year reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.25 213.33 Td (Effect on net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.20 203.33 Td (income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.05 190.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 176.17 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.50 176.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.70 176.17 Td (50,301 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.50 176.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.05 176.17 Td (50,301 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 162.17 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.70 162.17 Td (18,229 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.05 162.17 Td (18,229 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 148.17 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.05 148.17 Td (6,120 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.70 148.17 Td (6,120 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 134.17 Td (2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.70 134.17 Td (56,898 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.05 134.17 Td (56,898 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 120.17 Td (2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.70 120.17 Td (26,015 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.05 120.17 Td (26,015 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 106.17 Td (2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.70 106.17 Td (8,678 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.05 106.17 Td (8,678 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 92.17 Td (2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.05 92.17 Td (7,597 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.70 92.17 Td (7,597 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 78.17 Td (2008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.45 78.17 Td (11,988 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.10 78.17 Td (11,988 increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 64.17 Td (2007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.05 64.17 Td (1,077 decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.70 64.17 Td (1,077 increase) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (Given the uncertainties involved in estimating ultimate reserves and since we reserve to a point estimate on an individual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (contract basis, our estimated reserves may be deficient or excessive. Historical development of estimated reserves is not an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (accurate reflection of future loss development. ) Tj ET Q q 0 0 0 rg BT 237.48 725.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 287.38 725.10 Td (, external factors can influence prior year loss development.For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (example, changes in specific tort law which may cause ultimate loss awards to increase or decrease could have a material ef) Tj ET Q q 0 0 0 rg BT 544.94 713.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (on our loss reserve development.) Tj ET Q q 0 0 0 rg BT 183.73 701.10 Td (W) Tj ET Q q 0 0 0 rg BT 192.37 701.10 Td (e are unable to predict with accuracy the magnitude or direction that such external factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (may have on our estimated loss reserves.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 677.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (Acquisition Costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.97 665.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.29 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.92 665.10 Td (e capitalize brokerage fees, ceding commissions, premium taxes and other direct expenses that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (relate directly to and vary with the writing of reinsurance contracts. ) Tj ET Q q 0 0 0 rg BT 321.07 653.10 Td (Acquisition costs are deferred subject to ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (recoverability and amortized over the related period of risk covered. ) Tj ET Q q 0 0 0 rg BT 324.10 641.10 Td (Acquisition costs also include profit commissions. Certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (contracts include provisions for profit commissions to be paid to the ceding insurer based upon the ultimate experience of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 90.41 617.10 Td (The methodology for calculating profit commissions is specific to the individual contracts and varies from contract to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (contract. ) Tj ET Q q 0 0 0 rg BT 86.52 605.10 Td (T) Tj ET Q q 0 0 0 rg BT 91.93 605.10 Td (ypically profit commissions are calculated and accrued based on the expected ultimate loss experience for such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (contracts and recorded when the expected loss experience indicates that a profit commission is probable under the contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (terms. Profit commission reserves, if any) Tj ET Q q 0 0 0 rg BT 212.99 581.10 Td (, are included in reinsurance balances payable on the consolidated balance sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 569.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 557.10 Td (Bonus ) Tj ET Q q 0 0 0 rg BT 105.31 557.10 Td (Accruals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.48 557.10 Td ( Under the Company'sbonus program, each employee) Tj ET Q q 0 0 0 rg BT 364.00 557.10 Td (s tar) Tj ET Q q 0 0 0 rg BT 380.76 557.10 Td (get bonus consists of two components: a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (discretionary component based on a qualitative assessment of each employee) Tj ET Q q 0 0 0 rg BT 360.78 545.10 Td (s performance and a quantitative component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (based on the return on deployed equity \("RODE"\)for each underwriting year relating toreinsurance operations. ) Tj ET Q q 0 0 0 rg BT 499.28 533.10 Td (The qualitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (portion of an employee) Tj ET Q q 0 0 0 rg BT 145.31 521.10 Td (s annual bonus is accrued at each employee's tar) Tj ET Q q 0 0 0 rg BT 337.96 521.10 Td (get amount, which may dif) Tj ET Q q 0 0 0 rg BT 445.26 521.10 Td (fer significantly from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (actual amount awarded. ) Tj ET Q q 0 0 0 rg BT 147.05 509.10 Td (The quantitative portion of each employee) Tj ET Q q 0 0 0 rg BT 319.49 509.10 Td (s annual bonus is accrued based on the expected RODE for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (each underwriting year and adjusted for changes in the expected RODE and actual investment return each quarter until all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (losses are settled and the underwriting year is declared closed. ) Tj ET Q q 0 0 0 rg BT 300.62 485.10 Td (The quantitativebonus is calculated and paid in annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (installments between two to five years from the end of the fiscal year in which the business was underwritten. ) Tj ET Q q 0 0 0 rg BT 490.49 473.10 Td (Any subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (changes to the quantitative bonus are incorporated into the following open underwriting year) Tj ET Q q 0 0 0 rg BT 419.95 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 424.77 461.10 Td (The Compensation Committee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (our Board of Directors approves all quantitative bonuses prior to being paid. ) Tj ET Q q 0 0 0 rg BT 357.30 449.10 Td (The expected RODE calculationutilizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (proprietary models which require significant estimation and judgment.) Tj ET Q q 0 0 0 rg BT 333.60 437.10 Td (Actual RODEmay vary significantly from the expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (RODE and anyadjustments to the quantitative bonus estimates, which may be material, are recorded in the period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (whichthey are determined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 401.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 389.10 Td (Share-Based Payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.28 389.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.60 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 185.24 389.10 Td (e have established a stock incentive plan for directors, employees and consultants. U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 76.36 377.10 Td ( requires us to recognize share-based compensation transactions using the fair value at the grant date of the award. ) Tj ET Q q 0 0 0 rg BT 535.45 377.10 Td (W) Tj ET Q q 0 0 0 rg BT 544.08 377.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (calculate the compensation for restricted stock awards and restricted stock units based on the price of the Company) Tj ET Q q 0 0 0 rg BT 512.96 365.10 Td (s common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (shares at the grant date and recognize the expense over the vesting period. Share purchase options are expensed over the vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (period on a graded vesting basis. Determining the fair value of share option awards at the grant date requires significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (estimation and judgment. ) Tj ET Q q 0 0 0 rg BT 153.19 329.10 Td (W) Tj ET Q q 0 0 0 rg BT 161.83 329.10 Td (e use an option-pricing model \(Black-Scholes pricing model\) to assist in the calculation of fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (value. Ef) Tj ET Q q 0 0 0 rg BT 85.41 317.10 Td (fective from ) Tj ET Q q 0 0 0 rg BT 136.50 317.10 Td (August 2014, the estimate of expected volatility was based on the daily historical trading data of our Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 305.10 Td ( ordinary shares from the date that these shares commenced trading \(May 24, 2007\) to the grant date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 281.10 Td (Prior to 2014, our shares had not been publicly traded for a suf) Tj ET Q q 0 0 0 rg BT 327.09 281.10 Td (ficient length of time to reasonably estimate the expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (volatility) Tj ET Q q 0 0 0 rg BT 84.96 269.10 Td (. ) Tj ET Q q 0 0 0 rg BT 89.78 269.10 Td (Therefore, for share purchase options granted prior to 2014, we determined the expected volatility based primarily on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (the historical volatility of a peer group of companies in the reinsurance industry while also considering our own historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (volatility in determining the expected volatility) Tj ET Q q 0 0 0 rg BT 237.42 245.10 Td (.) Tj ET Q q 0 0 0 rg BT 242.23 245.10 Td (W) Tj ET Q q 0 0 0 rg BT 250.87 245.10 Td (e typicallyconsidered factors such as an entity's industry) Tj ET Q q 0 0 0 rg BT 477.52 245.10 Td (, stage of life cycle, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (size and financial leverage when selectingthe peer group.) Tj ET Q q 0 0 0 rg BT 282.73 233.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 332.63 233.10 Td (, we used the full life of the option, ten years, as the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (estimated term of the option, andwe have assumed that dividends will not be paid.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 197.10 Td ( If actual results dif) Tj ET Q q 0 0 0 rg BT 154.07 197.10 Td (fer significantly from these estimates and assumptions, particularly in relation to our estimation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (volatility which requiressignificant judgment, share-based compensation expense, primarily with respect to future share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (awards, could be materially impacted.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.00 125.10 Td (ears ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 246.37 125.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 101.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 101.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 101.10 Td (, we reported net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.36 101.10 Td ($326.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.25 101.10 Td (, compared to net income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.93 101.10 Td ($109.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 89.10 Td ( reported for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.08 89.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.75 89.10 Td (. Our investment portfolioreported net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.10 89.10 Td ($281.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.00 89.10 Td (, or a return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 77.10 Td (\(20.2\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.32 77.10 Td (, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.20 77.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.87 77.10 Td (, compared to net investment income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.93 77.10 Td ($122.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.82 77.10 Td (, or a return of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 77.10 Td (8.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.63 77.10 Td (, for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (the same period in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.09 65.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.09 65.10 Td (. ) Tj ET Q q 0 0 0 rg BT 150.91 65.10 Td (The underwriting loss before general and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.25 65.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 569.92 65.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.05 53.10 Td ($24.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.94 53.10 Td (, compared to underwriting income of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.06 53.10 Td ($1) Tj ET Q q 0 0 0 rg BT 285.69 53.10 Td (1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.58 53.10 Td ( reported for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.78 53.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.45 53.10 Td (. ) Tj ET Q q 0 0 0 rg BT 526.26 53.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 41.10 Td (underwriting loss for the 2015 fiscal year was driven by adverse loss development relating to construction defect losses on legacy ) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (general liability contracts written during the 2008 to 201) Tj ET Q q 0 0 0 rg BT 275.68 742.10 Td (1 underwriting years. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.55 742.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.21 742.10 Td (, our overall ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (composite ratio was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.48 730.10 Td (106.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.31 730.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.01 730.10 Td (96.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.84 730.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.22 730.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.89 730.10 Td (. General and administrative expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.41 718.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.79 718.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.46 718.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.24 718.10 Td ($23.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.13 718.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.57 718.10 Td ($24.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.46 718.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.84 718.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (primarily as a result of lower quantitative bonuses accrued relating to prior underwriting years, partially of) Tj ET Q q 0 0 0 rg BT 475.79 706.10 Td (fset by non-recurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (professional fees incurred during the year) Tj ET Q q 0 0 0 rg BT 215.77 694.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (The poor investment performance during 2015 was primarily the result of losses experienced on three equity securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (\(CONSOL) Tj ET Q q 0 0 0 rg BT 92.96 658.10 Td ( Ener) Tj ET Q q 0 0 0 rg BT 114.16 658.10 Td (gy) Tj ET Q q 0 0 0 rg BT 123.51 658.10 Td (, Micron ) Tj ET Q q 0 0 0 rg BT 160.27 658.10 Td (T) Tj ET Q q 0 0 0 rg BT 165.68 658.10 Td (echnology) Tj ET Q q 0 0 0 rg BT 206.68 658.10 Td (, and SunEdison\) which were among our lar) Tj ET Q q 0 0 0 rg BT 382.57 658.10 Td (gest long positions. ) Tj ET Q q 0 0 0 rg BT 462.40 658.10 Td (This coupled with very ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (few securities that reported gains during the year) Tj ET Q q 0 0 0 rg BT 244.80 646.10 Td (, combined to result in the lar) Tj ET Q q 0 0 0 rg BT 362.09 646.10 Td (ge investment loss reported during 2015.) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 619.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 619.70 Td (The poor underwriting performance of certain contracts that were written between 2008 and 201) Tj ET Q q 0 0 0 rg BT 471.31 619.70 Td (1, and are currently in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.70 Td (run-of) Tj ET Q q 0 0 0 rg BT 74.81 607.70 Td (f, have had a negative impact on our recent reported financial results. ) Tj ET Q q 0 0 0 rg BT 353.96 607.70 Td (The below graph presents our underwriting results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.70 Td (reported during each of the fiscal accounting years from 2007 to 2015 compared to the underwriting results for each of those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.70 Td (underwriting years. ) Tj ET Q q 0 0 0 rg BT 130.07 583.70 Td (This graph shows that while accounting results have been negatively impacted in recent periods, particularly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.70 Td (from adverse loss development on contracts written during the 2009 and 2010 underwriting years, the underlying business written ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.70 Td (in the more recent years has been profitable and the contracts written since 2012 are performing well. ) Tj ET Q /GS0 gs q 501.00 0 0 264.00 60.25 278.70 cm /I145 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 259.70 Td (For the year ended December 31, 2014, we reported net income of $109.6 million, compared to net income of $225.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.70 Td (million reported for the year ended December 31, 2013. Our investment portfolio reported net income of $122.6 million, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.70 Td (return of 8.7%, for the year ended December 31, 2014, compared to net investment income of $218.1 million, or a return of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.70 Td (19.6%, for the same period in 2013. ) Tj ET Q q 0 0 0 rg BT 195.90 223.70 Td (The underwriting income before general and administrative expenses for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.70 Td (December 31, 2014 was $1) Tj ET Q q 0 0 0 rg BT 158.76 211.70 Td (1.6 million, compared to underwriting income of $37.5 million reported for the year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.70 Td (31, 2013. ) Tj ET Q q 0 0 0 rg BT 89.82 199.70 Td (The decrease in underwriting income was driven by adverse loss development on prior year contracts and to a lesser ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.70 Td (extent by lower volume of premiums earned during 2014 compared to 2013. By comparison, the 2013 underwriting income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.70 Td (included a reversal of $12.4 million of loss reserves \(net of reinstatement premiums\) relating to super) Tj ET Q q 0 0 0 rg BT 455.24 175.70 Td (-storm Sandy due to revised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.70 Td (loss estimates recorded during 2013. For the year ended December 31, 2014, our overall composite ratio was 96.7% compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.70 Td (93.2% for the year ended December 31, 2013. General and administrative expenses increased for the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.70 Td (2014 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.78 139.70 Td ($24.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.67 139.70 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.11 139.70 Td ($21.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 139.70 Td ( for the year ended December 31, 2013, primarily as a result of higher quantitative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.70 Td (bonuses accrued relating to the 2012, 2013 and 2014 underwriting years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 103.70 Td (Our primary financial goal is to increase the long-term value in fully diluted adjusted book value per share. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.81 103.70 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.70 Td (ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.96 91.70 Td (, the fully diluted adjusted book value per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.69 91.70 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.10 91.70 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.10 91.70 Td ($8.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.60 91.70 Td ( per share, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.30 91.70 Td (27.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.13 91.70 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.41 91.70 Td ($22.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.91 91.70 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.70 Td (share from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.54 79.70 Td ($30.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.04 79.70 Td ( per share at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.12 79.70 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.71 79.70 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.81 79.70 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.48 79.70 Td (, the basic adjusted book value per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.70 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.60 67.70 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.01 67.70 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.01 67.70 Td ($8.88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.51 67.70 Td ( per share, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.21 67.70 Td (28.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.04 67.70 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.32 67.70 Td ($22.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.82 67.70 Td ( per share from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.12 67.70 Td ($31.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.62 67.70 Td ( per share at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.71 67.70 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.29 67.70 Td (. ) Tj ET Q endstream endobj 109 0 obj <>] /Rotate 0 /Contents 110 0 R>> endobj 110 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 742.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 742.10 Td (, the fully diluted adjusted book value per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.50 742.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.25 742.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.25 742.10 Td ($2.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.75 742.10 Td ( per share, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (10.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 730.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.11 730.10 Td ($30.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.61 730.10 Td ( per share from $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.91 730.10 Td (27.91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.41 730.10 Td ( per share at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 730.10 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.08 730.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.19 730.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.86 730.10 Td (, the basic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (adjusted book value per share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.35 718.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.10 718.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.10 718.10 Td ($2.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.60 718.10 Td ( per share, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.30 718.10 Td (9.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.13 718.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.41 718.10 Td ($31.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.91 718.10 Td ( per share from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.21 718.10 Td ($28.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.71 718.10 Td ( per share at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.80 718.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 706.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (Basic adjusted book value per share is a non-GAAP) Tj ET Q q 0 0 0 rg BT 293.36 682.10 Td ( measure as it excludes the non-controlling interest in a joint venture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (from total equity) Tj ET Q q 0 0 0 rg BT 116.56 670.10 Td (. In addition, fully diluted adjusted book value per share is also a non-GAAP) Tj ET Q q 0 0 0 rg BT 423.07 670.10 Td ( measure andrepresents basic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (adjusted book value per share combined with the impactfrom dilution ofall in-the-money stock options and RSUs issued and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (outstandingas of any period end.) Tj ET Q q 0 0 0 rg BT 185.07 646.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.71 646.10 Td (e believe that long-term growth infully diluted adjusted book value per share is the most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (relevant measure of our financial performance. In addition,fully diluted adjusted book value per share may be of benefit to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (investors, shareholders and other interested parties to form a basis of comparison with other companies within the property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (casualtyreinsuranceindustry) Tj ET Q q 0 0 0 rg BT 165.98 610.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 598.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 586.10 Td (The following table presents areconciliation of the non-GAAP) Tj ET Q q 0 0 0 rg BT 337.78 586.10 Td ( basic adjusted and fully diluted adjusted book value per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (share to the most comparable GAAP) Tj ET Q q 0 0 0 rg BT 196.54 574.10 Td ( measure.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 481.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.75 481.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.75 481.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.75 481.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 451.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.75 451.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.75 451.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.75 451.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 421.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.75 421.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.75 421.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.75 421.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 376.60 300.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.75 376.60 68.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 376.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.75 376.60 68.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 376.60 4.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.75 376.60 69.00 -30.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 331.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.75 331.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 331.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.75 331.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 331.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.75 331.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 301.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.75 301.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.75 301.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.75 301.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.75 301.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.75 301.60 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 533.6 m 421.75 533.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 533.6 m 493.75 533.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 497.75 533.6 m 566.75 533.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 353.75 511.6 m 421.75 511.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421.75 511.6 m 425.75 511.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 425.75 511.6 m 493.75 511.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493.75 511.6 m 497.75 511.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 497.75 511.6 m 566.75 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 451.6 m 421.75 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 451.6 m 493.75 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.75 451.6 m 566.75 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 421.6 m 421.75 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 421.6 m 493.75 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.75 421.6 m 566.75 421.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 406.6 m 421.75 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 406.6 m 493.75 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.75 406.6 m 566.75 406.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 331.6 m 421.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 331.6 m 493.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.75 331.6 m 566.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.75 316.6 m 421.75 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.75 316.6 m 493.75 316.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.75 316.6 m 566.75 316.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.15 548.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.25 538.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.15 548.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.25 538.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.65 548.28 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.75 538.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 516.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 524.33 Td (\($ in thousands, except per share and share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 439.70 514.33 Td (amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.25 496.28 Td (Basicadjusted and fully diluted adjustedbook value per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.25 486.28 Td (numerator:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 486.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 471.27 Td (Total equity \(U.S. GAAP\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.25 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.40 471.27 Td (848,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 471.27 Td (1,194,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.25 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.90 471.27 Td (1,086,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 456.27 Td (Less: Non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.05 456.32 Td (\(23,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.90 456.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.05 456.32 Td (\(28,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.90 456.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.05 456.32 Td (\(34,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.90 456.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 441.27 Td (Basicadjustedbook value per share numerator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.40 441.27 Td (825,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 441.27 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.90 441.27 Td (1,051,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 426.27 Td (Add: Proceeds from in-the-money stock options issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.40 426.27 Td (11,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.40 426.27 Td (19,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 426.27 Td (16,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 411.27 Td (Fully diluted adjusted book value per share numerator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.25 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.40 411.27 Td (836,944) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 411.27 Td (1,184,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.25 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.90 411.27 Td (1,067,623) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.25 391.28 Td (Basic adjusted and fullydiluted adjusted book value per share) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 56.25 381.28 Td (denominator:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.25 381.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 361.27 Td (Ordinary shares issued andoutstandingfor basic adjusted book value per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 351.27 Td (share denominator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.90 351.27 Td (37,027,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 351.27 Td (37,384,543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.90 351.27 Td (37,046,814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 336.27 Td (Add:In-the-money stock options and RSUs issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.40 336.27 Td (717,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.90 336.27 Td (1,131,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.90 336.27 Td (1,210,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 321.27 Td (Fully diluted adjusted book value per share denominator) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.90 321.27 Td (37,744,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.90 321.27 Td (38,516,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.90 321.27 Td (38,257,545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 306.27 Td (Basic adjusted book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.25 306.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.40 306.27 Td (22.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 306.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.40 306.27 Td (31.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.25 306.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 306.27 Td (28.39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 291.27 Td (Fully diluted adjusted book value per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.25 291.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.40 291.27 Td (22.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.25 291.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.40 291.27 Td (30.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.25 291.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 291.27 Td (27.91) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 263.10 Td (Gross Premiums ) Tj ET Q q 0 0 0 rg BT 156.94 263.10 Td (W) Tj ET Q q 0 0 0 rg BT 165.09 263.10 Td (ritten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 251.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 239.10 Td (Details of gross premiums written are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 184.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 184.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 184.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 184.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 184.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 184.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 184.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 184.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 184.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 184.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 184.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 184.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 184.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 154.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 154.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 154.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 154.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 154.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 154.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 154.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 154.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 154.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 154.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 154.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 154.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 154.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 198.60000000000002 m 316.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 198.60000000000002 m 320.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 198.60000000000002 m 366.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 198.60000000000002 m 416.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 198.60000000000002 m 420.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 198.60000000000002 m 466.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 470.75 198.60000000000002 m 516.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 516.75 198.60000000000002 m 520.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 520.75 198.60000000000002 m 566.75 198.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 184.60000000000002 m 316.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 184.60000000000002 m 320.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 184.60000000000002 m 366.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 184.60000000000002 m 370.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 184.60000000000002 m 416.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 184.60000000000002 m 420.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 184.60000000000002 m 466.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 184.60000000000002 m 470.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 184.60000000000002 m 516.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.75 184.60000000000002 m 520.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 184.60000000000002 m 566.75 184.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 154.60000000000002 m 316.75 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 154.60000000000002 m 366.75 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 154.60000000000002 m 416.75 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 154.60000000000002 m 466.75 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 154.60000000000002 m 516.75 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 154.60000000000002 m 566.75 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 140.60000000000002 m 316.75 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 138.60000000000002 m 316.75 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 140.60000000000002 m 366.75 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 138.60000000000002 m 366.75 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 140.60000000000002 m 416.75 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 138.60000000000002 m 416.75 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 140.60000000000002 m 466.75 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 138.60000000000002 m 466.75 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 140.60000000000002 m 516.75 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 138.60000000000002 m 516.75 138.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 140.60000000000002 m 566.75 140.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 138.60000000000002 m 566.75 138.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 218.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 218.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 203.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.25 203.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.25 203.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 203.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.05 189.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 174.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 174.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 174.27 Td (464,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.40 174.27 Td (92.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 174.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 174.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 174.27 Td (295,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 174.27 Td (91.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 174.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 174.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 174.27 Td (512,096) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 174.27 Td (95.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 174.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 159.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.35 159.27 Td (37,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.40 159.27 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.35 159.27 Td (28,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.40 159.27 Td (8.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.35 159.27 Td (23,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 159.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 144.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 144.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 144.27 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.35 144.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 144.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 144.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 144.27 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 144.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 144.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 144.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 144.27 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 144.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 144.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 116.10 Td (As a result of our opportunistic underwriting philosophy) Tj ET Q q 0 0 0 rg BT 311.16 116.10 Td (, our reported quarterly premiums written may be volatile. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 104.10 Td (, the composition of premiums written between frequency and severity business may vary from period to period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (depending on the specific market opportunities that we pursue. ) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (54) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 740.7669921875 m 211.888671875 740.7669921875 l s q 0 0 0 rg BT 86.00 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 742.10 Td (ear ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 725.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 725.10 Td (During 2015, our gross premiums written increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.35 725.10 Td ($178.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.24 725.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.07 725.10 Td (55.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.90 725.10 Td (, compared to the year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (31, 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 713.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.78 713.10 Td (, our frequency gross premiums written increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.77 713.10 Td ($168.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.66 713.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.49 713.10 Td (57.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.32 713.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 203.11 701.10 Td (The increase was primarily driven by new contracts bound during 2015 and premium ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (growth on existing contracts renewed during 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 665.10 Td (The gross premiums written for motor liability \(including motor physical damage\) increased by $86.3 million during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 653.10 Td ( compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 330.28 653.10 Td (The increase was partially a result of higher premiums on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (an existing private passenger motor contract which was renewed during 2015. New motor contracts written during 2015 also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (contributed partially to the increase in motor liability gross premiums written. ) Tj ET Q q 0 0 0 rg BT 363.64 629.10 Td (The frequency gross premiums written for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (professional liability increased by $41.3 million during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.46 617.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.12 617.10 Td (, compared to the same period in 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (as a result of new quota share casualty contracts bound during 2015 and during the second half of 2014. ) Tj ET Q q 0 0 0 rg BT 467.49 605.10 Td (The frequency gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (premiums written for specialty health, general liability) Tj ET Q q 0 0 0 rg BT 267.34 593.10 Td (, workers' compensation, and commercial property lines increased by $12.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (million, $13.5 million, $1) Tj ET Q q 0 0 0 rg BT 152.41 581.10 Td (1.9 million, and $7.5 million, respectively) Tj ET Q q 0 0 0 rg BT 319.79 581.10 Td (, as a result of new quota share contracts written during 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (and the latter half of 2014. Other lines of business also reported increases in gross written premiums with financial, marine, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (aviation and ener) Tj ET Q q 0 0 0 rg BT 118.68 557.10 Td (gy) Tj ET Q q 0 0 0 rg BT 128.03 557.10 Td (, in the aggregate, accounting for $5.5 million of the increase in gross written premiums during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 557.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 545.10 Td ( compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 284.19 545.10 Td (The increase in gross premiums written were partially of) Tj ET Q q 0 0 0 rg BT 510.61 545.10 Td (fset by a $1) Tj ET Q q 0 0 0 rg BT 556.61 545.10 Td (1.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (million decrease in the personal property line for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.43 533.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.09 533.10 Td (. ) Tj ET Q q 0 0 0 rg BT 391.91 533.10 Td (The decrease was primarily a result of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (Florida homeowners' contract which expired during 2015 and was not renewed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 497.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 497.10 Td (, severity premiums written increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.01 497.10 Td ($9.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.90 497.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.73 497.10 Td (34.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.56 497.10 Td (, compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.37 485.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 485.10 Td (,primarily due to new severity contracts written during 2015 which accounted for a $14.7 million increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (severity gross premiums written. ) Tj ET Q q 0 0 0 rg BT 183.04 473.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 232.94 473.10 Td (, a multi-year severity quota share contract written during the second half of 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (contributed $7.6 million of the increase in severity premiums written for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.87 461.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.53 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.35 461.10 Td (The increases were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 449.10 Td (fset by a net decrease of $10.1 million relating to property catastrophe contracts that expired and were not renewed or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (were renewed at a lower premium volume during 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.93 437.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.70 437.10 Td (, the severity premiums reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (were net of return premiums of $2.5 million relating to an excess of loss catastrophe contract. ) Tj ET Q q 0 0 0 rg BT 426.37 425.10 Td (This contract was previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (expected to incur a loss and we had recorded a loss reserve which had triggered an additional premium. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.79 413.10 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 401.10 Td (, we were informed that losses incurred by the cedent on this contract would not breach into our layer and as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (result the additional premium was reversed along with the loss reserve, and a corresponding profit commission expense was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (recorded during 2015. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 346.7669921875 m 214.388671875 346.7669921875 l s q 0 0 0 rg BT 86.00 348.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 348.10 Td (ear ended December 31, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.10 Td (During 2014, our gross premiums written decreased by $21) Tj ET Q q 0 0 0 rg BT 323.64 331.10 Td (1.7 million, or 39.5%, primarily due to a private passenger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (motor contract that we terminated at the end of 2013 and due to some of our personal property contracts renewed during 2014 at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (smaller share ceded to us. However) Tj ET Q q 0 0 0 rg BT 191.77 307.10 Td (, during the second half of 2014, we entered into several new relationships which of) Tj ET Q q 0 0 0 rg BT 527.05 307.10 Td (fset some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (of the decrease in gross premiums written during 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.10 Td (For the year ended December 31, 2014, the frequency gross premiums written decreased by $216.2 million, or 42.2%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (primarily relating to the motor line \(physical damage and liability\) and personal property line. ) Tj ET Q q 0 0 0 rg BT 427.76 266.10 Td (The motor line gross premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (written decreased by $137.0 million relating to a private passenger motor contract that we terminated at the end of 2013 on a run-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 242.10 Td (f basis. ) Tj ET Q q 0 0 0 rg BT 88.43 242.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 138.33 242.10 Td (, our remaining private passenger motor contracts reported a decrease of $24.3 million in gross premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (written during 2014, compared to the same period in 2013, due to competitive pricing pressure on the underlying premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (written by the insurers. ) Tj ET Q q 0 0 0 rg BT 144.52 218.10 Td (The personal property line frequency gross premiums written decreased by $78.3 million, primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.10 Td (relating to a decrease in our share of the Florida homeowners' contracts which renewed during 2014, with the cedents choosing to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (retain a lar) Tj ET Q q 0 0 0 rg BT 92.57 194.10 Td (ger share on the renewed contracts compared to the expiring contracts. ) Tj ET Q q 0 0 0 rg BT 377.27 194.10 Td (The decrease in frequency gross premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (written was partially of) Tj ET Q q 0 0 0 rg BT 142.85 182.10 Td (fset by a number of new contracts entered into relating to the general liability) Tj ET Q q 0 0 0 rg BT 451.25 182.10 Td (, specialty health and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (workers' compensation lines of business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 153.10 Td (For the year ended December 31, 2014, the increase in severity gross premiums written of $4.6 million, or 19.3%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (compared to the same period in 2013 was primarily due to new and renewed severity contracts written during 2014, including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (excess of loss and multi-line property and casualty retrocession contracts. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 100.10 Td (Premiums Ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 76.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.11 76.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.11 76.10 Td (, retrocessional premiums ceded were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.38 76.10 Td ($9.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.27 76.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.27 76.10 Td ($13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 571.16 76.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 64.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 64.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 168.49 64.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.60 64.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.27 64.10 Td (, the decrease in ceded premiums compared to the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (period in 2014 was partially due to a retroceded contract for catastrophic risk protection that expired at the end of 2014 and was ) Tj ET Q endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (not renewed. However) Tj ET Q q 0 0 0 rg BT 140.40 742.10 Td (, in the first quarter of 2015, we purchased an industry loss warranty derivative contract \("IL) Tj ET Q q 0 0 0 rg BT 509.45 742.10 Td (W"\) to reduce ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (our net exposure to natural peril catastrophe events. In accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 384.06 730.10 Td (, the IL) Tj ET Q q 0 0 0 rg BT 412.48 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 421.73 730.10 Td ( is recorded as a weather derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (swap and the cost of the IL) Tj ET Q q 0 0 0 rg BT 157.56 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 166.82 718.10 Td ( is amortized over the risk period and recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.91 718.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.45 718.10 Td ( statements of income as "other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (income \(expense\), net" and not as part of premiums ceded. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.44 706.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.11 706.10 Td (, the IL) Tj ET Q q 0 0 0 rg BT 471.52 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 480.78 706.10 Td ( amortization expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (was $2.3 million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 665.10 Td (For the year ended December 31, 2014, our ceded premiums increased by $10.7 million partially relating to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (retrocession contract purchased during 2014 in order to reduce our net exposure to natural peril catastrophe events, and partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (relating to higher premiums on the inward contracts which were proportionally retroceded to entities af) Tj ET Q q 0 0 0 rg BT 462.46 641.10 Td (filiated with the ceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (insurers.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 600.10 Td (Net Premiums ) Tj ET Q q 0 0 0 rg BT 147.48 600.10 Td (W) Tj ET Q q 0 0 0 rg BT 155.63 600.10 Td (ritten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 576.10 Td (Details of net premiums written are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 521.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 521.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 521.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 521.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 521.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 521.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 521.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 521.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 491.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 491.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 491.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 491.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 491.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 491.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 491.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 491.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 535.6 m 316.75 535.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 535.6 m 320.75 535.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 535.6 m 366.75 535.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 535.6 m 416.75 535.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 535.6 m 420.75 535.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 535.6 m 466.75 535.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 470.75 535.6 m 516.75 535.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 516.75 535.6 m 520.75 535.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 520.75 535.6 m 566.75 535.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 521.6 m 316.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 521.6 m 320.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 521.6 m 366.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 521.6 m 370.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 521.6 m 416.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 521.6 m 420.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 521.6 m 466.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 521.6 m 470.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 521.6 m 516.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.75 521.6 m 520.75 521.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 521.6 m 566.75 521.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 491.6 m 316.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 491.6 m 366.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 491.6 m 416.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 491.6 m 466.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 491.6 m 516.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 491.6 m 566.75 491.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 477.6 m 316.75 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 475.6 m 316.75 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 477.6 m 366.75 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 475.6 m 366.75 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 477.6 m 416.75 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 475.6 m 416.75 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 477.6 m 466.75 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 475.6 m 466.75 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 477.6 m 516.75 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 475.6 m 516.75 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 477.6 m 566.75 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 475.6 m 566.75 475.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 555.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 555.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 540.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.25 540.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.25 540.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 540.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.05 526.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 511.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 511.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 511.27 Td (455,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.40 511.27 Td (92.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 511.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 511.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 511.27 Td (286,121) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 511.27 Td (92.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 511.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 511.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 511.27 Td (509,316) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 511.27 Td (95.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 511.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 496.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.35 496.27 Td (37,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.40 496.27 Td (7.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.35 496.27 Td (24,409) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.40 496.27 Td (7.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.35 496.27 Td (23,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 496.27 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 481.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 481.27 Td (493,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.35 481.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 481.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 481.27 Td (310,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 481.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 481.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 481.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 481.27 Td (532,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 481.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 481.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 453.10 Td (The movement in net premiums written is the net result of the increases or decreases in gross premiums written and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (premiums ceded as explained in the preceding paragraphs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 417.10 Td (Net Premiums Earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 393.10 Td (Net premiums earned reflect the pro-rata inclusion into income of net premiums written over the risk period of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (reinsurance contracts. Details of net premiums earned are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 326.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 326.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 326.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 326.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 326.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 326.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 326.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 326.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 296.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 296.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 296.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 296.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 296.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 296.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 296.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 296.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 340.6 m 316.75 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 340.6 m 320.75 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 340.6 m 366.75 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 340.6 m 416.75 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 340.6 m 420.75 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 340.6 m 466.75 340.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 470.75 340.6 m 516.75 340.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 516.75 340.6 m 520.75 340.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 520.75 340.6 m 566.75 340.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 326.6 m 316.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 326.6 m 320.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 326.6 m 366.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 326.6 m 370.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 326.6 m 416.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 326.6 m 420.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 326.6 m 466.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 326.6 m 470.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 326.6 m 516.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.75 326.6 m 520.75 326.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 326.6 m 566.75 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 296.6 m 316.75 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 296.6 m 366.75 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 296.6 m 416.75 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 296.6 m 466.75 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 296.6 m 516.75 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 296.6 m 566.75 296.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 282.6 m 316.75 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 280.6 m 316.75 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 282.6 m 366.75 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 280.6 m 366.75 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 282.6 m 416.75 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 280.6 m 416.75 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 282.6 m 466.75 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 280.6 m 466.75 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 282.6 m 516.75 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 280.6 m 516.75 280.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 282.6 m 566.75 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 280.6 m 566.75 280.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 360.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 360.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 345.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.25 345.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.25 345.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 345.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.05 331.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 316.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 316.27 Td (380,565) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.40 316.27 Td (93.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 316.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 316.27 Td (330,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 316.27 Td (93.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 316.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 316.27 Td (529,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 316.27 Td (96.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 316.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 301.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.35 301.27 Td (27,822) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.40 301.27 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.35 301.27 Td (23,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.40 301.27 Td (6.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.35 301.27 Td (18,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 301.27 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 286.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 286.27 Td (408,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.35 286.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 286.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 286.27 Td (354,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 286.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 286.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 286.27 Td (547,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 286.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 286.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 258.10 Td (Premiums relating to quota share contracts and excess of loss contracts are earned over the contract period in proportion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (to the period of protection. Similarly) Tj ET Q q 0 0 0 rg BT 195.99 246.10 Td (, incoming unearned premiums are earned in proportion to the remaining period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (protection. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 203.76699218750002 m 186.888671875 203.76699218750002 l s q 0 0 0 rg BT 86.00 205.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 205.10 Td (ear ended December 31) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 186.888671875 203.76699218750002 m 191.888671875 203.76699218750002 l s q 0 0 0 rg BT 186.89 205.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 191.888671875 203.76699218750002 m 211.888671875 203.76699218750002 l s q 0 0 0 rg BT 191.89 205.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 188.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 188.10 Td (, the frequency net premiums earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.33 188.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.08 188.10 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.08 188.10 Td ($49.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.97 188.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.80 188.10 Td (15.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.63 188.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 203.11 176.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.16 176.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.91 176.10 Td ( was primarily as a result of the motor liability and physical damage business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (which increased by $41.0 million during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.41 164.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.08 164.10 Td (, compared to the same period in 2014, primarily due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (to an increase in volume of underlying premiums earned on private passenger motor contracts in ef) Tj ET Q q 0 0 0 rg BT 446.08 152.10 Td (fect during the current period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.10 Td (Our professional lines premiums earned increased primarily due to new contracts entered into during 2015 and the second half of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (2014 which contributed $29.7 million of the increase. ) Tj ET Q q 0 0 0 rg BT 266.99 128.10 Td (The increase in professional liability premiums earned was partially of) Tj ET Q q 0 0 0 rg BT 549.22 128.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.10 Td (by a decrease of $1) Tj ET Q q 0 0 0 rg BT 126.81 116.10 Td (1.3 million relating to solicitors' professional indemnity business due to a lower volume of underlying business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (written by the cedents. ) Tj ET Q q 0 0 0 rg BT 142.48 104.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 192.38 104.10 Td (, the general liability) Tj ET Q q 0 0 0 rg BT 274.48 104.10 Td (, specialty health and workers' compensation premiums earned increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (by $1) Tj ET Q q 0 0 0 rg BT 72.13 92.10 Td (1.1 million, $7.9 million and $4.5 million respectively) Tj ET Q q 0 0 0 rg BT 288.40 92.10 Td (, during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.73 92.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.40 92.10 Td ( as a result of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.10 Td (contracts entered into during 2015 and the second half of 2014. New contracts entered in other lines of business also contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.10 Td (to increases in premiums earned with marine, financial and commercial property) Tj ET Q q 0 0 0 rg BT 371.73 68.10 Td (, in the aggregate, accounting for $6.6 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.10 Td (the increase in net premiums earned during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.93 56.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.60 56.10 Td (. ) Tj ET Q q 0 0 0 rg BT 369.42 56.10 Td (The increases in premiums earned were partially ) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 742.10 Td (fset by a $40.7 million decrease in personal property premiums partly due to a Florida homeowners' contract not renewed upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (expiration during 2015, and partly due to a lower share on other Florida homeowners' contracts in ef) Tj ET Q q 0 0 0 rg BT 451.23 730.10 Td (fect during the current period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (compared to the same period in 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 694.10 Td (, the severity net premiums earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.01 694.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.76 694.10 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.76 694.10 Td ($4.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.65 694.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.48 694.10 Td (17.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.31 694.10 Td (, compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 161.19 682.10 Td (The increase was a net impact of new and renewed severity quota share contracts entered into during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (2015 and the latter half of 2014, partially of) Tj ET Q q 0 0 0 rg BT 225.04 670.10 Td (fset by severity contracts that expired and were not renewed or renewed with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (smaller share during 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.14 658.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.92 658.10 Td (, the reported severity premiums earned were net of $2.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (million of return premiums relating to an excess of loss catastrophe contract. ) Tj ET Q q 0 0 0 rg BT 358.90 646.10 Td (This contract was previously expected to incur a loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (into our layer) Tj ET Q q 0 0 0 rg BT 103.47 634.10 Td (, resulting in an additional premium being recorded. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.52 634.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.18 634.10 Td (, we were informed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (by the client that the loss will not breach into our layer) Tj ET Q q 0 0 0 rg BT 268.00 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 272.45 622.10 Td (As a result, we reversed the additional premium along with the loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (reserve and recorded a profit commission expense. ) Tj ET Q q 0 0 0 rg BT 254.93 610.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 304.83 610.10 Td (, the severity premiums earned for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.22 610.10 Td (year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 598.10 Td ( appear higher than the comparable period in 2014 because the 2014 earned premiums were net of $3.8 million expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (relating to a retroceded contract for catastrophic risk protection which was not renewed in 2015. Instead during 2015, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (purchased an IL) Tj ET Q q 0 0 0 rg BT 113.67 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 122.93 574.10 Td ( contract which, in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 313.99 574.10 Td (, was recorded as a weather derivative swap and the cost of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (IL) Tj ET Q q 0 0 0 rg BT 58.70 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 67.95 562.10 Td ( was recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.98 562.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.52 562.10 Td ( statements of income as "other income \(expense\), net". For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.16 562.10 Td (year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 550.10 Td (, the IL) Tj ET Q q 0 0 0 rg BT 98.41 550.10 Td (W) Tj ET Q q 0 0 0 rg BT 107.67 550.10 Td ( amortization expense was $2.3 million. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 519.7669921875 m 211.888671875 519.7669921875 l s q 0 0 0 rg BT 86.00 521.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 521.10 Td (ear ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.89 521.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 504.10 Td (For the year ended December 31, 2014, the frequency net premiums earned decreased by $199.2 million, or 37.6%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (compared to the same period in 2013. ) Tj ET Q q 0 0 0 rg BT 203.11 492.10 Td (The decrease was primarily attributed to a private passenger motor contract terminated at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (the end of 2013 which accounted for $159.5 million of the decrease. ) Tj ET Q q 0 0 0 rg BT 324.92 480.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 374.82 480.10 Td (, the volume of premiums earned on other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (private passenger motor contracts decreased by $13.9 million, compared to the same period in 2013. ) Tj ET Q q 0 0 0 rg BT 453.59 468.10 Td (This decrease was due to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (reduction in earned premiums reported during 2014 resulting from competitive pricing pressure on the underlying premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (written by the insurers. ) Tj ET Q q 0 0 0 rg BT 144.52 444.10 Td (The personal line premiums earned decreased by $40.1 million during 2014, compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (in 2013 primarily due to the explanation provided above for gross premiums written. Other decreases in net premiums earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (related to the workers' compensation line and the general liability line which decreased by $1) Tj ET Q q 0 0 0 rg BT 422.41 420.10 Td (1.1 million and $2.4 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 408.10 Td (, primarily as a result of certain multi-line contracts terminated during 2013. ) Tj ET Q q 0 0 0 rg BT 404.61 408.10 Td (The decreases in frequency net premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (earned were partially of) Tj ET Q q 0 0 0 rg BT 145.04 396.10 Td (fset by net premiums earned on new contracts and increases in the volume of underlying business in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (lines including $10.3 million relating to professional liability contracts and $3.0 million relating to specialty health contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.10 Td (Premiums written relating to severity contracts are earned over the contract period in proportion to the period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (protection. For the year ended December 31, 2014, severity net premiums earned increased $5.5 million, or 30.4%, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (the same period in 2013. ) Tj ET Q q 0 0 0 rg BT 150.91 343.10 Td (The increase is partially a function of the reversal of reinstatement premiums reflected in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (comparative period and partially due to the new and renewed severity contracts entered into during 2014. ) Tj ET Q q 0 0 0 rg BT 473.28 331.10 Td (The increases were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 319.10 Td (fset by decreases due to catastrophe contracts expired but not renewed during 2014 due to inadequate pricing.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 302.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 290.10 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 146.47 290.10 Td (Adjustment Expenses Incurred, Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 278.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 266.10 Td (Net losses incurred include losses paid and changes in loss reserves, including reserves for IBNR, net of actual and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (estimated loss recoverables. Details of net losses incurred are provided in the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 187.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 187.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 187.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 187.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 187.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 187.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 187.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 187.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 157.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 157.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 157.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 157.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 157.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 157.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 157.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 157.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 201.60000000000002 m 316.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 201.60000000000002 m 320.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 201.60000000000002 m 366.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 201.60000000000002 m 416.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 201.60000000000002 m 420.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 201.60000000000002 m 466.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 201.60000000000002 m 516.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.75 201.60000000000002 m 520.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 201.60000000000002 m 566.75 201.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 187.60000000000002 m 316.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 187.60000000000002 m 320.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 187.60000000000002 m 366.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 187.60000000000002 m 370.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 187.60000000000002 m 416.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 187.60000000000002 m 420.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 187.60000000000002 m 466.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 187.60000000000002 m 470.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 187.60000000000002 m 516.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.75 187.60000000000002 m 520.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 187.60000000000002 m 566.75 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 157.60000000000002 m 316.75 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 157.60000000000002 m 366.75 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 157.60000000000002 m 416.75 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 157.60000000000002 m 466.75 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 157.60000000000002 m 516.75 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 157.60000000000002 m 566.75 157.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 143.60000000000002 m 316.75 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 141.60000000000002 m 316.75 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 143.60000000000002 m 366.75 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 141.60000000000002 m 366.75 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 143.60000000000002 m 416.75 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 141.60000000000002 m 416.75 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 143.60000000000002 m 466.75 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 141.60000000000002 m 466.75 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 143.60000000000002 m 516.75 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 141.60000000000002 m 516.75 141.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 143.60000000000002 m 566.75 143.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 141.60000000000002 m 566.75 141.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 221.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 221.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 206.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.25 206.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.25 206.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 206.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.05 192.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 177.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 177.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 177.27 Td (314,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.40 177.27 Td (99.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 177.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 177.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 177.27 Td (231,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 177.27 Td (98.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 177.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 177.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 177.27 Td (347,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 177.27 Td (102.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 177.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 162.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.40 162.27 Td (2,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.40 162.27 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.40 162.27 Td (3,801) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.40 162.27 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.05 162.32 Td (\(8,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.90 162.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.05 162.32 Td (\(2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 162.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 147.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 147.27 Td (317,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.35 147.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 147.27 Td (234,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 147.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 147.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 147.27 Td (338,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 147.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 147.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 119.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 119.10 Td (e establish reserves for each contract based on estimates of the ultimate cost of all losses, including losses incurred but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (not reported. ) Tj ET Q q 0 0 0 rg BT 103.41 107.10 Td (These estimated ultimate reserves are based on reports received from ceding companies, industry data andhistorical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (experience as well as our own actuarial estimates. Quarterly) Tj ET Q q 0 0 0 rg BT 289.53 95.10 Td (, we review these estimates on a contract by contract basis and adjust ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (them as we deemappropriate to reflect our best estimates based on updated information and our internal actuarial estimates. ) Tj ET Q q 0 0 0 rg BT 548.53 83.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.17 83.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (expect losses incurred on our severity business to be volatile depending on the frequency and magnitude of catastrophic events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (from year to year) Tj ET Q q 0 0 0 rg BT 118.58 59.10 Td (.) Tj ET Q endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (57) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 740.7669921875 m 186.888671875 740.7669921875 l s q 0 0 0 rg BT 86.00 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 742.10 Td (ear ended December 31) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 186.888671875 740.7669921875 m 189.388671875 740.7669921875 l s q 0 0 0 rg BT 186.89 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 189.388671875 740.7669921875 m 209.388671875 740.7669921875 l s q 0 0 0 rg BT 189.39 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 725.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 725.10 Td (, the total net losses incurred on frequency contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.26 725.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.01 725.10 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.01 725.10 Td ($83.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.91 725.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 713.10 Td (36.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.66 713.10 Td (, compared to the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 244.77 713.10 Td (The increase was driven primarily by $51.6 million of additional loss reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (recorded during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.80 701.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.47 701.10 Td ( on two legacy general liability contracts that are currently in run-of) Tj ET Q q 0 0 0 rg BT 526.57 701.10 Td (f. One of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (the general liability contracts, which was in ef) Tj ET Q q 0 0 0 rg BT 234.20 689.10 Td (fect from 2008 to 201) Tj ET Q q 0 0 0 rg BT 321.03 689.10 Td (1, included general contractors' liability with the majority of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (exposure relating to single-family homes. During 2015, we completed an in-depth analysis, with the assistance of a third party ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (expert, of the construction defect claims reported and the potential for claims not yet reported on this contract. Based on this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (assessment, we revised the actuarial methodology used for reserving these claims, which resulted in an increase in IBNR reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (of $36.9 million recorded in the third quarter of 2015. ) Tj ET Q q 0 0 0 rg BT 267.54 641.10 Td (The other general liability contract, which was written in 2010, included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (general contractors' liability with the majority of exposure relating to construction defect claims in the western United States. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.70 Td (During the second quarter of 2015,) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 189.96 614.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.96 614.70 Td (we experienced adverse development on known claims, which caused us to re-evaluate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.70 Td (expected value of known claims as well as the value of claims still to be filed. ) Tj ET Q q 0 0 0 rg BT 363.52 602.70 Td (Additionally) Tj ET Q q 0 0 0 rg BT 413.42 602.70 Td (, we re-evaluated the claims handling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.70 Td (costs associated with this contract and increased our provision for case reserves, IBNR reserves and the cost of claims handling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.70 Td (by $14.7 million during the second quarter of 2015. ) Tj ET Q q 0 0 0 rg BT 258.95 578.70 Td (W) Tj ET Q q 0 0 0 rg BT 267.59 578.70 Td (e have reviewed all other contracts and do not believe that any other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.70 Td (contract has similar exposure. Some of our prior years' Florida homeowners' contracts also contributed to the increase in losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.70 Td (incurred due to unfavorable loss development of $9.3 million \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.26 554.70 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.26 554.70 Td ( of the consolidated financial statements for details\). ) Tj ET Q q 0 0 0 rg BT 554.95 554.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.70 Td (remainder of the increase in incurred losses related primarily to the higher earned premiums recorded for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.77 542.70 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.70 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 530.70 Td ( compared to the same period in 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 506.70 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 506.70 Td (, the losses incurred on severity contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.95 506.70 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.36 506.70 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.36 506.70 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.25 506.70 Td (, primarily due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.70 Td (to the elimination of $5.1 million of loss reserves resulting from favorable loss development on an excess of loss contract. ) Tj ET Q q 0 0 0 rg BT 540.26 494.70 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.70 Td (decrease in severity losses incurred was partially of) Tj ET Q q 0 0 0 rg BT 255.58 482.70 Td (fset by an increase related to the mix of severity business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 458.70 Td (Losses incurred as a percentage of premiums earned \(referred to as the loss ratio\) fluctuates based on the mix of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.70 Td (business, and any favorable or adverse loss development on our lar) Tj ET Q q 0 0 0 rg BT 317.80 446.70 Td (ger contracts. ) Tj ET Q q 0 0 0 rg BT 373.98 446.70 Td (The loss ratios for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.68 446.70 Td (years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.70 Td (2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 434.70 Td (, were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 382.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 382.20 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 382.20 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 382.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 382.20 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 382.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 382.20 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 352.20 284.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 352.20 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 352.20 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 352.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 352.20 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 352.20 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 352.20 72.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 382.2 m 411.5 382.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 382.2 m 487.5 382.2 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 382.2 m 563.5 382.2 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 401.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.50 401.88 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.87 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.50 386.88 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.00 386.88 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.00 386.88 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.87 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 371.87 Td (82.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 371.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 371.87 Td (69.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 371.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 371.87 Td (65.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 371.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 356.87 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 356.87 Td (9.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 356.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 356.87 Td (16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 356.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 356.87 Td (\(48.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.30 356.87 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.87 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.15 341.87 Td (77.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 341.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 341.87 Td (66.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 341.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 341.87 Td (61.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 341.87 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 313.70 Td (The higher frequency loss ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.33 313.70 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.00 313.70 Td ( primarily related to the adverse loss development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.70 Td (on the general liability contracts discussed above. Excluding the af) Tj ET Q q 0 0 0 rg BT 316.96 301.70 Td (fected general liability contracts, the loss ratio for frequency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.70 Td (business for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.27 289.70 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.94 289.70 Td ( was 69.1%. ) Tj ET Q q 0 0 0 rg BT 291.14 289.70 Td (The loss ratio for the Florida homeowners' insurance contracts also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.70 Td (increased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.58 277.70 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.25 277.70 Td ( due to unfavorable loss development primarily as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.46 277.70 Td (sinkhole claims, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.70 Td (higher than anticipated water damage claims from rainstorms and an increase in the practice of "assignment of benefits" whereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.70 Td (homeowners assign their rights for filing and settling claims to attorneys and public adjusters which led to increases in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.70 Td (frequency of claims reported as well as the severity of loss adjustment expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.35 241.70 Td (. ) Tj ET Q q 0 0 0 rg BT 374.17 241.70 Td (The increase in the loss ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.22 241.70 Td (year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.70 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.58 229.70 Td ( was partially of) Tj ET Q q 0 0 0 rg BT 193.11 229.70 Td (fset by a lower loss ratio on specialty health contracts due to no adverse losses developing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.70 Td (the employers' medical stop-loss contracts in the current period compared to adverse losses recorded during the comparable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.70 Td (period in 2014. ) Tj ET Q q 0 0 0 rg BT 113.14 205.70 Td (The loss ratio for professional liability line was also lower for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.52 205.70 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.19 205.70 Td ( compared to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.70 Td (same period in 2014 due to a shift in the mix of business from predominantly solicitors' indemnity contracts to a more diversified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.70 Td (professional liability book of business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 157.70 Td (The severity loss ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.97 157.70 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.63 157.70 Td ( reflects the elimination of $5.1 million of loss reserves on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.70 Td (an excess of loss contract entered into in 2008. Excluding this contract, the severity loss ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.78 145.70 Td (year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.70 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 133.70 Td ( was 25.4% compared to 16.1% for the same period in 2014. ) Tj ET Q q 0 0 0 rg BT 314.48 133.70 Td (This increase in severity loss ratio was due to the change in mix ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.70 Td (of severity business with a higher proportion of quota share severity contracts in ef) Tj ET Q q 0 0 0 rg BT 381.12 121.70 Td (fect during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.93 121.70 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.60 121.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.70 Td (compared to the same period in 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 85.70 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 85.70 Td (e expect our severity loss ratio to vary) Tj ET Q q 0 0 0 rg BT 246.44 85.70 Td (, sometimes significantly) Tj ET Q q 0 0 0 rg BT 346.05 85.70 Td (, based on the change in mix of business between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.70 Td (catastrophe and non-catastrophe business and quota share and excess of loss contracts.) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 740.7669921875 m 211.888671875 740.7669921875 l s q 0 0 0 rg BT 86.00 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 742.10 Td (ear ended December 31 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 725.10 Td (For the year ended December 31, 2014, the net losses incurred on frequency contracts decreased by $1) Tj ET Q q 0 0 0 rg BT 496.03 725.10 Td (16.0 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (33.4%. ) Tj ET Q q 0 0 0 rg BT 80.65 713.10 Td (This decrease was primarily the net result of the 37.6% decrease in net premiums earned relating to a private passenger ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (motor contract terminated at the end of 2013 and Florida homeowners' personal property contracts renewed at a lower assigned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 75.55 689.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 125.45 689.10 Td (, the multi-line contracts terminated and commuted during 2013 also contributed to the decrease in incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (losses for the year ended December 31, 2014. ) Tj ET Q q 0 0 0 rg BT 234.76 677.10 Td (The decreases were partially of) Tj ET Q q 0 0 0 rg BT 359.51 677.10 Td (fset by an increase in losses incurred relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (adverse loss development on general liability) Tj ET Q q 0 0 0 rg BT 230.13 665.10 Td (, commercial motor) Tj ET Q q 0 0 0 rg BT 308.32 665.10 Td (, solicitors' professional liability and employers' medical stop-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (loss contracts \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.19 653.10 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.19 653.10 Td ( of the consolidated financial statements for details\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 629.10 Td (For the years ended December 31, 2014 and 2013, the loss ratios for our frequency business were 69.9% and 65.5%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 617.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 617.10 Td (The higher loss ratio for the year ended December 31, 2014 was due to adverse loss development relating to prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (period general liability) Tj ET Q q 0 0 0 rg BT 140.43 605.10 Td (, commercial motor) Tj ET Q q 0 0 0 rg BT 218.61 605.10 Td (, solicitors' professional liability and employers' medical stop-loss contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.90 593.10 Td (, the loss ratio on the motor line was also higher primarily due to current year private passenger motor contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (reporting higher expected loss ratios compared to the prior year contracts. ) Tj ET Q q 0 0 0 rg BT 347.49 581.10 Td (The increase in the loss ratio for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (December 31, 2014 was partially of) Tj ET Q q 0 0 0 rg BT 193.11 569.10 Td (fset by a lower loss ratio for the general liability line due to a decrease in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (adverse loss development during 2014, compared to the adverse loss development during 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 533.10 Td (For the years ended December 31, 2014 and 2013, the loss ratios for our severity business were 16.1% and \(48.1\)%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 521.10 Td (. During the year ended December 31, 2014 our severity business was not impacted by any major catastrophe events. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (The net losses incurred on severity contracts was $3.8 million for the year ended December 31, 2014, and primarily related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (attritional loss reserves on certain excess of loss contracts. ) Tj ET Q q 0 0 0 rg BT 285.30 497.10 Td (The negative loss ratio of \(48.1\)% for the comparable year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (December 31, 2013 was due to the reversal of loss reserves relating to super) Tj ET Q q 0 0 0 rg BT 354.15 485.10 Td (-storm Sandy) Tj ET Q q 0 0 0 rg BT 407.10 485.10 Td (. Excluding the ef) Tj ET Q q 0 0 0 rg BT 478.01 485.10 Td (fect of that loss reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (reversal \(and the corresponding reversal of reinstatement premiums\), the severity loss ratio for the year ended December 31, 2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (was 29.9%, which included a $4.0 million increase in loss reserves on a casualty clash contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 434.70 Td (Losses incurred can be further broken down into losses paid and changes in loss and loss adjustment expense reserves as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.70 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 357.20 76.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.75 357.20 4.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.75 357.20 45.00 -28.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 284.20 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 129.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 174.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 227.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 272.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 276.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 321.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.75 284.20 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.75 284.20 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 521.75 284.20 45.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 129.75 385.20000000000005 m 174.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.75 385.20000000000005 m 178.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 178.75 385.20000000000005 m 223.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.75 385.20000000000005 m 227.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 385.20000000000005 m 272.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.75 385.20000000000005 m 321.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321.75 385.20000000000005 m 325.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 385.20000000000005 m 370.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 385.20000000000005 m 374.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 385.20000000000005 m 419.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 385.20000000000005 m 468.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.75 385.20000000000005 m 472.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 385.20000000000005 m 517.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 385.20000000000005 m 521.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 521.75 385.20000000000005 m 566.75 385.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 129.75 371.20000000000005 m 174.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 178.75 371.20000000000005 m 223.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 371.20000000000005 m 272.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.75 371.20000000000005 m 321.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 371.20000000000005 m 370.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 371.20000000000005 m 419.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 371.20000000000005 m 468.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 371.20000000000005 m 517.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 521.75 371.20000000000005 m 566.75 371.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 129.75 357.20000000000005 m 174.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 174.75 357.20000000000005 m 178.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 178.75 357.20000000000005 m 223.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223.75 357.20000000000005 m 227.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 357.20000000000005 m 272.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 272.75 357.20000000000005 m 276.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 276.75 357.20000000000005 m 321.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 321.75 357.20000000000005 m 325.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 357.20000000000005 m 370.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 357.20000000000005 m 374.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 357.20000000000005 m 419.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 357.20000000000005 m 468.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.75 357.20000000000005 m 472.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 357.20000000000005 m 517.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 517.75 357.20000000000005 m 521.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 521.75 357.20000000000005 m 566.75 357.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129.75 284.20000000000005 m 174.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.75 284.20000000000005 m 223.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 284.20000000000005 m 272.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.75 284.20000000000005 m 321.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 284.20000000000005 m 370.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 284.20000000000005 m 419.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 284.20000000000005 m 468.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 284.20000000000005 m 517.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.75 284.20000000000005 m 566.75 284.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129.75 271.20000000000005 m 174.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 129.75 269.20000000000005 m 174.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.75 271.20000000000005 m 223.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178.75 269.20000000000005 m 223.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 271.20000000000005 m 272.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227.75 269.20000000000005 m 272.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.75 271.20000000000005 m 321.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276.75 269.20000000000005 m 321.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 271.20000000000005 m 370.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.75 269.20000000000005 m 370.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 271.20000000000005 m 419.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.75 269.20000000000005 m 419.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 271.20000000000005 m 468.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.75 269.20000000000005 m 468.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 271.20000000000005 m 517.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.75 269.20000000000005 m 517.75 269.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.75 271.20000000000005 m 566.75 271.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 521.75 269.20000000000005 m 566.75 269.20000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 402.77 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.75 402.88 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.75 388.93 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.75 388.93 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.75 388.93 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 375.77 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.30 375.88 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 187.10 375.88 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 242.25 375.88 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 375.88 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 334.10 375.88 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.25 375.88 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.30 375.88 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.10 375.88 Td (Ceded) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 536.25 375.88 Td (Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 361.77 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.55 361.88 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 343.87 Td (Losses paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 333.87 Td (\(recovered\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.35 333.87 Td (274,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.05 333.87 Td (\(9,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.90 333.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.35 333.87 Td (264,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.35 333.87 Td (303,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.05 333.92 Td (\(9,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.90 333.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 333.87 Td (293,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.35 333.87 Td (355,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.05 333.92 Td (\(7,386) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.90 333.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.25 333.87 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.35 333.87 Td (347,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 318.87 Td (Changein loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 308.87 Td (and loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 298.87 Td (adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 288.87 Td (expense reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.35 288.87 Td (44,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.40 288.87 Td (8,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.35 288.87 Td (52,235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.05 288.92 Td (\(63,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.90 288.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.40 288.87 Td (5,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.05 288.92 Td (\(58,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.90 288.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.05 288.92 Td (\(27,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.90 288.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.35 288.87 Td (17,623) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.05 288.92 Td (\(9,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.90 288.87 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 274.77 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.35 274.77 Td (318,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.05 274.77 Td (\(1,696) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.90 274.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.35 274.77 Td (317,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.35 274.77 Td (239,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.05 274.82 Td (\(4,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.90 274.77 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.35 274.77 Td (234,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.35 274.77 Td (328,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.35 274.77 Td (10,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.25 274.77 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.35 274.77 Td (338,493) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 236.70 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.19 236.70 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 236.70 Td (, our net loss reserves on prior period contracts increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.48 236.70 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.37 236.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.70 Td (primarily related to adverse loss development on general liability contracts relating to construction defect claims. For the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.70 Td (ended December 31, 2014, our net loss reserves on prior period contracts increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.66 212.70 Td ($18.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.55 212.70 Td (, which primarily related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.70 Td (adverse loss development on general liability) Tj ET Q q 0 0 0 rg BT 230.13 200.70 Td (, commercial motor) Tj ET Q q 0 0 0 rg BT 308.32 200.70 Td (, solicitors' professional liability and employers' medical stop-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.70 Td (loss businesses, partially of) Tj ET Q q 0 0 0 rg BT 159.25 188.70 Td (fset by favorable loss development on private passenger automobile business. For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.70 Td (December 31, 2013, our net loss reserves relating to prior period contracts decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.76 176.70 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.66 176.70 Td (, which was partially due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.70 Td (the elimination of reserves relating to super) Tj ET Q q 0 0 0 rg BT 223.63 164.70 Td (-storm Sandy) Tj ET Q q 0 0 0 rg BT 276.59 164.70 Td (, and partially due to the favorable loss development on the private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.70 Td (passenger automobile, commercial motor and personal property businesses. ) Tj ET Q q 0 0 0 rg BT 354.74 152.70 Td (The decrease was partially of) Tj ET Q q 0 0 0 rg BT 471.72 152.70 Td (fset by adverse loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.70 Td (development on the general liability and casualty clash businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 123.70 Td (For further details on prior period loss developments, please refer to Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.86 123.70 Td (7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.86 123.70 Td ( "Loss and loss adjustment expense reserves" ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.70 Td (of the consolidated financial statements.) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (Acquisition Costs, Net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (Acquisition costs represent the amortization of commission and brokerage expenses incurred on contracts written as well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (as profit commissions and other underwriting expenses which are expensed when incurred. Deferred acquisition costs are limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (to the amount of commission and brokerage expenses that are expected to be recovered from future earned premiums and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (anticipated investment income. Details of acquisition costs are provided in the following table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 602.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 602.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 602.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 602.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 602.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 602.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 602.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 602.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.75 572.60 213.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.75 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.75 572.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.75 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.75 572.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.75 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.75 572.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.75 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.75 572.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 466.75 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.75 572.60 46.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 516.75 572.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 520.75 572.60 46.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 617.6 m 316.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 617.6 m 320.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 617.6 m 366.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 617.6 m 416.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 617.6 m 420.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 617.6 m 466.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 617.6 m 516.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.75 617.6 m 520.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 617.6 m 566.75 617.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 602.6 m 316.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316.75 602.6 m 320.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 602.6 m 366.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.75 602.6 m 370.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 602.6 m 416.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416.75 602.6 m 420.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 602.6 m 466.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.75 602.6 m 470.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 602.6 m 516.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 516.75 602.6 m 520.75 602.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 602.6 m 566.75 602.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 572.6 m 316.75 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 572.6 m 366.75 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 572.6 m 416.75 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 572.6 m 466.75 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 572.6 m 516.75 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 572.6 m 566.75 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 558.6 m 316.75 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.75 556.6 m 316.75 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 558.6 m 366.75 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.75 556.6 m 366.75 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 558.6 m 416.75 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.75 556.6 m 416.75 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 558.6 m 466.75 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.75 556.6 m 466.75 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 558.6 m 516.75 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.75 556.6 m 516.75 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 558.6 m 566.75 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 520.75 556.6 m 566.75 556.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 637.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 637.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 622.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.25 622.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.25 622.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.25 622.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 384.05 607.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 592.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 592.27 Td (106,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.40 592.27 Td (91.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 592.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 592.27 Td (103,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.40 592.27 Td (95.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 592.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 592.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 592.27 Td (168,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.40 592.27 Td (97.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 592.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 577.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.40 577.27 Td (9,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.40 577.27 Td (8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.40 577.27 Td (4,657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.40 577.27 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.40 577.27 Td (3,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.40 577.27 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.25 562.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.25 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.35 562.27 Td (116,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.35 562.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.90 562.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.25 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.35 562.27 Td (107,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.35 562.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.90 562.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.25 562.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 562.27 Td (171,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 562.27 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.90 562.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 534.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 534.10 Td (e expectacquisition coststo be higher for frequency business than for severity business. ) Tj ET Q q 0 0 0 rg BT 448.71 534.10 Td (Acquisition cost as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (percentage of net premiums earned \(referred to as acquisition cost ratio\) are generally higher for our frequency business than for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (our severity business, but fluctuate based on the mix of business. ) Tj ET Q q 0 0 0 rg BT 311.72 510.10 Td (The acquisition cost ratios for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.35 510.10 Td (years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 498.10 Td (, were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.60 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 457.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 457.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 457.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 457.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 457.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 457.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 427.60 311.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 427.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.50 427.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 427.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 427.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 427.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 427.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 457.6 m 429.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 457.6 m 495.5 457.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 457.6 m 563.5 457.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366.5 412.6 m 429.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 412.6 m 495.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 412.6 m 499.5 412.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 412.6 m 563.5 412.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.50 477.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.50 462.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.00 462.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.00 462.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 447.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 447.27 Td (28.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 447.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 447.27 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 447.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 447.27 Td (31.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 447.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 432.27 Td (35.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 432.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 432.27 Td (19.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 432.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 432.27 Td (20.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 432.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 417.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 417.27 Td (28.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 417.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 417.27 Td (30.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 417.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.15 417.27 Td (31.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 417.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 375.7669921875 m 186.888671875 375.7669921875 l s q 0 0 0 rg BT 86.00 377.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 377.10 Td (ear ended December 31) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 186.888671875 375.7669921875 m 189.388671875 375.7669921875 l s q 0 0 0 rg BT 186.89 377.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 189.388671875 375.7669921875 m 209.388671875 375.7669921875 l s q 0 0 0 rg BT 189.39 377.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 360.10 Td (The decrease in the frequency acquisition cost ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.12 360.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.79 360.10 Td (, compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (in 2014, was primarily due to Florida homeowners' insurance contracts that contain sliding scale ceding commissions which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (decreased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.24 336.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.91 336.10 Td ( as a result of adverse loss development on those contracts. ) Tj ET Q q 0 0 0 rg BT 497.62 336.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 547.52 336.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (private passenger motor contracts in force during 2015 reported lower ceding commissions than the prior year which also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (contributed to a lower frequency acquisition cost ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.70 312.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.36 312.10 Td (. ) Tj ET Q q 0 0 0 rg BT 427.18 312.10 Td (The decrease in acquisition cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (ratio was partially of) Tj ET Q q 0 0 0 rg BT 132.85 300.10 Td (fset by the change in mix of professional liability contracts which carry higher ceding commission rates than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.10 Td (the predominantly solicitors' professional indemnity contracts in force during the year ended 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 264.10 Td (The higher severity acquisition cost ratio for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.94 264.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.61 264.10 Td (, compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.90 264.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.90 264.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (was primarily due to profit commissions of $3.4 million recorded on an excess of loss contract during 2015. ) Tj ET Q q 0 0 0 rg BT 484.18 252.10 Td (These profit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (commissions were triggered by the elimination of loss reserves on this contract based on updated information received from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (insurer) Tj ET Q q 0 0 0 rg BT 77.22 228.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.04 228.10 Td (There were no other significant changes in acquisition costs during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.23 228.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.90 228.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 86 197.76699218750002 m 211.888671875 197.76699218750002 l s q 0 0 0 rg BT 86.00 199.10 Td (Y) Tj ET Q q 0 0 0 rg BT 92.22 199.10 Td (ear ended December 31 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 182.10 Td (For the year ended December 31, 2014, the slightly lower frequency acquisition cost ratio compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (in 2013 was related to a combination of decreases in specialty health, professional liability and workers' compensation lines, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (partially of) Tj ET Q q 0 0 0 rg BT 93.97 158.10 Td (fset by increases in general liability and personal property lines. ) Tj ET Q q 0 0 0 rg BT 351.39 158.10 Td (Acquisition cost ratio for the motor line remained ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (unchanged due to the lower ceding commissions on the in-force private passenger contracts being entirely of) Tj ET Q q 0 0 0 rg BT 484.96 146.10 Td (fset by an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (sliding scale commission adjustments from the favorable loss development on prior period private passenger contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 110.10 Td (For the year ended December 31, 2014, the acquisition cost ratios for severity business was slightly lower than the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (period in 2013 due to the impact of reinstatement premiums reversed during 2013 relating to super) Tj ET Q q 0 0 0 rg BT 444.42 98.10 Td (-storm Sandy with no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (corresponding reversal of commissions. Excluding the impact of this reversal, the 2013 severity acquisition cost ratio was 18.0%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (The acquisition cost ratio on the new severity contracts written during 2014 was higher due to a change in mix of business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (During the year ended 2014, we wrote several new severity quota share contracts which had higher ceding commissions than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.10 Td (catastrophe excess of loss contracts written during 2013. ) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (General and ) Tj ET Q q 0 0 0 rg BT 139.52 730.10 Td (Administrative Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.50 706.10 Td (Our total general and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.87 706.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.87 706.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 706.10 Td ($23.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 694.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 694.10 Td ($24.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.78 694.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.72 694.10 Td ($21.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.61 694.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 266.27 694.10 Td (. General and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.54 694.10 Td (years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.44 682.10 Td ( included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.87 682.10 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.76 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.76 682.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.66 682.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.09 682.10 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.99 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 397.65 682.10 Td (, for the expensing of the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (stock options, RSUs and restricted stock granted to employees and directors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Details of general and administrative expenses are provided in the following table:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 591.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 591.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 591.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 591.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.00 561.60 160.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.00 561.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.00 561.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 561.60 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.00 561.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.00 561.60 115.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213 606.6 m 328 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332 606.6 m 447 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 606.6 m 566 606.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213 591.6 m 328 591.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 328 591.6 m 332 591.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332 591.6 m 447 591.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 591.6 m 566 591.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213 591.6 m 328 591.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 328 591.6 m 332 591.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332 591.6 m 447 591.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 561.6 m 328 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 547.6 m 328 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213 545.6 m 328 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 561.6 m 447 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 547.6 m 447 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332 545.6 m 447 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 561.6 m 566 561.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 547.6 m 566 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 545.6 m 566 545.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.00 626.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.00 611.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 379.00 611.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 498.00 611.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 354.80 596.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 581.27 Td (Internal expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 581.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 581.27 Td (18,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 581.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 581.27 Td (21,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 581.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 581.27 Td (17,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 566.27 Td (Corporate expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 566.27 Td (4,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 566.27 Td (3,159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 566.27 Td (3,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.50 551.27 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.50 551.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 551.27 Td (23,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.50 551.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 551.27 Td (24,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.50 551.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 551.27 Td (20,958) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 523.10 Td (Internal expenses include all general and administrative expenses except for corporate expenses. Corporate expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (included those expenses directly related to being a publicly listed entity and certain non-core operating expenses. Prior to 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (corporate expenses also included non-investment related foreign exchange gains and losses. Ef) Tj ET Q q 0 0 0 rg BT 429.14 499.10 Td (fective from January 1, 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (presentation was modified and any non-investment related foreign exchange gains and losses are now presented on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (consolidated statements of income under the caption "other income \(expenses\), net". ) Tj ET Q q 0 0 0 rg BT 390.00 475.10 Td (As a result, foreign exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 475.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.62 475.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.95 475.10 Td ($2.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 463.10 Td ( and loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.22 463.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.11 463.10 Td ( that were previously included in corporate expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.70 463.10 Td (years ended December 31, 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 451.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 122.66 451.10 Td (, have been reclassified to "other income \(expense\), net", to conform to the current period presentation. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.67 439.10 Td (, a foreign exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.24 439.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.45 439.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.78 439.10 Td ($0.03 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.68 439.10 Td ( was included in "other income \(expense\), net".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 415.10 Td ( For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.61 415.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.28 415.10 Td (, internal expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.92 415.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.33 415.10 Td (d primarily due to a decrease in bonuses relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (prior underwriting years. ) Tj ET Q q 0 0 0 rg BT 152.01 403.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.06 403.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.81 403.10 Td ( in corporate expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.32 403.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.99 403.10 Td (, compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (in 2014, was mainly due to non-recurring professional fees incurred during 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.10 Td (For the year ended December 31, 2014, the increase in internal expenses was primarily related to higher underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (quantitative bonuses estimated relating to the 2012, 2013 and 2014 underwriting years, and to a lesser extent, related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (information technology system upgrades and an increase in head-count from the comparative period in 2013. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 326.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 309.10 Td (Net Investment Income \(Loss\) ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 212.66 309.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 285.10 Td (A) Tj ET Q q 0 0 0 rg BT 92.67 285.10 Td ( summary of our net investment income \(loss\) is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 53.25 230.60 330.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.25 230.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.25 230.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.25 230.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.25 230.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.25 230.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 230.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.25 198.60 330.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.25 198.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.25 198.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.25 198.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.25 198.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.25 198.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 198.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.25 166.60 330.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.25 166.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.25 166.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.25 166.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.25 166.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.25 166.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 166.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 53.25 134.60 330.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.25 134.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.25 134.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.25 134.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.25 134.60 56.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.25 134.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 511.25 134.60 56.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.25 244.60000000000002 m 445.25 244.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.25 244.60000000000002 m 507.25 244.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 244.60000000000002 m 567.25 244.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.25 230.60000000000002 m 445.25 230.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.25 230.60000000000002 m 451.25 230.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451.25 230.60000000000002 m 507.25 230.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 230.60000000000002 m 511.25 230.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 230.60000000000002 m 567.25 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.25 134.60000000000002 m 445.25 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.25 134.60000000000002 m 507.25 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 134.60000000000002 m 567.25 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.25 119.60000000000002 m 445.25 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.25 117.60000000000002 m 445.25 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.25 119.60000000000002 m 507.25 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.25 117.60000000000002 m 507.25 117.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 119.60000000000002 m 567.25 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.25 117.60000000000002 m 567.25 117.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 264.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.75 264.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 249.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.75 249.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 468.75 249.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 528.75 249.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.55 235.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 219.27 Td (Realized gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.75 219.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.90 219.27 Td (22,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.75 219.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.90 219.27 Td (352,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.75 219.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.90 219.27 Td (122,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 203.27 Td (Change in unrealized gains and losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.55 203.32 Td (\(265,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 203.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.55 203.32 Td (\(187,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.40 203.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.90 203.27 Td (149,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 187.27 Td (Investment related foreign exchange gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.55 187.32 Td (\(3,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 187.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.90 187.27 Td (14,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.90 187.27 Td (44,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 171.27 Td (Interest and dividend income, net of withholding taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.90 171.27 Td (15,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.90 171.27 Td (31,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.90 171.27 Td (22,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 155.27 Td (Interest, dividend and other expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.55 155.32 Td (\(31,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 155.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.55 155.32 Td (\(38,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.40 155.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.55 155.32 Td (\(47,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.40 155.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 139.27 Td (Investment advisor compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.55 139.32 Td (\(19,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.55 139.32 Td (\(49,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.40 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.55 139.32 Td (\(72,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.40 139.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 55.75 123.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.75 123.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.55 123.32 Td (\(281,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.40 123.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.75 123.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.90 123.27 Td (122,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.75 123.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.90 123.27 Td (218,140) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 95.10 Td (Investment returns relating to our investment portfolio managed by DME ) Tj ET Q q 0 0 0 rg BT 381.49 95.10 Td (Advisors are calculated monthly and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (compounded to calculate the quarterly and annual returns. ) Tj ET Q q 0 0 0 rg BT 284.45 83.10 Td (The resulting actual investment income \(loss\) may vary depending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (cash flows into and out of the investment account.) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 742.10 Td (, investment loss, net of fees and expenses, resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.27 742.10 Td (loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.84 742.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.17 742.10 Td (20.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 742.10 Td ( on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (investments managed by DME ) Tj ET Q q 0 0 0 rg BT 175.54 730.10 Td (Advisors, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.85 730.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.07 730.10 Td (s of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.29 730.10 Td (8.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.12 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.56 730.10 Td (19.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.39 730.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.77 730.10 Td (years ended December 31, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 568.76 730.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 718.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 718.10 Td (The investment loss for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.85 718.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.52 718.10 Td ( was primarily driven by our long portfolio, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (reported an investment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.03 706.10 Td (17.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.86 706.10 Td (. Our three lar) Tj ET Q q 0 0 0 rg BT 254.76 706.10 Td (ge long investments \(CONSOL) Tj ET Q q 0 0 0 rg BT 380.21 706.10 Td ( Ener) Tj ET Q q 0 0 0 rg BT 401.41 706.10 Td (gy) Tj ET Q q 0 0 0 rg BT 410.76 706.10 Td (, Micron ) Tj ET Q q 0 0 0 rg BT 447.52 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 452.93 706.10 Td (echnology and SunEdison\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (combined, resulted in a 14.9% investment loss. ) Tj ET Q q 0 0 0 rg BT 240.53 694.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 290.43 694.10 Td (, the macro positions and other expenses accounted for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.03 694.10 Td (1.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.86 694.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.83 682.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 123.49 682.10 Td (, of the investment loss. ) Tj ET Q q 0 0 0 rg BT 220.80 682.10 Td (The short portfolio reported a gain of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.14 682.10 Td (0.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.97 682.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.35 682.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.02 682.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 658.10 Td (e expect our investment income, including realized and unrealized gains \(or losses\), to fluctuate from period to period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (Fluctuations in realized and unrealized gains \(or losses\) are a function of both the market performance of the securities held in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (investment portfolio, and the timing of additions to and dispositions of securities in our investment portfolio. Our investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (advisor uses its discretion over when to realize a gain \(or loss\) on a particular investment. ) Tj ET Q q 0 0 0 rg BT 410.55 622.10 Td (W) Tj ET Q q 0 0 0 rg BT 419.18 622.10 Td (e believe that net investment income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (which includes both realized and unrealized gains \(or losses\), is the best way to assess our investment performance, rather than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (analyzing the realized gains \(or losses\) and unrealized gains \(or losses\) separately) Tj ET Q q 0 0 0 rg BT 376.17 598.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 574.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.61 574.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.61 574.10 Td (, the gross investment returns on our investment portfolio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (managed by DME ) Tj ET Q q 0 0 0 rg BT 125.26 562.10 Td (Advisors \(excluding investment performance compensation\) were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.35 562.10 Td (\(20.2\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.84 562.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.84 562.10 Td (10.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.67 562.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 562.10 Td (24.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.93 562.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 555.60 562.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (and were comprised of the following: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 509.60 247.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 509.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 509.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 509.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 509.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 479.60 247.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 479.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 479.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 479.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 479.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 57.00 449.60 247.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 449.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.00 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 449.60 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 449.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 449.60 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 509.6 m 390 509.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394 509.6 m 480 509.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 509.6 m 570 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 449.6 m 390 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 449.6 m 480 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 449.6 m 570 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 435.6 m 390 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 433.6 m 390 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 435.6 m 480 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394 433.6 m 480 433.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 435.6 m 570 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 433.6 m 570 433.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.50 529.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.50 514.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.50 514.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 514.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 499.27 Td (Long portfolio gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.95 499.27 Td (\(17.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 499.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 499.27 Td (17.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 499.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 499.27 Td (41.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.15 499.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 484.27 Td (Short portfolio gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.30 484.27 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 484.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.95 484.27 Td (\(4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 484.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.95 484.27 Td (\(17.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.80 484.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 469.27 Td (Macro gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.95 469.27 Td (\(1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 469.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.95 469.27 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 469.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 469.27 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.15 469.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 454.27 Td (Other income and expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.95 454.27 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 454.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.95 454.27 Td (\(1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.80 454.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.95 454.27 Td (\(1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.80 454.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 439.27 Td (Gross investment return) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.95 439.27 Td (\(20.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 439.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 439.27 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 439.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 439.27 Td (24.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.15 439.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 411.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.78 411.10 Td (, included in "other income and expenses" was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.72 411.10 Td ($19.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.61 411.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.44 411.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.44 411.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.72 411.10 Td ($20.6 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 399.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 399.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 399.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.17 399.10 Td ($18.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.06 399.10 Td (\) relating to management fees paid to DME ) Tj ET Q q 0 0 0 rg BT 338.56 399.10 Td (Advisors. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.29 399.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.95 399.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.95 399.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.95 399.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (performance compensation was recorded due to the negative investment returns for this period \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.03 387.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.03 387.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.31 387.10 Td ($28.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.20 387.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.20 387.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.20 387.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.48 387.10 Td ($54.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 375.10 Td (\). Due to the investment loss for the year ended December 31, 2015, based on the advisory agreement, the performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.10 Td (compensation for the subsequent years will be reduced to 10% of investment income until all the investment losses have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (recouped and an additional amount equal to 150% of the investment loss is earned.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 327.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 110.17 327.10 Td (Advisors and its af) Tj ET Q q 0 0 0 rg BT 185.26 327.10 Td (filiates manage and expect to manage other client accounts besides ours, some of which have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.10 Td (investment objectives similar to ours. ) Tj ET Q q 0 0 0 rg BT 202.02 315.10 Td (T) Tj ET Q q 0 0 0 rg BT 207.43 315.10 Td (o comply with Regulation FD, our investment returns are posted on our website on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (monthly basis. ) Tj ET Q q 0 0 0 rg BT 110.28 303.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 160.19 303.10 Td (, our website \() Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 217.392578125 301.7669921875 m 301.71875 301.7669921875 l s q 0 0 0 rg BT 217.39 303.10 Td (www) Tj ET Q q 0 0 0 rg BT 238.41 303.10 Td (.greenlightre.ky) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.72 303.10 Td (\) provides the names of the lar) Tj ET Q q 0 0 0 rg BT 423.16 303.10 Td (gest disclosed long positions in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 291.10 Td (investment portfolio asof the last business day of the month of the relevant posting, as well as information on our long and short ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.10 Td (exposures. ) Tj ET Q q 0 0 0 rg BT 94.44 279.10 Td (Although DME ) Tj ET Q q 0 0 0 rg BT 158.89 279.10 Td (Advisors discloses all investment positions to us, it may choose not to disclose certain positions to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 267.10 Td (other clients in order to protect its investment strategy) Tj ET Q q 0 0 0 rg BT 265.41 267.10 Td (.) Tj ET Q q 0 0 0 rg BT 270.22 267.10 Td (Therefore, we present on our website the relevant lar) Tj ET Q q 0 0 0 rg BT 481.34 267.10 Td (gest long positions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 255.10 Td (and exposure information as disclosed by DME ) Tj ET Q q 0 0 0 rg BT 242.47 255.10 Td (Advisors or its af) Tj ET Q q 0 0 0 rg BT 311.45 255.10 Td (filiates to their other clients.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 243.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 88.50 243.10 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 231.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 124.80 231.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 219.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 207.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 207.10 Td (e are not obligated to pay taxes in the Cayman Islands on either income or capital gains. ) Tj ET Q q 0 0 0 rg BT 448.79 207.10 Td (W) Tj ET Q q 0 0 0 rg BT 457.43 207.10 Td (e have been granted an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (exemption by the Governor) Tj ET Q q 0 0 0 rg BT 160.05 195.10 Td (-In-Cabinet from any income taxes that may be imposed in the Cayman Islands for a period of 20 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (years, expiring on February 1, 2025.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 171.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 159.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 108.96 159.10 Td ( is incorporated in Ireland and, therefore, is subject to the Irish corporation tax. GRIL) Tj ET Q q 0 0 0 rg BT 449.87 159.10 Td ( is expected to be taxed at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (rate of 12.5% on its taxable trading income, and 25% on its non-trading income, if any) Tj ET Q q 0 0 0 rg BT 395.93 147.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 135.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 123.10 Td (V) Tj ET Q q 0 0 0 rg BT 92.11 123.10 Td (erdant is incorporated in Delawareand, therefore, is subject to taxes in accordance with the U.S. federal rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (regulations prescribed by the Internal Revenue Service. ) Tj ET Q q 0 0 0 rg BT 274.18 111.10 Td (V) Tj ET Q q 0 0 0 rg BT 280.29 111.10 Td (erdant) Tj ET Q q 0 0 0 rg BT 308.06 111.10 Td (s taxable income is expected to be taxed at a rate of 35%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 87.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.44 87.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.03 87.10 Td (, a deferred tax asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.26 87.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 87.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.98 87.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.98 87.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.26 87.10 Td ($33.4 thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.37 87.10 Td (\) was included in other assets on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.54 75.10 Td ( balance sheets. ) Tj ET Q q 0 0 0 rg BT 165.33 75.10 Td (The increase in deferred tax asset during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.70 75.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.37 75.10 Td (, primarily resulted from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (the operating losses carried forward relating to GRIL) Tj ET Q q 0 0 0 rg BT 262.06 63.10 Td ( and to a lesser extent from the temporary dif) Tj ET Q q 0 0 0 rg BT 442.09 63.10 Td (ferences in recognition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (expenses for tax purposes. ) Tj ET Q q 0 0 0 rg BT 157.48 51.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.92 51.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 51.10 Td (, an accrual for current taxes recoverable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.79 51.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.68 51.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.51 51.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.51 51.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.79 51.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 565.68 51.10 Td (\) ) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (was recorded on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.74 742.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.29 742.10 Td ( balance sheets relating to a refund for taxes paid by GRIL) Tj ET Q q 0 0 0 rg BT 417.00 742.10 Td ( in prior years. Based on the timing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the reversal of the temporary dif) Tj ET Q q 0 0 0 rg BT 178.93 730.10 Td (ferences and likelihood of generating suf) Tj ET Q q 0 0 0 rg BT 342.30 730.10 Td (ficient taxable income to realize the future tax benefit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (management believes it is more likely than not that the deferred tax asset will be fully realized in the future and therefore no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (valuation allowance has been recorded. ) Tj ET Q q 0 0 0 rg BT 209.75 706.10 Td (The Company has nottaken any other tax positions that management believes are subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (to uncertainty or that are reasonably likely to have a material impact to the Company) Tj ET Q q 0 0 0 rg BT 388.68 694.10 Td (, GRIL) Tj ET Q q 0 0 0 rg BT 416.64 694.10 Td ( or) Tj ET Q q 0 0 0 rg BT 429.79 694.10 Td (V) Tj ET Q q 0 0 0 rg BT 435.90 694.10 Td (erdant.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 110.36 670.10 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (Due to the opportunistic and customized nature of our underwriting operations, we expect to report dif) Tj ET Q q 0 0 0 rg BT 495.70 646.10 Td (ferent loss and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (expense ratios in both our frequency and severity businesses from period to period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 610.10 Td (The following table provides the ratios:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 540.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.25 540.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.25 540.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.25 540.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.25 540.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.25 540.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 540.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 540.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 540.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.25 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.25 540.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 510.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.25 510.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.25 510.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.25 510.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.25 510.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.25 510.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 510.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 510.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 510.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.25 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.25 510.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 480.60 103.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 152.25 480.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.25 480.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 253.25 480.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.25 480.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 345.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.25 480.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 390.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.25 480.60 36.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.25 480.60 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 480.60 41.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 531.25 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 535.25 480.60 36.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152.25 570.6 m 204.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 204.25 570.6 m 208.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 208.25 570.6 m 249.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 249.25 570.6 m 253.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 253.25 570.6 m 289.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293.25 570.6 m 345.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.25 570.6 m 390.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 570.6 m 430.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 570.6 m 486.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 570.6 m 531.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 570.6 m 571.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152.25 570.6 m 204.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152.25 555.6 m 204.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 208.25 555.6 m 249.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 253.25 555.6 m 289.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293.25 570.6 m 345.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293.25 555.6 m 345.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.25 570.6 m 349.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.25 570.6 m 390.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.25 555.6 m 390.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 390.25 570.6 m 394.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 570.6 m 430.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 555.6 m 430.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 570.6 m 486.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 555.6 m 486.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 570.6 m 490.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 570.6 m 531.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 555.6 m 531.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 531.25 570.6 m 535.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 570.6 m 571.25 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 555.6 m 571.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 152.25 555.6 m 204.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 208.25 555.6 m 249.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 253.25 555.6 m 289.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293.25 555.6 m 345.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 349.25 555.6 m 390.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 555.6 m 430.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 555.6 m 486.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 555.6 m 531.25 555.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 555.6 m 571.25 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 152.25 510.6 m 204.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.25 510.6 m 249.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.25 510.6 m 289.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.25 510.6 m 345.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.25 510.6 m 390.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 510.6 m 430.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.25 510.6 m 486.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 510.6 m 531.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 510.6 m 571.25 510.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.25 465.6 m 289.25 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 465.6 m 430.25 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 465.6 m 571.25 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.25 451.6 m 289.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 253.25 449.6 m 289.25 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 451.6 m 430.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 394.25 449.6 m 430.25 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 451.6 m 571.25 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 535.25 449.6 m 571.25 449.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 589.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.25 589.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.25 575.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.25 575.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.25 575.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 560.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 155.05 560.28 Td (Frequency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 210.75 560.28 Td (Severity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.80 560.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 296.05 560.28 Td (Frequency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.75 560.28 Td (Severity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.80 560.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.05 560.28 Td (Frequency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 492.75 560.28 Td (Severity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 541.80 560.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 545.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 530.27 Td (Loss ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.90 530.27 Td (82.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.90 530.27 Td (9.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.85 530.27 Td (77.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 530.27 Td (69.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.85 530.27 Td (16.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.85 530.27 Td (66.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 530.27 Td (65.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.20 530.27 Td (\(48.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.05 530.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.85 530.27 Td (61.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 530.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 515.27 Td (Acquisition cost ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.90 515.27 Td (28.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.85 515.27 Td (35.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.85 515.27 Td (28.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 515.27 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.85 515.27 Td (19.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.85 515.27 Td (30.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 515.27 Td (31.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.55 515.27 Td (20.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.85 515.27 Td (31.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 500.27 Td (Composite ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.90 500.27 Td (110.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.85 500.27 Td (44.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.85 500.27 Td (106.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.90 500.27 Td (101.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.85 500.27 Td (35.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.85 500.27 Td (96.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 500.27 Td (97.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.20 500.27 Td (\(27.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.05 500.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.85 500.27 Td (93.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 500.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 485.27 Td (Internal expense ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.85 485.27 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.85 485.27 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.85 485.27 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 470.72 Td (Corporate expense ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.85 470.72 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.85 470.72 Td (0.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.85 470.72 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 455.27 Td (Combined ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.85 455.27 Td (111.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.40 455.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.85 455.27 Td (103.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.40 455.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.85 455.27 Td (97.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.40 455.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 427.10 Td (The loss ratio is calculated by dividing loss and loss adjustment expenses incurred by net premiums earned. ) Tj ET Q q 0 0 0 rg BT 518.50 427.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.14 427.10 Td (e expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (that the loss ratio will be volatile for our severity business and may exceed that of our frequency business in certain periods. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (Given that we opportunistically underwrite a concentrated portfolio across several lines of business that have varying expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (loss ratios, we can expect there to be significant annual variations in the loss ratios reported from our frequency business. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (addition, the loss ratios for both frequency and severity business can vary depending on the mix of the lines of business written.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 355.10 Td (The acquisition cost ratio is calculated by dividing acquisition costs by net premiums earned. ) Tj ET Q q 0 0 0 rg BT 460.45 355.10 Td (W) Tj ET Q q 0 0 0 rg BT 469.09 355.10 Td (e expect that this ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (will generally be higher for our frequency business than for our severity business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.10 Td (The composite ratio is the ratio of underwriting losses incurred, loss adjustment expenses and acquisition costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (excluding general and administrative expenses, to net premiums earned. Similar to the loss ratio, we expect that this ratio will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (more volatile for our severity business depending on loss activity in any particular period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 283.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 271.10 Td (The internal expense ratio is the ratio of general and administrative expenses, excluding any corporate expenses, to net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (premiums earned.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 235.10 Td (The corporate expense ratio is the ratio of corporate expenses to net premiums earned. Corporate expenses include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (expenses relating to GLRE being a publicly listed entity and certain non-core operating expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 211.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 199.10 Td (Prior to January 1, 2015, non-investment related foreign exchange gains and losses were recorded under corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (expenses. Ef) Tj ET Q q 0 0 0 rg BT 100.36 187.10 Td (fective from January 1, 2015, the presentation has been modified and any non-investment related foreign exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (gains or losses are now recorded under "other income \(expense\), net" in the consolidated statements of income. ) Tj ET Q q 0 0 0 rg BT 497.56 175.10 Td (Therefore, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 Td (corporate expense ratios and combined ratios for prior periods have been reclassified in the above table to conform to the current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (year presentation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 127.10 Td (The combined ratio is the sum of the composite ratio, the internal expense ratio and the corporate expense ratio. ) Tj ET Q q 0 0 0 rg BT 535.39 127.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (combined ratio measures the total profitability of our underwriting operations and does not take net investment income or loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (into account. Given the nature of our opportunistic underwriting strategy) Tj ET Q q 0 0 0 rg BT 340.39 103.10 Td (, we expect that our combined ratio may also be volatile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.10 Td (from period to period.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (63) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Financial Condition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td (Investments, Financial Contracts Receivable, Financial Contracts Payable and Due to Prime Br) Tj ET Q q 0 0 0 rg BT 456.78 725.25 Td (okers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 701.25 Td (Our long investments and financial contracts receivable reported in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.51 701.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.05 701.25 Td ( balance sheets as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.18 701.25 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 689.25 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.93 689.25 Td ($1,077.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.32 689.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.52 689.25 Td ($1,478.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.91 689.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.07 689.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.66 689.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.66 689.25 Td (a decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.01 689.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.34 689.25 Td ($400.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.23 689.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.06 689.25 Td (27.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.89 689.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (primarily due to the loss on long investments. ) Tj ET Q q 0 0 0 rg BT 234.21 677.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.65 677.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.23 677.25 Td (, our exposure to long investments decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.69 677.25 Td (89.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.52 677.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.70 665.25 Td (105.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.53 665.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.69 665.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 665.25 Td (. ) Tj ET Q q 0 0 0 rg BT 240.10 665.25 Td (This exposure analysis is conducted on a delta-adjusted basis and excludes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (macro positions which consist of CDS, interest rate swaps, sovereign debt,currencies, commodities, volatility indexes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (derivatives on any of these instruments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 629.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 617.25 Td (Financial contracts receivable as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.04 617.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.63 617.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.13 617.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.54 617.25 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.54 617.25 Td ($34.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.43 617.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.26 617.25 Td (72.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.09 617.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.30 617.25 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 605.25 Td (, partially due to a decrease in the fair value of equity based total return swaps and partially due to put options exited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (during 2015. ) Tj ET Q q 0 0 0 rg BT 102.56 593.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 593.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.58 593.25 Td (, financial contracts payable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.25 593.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.67 593.25 Td (d by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.67 593.25 Td ($16.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.56 593.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.39 593.25 Td (36.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.22 593.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 581.25 Td (, primarily due to a decrease in total return swaps that were in payable position and to a lesser extent due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (the expiration of certain credit default swaps during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 545.25 Td (From time to time, we incur indebtedness to our prime brokers to implement our investment strategy in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (with our investment guidelines. ) Tj ET Q q 0 0 0 rg BT 177.54 533.25 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.99 533.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.57 533.25 Td (, we had borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.49 533.25 Td ($95.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.38 533.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.21 533.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.21 533.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.49 533.25 Td ($76.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.38 533.25 Td (\) from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (prime brokers for investing activities and to provide collateral for unrealized losses on short positions. In accordance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (Greenlight Re's investment guidelines, DME ) Tj ET Q q 0 0 0 rg BT 230.72 509.25 Td (Advisors is allowed to use up to 15% \(GRIL: 5%\) net mar) Tj ET Q q 0 0 0 rg BT 463.56 509.25 Td (gin leverage for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (extended periods of time and up to 30% \(GRIL: 20%\) net mar) Tj ET Q q 0 0 0 rg BT 297.86 497.25 Td (gin leverage for periods of less than 30 days. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 473.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.40 473.25 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.06 473.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.65 473.25 Td (, we had borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.57 473.25 Td ($301.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.46 473.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.29 473.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.29 473.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.57 473.25 Td ($135.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.46 473.25 Td (\) under term mar) Tj ET Q q 0 0 0 rg BT 533.75 473.25 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (agreements from prime brokers to provide collateral for trust accounts and for some of our letters of credit outstanding, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (whereby we pledge certain investment securities to borrow cash from the prime brokers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 437.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 425.25 Td (Our investment portfolio, including any derivatives, is valued at fair value and any unrealized gains or losses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (reflected in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.00 413.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.54 413.25 Td ( statements of income. ) Tj ET Q q 0 0 0 rg BT 382.46 413.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.91 413.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.49 413.25 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.49 413.25 Td (90.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.32 413.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 413.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.15 413.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (83.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 401.25 Td (\) of ourinvestment portfolio \(excluding restricted and unrestricted cash and cash equivalents\)was comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (investments valued based on quoted prices in actively traded markets \(Level 1\),) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.78 389.25 Td (8.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.61 389.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.44 389.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.44 389.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.72 389.25 Td (14.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.55 389.25 Td (\) wascomprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (securities valued based on observable inputs other than quoted prices \(Level 2\) and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.67 377.25 Td (1.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.50 377.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.83 377.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.83 377.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.11 377.25 Td (1.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.94 377.25 Td (\) was comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (securities valued based on non-observable inputs \(Level 3\). \(Refer to Note 3 "Financial Instruments" in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.05 365.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.59 365.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (financial statements for details of transfers into and out of Level 3 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.41 353.25 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.08 353.25 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 341.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 329.25 Td (In determining whether a market for a financial instrument is active or inactive, we obtain information from DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (Advisors, based on feedback it receives from executing brokers, market makers, analysts and traders, to assess the level of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (market activity and available liquidity for any given financial instrument. ) Tj ET Q q 0 0 0 rg BT 345.06 305.25 Td (Where a financial instrument is valued based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (broker quotes, DME ) Tj ET Q q 0 0 0 rg BT 133.38 293.25 Td (Advisors requests multiplequotes. ) Tj ET Q q 0 0 0 rg BT 274.02 293.25 Td (The ultimate value is based on an average of the quotes obtained. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (Broker quoted prices are generally not adjusted in determining the ultimate values and are obtained with the expectation of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (quotes being binding.) Tj ET Q q 0 0 0 rg BT 137.83 269.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.27 269.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.86 269.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.86 269.25 Td ($129.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.75 269.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.58 269.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.58 269.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.86 269.25 Td ($316.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.75 269.25 Td (\) of our investments \(longs, shorts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (derivatives\) were valued based on broker quotes, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.53 257.25 Td ($128.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.42 257.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.25 257.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.25 257.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.53 257.25 Td ($315.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.42 257.25 Td (\)were based on broker quotes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (that utilized observable market information and classified as Level 2 fair value measurements, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.75 245.25 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.64 245.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.47 245.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.47 245.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.75 245.25 Td ($0.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 233.25 Td (\) were based on broker quotes that utilized non-observable inputs and classified as Level 3 fair value measurements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 221.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 209.25 Td (Non-observable inputs used by our investment advisor include the use of investment manager statements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.25 Td (management estimates based on third party appraisals of underlying assets for valuing private equity investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.25 Td (Restricted Cash and Cash Equivalents; Securities Sold, Not ) Tj ET Q q 0 0 0 rg BT 304.98 173.25 Td (Y) Tj ET Q q 0 0 0 rg BT 311.09 173.25 Td (et Pur) Tj ET Q q 0 0 0 rg BT 337.29 173.25 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 161.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 149.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 149.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 149.25 Td (, our securities sold, not yet purchased were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.25 149.25 Td ($882.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.14 149.25 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.85 149.25 Td ($1,090.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.24 149.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 137.25 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.02 137.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.44 137.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.77 137.25 Td (19.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.60 137.25 Td (, primarily due to disposal of certain non-U.S. sovereign debt short positions and, to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.25 Td (lesser extent, due to an increase in unrealized gains on the short equity securities. However) Tj ET Q q 0 0 0 rg BT 412.86 125.25 Td (, since macro positions such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.25 Td (sovereign debt are not included in the exposure analysis, our short exposure was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 113.25 Td (74.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.13 113.25 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.29 113.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.88 113.25 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.25 Td (66.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 101.25 Td ( at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.55 101.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.13 101.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 77.25 Td (Unlike long investments, short sales theoretically involve unlimited loss potential since there is no limit as to how high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.25 Td (the market price of a security may rise. ) Tj ET Q q 0 0 0 rg BT 207.86 65.25 Td (While it is not possible to list all of the reasons why a loss on a short sale may occur) Tj ET Q q 0 0 0 rg BT 544.35 65.25 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.25 Td (loss on a short sale may be caused by one or more of the following factors:) Tj ET Q endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 749.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 749.10 Td (Fluctuations in the share price due to an overall positive investment market;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 737.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 737.10 Td (Sudden unexpected changes in the underlying business model of the issuer;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 725.10 Td (Changes in laws and regulations relating to short sales;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 713.10 Td (Press releases and earnings guidance issued by the issuer;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 701.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 701.10 Td (A) Tj ET Q q 0 0 0 rg BT 110.17 701.10 Td ( mer) Tj ET Q q 0 0 0 rg BT 128.04 701.10 Td (ger or acquisition of the issuer at a price in excess of the current share price;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 689.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 689.10 Td (The shares of the issuer becoming dif) Tj ET Q q 0 0 0 rg BT 253.28 689.10 Td (ficult to borrow; or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 677.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.50 677.10 Td (A) Tj ET Q q 0 0 0 rg BT 110.17 677.10 Td ( short squeeze.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 653.10 Td (Given the various scenarios under which a loss may occur on a short sale, it is not possible to quantify the risk and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (uncertainty of loss relating to short sales. However) Tj ET Q q 0 0 0 rg BT 252.38 641.10 Td (, DME ) Tj ET Q q 0 0 0 rg BT 281.55 641.10 Td (Advisors typically performs a detailed analysis prior to entering into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (short sale. ) Tj ET Q q 0 0 0 rg BT 92.37 629.10 Td (Thereafter) Tj ET Q q 0 0 0 rg BT 133.60 629.10 Td (, the investment is routinely monitored by DME ) Tj ET Q q 0 0 0 rg BT 327.74 629.10 Td (Advisors. ) Tj ET Q q 0 0 0 rg BT 368.30 629.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.75 629.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.33 629.10 Td (, Greenlight Re's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (investment guidelines limit any single investment from constituting more than 20% of the portfolio \(10% for GRIL's portfolio\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (at any given time, which limits the potential adverse impact on our results of operations and financial position from any one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (position.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 569.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 569.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 569.10 Td (, the restricted cash included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 569.10 Td ($882.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.04 569.10 Td ( relating to collateral for securities sold, not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (purchased, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.24 557.10 Td ($1,090.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.63 557.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.79 557.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.38 557.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 533.10 Td (Overall, our restricted cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.29 533.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.70 533.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.70 533.10 Td ($60.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.59 533.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.42 533.10 Td (4.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.25 533.10 Td (, from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.19 533.10 Td ($1,296.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.58 533.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.36 533.10 Td ($1,236.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.75 533.10 Td (, primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (due to the decrease in securities sold, not yet purchased. ) Tj ET Q q 0 0 0 rg BT 275.91 521.10 Td (The cash collateral held by derivative counterparties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.76 521.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.18 521.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td ($19.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 509.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.17 509.10 Td ($52.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.06 509.10 Td ( during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.89 509.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.55 509.10 Td ( due to a decrease in derivatives. ) Tj ET Q q 0 0 0 rg BT 472.72 509.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 522.63 509.10 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 497.10 Td (, included in restricted cash and cash equivalents was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.57 497.10 Td ($301.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.46 497.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.29 497.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.29 497.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.57 497.10 Td ($135.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.46 497.10 Td (\) of cash and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (cash equivalents pledged as collateral \(for letters of credit and trust accounts\) to our cedents to satisfy our reinsurance collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (obligations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Reinsurance Balances Receivable; Deferr) Tj ET Q q 0 0 0 rg BT 225.66 449.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 237.61 449.10 Td (Acquisition Costs, Net; Unearned Pr) Tj ET Q q 0 0 0 rg BT 393.25 449.10 Td (emium Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 425.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 425.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.58 425.10 Td (, reinsurance balances receivable were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.60 425.10 Td ($187.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.49 425.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.19 425.10 Td ($151.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.08 425.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 413.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.08 413.10 Td (an increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.78 413.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.11 413.10 Td ($36.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 413.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.83 413.10 Td (24.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.66 413.10 Td (. ) Tj ET Q q 0 0 0 rg BT 291.48 413.10 Td (The increase in reinsurance balances receivable was primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (attributable to the increase in premiums written during the year ended December 31, 2015 compared to the same period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 365.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.00 365.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.58 365.10 Td (, deferred acquisition costs \(net of retrocession\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.29 365.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.05 365.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.05 365.10 Td ($25.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.94 365.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.77 365.10 Td (73.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.60 365.10 Td (, compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 353.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.36 353.10 Td (. ) Tj ET Q q 0 0 0 rg BT 143.18 353.10 Td (The increase was closely related to the corresponding increase in unearned premium reserves which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.25 341.10 Td ($83.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.15 341.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.98 341.10 Td (64.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.81 341.10 Td (, during the same period. ) Tj ET Q q 0 0 0 rg BT 299.54 341.10 Td (W) Tj ET Q q 0 0 0 rg BT 308.18 341.10 Td (e evaluate the recoverability of deferred acquisition costs by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (and expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. ) Tj ET Q q 0 0 0 rg BT 534.92 317.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 305.10 Td (, we believe that the deferred acquisition costs were fully recoverable and no premium deficiency loss was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (recorded.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Notes Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 245.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 245.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 245.10 Td (, notes receivable increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.47 245.10 Td ($23.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.36 245.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.14 245.10 Td ($25.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.03 245.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.47 245.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.36 245.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 233.10 Td (. ) Tj ET Q q 0 0 0 rg BT 132.90 233.10 Td (The increase was primarily related to a settlement agreement entered into with a ceding insurer during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (2015 whereby certain amounts, previously classified under reinsurance balances receivable, were converted into a ten-year note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (receivable. For further details on notes receivable, refer to Note 2 "Significant ) Tj ET Q q 0 0 0 rg BT 363.46 209.10 Td (Accounting Policies" in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.86 209.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.40 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 111.48 173.10 Td (Adjustment Expense Reserves; Loss and Loss ) Tj ET Q q 0 0 0 rg BT 308.16 173.10 Td (Adjustment Expenses Recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 161.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 149.10 Td (Reserves for loss and loss adjustment expenses were comprised of the following table:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 84.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 84.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 84.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 84.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 84.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 84.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 84.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 84.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 84.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 84.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 84.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 84.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 54.60 170.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 220.00 54.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 54.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.00 54.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 54.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 54.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 54.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.00 54.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 54.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 54.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 54.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 54.60 50.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220 123.60000000000002 m 270 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270 123.60000000000002 m 274 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274 123.60000000000002 m 335 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335 123.60000000000002 m 339 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339 123.60000000000002 m 400 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 123.60000000000002 m 454 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 123.60000000000002 m 458 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 123.60000000000002 m 508 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508 123.60000000000002 m 512 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 123.60000000000002 m 562 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220 123.60000000000002 m 270 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220 99.60000000000002 m 270 99.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270 123.60000000000002 m 274 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274 123.60000000000002 m 335 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274 99.60000000000002 m 335 99.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335 123.60000000000002 m 339 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339 123.60000000000002 m 400 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339 99.60000000000002 m 400 99.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 123.60000000000002 m 454 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 99.60000000000002 m 454 99.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 123.60000000000002 m 458 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 123.60000000000002 m 508 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 99.60000000000002 m 508 99.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508 123.60000000000002 m 512 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 123.60000000000002 m 562 123.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 99.60000000000002 m 562 99.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 220 84.60000000000002 m 270 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 270 84.60000000000002 m 274 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274 84.60000000000002 m 335 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 335 84.60000000000002 m 339 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339 84.60000000000002 m 400 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400 84.60000000000002 m 404 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 404 84.60000000000002 m 454 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454 84.60000000000002 m 458 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 84.60000000000002 m 508 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508 84.60000000000002 m 512 84.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 84.60000000000002 m 562 84.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 54.60000000000002 m 270 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 40.60000000000002 m 270 40.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 38.60000000000002 m 270 38.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 54.60000000000002 m 335 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 40.60000000000002 m 335 40.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 38.60000000000002 m 335 38.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 54.60000000000002 m 400 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 40.60000000000002 m 400 40.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 38.60000000000002 m 400 38.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 54.60000000000002 m 454 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 40.60000000000002 m 454 40.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 404 38.60000000000002 m 454 38.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 54.60000000000002 m 508 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 40.60000000000002 m 508 40.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 38.60000000000002 m 508 38.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 54.60000000000002 m 562 54.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 40.60000000000002 m 562 40.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 38.60000000000002 m 562 38.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 128.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.15 128.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.15 128.28 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 104.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.20 114.28 Td (Case) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.60 104.28 Td (Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 291.45 104.28 Td (IBNR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.05 104.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.20 114.28 Td (Case) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.60 104.28 Td (Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 469.95 104.28 Td (IBNR) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 525.55 104.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 89.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.30 89.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 74.27 Td (Frequency) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.50 74.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.60 74.27 Td (103,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 74.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 74.27 Td (165,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 74.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 74.27 Td (269,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 74.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 74.27 Td (103,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 74.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 74.27 Td (124,173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 74.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 74.27 Td (227,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 59.27 Td (Severity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 59.27 Td (8,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 59.27 Td (28,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 59.27 Td (36,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 59.27 Td (13,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 59.27 Td (23,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 59.27 Td (36,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 44.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.50 44.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.60 44.27 Td (111,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.50 44.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.65 44.27 Td (194,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 44.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.65 44.27 Td (305,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.50 44.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.60 44.27 Td (117,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 44.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 44.27 Td (147,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 44.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.60 44.27 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 737.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.05 737.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.71 737.10 Td (, the frequency loss reserves increased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.98 737.10 Td ($41.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.87 737.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.70 737.10 Td (18.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.53 737.10 Td (, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.81 737.10 Td ($269.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 725.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.83 725.10 Td ($227.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.72 725.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.88 725.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.47 725.10 Td (. ) Tj ET Q q 0 0 0 rg BT 269.29 725.10 Td (The increase in the frequency IBNR was driven primarily by an increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (in booked reserves on prior period contracts as a result of unfavorable loss development, partially of) Tj ET Q q 0 0 0 rg BT 450.31 713.10 Td (fset by a net decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (claims reported on active contracts during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 677.10 Td (The severity loss reserves decreased by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.44 677.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.33 677.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.16 677.10 Td (0.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.99 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 335.81 677.10 Td (The increase in the severity IBNR was due to new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (severity quota share contracts written during 2015 and in the latter half of 2014. ) Tj ET Q q 0 0 0 rg BT 371.17 665.10 Td (The decrease in the severity case reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (related to the elimination of $5.1 million case reserves on an excess of loss contract based on updated loss information received ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (from the insurer indicating that the losses would not breach into our layer of coverage.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 617.10 Td ( For most of our contracts written as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.08 617.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.66 617.10 Td (, our risk exposure is limited by defined limits of liability) Tj ET Q q 0 0 0 rg BT 551.15 617.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (Once the loss limit for a contract has been reached, we have no further exposure to additional losses from that contract. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 593.10 Td (, certain contracts, particularly quota share contracts that relate to first dollar exposure, may not contain aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (limits. Our severity and frequency business both have certain contracts that contain natural peril loss exposure. ) Tj ET Q q 0 0 0 rg BT 494.37 581.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.82 581.10 Td (January1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 569.10 Td (, our maximum aggregate loss exposure to any series of natural peril events was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.91 569.10 Td ($236.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 569.10 Td (. For purposes of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (preceding sentence, aggregate loss exposure is net of any retrocession \(including any IL) Tj ET Q q 0 0 0 rg BT 400.58 557.10 Td (Ws\) and is equal to the dif) Tj ET Q q 0 0 0 rg BT 505.93 557.10 Td (ference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (between the aggregate limits available in the contracts that contain natural peril exposure minus reinstatement premiums, if any) Tj ET Q q 0 0 0 rg BT 558.68 545.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (for the same contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 509.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 509.10 Td (e categorize peak zones as: United States, Canada and the Caribbean; Europe; Japan; and the rest of the world. ) Tj ET Q q 0 0 0 rg BT 538.52 509.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (following table provides the theoretical maximum single event loss exposure and aggregate loss exposure to natural peril losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (for each of the peak zones as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.33 485.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.93 485.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 422.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 422.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 422.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 422.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 422.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 392.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 392.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 392.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 392.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 392.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 362.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 362.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 362.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 362.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 362.60 107.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 460.6 m 342.5 460.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 460.6 m 455.5 460.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 460.6 m 459.5 460.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 460.6 m 566.5 460.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 436.6 m 342.5 436.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 436.6 m 455.5 436.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 436.6 m 566.5 436.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 422.6 m 455.5 422.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 422.6 m 459.5 422.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 422.6 m 566.5 422.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 422.6 m 459.5 422.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 422.6 m 566.5 422.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.95 465.28 Td (January 1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.00 441.28 Td (Zone) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 351.20 451.28 Td (Maximum Single Event ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.75 441.28 Td (Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 467.45 451.28 Td (Maximum ) Tj ET Q q 0 0 0 rg BT 513.84 451.28 Td (Aggr) Tj ET Q q 0 0 0 rg BT 535.32 451.28 Td (egate ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 502.75 441.28 Td (Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.80 427.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 412.27 Td (United States, Canada and the Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 412.27 Td (165,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.00 412.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 412.27 Td (236,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 397.27 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 397.27 Td (114,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 397.27 Td (144,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 382.27 Td (Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 382.27 Td (114,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 382.27 Td (144,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 367.27 Td (Rest of the world) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 367.27 Td (114,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 367.27 Td (144,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 352.27 Td (Maximum Aggregate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 352.27 Td (165,357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 352.27 Td (236,263) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 324.10 Td (Since our maximum loss exposures are theoretical maximums based on contract limits, these limits may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (significantly higher than modeled loss estimates which are commonly used in the insurance industry) Tj ET Q q 0 0 0 rg BT 450.15 312.10 Td (. ) Tj ET Q q 0 0 0 rg BT 454.97 312.10 Td (Therefore as of January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (2016, we also estimate catastrophe losses in terms of the probable maximum loss \("PML"\). ) Tj ET Q q 0 0 0 rg BT 416.86 300.10 Td (W) Tj ET Q q 0 0 0 rg BT 425.50 300.10 Td (e definePML) Tj ET Q q 0 0 0 rg BT 480.11 300.10 Td (as the anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (loss, taking into account contract terms and limits, caused by a catastrophe af) Tj ET Q q 0 0 0 rg BT 358.11 288.10 Td (fecting a broad geographic area, such as that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (caused by an earthquake or hurricane. ) Tj ET Q q 0 0 0 rg BT 203.41 276.10 Td (W) Tj ET Q q 0 0 0 rg BT 212.05 276.10 Td (e anticipate that thePML) Tj ET Q q 0 0 0 rg BT 312.76 276.10 Td (will vary depending upon the modeled simulated losses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (the composition of the in-force book of business. ) Tj ET Q q 0 0 0 rg BT 247.89 264.10 Td (The projected severity levels are described in terms of a 1-in-250 year return ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 79.87 252.10 Td (The 1-in-250 year return period PML) Tj ET Q q 0 0 0 rg BT 229.17 252.10 Td ( means that there is a 0.4% chance in any given year that an occurrence of a natural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (catastrophe will lead to losses exceeding the stated estimate. In other words, it corresponds to a 99.6% probability that the loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (from an event will fall below the indicatedPML. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 206.10 Td (It is important to note that PMLs are estimates. ) Tj ET Q q 0 0 0 rg BT 275.47 206.10 Td (As a result, we cannot provide any assurance that any actual event will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (align with the modeled event or that actual losses from events similar to the modeled events will not vary materially from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (modeled eventPML. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 160.10 Td (ThePML) Tj ET Q q 0 0 0 rg BT 123.74 160.10 Td (estimate includes all significant exposure from our reinsurance operations. ) Tj ET Q q 0 0 0 rg BT 426.52 160.10 Td (This includes coverage for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (property) Tj ET Q q 0 0 0 rg BT 82.73 148.10 Td (, motor) Tj ET Q q 0 0 0 rg BT 111.21 148.10 Td (, marine, ener) Tj ET Q q 0 0 0 rg BT 166.00 148.10 Td (gy) Tj ET Q q 0 0 0 rg BT 175.35 148.10 Td (, aviation and workers) Tj ET Q q 0 0 0 rg BT 266.80 148.10 Td ( compensation. ) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 749.10 Td (As of January 1, 2016, our estimated net PML) Tj ET Q q 0 0 0 rg BT 270.10 749.10 Td ( exposure \(net of retrocession and reinstatement premiums\) at a 1-in-250 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (year return period for a single event and in aggregate, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.40 737.10 Td ($1) Tj ET Q q 0 0 0 rg BT 294.03 737.10 Td (13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.92 737.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.36 737.10 Td ($143.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.25 737.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 473.91 737.10 Td (. ) Tj ET Q q 0 0 0 rg BT 478.73 737.10 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (provides the PML) Tj ET Q q 0 0 0 rg BT 121.35 725.10 Td ( for single event loss exposure and aggregate loss exposure to natural peril losses for each of the peak zones ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 713.10 Td (January1, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.76 713.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 646.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 646.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 646.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 646.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 616.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 616.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 616.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 616.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 44.50 586.60 298.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 586.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 586.60 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.50 586.60 107.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 688.6 m 455.5 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 688.6 m 459.5 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 688.6 m 566.5 688.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 674.6 m 455.5 674.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 674.6 m 459.5 674.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 674.6 m 566.5 674.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 674.6 m 342.5 674.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 660.6 m 342.5 660.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 660.6 m 455.5 660.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 660.6 m 566.5 660.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 646.6 m 455.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 646.6 m 459.5 646.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 646.6 m 566.5 646.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.95 693.28 Td (January 1, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.85 679.28 Td (1-in-250 year return) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.00 665.28 Td (Zone) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.70 665.28 Td (Single Event Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 479.65 665.28 Td (Aggregate Loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.80 651.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 636.27 Td (United States, Canada and the Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 636.27 Td (113,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 636.27 Td (142,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 621.27 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 621.27 Td (50,602) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 621.27 Td (64,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 606.27 Td (Japan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 606.27 Td (33,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 606.27 Td (41,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 591.27 Td (Rest of the world) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 591.27 Td (34,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 591.27 Td (49,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.00 576.27 Td (Maximum) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 576.27 Td (113,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 576.27 Td (143,851) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 550.10 Td (eholders) Tj ET Q q 0 0 0 rg BT 108.58 550.10 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 526.10 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 526.10 Td (otal equity reported on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.93 526.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.47 526.10 Td ( balance sheet, which includes non-controlling interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.46 526.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.88 526.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.88 526.10 Td ($345.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 514.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.17 514.10 Td ($848.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.06 514.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.22 514.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.81 514.10 Td (, compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.01 514.10 Td ($1,194.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.40 514.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.56 514.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.14 514.10 Td (. Retained earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.91 502.10 Td ( primarily due to net loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.95 502.10 Td ($326.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.84 502.10 Td ( reported for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.04 502.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.70 502.10 Td ( and $9.2 million related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (repurchase of Class ) Tj ET Q q 0 0 0 rg BT 129.75 490.10 Td (A) Tj ET Q q 0 0 0 rg BT 136.42 490.10 Td ( ordinary shares. ) Tj ET Q q 0 0 0 rg BT 205.11 490.10 Td (The non-controlling interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 490.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.22 490.10 Td ( by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.22 490.10 Td ($5.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.11 490.10 Td ( due to investment losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (attributable to DME's interest in the joint venture duringthe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.80 478.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.47 478.10 Td (. ) Tj ET Q q 0 0 0 rg BT 421.29 478.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.34 478.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.75 478.10 Td ( in additional paid-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (capital for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.53 466.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.20 466.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.53 466.10 Td ($4.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.42 466.10 Td ( primarily related to common shares repurchased during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (period, partially of) Tj ET Q q 0 0 0 rg BT 124.02 454.10 Td (fset by stock based compensation for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.25 454.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.92 454.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.18 430.10 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 382.10 Td (Greenlight Capital Re is or) Tj ET Q q 0 0 0 rg BT 193.07 382.10 Td (ganized as a holding company with no operations of its own. ) Tj ET Q q 0 0 0 rg BT 438.03 382.10 Td (As a holding company) Tj ET Q q 0 0 0 rg BT 527.64 382.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.10 Td (Greenlight Capital Re has minimal continuing cash needs, most of which are related to the payment of administrative expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (All of our underwriting operations are conducted through our wholly-owned reinsurance subsidiaries, Greenlight Re and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (GRIL,which underwrite risks associated with our property and casualty reinsurance programs. ) Tj ET Q q 0 0 0 rg BT 431.43 346.10 Td (There arerestrictions on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (Greenlight Re) Tj ET Q q 0 0 0 rg BT 108.65 334.10 Td (s and GRIL) Tj ET Q q 0 0 0 rg BT 154.39 334.10 Td () Tj ET Q q 0 0 0 rg BT 157.17 334.10 Td (s ability to pay dividends which are described in more detail below) Tj ET Q q 0 0 0 rg BT 424.50 334.10 Td (. It is our current policy to retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (earnings to support the growth of our business. ) Tj ET Q q 0 0 0 rg BT 239.57 322.10 Td (W) Tj ET Q q 0 0 0 rg BT 248.21 322.10 Td (e currently do not expect to pay dividends on our ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 298.10 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 298.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 298.10 Td (, Greenlight Re and GRIL) Tj ET Q q 0 0 0 rg BT 292.30 298.10 Td ( were each rated "A) Tj ET Q q 0 0 0 rg BT 370.78 298.10 Td ( \(Excellent\)" by ) Tj ET Q q 0 0 0 rg BT 436.23 298.10 Td (A.M. Best. On October 23, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 73.95 286.10 Td (A.M. Best af) Tj ET Q q 0 0 0 rg BT 125.43 286.10 Td (firmed the "A) Tj ET Q q 0 0 0 rg BT 180.05 286.10 Td ( \(Excellent\)" ratings but revised the ratings' outlook from stable to negative. ) Tj ET Q q 0 0 0 rg BT 485.95 286.10 Td (The ratings reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (A.M.Best) Tj ET Q q 0 0 0 rg BT 93.67 274.10 Td (s opinion of our reinsurance subsidiaries) Tj ET Q q 0 0 0 rg BT 258.17 274.10 Td ( financial strength, operating performance and ability to meet obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (and it is not an evaluation directed toward the protection of investors or a recommendation to buy) Tj ET Q q 0 0 0 rg BT 439.29 262.10 Td (, sell or hold our Class) Tj ET Q q 0 0 0 rg BT 531.24 262.10 Td (A) Tj ET Q q 0 0 0 rg BT 537.91 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (ordinary shares. If ) Tj ET Q q 0 0 0 rg BT 124.48 250.10 Td (A.M. Best downgrades our ratings below "A- \(Excellent\)" or withdraws our rating, we could be severely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (limited or prevented from writing any new reinsurance contracts, which would significantly and negatively af) Tj ET Q q 0 0 0 rg BT 487.79 238.10 Td (fect our business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (Insurer financial strength ratings are based upon factors relevant to policyholders and are not directed toward the protection of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (investors. Our ) Tj ET Q q 0 0 0 rg BT 108.11 214.10 Td (A.M. Best ratings may be revised or revoked at the sole discretion of the rating agency) Tj ET Q q 0 0 0 rg BT 454.30 214.10 Td (.) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (67) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Sources and Uses of Funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 725.25 Td (Our sources of funds consist primarily of premium receipts \(net of brokerage and ceding commissions\), investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (income \(net of advisory compensation and investment expenses\), including realized gains, and other income. ) Tj ET Q q 0 0 0 rg BT 487.80 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 496.44 713.25 Td (e use cash from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (our operations to pay losses and loss adjustment expenses, profit commissions and general and administrative expenses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (Substantially all of our funds, including shareholders) Tj ET Q q 0 0 0 rg BT 264.00 689.25 Td ( capital, net of funds required for business operations, are invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (byDME ) Tj ET Q q 0 0 0 rg BT 86.17 677.25 Td (Advisors in accordance with our investment guidelines. ) Tj ET Q q 0 0 0 rg BT 310.56 677.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.01 677.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.59 677.25 Td (, approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.85 677.25 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.18 677.25 Td ( \(December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 665.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.78 665.25 Td (96%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.11 665.25 Td (\) of our long investments were comprised of publicly-traded equity securities and other holdings which can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (readilyliquidated to meet current and future liabilities. Given our value-oriented long and short investment strategy) Tj ET Q q 0 0 0 rg BT 510.94 653.25 Td (, if markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (are distressed we would expect the liability of the short portfolio to decline. ) Tj ET Q q 0 0 0 rg BT 353.87 641.25 Td (Any reduction in the liability would cause our need ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (for restricted cash to decrease and thereby free up cash to be used for any purpose. ) Tj ET Q q 0 0 0 rg BT 381.31 629.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 431.21 629.25 Td (, since the majority of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (invested assets can be readily liquidated, even in distressed markets, we believe suf) Tj ET Q q 0 0 0 rg BT 382.55 617.25 Td (ficient securities can be readily sold or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (covered in a timely manner to generate cash to pay claims. Since we classify our investments as "trading," we book all gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (and losses \(including unrealized gains and losses\) on all our investments \(including derivatives\)as net investment income or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (loss in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.67 581.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.21 581.25 Td ( statements of income for each reporting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 569.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 557.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.61 557.25 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.61 557.25 Td (, the net cash used in operating activities was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.33 557.25 Td ($59.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.22 557.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td ($133.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 545.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.83 545.25 Td ($92.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.72 545.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 234.38 545.25 Td (. Included in the net cash used in operating activities were investment related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (expenses, such as investment advisor compensation, and net interest and dividend expenses of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.57 533.25 Td ($35.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.46 533.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.46 533.25 Td ($56.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.36 533.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td ($97.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 521.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.77 521.25 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.77 521.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 380.43 521.25 Td (. Excluding the investment related expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (from the net cash used in operating activities results in net cash primarily provided by \(used in\) our underwriting activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.49 497.25 Td ($\(24.9\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.04 497.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.04 497.25 Td ($\(77.1\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.59 497.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.03 497.25 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.92 497.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.30 497.25 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.30 497.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 485.25 Td (. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.71 485.25 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.38 485.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.81 485.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.81 485.25 Td ( , the use of cash for underwriting activities was primarily a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (result of losses paid in excess of the premiums collected \(net of acquisition costs\). Generally) Tj ET Q q 0 0 0 rg BT 421.53 473.25 Td (, in a given period if the premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (collected are suf) Tj ET Q q 0 0 0 rg BT 114.84 461.25 Td (ficient to cover claim payments, we would generate cash from our underwriting activities. Due to the inherent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (nature of our underwriting portfolio, claims are often paid several months or even years after the premiums are collected. ) Tj ET Q q 0 0 0 rg BT 536.08 449.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (cash generated from underwriting activities, however) Tj ET Q q 0 0 0 rg BT 262.35 437.25 Td (, may be volatile from period to period depending on the underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (opportunities available. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 401.25 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.61 401.25 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.28 401.25 Td (, our investing activities provided cash of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.02 401.25 Td ($177.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.91 401.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.74 401.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.74 401.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.02 401.25 Td ($142.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.91 401.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 389.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.78 389.25 Td ($74.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.67 389.25 Td (\), primarily as a result of borrowings from prime brokers under term mar) Tj ET Q q 0 0 0 rg BT 419.79 389.25 Td (gin agreements to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (collateral for trust accounts and letters of credit issued. ) Tj ET Q q 0 0 0 rg BT 270.91 377.25 Td (The cash provided from investing activities for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (December 31, 2014 and 2013 was driven primarily by the trading of long and short securities in the investment portfolio. Cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (provided by investing activities is net of withdrawals from the joint venture by DME during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.43 353.25 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.09 353.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 341.25 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.89 341.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.72 341.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.72 341.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 341.25 Td ($9.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.89 341.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.89 341.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.89 341.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.17 341.25 Td ($10.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.06 341.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 243.21 341.25 Td (W) Tj ET Q q 0 0 0 rg BT 251.84 341.25 Td (e used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.61 341.25 Td ($17.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.50 341.25 Td ( in financing activities relating to the repurchase of Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 329.25 Td ( ordinary shares during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.86 329.25 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.53 329.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.36 329.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.36 329.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.64 329.25 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.20 329.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.20 329.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.20 329.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.47 329.25 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.03 329.25 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 305.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 305.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 305.25 Td (, we believe we have suf) Tj ET Q q 0 0 0 rg BT 286.64 305.25 Td (ficient cash flow from operating and investing activities to meet our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (foreseeable liquidity requirements. ) Tj ET Q q 0 0 0 rg BT 190.94 293.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.57 293.25 Td (e expect that our operational needs for liquidity will be met by cash, funds generated from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (underwriting activities and investment income, including realized gains and the disposition of investment securities. ) Tj ET Q q 0 0 0 rg BT 515.51 281.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 269.25 Td (, we had noplans to issue debt and expect to fund our operations for the next twelve months from operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (cash flow) Tj ET Q q 0 0 0 rg BT 87.45 257.25 Td (.However) Tj ET Q q 0 0 0 rg BT 128.70 257.25 Td (, we cannot provide assurances that in the future we will not incur indebtedness to implement our business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (strategy) Tj ET Q q 0 0 0 rg BT 80.51 245.25 Td (, pay claims or make acquisitions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 233.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 221.25 Td (Although GLRE is not subject to any significant legal prohibitions on the payment of dividends, Greenlight Re and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td (GRIL) Tj ET Q q 0 0 0 rg BT 72.46 209.25 Td ( are each subject to regulatory minimum capital requirements and regulatory constraints that af) Tj ET Q q 0 0 0 rg BT 451.86 209.25 Td (fect their ability to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.25 Td (dividends to us. In addition, any dividend payment would have to be approved by the relevant regulatory authorities prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.25 Td (payment. ) Tj ET Q q 0 0 0 rg BT 88.38 185.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.83 185.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.41 185.25 Td (, Greenlight Re and GRIL) Tj ET Q q 0 0 0 rg BT 295.18 185.25 Td ( both exceeded the regulatory minimum capital requirements.See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.44 173.25 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.44 173.25 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.49 173.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.03 173.25 Td ( financial statements for details of statutory surplus and regulatory capital of Greenlight Re and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.25 Td (GRIL.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 137.25 Td (Letters of Cr) Tj ET Q q 0 0 0 rg BT 104.85 137.25 Td (edit and ) Tj ET Q q 0 0 0 rg BT 141.90 137.25 Td (T) Tj ET Q q 0 0 0 rg BT 147.83 137.25 Td (rust ) Tj ET Q q 0 0 0 rg BT 167.00 137.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 113.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 113.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 113.25 Td (, neither Greenlight Re nor GRIL) Tj ET Q q 0 0 0 rg BT 321.45 113.25 Td ( waslicensed or admitted as a reinsurer in any jurisdiction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.25 Td (other than the Cayman Islands and the European Economic ) Tj ET Q q 0 0 0 rg BT 288.60 101.25 Td (Area, respectively) Tj ET Q q 0 0 0 rg BT 360.69 101.25 Td (. Because many jurisdictions do not permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.25 Td (domestic insurance companies to take credit on their statutory financial statements for loss recoveries or ceded unearned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.25 Td (premiums unless appropriate measures are in place for reinsurance obtained from unlicensed or non-admitted insurers, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.25 Td (anticipate that all of our U.S. clients and some of our non-U.S. clients will require us to provide collateral through funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.25 Td (withheld, trust arrangements, letters of credit or a combination thereof.) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 749.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 749.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 749.10 Td (, we had fourletter of credit facilities with an aggregate capacity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.07 749.10 Td ($720.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.96 749.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.79 749.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.79 749.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td ($760.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 737.10 Td (\) with various financial institutions. See Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.25 737.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.25 737.10 Td ( of the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.11 737.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 737.10 Td ( financial statements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (details on each of these facilities. ) Tj ET Q q 0 0 0 rg BT 184.17 725.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.62 725.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.20 725.10 Td (, an aggregate amount of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.83 725.10 Td ($245.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.72 725.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.55 725.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.55 725.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.83 725.10 Td ($273.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.72 725.10 Td (\) in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (letters of credit was issued under these facilities. Under these facilities, we provide collateral that may consist of equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (securities or cash and cash equivalents. ) Tj ET Q q 0 0 0 rg BT 208.06 701.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.56 701.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.14 701.10 Td (, total equity securities and cash and cash equivalents with a fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (value in the aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.84 689.10 Td ($324.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.73 689.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.56 689.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.56 689.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.84 689.10 Td ($302.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.73 689.10 Td (\) were pledged as security against the letters of credit issued. ) Tj ET Q q 0 0 0 rg BT 545.02 689.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (decrease in letters of credit issued as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.88 677.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.46 677.10 Td ( compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.17 677.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.17 677.10 Td ( was a result of canceling some of the issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (letters of credit for certain cedents and establishing regulatory trust arrangements in the amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.64 665.10 Td ($78.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.53 665.10 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 653.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (Each of the facilities contain customary events of default and restrictive covenants, includingbut not limited to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (limitations on liens on collateral, transactions with af) Tj ET Q q 0 0 0 rg BT 261.49 617.10 Td (filiates, mer) Tj ET Q q 0 0 0 rg BT 309.07 617.10 Td (gers and sales of assets, as well as solvency and maintenance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (of certain minimum pledged equity requirements, and restricts issuance of any debt without the consent of the letter of credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (provider) Tj ET Q q 0 0 0 rg BT 82.83 593.10 Td (. ) Tj ET Q q 0 0 0 rg BT 87.27 593.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 137.18 593.10 Td (, if an event of default exists, as defined in the letter of credit facilities, Greenlight Re would be prohibited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (from paying dividends to its parent company) Tj ET Q q 0 0 0 rg BT 228.26 581.10 Td (. ) Tj ET Q q 0 0 0 rg BT 233.08 581.10 Td (The Company was in compliance with all the covenants of each of these facilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 569.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.74 569.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 521.10 Td (Our capital structure currently consists entirely of equity issued in two separate classes of ordinary shares. ) Tj ET Q q 0 0 0 rg BT 512.14 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 520.77 521.10 Td (e expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (thatthe existing capital base and internally generated funds will be suf) Tj ET Q q 0 0 0 rg BT 331.17 509.10 Td (ficient to implement our business strategy for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (foreseeable future. Consequently) Tj ET Q q 0 0 0 rg BT 180.75 497.10 Td (, we do not presently anticipate that we will incur any material indebtedness in the ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (course of our business other than temporary borrowing directly related to the management of our investment portfolio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 473.10 Td (, in order to provide us with flexibility and timely access to public capital markets should we require additional capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (for working capital, capital expenditures, acquisitions or other general corporate purposes, we have filed a Form S-3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (registration statement,which expires in June 2018 unless renewed.) Tj ET Q q 0 0 0 rg BT 318.97 449.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.61 449.10 Td (e did not make any significant commitments for capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (expenditures during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.42 437.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.09 437.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 413.10 Td (Our Board of Directors has adopted a share repurchase plan authorizing the Company to repurchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.08 413.10 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.97 413.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 401.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 401.10 Td ( ordinary shares or securities convertible into Class ) Tj ET Q q 0 0 0 rg BT 286.40 401.10 Td (A) Tj ET Q q 0 0 0 rg BT 293.07 401.10 Td ( ordinary shares in the open market, through privately negotiated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (transactions or Rule 10b5-1 stock trading plans. ) Tj ET Q q 0 0 0 rg BT 243.17 389.10 Td (The current share repurchase plan was renewed on ) Tj ET Q q 0 0 0 rg BT 447.52 389.10 Td (April 29, 2015 by the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (of Directors and expires on June 30, 2016. ) Tj ET Q q 0 0 0 rg BT 221.50 377.10 Td (The Company is not required to repurchase any of the Class ) Tj ET Q q 0 0 0 rg BT 463.39 377.10 Td (A) Tj ET Q q 0 0 0 rg BT 470.06 377.10 Td ( ordinary shares and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (the repurchase plan may be modified, suspended or terminated at the election of our Board of Directors at any time without ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (prior notice. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.42 353.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.09 353.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.09 353.10 Td (613,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.59 353.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 334.71 353.10 Td (A) Tj ET Q q 0 0 0 rg BT 341.38 353.10 Td ( ordinary shares were repurchased by the Company) Tj ET Q q 0 0 0 rg BT 545.93 353.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 329.10 Td (On ) Tj ET Q q 0 0 0 rg BT 99.67 329.10 Td (April 28, 2010, our shareholders approved an amendment to our stock incentive plan to increase the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 317.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 317.10 Td ( ordinary shares available for issuance from 2.0 million to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.89 317.10 Td (3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.78 317.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.23 317.10 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.67 317.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.26 317.10 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.67 317.10 Td (658,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.17 317.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 305.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 305.10 Td ( ordinary shares available for future issuance.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (Contractual Obligations and Commitments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 257.10 Td (The following table shows our aggregate contractual obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.09 257.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.67 257.10 Td ( by time period remaining:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 60.00 209.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 209.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 209.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 209.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 209.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 209.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 209.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 209.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 209.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 209.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 60.00 181.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.00 181.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.00 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 181.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.00 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 378.00 181.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.00 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.00 181.60 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 181.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 181.60 55.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260 223.60000000000002 m 315 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319 223.60000000000002 m 374 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 223.60000000000002 m 433 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437 223.60000000000002 m 492 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 223.60000000000002 m 551 223.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260 209.60000000000002 m 315 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315 209.60000000000002 m 319 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319 209.60000000000002 m 374 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374 209.60000000000002 m 378 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 209.60000000000002 m 433 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433 209.60000000000002 m 437 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437 209.60000000000002 m 492 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 209.60000000000002 m 496 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 209.60000000000002 m 551 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 260 209.60000000000002 m 315 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 315 209.60000000000002 m 319 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319 209.60000000000002 m 374 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374 209.60000000000002 m 378 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378 209.60000000000002 m 433 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433 209.60000000000002 m 437 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 437 209.60000000000002 m 492 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 209.60000000000002 m 496 209.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 209.60000000000002 m 551 209.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 167.60000000000002 m 315 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 154.60000000000002 m 315 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260 152.60000000000002 m 315 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 167.60000000000002 m 374 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 154.60000000000002 m 374 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 152.60000000000002 m 374 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 167.60000000000002 m 433 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 154.60000000000002 m 433 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 152.60000000000002 m 433 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 167.60000000000002 m 492 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 154.60000000000002 m 492 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 152.60000000000002 m 492 152.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 167.60000000000002 m 551 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 154.60000000000002 m 551 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 152.60000000000002 m 551 152.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 266.55 237.33 Td (Less than) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 272.65 227.33 Td (1 year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.70 228.28 Td (1-3 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 385.70 228.28 Td (3-5 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.45 237.33 Td (More than) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.60 227.33 Td (5 years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 228.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 214.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.30 214.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 200.17 Td (Operating lease obligations ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 174.41 204.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.50 200.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 200.17 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 200.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.15 200.17 Td (863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 200.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 200.17 Td (164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 200.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 200.17 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 200.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 200.17 Td (1,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 186.17 Td (Private equity and limited partnerships) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 219.97 190.70 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 186.17 Td (6,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 186.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.15 186.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 186.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 186.17 Td (6,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.50 172.17 Td (Loss and loss adjustment expense reserves ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 235.24 176.70 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 172.17 Td (132,742) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 172.17 Td (86,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 172.17 Td (44,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 172.17 Td (42,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 172.17 Td (305,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.50 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 158.17 Td (139,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.65 158.17 Td (87,284) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 158.17 Td (44,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.50 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 158.17 Td (42,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 158.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.65 158.17 Td (313,710) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 58.50 140.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.08 136.10 Td (Reflects our contractual obligations pursuant to the lease agreements as described below) Tj ET Q q 0 0 0 rg BT 428.92 136.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 58.50 122.63 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.08 118.10 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 71.08 122.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.70 118.10 Td () Tj ET Q q 0 0 0 rg BT 74.65 118.10 Td (As ) Tj ET Q q 0 0 0 rg BT 87.62 118.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.81 118.10 Td (December ) Tj ET Q q 0 0 0 rg BT 140.75 118.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 155.11 118.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.11 118.10 Td (, ) Tj ET Q q 0 0 0 rg BT 179.46 118.10 Td (we ) Tj ET Q q 0 0 0 rg BT 192.98 118.10 Td (had ) Tj ET Q q 0 0 0 rg BT 209.28 118.10 Td (made ) Tj ET Q q 0 0 0 rg BT 232.79 118.10 Td (total ) Tj ET Q q 0 0 0 rg BT 252.42 118.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 308.71 118.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.90 118.10 Td ($20.1 ) Tj ET Q q 0 0 0 rg BT 343.26 118.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.01 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.64 118.10 Td (private ) Tj ET Q q 0 0 0 rg BT 413.26 118.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 462.89 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.08 118.10 Td (which ) Tj ET Q q 0 0 0 rg BT 499.37 118.10 Td (we ) Tj ET Q q 0 0 0 rg BT 512.89 118.10 Td (had ) Tj ET Q q 0 0 0 rg BT 529.19 118.10 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 106.10 Td ($14.0 ) Tj ET Q q 0 0 0 rg BT 83.76 106.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.65 106.10 Td (, ) Tj ET Q q 0 0 0 rg BT 117.91 106.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.11 106.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.20 106.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 194.50 106.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 251.69 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.23 106.10 Td (these ) Tj ET Q q 0 0 0 rg BT 285.54 106.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 336.07 106.10 Td (total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.60 106.10 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 376.86 106.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.75 106.10 Td (. ) Tj ET Q q 0 0 0 rg BT 411.01 106.10 Td (Given ) Tj ET Q q 0 0 0 rg BT 438.21 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.18 106.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 480.93 106.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.02 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.99 106.10 Td (private ) Tj ET Q q 0 0 0 rg BT 537.51 106.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 94.10 Td (investments, ) Tj ET Q q 0 0 0 rg BT 111.34 94.10 Td (we ) Tj ET Q q 0 0 0 rg BT 125.57 94.10 Td (are ) Tj ET Q q 0 0 0 rg BT 140.34 94.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 169.57 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.91 94.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 222.46 94.10 Td (with ) Tj ET Q q 0 0 0 rg BT 242.80 94.10 Td (any ) Tj ET Q q 0 0 0 rg BT 259.81 94.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 289.02 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.92 94.10 Td (accuracy ) Tj ET Q q 0 0 0 rg BT 338.01 94.10 Td (as ) Tj ET Q q 0 0 0 rg BT 348.91 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.25 94.10 Td (when ) Tj ET Q q 0 0 0 rg BT 383.48 94.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.27 94.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 455.27 94.10 Td (will ) Tj ET Q q 0 0 0 rg BT 473.40 94.10 Td (be ) Tj ET Q q 0 0 0 rg BT 485.40 94.10 Td (called. ) Tj ET Q q 0 0 0 rg BT 513.77 94.10 Td (As ) Tj ET Q q 0 0 0 rg BT 527.45 94.10 Td (such, ) Tj ET Q q 0 0 0 rg BT 550.85 94.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.49 82.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 111.82 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 122.93 82.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.92 82.10 Td (above ) Tj ET Q q 0 0 0 rg BT 164.57 82.10 Td (table, ) Tj ET Q q 0 0 0 rg BT 189.28 82.10 Td (we ) Tj ET Q q 0 0 0 rg BT 203.72 82.10 Td (have ) Tj ET Q q 0 0 0 rg BT 225.37 82.10 Td (assumed ) Tj ET Q q 0 0 0 rg BT 262.58 82.10 Td (that ) Tj ET Q q 0 0 0 rg BT 280.36 82.10 Td (all ) Tj ET Q q 0 0 0 rg BT 293.13 82.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 350.34 82.10 Td (with ) Tj ET Q q 0 0 0 rg BT 370.90 82.10 Td (no ) Tj ET Q q 0 0 0 rg BT 383.67 82.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 406.99 82.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 444.20 82.10 Td (schedule ) Tj ET Q q 0 0 0 rg BT 481.96 82.10 Td (will ) Tj ET Q q 0 0 0 rg BT 500.30 82.10 Td (be ) Tj ET Q q 0 0 0 rg BT 512.51 82.10 Td (made ) Tj ET Q q 0 0 0 rg BT 536.94 82.10 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 70.10 Td (one ) Tj ET Q q 0 0 0 rg BT 75.98 70.10 Td (year) Tj ET Q q 0 0 0 rg BT 92.63 70.10 Td (. ) Tj ET Q q 0 0 0 rg BT 98.17 70.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 126.20 70.10 Td (our ) Tj ET Q q 0 0 0 rg BT 142.57 70.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 189.49 70.10 Td (guidelines, ) Tj ET Q q 0 0 0 rg BT 236.13 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.95 70.10 Td (ef) Tj ET Q q 0 0 0 rg BT 254.54 70.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 272.56 70.10 Td (as ) Tj ET Q q 0 0 0 rg BT 283.93 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 295.30 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 310.55 70.10 Td (date ) Tj ET Q q 0 0 0 rg BT 330.25 70.10 Td (hereof, ) Tj ET Q q 0 0 0 rg BT 361.32 70.10 Td (no ) Tj ET Q q 0 0 0 rg BT 374.36 70.10 Td (more ) Tj ET Q q 0 0 0 rg BT 397.95 70.10 Td (than ) Tj ET Q q 0 0 0 rg BT 418.20 70.10 Td (10% ) Tj ET Q q 0 0 0 rg BT 439.57 70.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.94 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.19 70.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 492.56 70.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.38 70.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.63 70.10 Td (investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 58.10 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 96.00 58.10 Td (may ) Tj ET Q q 0 0 0 rg BT 115.71 58.10 Td (be ) Tj ET Q q 0 0 0 rg BT 127.65 58.10 Td (held ) Tj ET Q q 0 0 0 rg BT 147.37 58.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.65 58.10 Td (private ) Tj ET Q q 0 0 0 rg BT 187.91 58.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 215.40 58.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 255.67 58.10 Td (without ) Tj ET Q q 0 0 0 rg BT 288.72 58.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 322.32 58.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 359.80 58.10 Td (from ) Tj ET Q q 0 0 0 rg BT 381.74 58.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.46 58.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 423.40 58.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.23 58.10 Td (Directors.) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 67.50 753.63 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.33 749.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 102.31 749.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.40 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.94 749.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 154.24 749.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.89 749.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.54 749.10 Td (reinsurance ) Tj ET Q q 0 0 0 rg BT 228.94 749.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 275.41 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.95 749.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 322.26 749.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.02 749.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 367.45 749.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.10 749.10 Td (the ) Tj ET Q q 0 0 0 rg BT 392.64 749.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 412.72 749.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 437.26 749.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 480.67 749.10 Td (with ) Tj ET Q q 0 0 0 rg BT 500.77 749.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.42 749.10 Td (reinsurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 737.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 114.42 737.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 154.14 737.10 Td (will ) Tj ET Q q 0 0 0 rg BT 172.19 737.10 Td (fluctuate, ) Tj ET Q q 0 0 0 rg BT 212.17 737.10 Td (perhaps ) Tj ET Q q 0 0 0 rg BT 245.77 737.10 Td (materially) Tj ET Q q 0 0 0 rg BT 285.66 737.10 Td (, ) Tj ET Q q 0 0 0 rg BT 290.66 737.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 310.10 737.10 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 351.18 737.10 Td (are ) Tj ET Q q 0 0 0 rg BT 365.89 737.10 Td (highly ) Tj ET Q q 0 0 0 rg BT 393.95 737.10 Td (uncertain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 713.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 713.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 713.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.53 713.10 Td ($882.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.42 713.10 Td ( of securities sold, not yet purchased, were secured by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.68 713.10 Td ($882.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.57 713.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (restricted cash held by prime brokers to cover obligations relating to securities sold, not yet purchased. ) Tj ET Q q 0 0 0 rg BT 462.54 701.10 Td (These amounts are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (included in the contractual obligations table above because there is no maturity date for securities sold, not yet purchased, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (their maturities are not set by any contract and as such their due dates cannot be estimated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 653.10 Td (Greenlight Re has entered into lease agreements for of) Tj ET Q q 0 0 0 rg BT 303.01 653.10 Td (fice space in the Cayman Islands. ) Tj ET Q q 0 0 0 rg BT 439.17 653.10 Td (The leases expire on June 30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (2018 and Greenlight Re has the option to renew the leases for a further five year term. Under the terms of the lease agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (Greenlight Re is committed to annual rent payments ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.10 629.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.99 629.10 Td ( at inception to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.20 629.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.09 629.10 Td ( at expiry) Tj ET Q q 0 0 0 rg BT 513.21 629.10 Td (. ) Tj ET Q q 0 0 0 rg BT 518.03 629.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (minimum lease payment obligations are included in the above table under operating lease obligations and in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.32 617.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.32 617.10 Td ( to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.31 605.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.85 605.10 Td ( financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 581.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 108.46 581.10 Td ( has entered into a lease agreement for of) Tj ET Q q 0 0 0 rg BT 272.64 581.10 Td (fice space in Dublin, Ireland. Under the terms of this lease agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 72.46 569.10 Td ( is committed to minimum annual rent payments denominated in Euros approximating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.17 569.10 Td (0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.07 569.10 Td ( until May 2021, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (adjusted to the prevailing market rates for each of the two subsequent five-year terms. GRIL) Tj ET Q q 0 0 0 rg BT 418.72 557.10 Td ( has the option to terminate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (lease agreement in 2021. ) Tj ET Q q 0 0 0 rg BT 151.22 545.10 Td (The minimum lease payment obligations are included in the above table under operating lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (obligations and in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.60 533.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.60 533.10 Td ( to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.90 533.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.45 533.10 Td ( financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 509.10 Td (The Company and its reinsurance subsidiaries have entered into a joint venture agreement with DME ) Tj ET Q q 0 0 0 rg BT 492.33 509.10 Td (Advisors under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (which the Company) Tj ET Q q 0 0 0 rg BT 129.39 497.10 Td (, its reinsurance subsidiariesand DME are participants of a joint venture for the purpose of managing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (certain jointly held assets \(the "venture agreement"\). In addition, the Company) Tj ET Q q 0 0 0 rg BT 363.59 485.10 Td (, its reinsurance subsidiaries and DME have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (entered into a separate investment advisory agreement with DME ) Tj ET Q q 0 0 0 rg BT 313.58 473.10 Td (Advisors \(the "advisory agreement"\). ) Tj ET Q q 0 0 0 rg BT 465.13 473.10 Td (The term of each of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (venture agreement and the advisory agreement is January 1, 2014 through December 31, 2016, with automatic three-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (renewals, unless 90 days prior to the end of the then current term, either DME notifies the other participants of its desire to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (terminate the venture agreement or any other participant notifies DME of its desire to withdraw from the venture agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 413.10 Td (Pursuant to the venture agreement, we pay DME ) Tj ET Q q 0 0 0 rg BT 282.39 413.10 Td (Advisors a monthly management fee of 0.125% on our share of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (assets managed by DME ) Tj ET Q q 0 0 0 rg BT 150.59 401.10 Td (Advisors and we provide DME a performance allocation equal to 20% of the net profit, calculated per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (annum, of the Company) Tj ET Q q 0 0 0 rg BT 148.93 389.10 Td (s share of the capital account managed by DME ) Tj ET Q q 0 0 0 rg BT 342.47 389.10 Td (Advisors, subject to a loss carry forward provision. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (The loss carryforward provision allows DME to earn a reduced performance allocation of 10% of profits in any year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (subsequent to the year in which the investment account incurs a loss, until all the losses are recouped and an additional amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (equal to 150% of the aggregateinvestment loss is earned. DME is not entitled to earn a performance allocation in a year in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (which the investment portfolio incurs a loss. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.58 341.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.25 341.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.25 341.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.25 341.10 Td ( performance allocation was recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (due to the net investment loss for the year) Tj ET Q q 0 0 0 rg BT 216.13 329.10 Td (. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.23 329.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.90 329.10 Td (, management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.92 329.10 Td ($19.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.81 329.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (included in the net investment loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 305.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 293.10 Td (In February 2007, we entered into a service agreement with DME ) Tj ET Q q 0 0 0 rg BT 350.41 293.10 Td (Advisors pursuant to which DME ) Tj ET Q q 0 0 0 rg BT 487.35 293.10 Td (Advisors will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (provide investor relations services to us for compensation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.61 281.10 Td (five thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.76 281.10 Td ( dollars per month plus expenses. ) Tj ET Q q 0 0 0 rg BT 483.39 281.10 Td (The service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (agreement had an initial term of one year) Tj ET Q q 0 0 0 rg BT 213.75 269.10 Td (, and continues for sequential one-year periods until terminated by us or DME ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (Advisors. Either party may terminate the service agreement for any reason with 30 days prior written notice to the other party) Tj ET Q q 0 0 0 rg BT 551.18 257.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 233.10 Td (Our related party transactions are presented in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.30 233.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.30 233.10 Td ( to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.61 233.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 233.10 Td ( financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (Off-Balance Sheet Financing ) Tj ET Q q 0 0 0 rg BT 174.22 209.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 197.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 185.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 185.10 Td (e have no obligations, assets or liabilities, other than those derivatives in our investment portfolio that are disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 173.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.04 173.10 Td ( financial statements, which would be considered of) Tj ET Q q 0 0 0 rg BT 332.57 173.10 Td (f-balance sheet arrangements. ) Tj ET Q q 0 0 0 rg BT 453.99 173.10 Td (W) Tj ET Q q 0 0 0 rg BT 462.63 173.10 Td (e do not participate in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (transactions that create relationships with unconsolidated entities or financial partnerships, often referred toas variable interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (entities, which would have been established for the purpose of facilitating of) Tj ET Q q 0 0 0 rg BT 355.34 149.10 Td (f-balance sheet arrangements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (Effects of Inflation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 101.10 Td (e consider the ef) Tj ET Q q 0 0 0 rg BT 150.76 101.10 Td (fects of inflationin ourpricing and when estimating loss and loss adjustment expense reserves. ) Tj ET Q q 0 0 0 rg BT 533.27 101.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (actual ef) Tj ET Q q 0 0 0 rg BT 83.46 89.10 Td (fects of inflation on ourresults of operationscannot be accurately known until claims are ultimately settled. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 77.10 Td (,inflation hadno significant impact on our revenues or net income. ) Tj ET Q q 0 0 0 rg BT 513.91 77.10 Td (W) Tj ET Q q 0 0 0 rg BT 522.55 77.10 Td (e do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (believe that inflation has had or will have a material ef) Tj ET Q q 0 0 0 rg BT 267.57 65.10 Td (fect on our combined results of operations, except insofar as inflation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (may af) Tj ET Q q 0 0 0 rg BT 76.80 53.10 Td (fect interest rates and the asset values in our investment portfolio.) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (ITEM 7A. QUANTIT) Tj ET Q q 0 0 0 rg BT 146.82 749.25 Td (A) Tj ET Q q 0 0 0 rg BT 153.30 749.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 179.71 749.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 242.58 749.25 Td (A) Tj ET Q q 0 0 0 rg BT 249.06 749.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 348.54 749.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 383.92 749.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 431.24 749.25 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (W) Tj ET Q q 0 0 0 rg BT 85.14 725.25 Td (e believe we are principally exposed to the following types of market risk:) Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 88.50 702.59 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 705.32 Td (equity price risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 691.32 Td () Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 88.50 674.59 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 677.32 Td (commodity price risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 663.32 Td () Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 88.50 646.59 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 649.32 Td (foreign currency risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 635.32 Td () Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 88.50 618.59 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 621.32 Td (interest rate risk;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 607.32 Td () Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 88.50 590.59 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 593.32 Td (credit risk; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.50 578.42 Td () Tj ET Q BT /F1 14.00 Tf ET q 0 0 0 rg BT 88.50 561.59 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.50 563.42 Td (political risk.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 547.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 535.25 Td (Equity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 517.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 517.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 517.25 Td (, our investment portfolio consisted of long and short equity securities, along with certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.25 Td (equity-based derivative instruments, the carrying values of which are primarily based on quoted market prices. Generally) Tj ET Q q 0 0 0 rg BT 533.41 505.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.25 Td (market prices of common equity securities are subject to fluctuation, which could cause the amount to be realized upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 481.25 Td (closing of the position to dif) Tj ET Q q 0 0 0 rg BT 162.37 481.25 Td (fer significantly from their current reported value. ) Tj ET Q q 0 0 0 rg BT 364.32 481.25 Td (This risk is partly mitigated by the presence of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.25 Td (both long and short equity securities within our investment portfolio. ) Tj ET Q q 0 0 0 rg BT 326.97 469.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.41 469.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.99 469.25 Td (, a 10% decline in the price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.25 Td (each of these listed equity securities and equity-based derivative instruments would result in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.73 457.25 Td ($13.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.62 457.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.45 457.25 Td (1.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.28 457.25 Td (, decline in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.25 Td (the fair value of our total investment portfolio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 421.25 Td (Computations of the prospective ef) Tj ET Q q 0 0 0 rg BT 225.84 421.25 Td (fects of hypothetical equity price changes are based on numerous assumptions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.25 Td (including the maintenance of the existing level and composition of investment securities and should not be relied on as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.25 Td (indicative of future results.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 368.25 Td (Commodity Price Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 351.25 Td (Generally) Tj ET Q q 0 0 0 rg BT 124.27 351.25 Td (, market prices of commodities are subject to fluctuation. Our investment portfolio periodically includes long ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.25 Td (or short investments in commodities or in derivatives directly impacted by fluctuations in the prices of commodities. ) Tj ET Q q 0 0 0 rg BT 517.74 339.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 327.25 Td (, our investment portfolio included unhedged exposure to changes in gold prices, through ownership of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.25 Td (physical gold and derivative instruments with underlying exposure to changes in gold prices. ) Tj ET Q q 0 0 0 rg BT 422.76 315.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 472.66 315.25 Td (, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.32 315.25 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 303.25 Td (, our investment portfolio included derivative instruments with underlying exposure to changes in oil prices. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 286.25 Td (The following table summarizes the net impact that a 10% increase and decrease in commodity prices would have on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (the value of our investment portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.57 274.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 274.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 173.75 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 173.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 173.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 173.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 173.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 173.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 173.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 173.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 143.75 132.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 181.50 143.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 143.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 143.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 143.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 143.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.50 143.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.50 143.75 92.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 233.75 m 273.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 233.75 m 277.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 233.75 m 369.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 233.75 m 465.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 465.5 233.75 m 469.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 233.75 m 561.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 233.75 m 273.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 188.75 m 273.5 188.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 233.75 m 369.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 188.75 m 369.5 188.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 233.75 m 465.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 188.75 m 465.5 188.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 233.75 m 561.5 233.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 188.75 m 561.5 188.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 188.75 m 273.5 188.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 173.75 m 273.5 173.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 173.75 m 369.5 173.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 173.75 m 465.5 173.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 173.75 m 561.5 173.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 143.75 m 273.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 129.75 m 273.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 181.5 127.75 m 273.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 143.75 m 369.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 129.75 m 369.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 127.75 m 369.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 143.75 m 465.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 129.75 m 465.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 127.75 m 465.5 127.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 143.75 m 561.5 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 129.75 m 561.5 129.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469.5 127.75 m 561.5 127.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.75 238.43 Td (10% increase in commodity prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.90 238.43 Td (10% decrease in commodity prices) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 193.43 Td (Commodity) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.15 203.43 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.65 193.43 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 292.25 223.43 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.25 213.43 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.65 203.43 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.35 193.43 Td (portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 203.43 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 193.43 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.25 223.43 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 486.25 213.43 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 491.65 203.43 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 496.35 193.43 Td (portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 184.00 178.43 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.00 178.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 163.42 Td (Gold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.00 163.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 163.42 Td (11,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 163.42 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 163.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 163.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 163.47 Td (\(11,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 163.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 163.42 Td (\(1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 163.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 148.42 Td (Oil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.15 148.42 Td (4,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 148.42 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 148.47 Td (\(4,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 148.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 148.42 Td (\(0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 148.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 133.42 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.00 133.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.15 133.42 Td (16,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 133.42 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 133.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 133.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.80 133.47 Td (\(16,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 133.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 133.42 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 133.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 112.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 112.25 Td (e, along with our investment advisor) Tj ET Q q 0 0 0 rg BT 239.82 112.25 Td (, periodically monitor our exposure to any other commodity price fluctuations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.25 Td (and generally do not expect changes in other commodity prices to have a materially adverse impact on our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 71.25 Td (For) Tj ET Q q 0 0 0 rg BT 100.87 71.25 Td (eign Curr) Tj ET Q q 0 0 0 rg BT 142.62 71.25 Td (ency Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 53.25 Td (Certain of our reinsurance contracts provide that ultimate losses may be payable or calculatedin foreign currencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.25 Td (depending on the country of original loss. Foreign currency exchange rate risk exists to the extent that our foreign currency loss ) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (reserves \(case reserves and IBNR\) are in excess of the corresponding foreign currency cash balances and there is an increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (the exchange rate of that foreign currency) Tj ET Q q 0 0 0 rg BT 215.98 737.10 Td (. ) Tj ET Q q 0 0 0 rg BT 220.43 737.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.88 737.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.46 737.10 Td (, we had a net unhedged foreign currency exposure on GBP) Tj ET Q q 0 0 0 rg BT 561.62 737.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (denominated loss reserves of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.80 725.10 Td (3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.69 725.10 Td (. ) Tj ET Q q 0 0 0 rg BT 221.14 725.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.58 725.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.17 725.10 Td (, a 10% decrease in the U.S. dollar against the GBP) Tj ET Q q 0 0 0 rg BT 529.58 725.10 Td (\(all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (else being constant\) would result in additional estimated loss reserves of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.38 713.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.27 713.10 Td ( and a corresponding foreign exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (loss. ) Tj ET Q q 0 0 0 rg BT 69.51 701.10 Td (Alternatively) Tj ET Q q 0 0 0 rg BT 121.62 701.10 Td (, a 10% increase in the U.S dollar against the GBP) Tj ET Q q 0 0 0 rg BT 322.13 701.10 Td (,would result in a reduction of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.66 701.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.55 701.10 Td ( in our recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (loss reserves and a corresponding foreign exchange gain. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 665.10 Td (While we do not seek to specifically match our liabilities under reinsurance policies that are payable in foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (currencies with investments denominated in such currencies, we continually monitor our exposure to potential foreign currency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (losses and may use foreign currency cash and cash equivalents or forward foreign currency exchange contracts in an ef) Tj ET Q q 0 0 0 rg BT 525.23 641.10 Td (fort to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (mitigate against adverse foreign currency movements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 605.10 Td (e are also exposed to foreign currency risk through cash, forwards, options and investments in securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (denominated in foreign currencies. Foreign currency exchange rate risk is the potential for adverse changes in the U.S. dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (value of investments \(long and short\),speculative foreigncurrency options and cash positions due to achange in the exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (rate of the foreign currency in whichcash and financial instrumentsare denominated. ) Tj ET Q q 0 0 0 rg BT 393.26 569.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.70 569.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.29 569.10 Td (, some of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (currency exposure resulting fromforeign denominated securities \(longs and shorts\) was reduced by of) Tj ET Q q 0 0 0 rg BT 457.81 557.10 Td (fsetting cash balances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (denominated in the corresponding foreign currencies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 521.10 Td (The following table summarizes the net impact that a 10% increase and decrease in the value of the U.S. dollar against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (select foreign currencies would have on the value of our investment portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.17 509.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.75 509.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 424.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 424.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 424.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 424.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 424.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 394.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 394.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 394.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 394.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 394.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 394.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 394.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 394.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 364.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 364.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 364.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 364.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 364.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 364.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 364.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 364.60 84.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 483.6 m 297.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 483.6 m 301.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 483.6 m 385.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 483.6 m 473.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 483.6 m 477.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 483.6 m 561.5 483.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 439.6 m 297.5 439.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 439.6 m 385.5 439.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 439.6 m 473.5 439.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 439.6 m 561.5 439.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 424.6 m 297.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 424.6 m 301.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 424.6 m 385.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 424.6 m 389.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 424.6 m 473.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 424.6 m 477.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 424.6 m 561.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 424.6 m 385.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 424.6 m 473.5 424.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 424.6 m 561.5 424.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 349.6 m 297.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 335.6 m 297.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 333.6 m 297.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 349.6 m 385.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 335.6 m 385.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 333.6 m 385.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 349.6 m 473.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 335.6 m 473.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 333.6 m 473.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 349.6 m 561.5 349.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 335.6 m 561.5 335.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 333.6 m 561.5 333.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.30 488.28 Td (10% increase in U.S. dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.00 488.28 Td (10% decrease in U.S. dollar) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 444.28 Td (Foreign Currency) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.15 454.28 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.65 444.28 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.25 474.28 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.25 464.28 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 454.28 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.35 444.28 Td (portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 454.28 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 444.28 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.25 474.28 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.25 464.28 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 454.28 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.35 444.28 Td (portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 429.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 429.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 414.27 Td (Argentine Peso) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.00 414.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.80 414.27 Td (\(1,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 414.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 414.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 414.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 414.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 414.27 Td (1,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 414.27 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 414.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 399.27 Td (British Pound) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.80 399.27 Td (\(1,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.65 399.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.45 399.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 399.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.15 399.27 Td (1,993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 399.27 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 384.27 Td (Chinese Yuan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 384.27 Td (13,989) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 384.27 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 384.32 Td (\(6,694) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 384.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 384.27 Td (\(0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 384.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 369.27 Td (Japanese Yen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 369.27 Td (1,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 369.27 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 369.32 Td (\(662) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 369.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 369.27 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 369.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 354.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.65 354.27 Td (180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.30 354.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 354.32 Td (\(180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 354.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.30 354.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 339.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 339.27 Td (11,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.80 339.27 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 339.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 339.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.80 339.32 Td (\(3,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 339.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 339.27 Td (\(0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 339.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 311.10 Td (Computations of the prospective ef) Tj ET Q q 0 0 0 rg BT 225.84 311.10 Td (fects of hypothetical currency price changes are based on numerous assumptions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (including the maintenance of the existing level and composition of investment securities denominated in foreign currencies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (related foreign currency instruments, and should not be relied on as indicative of future results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 263.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 106.98 263.10 Td (est Rate Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 245.10 Td (Our investment portfolio includes interest rate sensitive securities, such as corporate and sovereign debt instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (and interest rate options. ) Tj ET Q q 0 0 0 rg BT 150.13 233.10 Td (The primary market risk exposure for any debt instrument is interest rate risk.) Tj ET Q q 0 0 0 rg BT 462.82 233.10 Td (As interest rates rise, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (market value of our long fixed-income portfolio falls, and the opposite is also true as interest rates fall. ) Tj ET Q q 0 0 0 rg BT 462.16 221.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 512.06 221.10 Td (, some of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (our derivative investments may also be sensitive to interest rates and their value may indirectly fluctuate with changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (interest rates.) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 749.10 Td (The following table summarizes the impact that a 100 basis point increase or decrease in interest rateswould have on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (the value of our investment portfolio as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.57 737.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 737.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 633.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 633.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 633.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 633.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 633.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 633.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 603.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 213.50 603.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.50 603.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 603.60 84.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 603.60 84.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 692.6 m 297.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 692.6 m 301.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 692.6 m 385.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 692.6 m 473.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 692.6 m 477.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 692.6 m 561.5 692.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 648.6 m 297.5 648.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 648.6 m 385.5 648.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 648.6 m 473.5 648.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 648.6 m 561.5 648.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 633.6 m 297.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 633.6 m 301.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 633.6 m 385.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 633.6 m 389.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 633.6 m 473.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 633.6 m 477.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 633.6 m 561.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 633.6 m 473.5 633.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 633.6 m 561.5 633.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 603.6 m 297.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 589.6 m 297.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 213.5 587.6 m 297.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 603.6 m 385.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 589.6 m 385.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 301.5 587.6 m 385.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 603.6 m 473.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 589.6 m 473.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 587.6 m 473.5 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 603.6 m 561.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 589.6 m 561.5 589.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 587.6 m 561.5 587.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.65 707.28 Td (100 basis pointincrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.75 697.28 Td (in interest rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.80 707.28 Td (100 basis point decrease) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.75 697.28 Td (in interest rates) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 233.15 663.28 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 234.65 653.28 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.25 683.28 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.25 673.28 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.65 663.28 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 324.35 653.28 Td (portfolio) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.15 663.28 Td (Change in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.65 653.28 Td (fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 488.25 683.28 Td (Change in fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.25 673.28 Td (value as % of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.65 663.28 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 500.35 653.28 Td (portfolio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 638.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 638.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 623.27 Td (Debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 623.27 Td (12,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 623.27 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 623.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 623.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 623.32 Td (\(16,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 623.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 623.27 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 623.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 608.27 Td (Interest rate options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.15 608.27 Td (3,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 608.27 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 608.32 Td (\(541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 608.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 608.27 Td (\(0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 608.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 593.27 Td (Net exposure to interest rate risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 593.27 Td (15,490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.15 593.27 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.65 593.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.80 593.32 Td (\(16,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 593.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.45 593.27 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 593.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 565.10 Td (For the purposes of the above table, the hypotheticalimpact of changes in interest rateson debt instruments,CDS and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.10 Td (interest rateswapswas determinedbased on the interest rates applicableto eachinstrument individually) Tj ET Q q 0 0 0 rg BT 464.83 553.10 Td (. ) Tj ET Q q 0 0 0 rg BT 469.65 553.10 Td (W) Tj ET Q q 0 0 0 rg BT 478.28 553.10 Td (e periodically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.10 Td (monitor our net exposure to interest rate risk and generally do not expect changes in interest rates to have a materially adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.10 Td (impact on our operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 517.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 505.10 Td (Cr) Tj ET Q q 0 0 0 rg BT 96.98 505.10 Td (edit Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 481.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 481.10 Td (e are exposed to credit risk primarily from the possibility that counterparties may default on their obligations to us. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 469.10 Td (The amount of the maximum exposure to credit risk is indicated by the carrying value of our financial assets including notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (receivable. ) Tj ET Q q 0 0 0 rg BT 95.40 457.10 Td (W) Tj ET Q q 0 0 0 rg BT 104.04 457.10 Td (e evaluate the financial condition of our notes receivable counterparties and monitor our exposure to them on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.10 Td (regular basis. ) Tj ET Q q 0 0 0 rg BT 105.13 445.10 Td (W) Tj ET Q q 0 0 0 rg BT 113.77 445.10 Td (e are also exposed to credit risk from our business partners and clients relating to balances receivable under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (reinsurance contracts, including premiums receivable, losses recoverable and commission adjustments recoverable. ) Tj ET Q q 0 0 0 rg BT 513.04 433.10 Td (W) Tj ET Q q 0 0 0 rg BT 521.68 433.10 Td (e monitor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (the collectability of these balances on a regular basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 397.10 Td (In addition, the securities, commodities, and cash in our investment portfolio are heldwith several prime brokers, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (subjecting us to the related credit risk from the possibility that one or more of them may default on their obligations to us. ) Tj ET Q q 0 0 0 rg BT 538.66 385.10 Td (W) Tj ET Q q 0 0 0 rg BT 547.30 385.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.10 Td (closely and regularly monitor our concentration of credit risk with each prime broker andif necessary) Tj ET Q q 0 0 0 rg BT 455.65 373.10 Td (,transfer cash or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (securities between prime brokers todiversify and mitigateour credit risk.Other than our investment in derivative contracts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (corporate debt, if any) Tj ET Q q 0 0 0 rg BT 134.37 349.10 Td (, and the fact that our investments and majority of cash balances are held by prime brokers on our behalf, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.10 Td (we have no other significant concentrations of credit risk. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 88.50 313.10 Td (Political Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 289.10 Td (W) Tj ET Q q 0 0 0 rg BT 94.14 289.10 Td (e are exposed to political risk to the extent that we underwrite business from entities located in foreign markets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 277.10 Td (to the extent that DME ) Tj ET Q q 0 0 0 rg BT 143.09 277.10 Td (Advisors, on our behalf and subject to our investment guidelines, trades securities that are listed on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 265.10 Td (various U.S. and foreign exchanges and markets. ) Tj ET Q q 0 0 0 rg BT 247.60 265.10 Td (The governments in any of these jurisdictions could impose restrictions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 253.10 Td (regulations or other measures, which may have a material adverse impact on our underwriting operations and investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 241.10 Td (strategy) Tj ET Q q 0 0 0 rg BT 80.51 241.10 Td (. ) Tj ET Q q 0 0 0 rg BT 85.33 241.10 Td (W) Tj ET Q q 0 0 0 rg BT 93.96 241.10 Td (e currently do not writepolitical risk coverage on our insurance contracts; however) Tj ET Q q 0 0 0 rg BT 426.22 241.10 Td (, changes in governmentlaws and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.10 Td (regulations may impact our underwriting operations \(see "Item 1A. Risk Factors"\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 205.10 Td (ITEM 8. FINANCIAL) Tj ET Q q 0 0 0 rg BT 149.79 205.10 Td ( ST) Tj ET Q q 0 0 0 rg BT 163.78 205.10 Td (A) Tj ET Q q 0 0 0 rg BT 170.26 205.10 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 221.11 205.10 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 312.87 205.10 Td (AR) Tj ET Q q 0 0 0 rg BT 326.96 205.10 Td (Y) Tj ET Q q 0 0 0 rg BT 333.81 205.10 Td ( DA) Tj ET Q q 0 0 0 rg BT 350.01 205.10 Td (T) Tj ET Q q 0 0 0 rg BT 355.94 205.10 Td (A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 181.10 Td (Information with respect to this Item is set forth under Part IV) Tj ET Q q 0 0 0 rg BT 333.87 181.10 Td ( Item 15.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (ITEM 9. CHANGES IN ) Tj ET Q q 0 0 0 rg BT 153.68 157.10 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 267.97 157.10 Td (WITH ) Tj ET Q q 0 0 0 rg BT 298.25 157.10 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 348.07 157.10 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 394.19 157.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 465.59 157.10 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 545.87 157.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 145.10 Td (DISCLOSURE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 121.10 Td (There have been no disagreements with any accountants regarding accounting and financial disclosure for the period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 109.10 Td (since the Company) Tj ET Q q 0 0 0 rg BT 128.93 109.10 Td (s incorporation on July 13, 2004 through the date of this filing.) Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (73) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (ITEM 9A. CONTROLS ) Tj ET Q q 0 0 0 rg BT 158.96 749.25 Td (AND PROCEDURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.32 725.25 Td (e Contr) Tj ET Q q 0 0 0 rg BT 121.63 725.25 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 164.79 725.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.05 725.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 701.25 Td (As required by Rules 13a-15 and 15d-15 of the Exchange ) Tj ET Q q 0 0 0 rg BT 317.66 701.25 Td (Act, the Company has evaluated, with the participation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (management, including the Chief Executive Of) Tj ET Q q 0 0 0 rg BT 238.15 689.25 Td (ficer and the Chief Financial Of) Tj ET Q q 0 0 0 rg BT 365.42 689.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 383.33 689.25 Td (, the ef) Tj ET Q q 0 0 0 rg BT 410.64 689.25 Td (fectiveness of its disclosure controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (and procedures \(as defined in such rules\) as of the end of the period covered by this report. Based on such evaluation, the Chief ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (Executive Of) Tj ET Q q 0 0 0 rg BT 102.35 665.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 214.91 665.25 Td (ficer concluded that the Company) Tj ET Q q 0 0 0 rg BT 353.19 665.25 Td (s disclosure controls and procedures are ef) Tj ET Q q 0 0 0 rg BT 522.95 665.25 Td (fective to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (ensure that information required to be disclosed by the Company in reports prepared in accordance with the rules and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (regulations of theSEC is recorded, processed, summarized and reported within the time periods specified by the SEC) Tj ET Q q 0 0 0 rg BT 522.43 641.25 Td (s rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (information required to be disclosed by an issuer in the reports that it files or submits under the Exchange ) Tj ET Q q 0 0 0 rg BT 473.57 617.25 Td (Act is accumulated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (and communicated to the issuer) Tj ET Q q 0 0 0 rg BT 176.50 605.25 Td () Tj ET Q q 0 0 0 rg BT 179.28 605.25 Td (s management, including its principal executive of) Tj ET Q q 0 0 0 rg BT 380.98 605.25 Td (ficer and principal financial of) Tj ET Q q 0 0 0 rg BT 502.41 605.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 520.33 605.25 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 569.25 Td (Our management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 293.31 569.25 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 405.87 569.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 423.78 569.25 Td (, does not expect that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 557.25 Td (s disclosure controls and procedures will prevent all errors and all frauds. ) Tj ET Q q 0 0 0 rg BT 386.36 557.25 Td (A) Tj ET Q q 0 0 0 rg BT 393.03 557.25 Td ( control system, no matter how well ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (Further) Tj ET Q q 0 0 0 rg BT 78.54 533.25 Td (, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (provide absolute assurance that all control issues and instances of fraud, if any) Tj ET Q q 0 0 0 rg BT 362.37 509.25 Td (, within the Company have been detected. ) Tj ET Q q 0 0 0 rg BT 532.41 509.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (because of a simple error or mistake.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 461.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 135.40 461.25 Td (, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (or by management override of the controls. ) Tj ET Q q 0 0 0 rg BT 224.82 449.25 Td (The design of any system of controls also is based, in part, upon certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 401.25 Td (fective control system, misstatements due to error or fraud may occur and not be detected.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 162.39 365.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 194.14 365.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 353.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 341.25 Td (There have been no changes in the Company) Tj ET Q q 0 0 0 rg BT 267.94 341.25 Td (s internal control over financial reporting during the fiscal quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 329.25 Td ( that have materially af) Tj ET Q q 0 0 0 rg BT 220.08 329.25 Td (fected, or are reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 407.03 329.25 Td (fect, the Company) Tj ET Q q 0 0 0 rg BT 483.40 329.25 Td (s internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (over financial reporting.) Tj ET Q q 0 0 0 rg BT 148.72 317.25 Td (The Company continues to review its disclosure controls and procedures, including its internal controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (over financial reporting, and may from time to time make changes aimed at enhancing their ef) Tj ET Q q 0 0 0 rg BT 425.84 305.25 Td (fectiveness and to ensure that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 293.25 Td (s systems evolve with its business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (Management Report on Internal Contr) Tj ET Q q 0 0 0 rg BT 216.52 257.25 Td (ol Over) Tj ET Q q 0 0 0 rg BT 248.27 257.25 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 233.25 Td (Our management is responsible for establishing and maintaining adequate internal control over financial reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (Our internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.25 Td (United States of ) Tj ET Q q 0 0 0 rg BT 115.88 197.25 Td (America \("U.S. GAAP"\) and includes those policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 172.37 Td () Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 175.16 cm /I146 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 177.32 Td (pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 167.32 Td (dispositions of the assets of the Company;) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 145.16 cm /I147 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 147.32 Td (provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 137.32 Td (statements in accordance with U.S. GAAP, and that receipts and expenditures of the Company are being made only) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 127.32 Td (in accordance with authorizations of management and directors of the Company; and) Tj ET Q /GS0 gs q 6.00 0 0 9.09 71.50 106.16 cm /I148 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 108.32 Td (provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.50 98.32 Td (disposition of the Companys assets that could have a material effect on its financial statements.) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 76.25 Td (Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (assurance and may not prevent or detect misstatements. Further) Tj ET Q q 0 0 0 rg BT 303.19 64.25 Td (, because of changes in conditions, ef) Tj ET Q q 0 0 0 rg BT 452.40 64.25 Td (fectiveness of internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.25 Td (control over financial reporting may vary over time. Our system contains self-monitoring mechanisms, and actions are taken to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 40.25 Td (correct deficiencies as they are identified.) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 737.10 Td (Our management conducted an evaluation of the ef) Tj ET Q q 0 0 0 rg BT 289.96 737.10 Td (fectiveness of the system of internal control over financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (based on the framework in the Internal Control Integrated Framework issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 515.05 725.10 Td (ganizations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (of the ) Tj ET Q q 0 0 0 rg BT 74.87 713.10 Td (T) Tj ET Q q 0 0 0 rg BT 80.62 713.10 Td (readway Commission \(the 2013 framework\). Based on this evaluation, our management concluded that our system of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (internal control over financial reporting was ef) Tj ET Q q 0 0 0 rg BT 235.91 701.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.27 701.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.86 701.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.68 701.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 396.31 701.10 Td (fectiveness of our internal control over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (financial reporting has been audited by BDO USA, LLP) Tj ET Q q 0 0 0 rg BT 273.06 689.10 Td (, an independent registered public accounting firm, as stated in their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (report, which is included herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (ITEM 9B. OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 187.10 653.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 641.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 629.10 Td (None) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 605.10 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 605.10 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 605.10 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 605.10 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (ITEM 10. DIRECT) Tj ET Q q 0 0 0 rg BT 137.39 581.10 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 277.42 581.10 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 351.39 581.10 Td (TE GOVERNANCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 557.10 Td (This item is omitted because a definitive proxy statement that involves the election of directors will be filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A, which information required by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (item set forth in the proxy statement is incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (ITEM 1) Tj ET Q q 0 0 0 rg BT 83.12 509.10 Td (1. EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 216.56 509.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 485.10 Td (This item is omitted because a definitive proxy statement that involves the election of directors will be filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A, which information required by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (item set forth in the proxy statement is incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (ITEM 12. SECURITY) Tj ET Q q 0 0 0 rg BT 149.98 437.10 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 214.16 437.10 Td ( OF) Tj ET Q q 0 0 0 rg BT 230.17 437.10 Td ( CER) Tj ET Q q 0 0 0 rg BT 253.44 437.10 Td (T) Tj ET Q q 0 0 0 rg BT 259.36 437.10 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 341.88 437.10 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 390.78 437.10 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 490.32 437.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.27 437.10 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (RELA) Tj ET Q q 0 0 0 rg BT 76.54 425.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 111.65 425.10 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 196.19 425.10 Td (TTERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 401.10 Td (This item is omitted because a definitive proxy statement that involves the election of directors will be filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A, which information required by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (item set forth in the proxy statement is incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (ITEM 13. CER) Tj ET Q q 0 0 0 rg BT 119.43 353.10 Td (T) Tj ET Q q 0 0 0 rg BT 125.36 353.10 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 173.24 353.10 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 229.65 353.10 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 280.85 353.10 Td (TED ) Tj ET Q q 0 0 0 rg BT 303.73 353.10 Td (TRANSACTIONS, ) Tj ET Q q 0 0 0 rg BT 387.64 353.10 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 450.53 353.10 Td (OR INDEPENDENCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 329.10 Td (This item is omitted because a definitive proxy statement that involves the election of directors will be filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A, which information required by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (item set forth in the proxy statement is incorporated by reference.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (ITEM 14. PRINCIP) Tj ET Q q 0 0 0 rg BT 139.59 281.10 Td (AL) Tj ET Q q 0 0 0 rg BT 152.93 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.88 281.10 Td (ACCOUNTING FEES ) Tj ET Q q 0 0 0 rg BT 253.79 281.10 Td (AND SER) Tj ET Q q 0 0 0 rg BT 297.05 281.10 Td (VICES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 257.10 Td (This item is omitted because a definitive proxy statement that involves the election of directors will be filed with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A, which information required by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (item set forth in the proxy statement is incorporated by reference.) 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Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 539.05 628.86259765625 m 553.4884765625 628.86259765625 l s q 0 0 1 rg BT 539.05 630.43 Td (F-1) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 539.05 603.86259765625 m 553.4884765625 603.86259765625 l s q 0 0 1 rg BT 539.05 605.43 Td (F-2) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 539.05 578.86259765625 m 553.4884765625 578.86259765625 l s q 0 0 1 rg BT 539.05 580.43 Td (F-3) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 539.05 553.86259765625 m 553.4884765625 553.86259765625 l s q 0 0 1 rg BT 539.05 555.43 Td (F-4) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 539.05 528.86259765625 m 553.4884765625 528.86259765625 l s q 0 0 1 rg BT 539.05 530.43 Td (F-5) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 539.05 503.86259765625 m 553.4884765625 503.86259765625 l s q 0 0 1 rg BT 539.05 505.43 Td (F-6) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 539.05 478.86259765625 m 553.4884765625 478.86259765625 l s q 0 0 1 rg BT 539.05 480.43 Td (F-7) Tj ET Q BT /F2 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 534.05 428.86259765625 m 553.4884765625 428.86259765625 l s q 0 0 1 rg BT 534.05 430.43 Td (F-39) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 534.05 403.86259765625 m 553.4884765625 403.86259765625 l s q 0 0 1 rg BT 534.05 405.43 Td (F-40) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 534.05 378.86259765625 m 553.4884765625 378.86259765625 l s q 0 0 1 rg BT 534.05 380.43 Td (F-42) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 534.05 353.86259765625 m 553.4884765625 353.86259765625 l s q 0 0 1 rg BT 534.05 355.43 Td (F-42) Tj ET Q BT /F2 10.00 Tf ET endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 24.60 Td (76) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 273.85 725.25 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.78 725.25 Td (TURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 689.25 Td (Pursuant to the requirements of Section13 or 15\(d\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 393.37 689.25 Td (Act of 1934, the registrant has duly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.50 645.48 Td (GREENLIGHT CAPITAL RE, LTD.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.05 621.42 Td (By:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 164.5 620.0833984375 m 278.6552734375 620.0833984375 l s q 0 0 0 rg BT 164.50 621.42 Td (/s/Barton Hedges ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 607.32 Td (Barton Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 597.32 Td (Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.50 583.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 531.25 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 302.55 531.25 Td (Act of 1934, this report has been signed below by the following ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.25 Td (persons on behalf of the Registrant and in the capacities and on the dates indicated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 507.25 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 78.5 485.9833984375 m 220.2626953125 485.9833984375 l s q 0 0 0 rg BT 78.50 487.32 Td (/s/DAVID M. EINHORN) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 296.5 485.9833984375 m 438.1650390625 485.9833984375 l s q 0 0 0 rg BT 296.50 487.32 Td (/s/LEONARD GOLDBERG ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 464.37 Td (David M. Einhorn) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 454.37 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 464.37 Td (Leonard Goldberg) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 454.37 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 431.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 431.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 78.5 391.0833984375 m 221.2880859375 391.0833984375 l s q 0 0 0 rg BT 78.50 392.42 Td (/s/FRANK D. LACKNER) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 296.5 391.0833984375 m 433.736328125 391.0833984375 l s q 0 0 0 rg BT 296.50 392.42 Td (/s/ALAN BROOKS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 369.37 Td (Frank D. Lackner) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 359.37 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 369.37 Td (Alan Brooks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 359.37 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 336.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 336.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 78.5 296.0833984375 m 221.2880859375 296.0833984375 l s q 0 0 0 rg BT 78.50 297.42 Td (/s/IAN ISAACS) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 296.5 296.0833984375 m 430.787109375 296.0833984375 l s q 0 0 0 rg BT 296.50 297.42 Td (/s/JOSEPH P. PLATT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 274.37 Td (Ian Isaacs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 264.37 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 274.37 Td (Joseph P. Platt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 264.37 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 241.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 241.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 78.5 201.08339843750002 m 220.7802734375 201.08339843750002 l s q 0 0 0 rg BT 78.50 202.42 Td (/s/TIM COURTIS) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 296.5 201.08339843750002 m 431.7099609375 201.08339843750002 l s q 0 0 0 rg BT 296.50 202.42 Td (/s/ BRYAN MURPHY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 184.37 Td (Tim Courtis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 174.37 Td (Chief Financial Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 164.37 Td (\(principal financial and accounting officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 179.37 Td (Bryan Murphy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 169.37 Td (Director) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 146.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.50 146.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 78.5 106.08339843750002 m 222.7236328125 106.08339843750002 l s q 0 0 0 rg BT 78.50 107.42 Td (/s/BARTON HEDGES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 89.37 Td (Barton Hedges) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 79.37 Td (Director & Chief Executive Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 69.37 Td (\(principal executive officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.50 51.32 Td (February 22, 2016) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 184.58 749.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 226.26 749.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td (The Board of Directors and Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (Greenlight Capital Re, Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (Grand Cayman, Cayman Islands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 665.25 Td (e have audited Greenlight Capital Re, Ltd.) Tj ET Q q 0 0 0 rg BT 230.31 665.25 Td (s internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.13 665.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.71 665.25 Td (, based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (criteria established in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 137.52 653.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 195.21 653.25 Td (ol - Integrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.29 653.25 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 504.71 653.25 Td (ganizations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 641.25 Td (T) Tj ET Q q 0 0 0 rg BT 69.79 641.25 Td (readway Commission \(the COSO criteria\). Greenlight Capital Re, Ltd.) Tj ET Q q 0 0 0 rg BT 355.01 641.25 Td (s management is responsible for maintaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 629.25 Td (fective internal control over financial reporting and for its assessment of the ef) Tj ET Q q 0 0 0 rg BT 370.68 629.25 Td (fectiveness of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (reporting, included in the accompanying Item 9A, Management) Tj ET Q q 0 0 0 rg BT 311.36 617.25 Td (s Report on Internal Control Over Financial Reporting. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (responsibility is to express an opinion on the company) Tj ET Q q 0 0 0 rg BT 270.03 605.25 Td (s internal control over financial reporting based on our audit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 581.25 Td (e conducted our audit in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 374.44 581.25 Td (Accounting Oversight Board \(United States\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether ef) Tj ET Q q 0 0 0 rg BT 479.16 569.25 Td (fective internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (and operating ef) Tj ET Q q 0 0 0 rg BT 114.29 533.25 Td (fectiveness of internal control based on the assessed risk. Our audit also included performing such other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (procedures as we considered necessary in the circumstances. ) Tj ET Q q 0 0 0 rg BT 294.50 521.25 Td (W) Tj ET Q q 0 0 0 rg BT 303.13 521.25 Td (e believe that our audit provides a reasonable basis for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (opinion. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 485.25 Td ( company) Tj ET Q q 0 0 0 rg BT 98.10 485.25 Td (s internal control over financial reporting is a process designed to provide reasonable assurance regarding the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (accepted accounting principles. ) Tj ET Q q 0 0 0 rg BT 177.22 461.25 Td (A) Tj ET Q q 0 0 0 rg BT 183.89 461.25 Td ( company) Tj ET Q q 0 0 0 rg BT 225.83 461.25 Td (s internal control over financial reporting includes those policies and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (that \(1\) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (dispositions of the assets of the company; \(2\) provide reasonable assurance that transactions are recorded as necessary to permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (expenditures of the company are being made only in accordance with authorizations of management and directors of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (company; and \(3\) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (disposition of the company) Tj ET Q q 0 0 0 rg BT 160.88 389.25 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 306.47 389.25 Td (fect on the financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. ) Tj ET Q q 0 0 0 rg BT 517.70 365.25 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (projections of any evaluation of ef) Tj ET Q q 0 0 0 rg BT 186.77 353.25 Td (fectiveness to future periods are subject to the risk that controls may become inadequate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.25 Td (because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (In our opinion, Greenlight Capital Re, Ltd. maintained, in all material respects, ef) Tj ET Q q 0 0 0 rg BT 375.61 317.25 Td (fective internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.32 305.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.90 305.25 Td (, based on the COSO criteria) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 303.87 305.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 281.25 Td (e also have audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 366.94 281.25 Td (Accounting Oversight Board \(United States\), the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (consolidated balance sheets of Greenlight Capital Re, Ltd. as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.64 269.25 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.67 269.25 Td (, and the related consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (statements of income, shareholders) Tj ET Q q 0 0 0 rg BT 192.60 257.25 Td ( equity) Tj ET Q q 0 0 0 rg BT 219.45 257.25 Td (, and cash flows for each of the three years in the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.40 257.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.98 257.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (and our report dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.80 245.25 Td (February22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.40 245.25 Td ( expressed an unqualified opinion thereon. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (/s/ BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.25 Td (Grand Rapids, Michigan, USA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.25 Td (February22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.10 173.25 Td ( ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 184.58 749.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 226.26 749.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (The Board of Directors and Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (Greenlight Capital Re, Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (Grand Cayman, Cayman Islands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 653.25 Td (e have audited the accompanying consolidated balance sheets of Greenlight Capital Re, Ltd. as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.56 653.25 Td (December 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 641.25 Td ( and the related consolidated statements of income, shareholders) Tj ET Q q 0 0 0 rg BT 329.50 641.25 Td ( equity) Tj ET Q q 0 0 0 rg BT 356.35 641.25 Td (, and cash flows for each of the three years in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.92 629.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.51 629.25 Td (. In connection with our audits of the financial statements, we have also audited the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (statement schedules listed in the accompanying index. ) Tj ET Q q 0 0 0 rg BT 271.20 617.25 Td (These financial statements and schedules are the responsibility of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 605.25 Td (s management. Our responsibility is to express an opinion on these financial statements and schedules based on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 569.25 Td (e conducted our audits in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 378.33 569.25 Td (Accounting Oversight Board \(United States\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (statements are free of material misstatement. ) Tj ET Q q 0 0 0 rg BT 230.26 545.25 Td (An audit includes examining, on a test basis, evidence supporting the amounts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (as well as evaluating the overall presentation of the financial statements and schedules. ) Tj ET Q q 0 0 0 rg BT 402.25 521.25 Td (W) Tj ET Q q 0 0 0 rg BT 410.89 521.25 Td (e believe that our audits provide a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (reasonable basis for our opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (In our opinion, the consolidated financial statements referred to above present fairly) Tj ET Q q 0 0 0 rg BT 384.84 485.25 Td (, in all material respects, the financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (position of Greenlight Capital Re, Ltd. at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.41 473.25 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.44 473.25 Td (, and the results of its operations and its cash flows for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td (each of the three years in the period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.37 461.25 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.95 461.25 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.45 461.25 Td ( in conformity with accounting principles generally accepted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (the United States of ) Tj ET Q q 0 0 0 rg BT 130.60 449.25 Td (America.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (Also, in our opinion, the financial statement schedules, when considered in relation to the basic consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (statements taken as a whole, present fairly) Tj ET Q q 0 0 0 rg BT 217.96 413.25 Td (, in all material respects, the information set forth therein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 389.25 Td (e also have audited, in accordance with the standards of the Public Company ) Tj ET Q q 0 0 0 rg BT 366.94 389.25 Td (Accounting Oversight Board \(United States\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (Greenlight Capital Re, Ltd.) Tj ET Q q 0 0 0 rg BT 161.42 377.25 Td (s internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.24 377.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.83 377.25 Td (, based on criteria established in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 107.19 365.25 Td (ol - Integrated Framework \(2013\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.27 365.25 Td ( issued by the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 416.69 365.25 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 490.10 365.25 Td (T) Tj ET Q q 0 0 0 rg BT 495.85 365.25 Td (readway ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (Commission \(COSO\) and our report dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.70 353.25 Td (February22, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.30 353.25 Td ( expressed an unqualified opinion thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.25 Td (/s/ BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (Grand Rapids, Michigan, USA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (February22, 2016) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 749.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 749.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 749.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 749.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 749.25 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.90 737.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 280.72 737.25 Td (TED) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.29 737.25 Td ( BALANCE SHEETS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 245.10 713.25 Td (December) Tj ET Q q 0 0 0 rg BT 288.23 713.25 Td ( 31, 2015 and 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.85 713.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.00 701.25 Td (\(expr) Tj ET Q q 0 0 0 rg BT 165.59 701.25 Td (essed in thousands of U.S. dollars, except per) Tj ET Q q 0 0 0 rg BT 356.54 701.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 377.75 701.25 Td (e and shar) Tj ET Q q 0 0 0 rg BT 422.02 701.25 Td (e amounts\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 638.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 638.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 638.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 638.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 610.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 610.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 610.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 610.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 582.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 582.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 582.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 582.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 554.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 554.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 554.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 554.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 526.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 526.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 526.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 526.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 498.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 498.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 498.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 498.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 470.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 470.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 470.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 470.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 442.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 442.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 442.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 442.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 414.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 414.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 414.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 414.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 386.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 386.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 386.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 386.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 358.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 358.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 358.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 358.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 330.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 330.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 330.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 330.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 302.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 302.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 302.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 302.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 274.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 274.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 274.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 274.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 226.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 226.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 226.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 226.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 198.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 198.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 198.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 198.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 170.75 390.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.00 170.75 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 170.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 170.75 58.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 440 666.75 m 499 666.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 666.75 m 561 666.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 596.75 m 499 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 596.75 m 561 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 456.75 m 499 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 456.75 m 561 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 443.75 m 499 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 441.75 m 499 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 443.75 m 561 443.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 441.75 m 561 441.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 302.75 m 499 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 302.75 m 561 302.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 288.75 m 499 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 288.75 m 561 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 198.75 m 499 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 198.75 m 561 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 170.75 m 499 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 170.75 m 561 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 156.75 m 499 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 156.75 m 561 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 143.75 m 499 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 141.75 m 499 141.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 143.75 m 561 143.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 141.75 m 561 141.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 681.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.00 676.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.50 676.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 657.48 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 657.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 657.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 643.32 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 643.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 643.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 629.32 Td (Debt instruments, trading, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 629.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 629.32 Td (39,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 629.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 629.32 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 615.32 Td (Equity securities, trading, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 615.32 Td (905,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 615.32 Td (1,266,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 601.32 Td (Other investments, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 601.32 Td (119,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 601.32 Td (115,591) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 587.32 Td (Total investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 587.32 Td (1,064,164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 587.32 Td (1,430,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 573.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 573.32 Td (112,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 573.32 Td (12,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 559.32 Td (Restricted cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 559.32 Td (1,236,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 559.32 Td (1,296,914) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 545.32 Td (Financial contracts receivable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 545.32 Td (13,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 545.32 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 531.32 Td (Reinsurance balances receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 531.32 Td (187,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 531.32 Td (151,185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 517.32 Td (Loss and loss adjustment expenses recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 517.32 Td (3,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 517.32 Td (11,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 503.32 Td (Deferred acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 503.32 Td (59,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 503.32 Td (34,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 489.32 Td (Unearned premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 489.32 Td (3,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 489.32 Td (4,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 475.32 Td (Notes receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 475.32 Td (25,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 475.32 Td (1,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 461.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 461.32 Td (6,864) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 461.32 Td (5,478) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 447.48 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 447.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 447.32 Td (2,712,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 447.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 447.32 Td (2,995,292) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 433.48 Td (Liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 433.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 419.48 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 419.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 405.32 Td (Securities sold, not yet purchased, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 405.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 405.32 Td (882,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 405.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 405.32 Td (1,090,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 391.32 Td (Financial contracts payable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 391.32 Td (28,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 391.32 Td (44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 377.32 Td (Due to prime brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 377.32 Td (396,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 377.32 Td (211,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 363.32 Td (Loss and loss adjustment expense reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 363.32 Td (305,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 363.32 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 349.32 Td (Unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 349.32 Td (211,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 349.32 Td (128,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 335.32 Td (Reinsurance balances payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 335.32 Td (18,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 335.32 Td (40,372) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 321.32 Td (Funds withheld) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 321.32 Td (7,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 321.32 Td (6,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 307.32 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 307.32 Td (12,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 307.32 Td (14,949) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 293.48 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 293.32 Td (1,863,749) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 293.32 Td (1,801,251) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 279.48 Td (Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 279.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 265.32 Td (Preferred share capital \(par value $0.10; authorized, 50,000,000; none issued\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.15 265.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.15 265.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 251.32 Td (Ordinary share capital \(Class A: par value $0.10; authorized, 100,000,000; issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 241.32 Td (outstanding, 30,772,572 \(2014: 31,129,648\): Class B: par value $0.10; authorized, 25,000,000;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 231.32 Td (issued and outstanding, 6,254,895 \(2014: 6,254,895\)\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 231.42 Td (3,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.65 231.42 Td (3,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 217.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 217.32 Td (496,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 217.32 Td (500,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 203.32 Td (Retained earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 203.32 Td (325,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.65 203.32 Td (660,860) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 189.48 Td (Shareholders equity attributable to shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 189.32 Td (825,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 189.32 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 175.32 Td (Non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 175.32 Td (23,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.65 175.32 Td (28,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 161.48 Td (Total equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 161.32 Td (848,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 161.32 Td (1,194,041) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 147.48 Td (Total liabilities and equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.50 147.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.10 147.32 Td (2,712,522) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 147.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.10 147.32 Td (2,995,292) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.95 119.25 Td () Tj ET Q q 0 0 0 rg BT 160.77 119.25 Td (The accompanying Notes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.45 119.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.23 119.25 Td ( Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.20 107.25 Td ( integral part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.34 107.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.11 107.25 Td ( Financial Statements.) Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 737.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 737.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 737.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 737.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 737.25 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 202.25 725.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 262.07 725.25 Td (TED) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.64 725.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 296.63 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 303.10 725.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 368.02 725.25 Td ( INCOME) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 713.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.40 701.25 Td (Y) Tj ET Q q 0 0 0 rg BT 211.51 701.25 Td (ears ended December) Tj ET Q q 0 0 0 rg BT 302.97 701.25 Td ( 31, 2015, 2014 and 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.59 701.25 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 144.50 689.25 Td (\(expr) Tj ET Q q 0 0 0 rg BT 167.09 689.25 Td (essed in thousands of U.S. dollars, except per) Tj ET Q q 0 0 0 rg BT 358.04 689.25 Td ( shar) Tj ET Q q 0 0 0 rg BT 379.25 689.25 Td (e and shar) Tj ET Q q 0 0 0 rg BT 423.52 689.25 Td (e amounts\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 648.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 648.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 648.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 648.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 648.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 618.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 618.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 618.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 618.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 618.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 588.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 588.75 55.00 -15.00 re 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0.9333333333333333 1 rg /GS0 gs 448.00 528.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 528.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 528.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 498.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 498.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 498.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 498.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 498.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 498.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 468.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 468.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 468.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 468.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 468.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 438.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 438.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 438.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 408.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 408.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 408.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 378.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 378.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 378.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 378.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 378.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 378.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 348.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 348.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 348.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 348.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 348.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 309.75 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 309.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 309.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 309.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 309.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 663.75 m 444 663.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448 663.75 m 503 663.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507 663.75 m 562 663.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 618.75 m 444 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 618.75 m 503 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 618.75 m 562 618.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 588.75 m 444 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 588.75 m 503 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 588.75 m 562 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 543.75 m 444 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 543.75 m 503 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 543.75 m 562 543.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 528.75 m 444 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 528.75 m 503 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 528.75 m 562 528.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 468.75 m 444 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 468.75 m 503 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 468.75 m 562 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 453.75 m 444 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 453.75 m 503 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 453.75 m 562 453.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 423.75 m 444 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 423.75 m 503 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 423.75 m 562 423.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 393.75 m 444 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 393.75 m 503 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 393.75 m 562 393.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 379.75 m 444 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 377.75 m 444 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 379.75 m 503 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 377.75 m 503 377.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 379.75 m 562 379.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 377.75 m 562 377.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 669.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 668.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.00 668.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 668.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 654.48 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 654.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 639.32 Td (Gross premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 639.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 639.32 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 639.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 639.32 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 639.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 639.32 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 624.32 Td (Gross premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 624.37 Td (\(9,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 624.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 624.37 Td (\(13,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 624.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 624.37 Td (\(2,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 624.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 609.32 Td (Net premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 609.32 Td (493,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 609.32 Td (310,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 609.32 Td (532,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 594.32 Td (Change in net unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 594.37 Td (\(84,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 594.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 594.32 Td (43,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 594.32 Td (14,977) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 579.32 Td (Net premiums earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 579.32 Td (408,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 579.32 Td (354,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 579.32 Td (547,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 564.32 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 564.37 Td (\(281,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 564.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 564.32 Td (122,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 564.32 Td (218,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 549.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 549.37 Td (\(3,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 549.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 549.32 Td (2,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 549.37 Td (\(1,710) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 549.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 534.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 534.32 Td (123,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 534.32 Td (479,802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 534.32 Td (764,329) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 519.48 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 504.32 Td (Loss and loss adjustment expenses incurred, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 504.32 Td (317,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 504.32 Td (234,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 504.32 Td (338,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 489.32 Td (Acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 489.32 Td (116,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 489.32 Td (107,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 489.32 Td (171,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 474.32 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 474.32 Td (23,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 474.32 Td (24,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 474.32 Td (20,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 459.32 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 459.32 Td (456,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 459.32 Td (367,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 459.32 Td (531,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 444.32 Td (Income \(loss\) before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 444.37 Td (\(333,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 444.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 444.32 Td (112,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 444.32 Td (233,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 429.32 Td (Income tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 429.32 Td (1,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 429.32 Td (624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 429.37 Td (\(538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 429.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 414.32 Td (Net income \(loss\) including non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 414.37 Td (\(331,933) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 414.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 414.32 Td (113,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 414.32 Td (232,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 399.32 Td (Loss \(income\) attributable to non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 399.32 Td (5,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 399.37 Td (\(3,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 399.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 399.37 Td (\(6,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 399.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 384.48 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 384.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 384.37 Td (\(326,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 384.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 384.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 384.32 Td (109,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 384.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 384.32 Td (225,699) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 369.48 Td (Earnings \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 354.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 354.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 354.37 Td (\(8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 354.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 354.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 354.32 Td (2.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 354.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 354.32 Td (6.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 339.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 339.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.30 339.37 Td (\(8.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 339.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 339.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 339.32 Td (2.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 339.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 339.32 Td (6.01) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 324.48 Td (Weighted average number of ordinary shares used in the determination of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 314.48 Td (earnings and loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 300.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.10 300.32 Td (36,670,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 300.32 Td (37,242,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 300.32 Td (36,838,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 285.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.10 285.32 Td (36,670,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 285.32 Td (37,874,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 285.32 Td (37,585,167) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.40 256.25 Td (The accompanying Notes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.08 256.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.86 256.25 Td ( Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.20 244.25 Td ( integral part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.34 244.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.11 244.25 Td ( Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td () Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 749.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 749.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 749.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 749.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 749.25 Td (TD.) 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ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.20 629.48 Td (venture) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.55 640.43 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.15 630.43 Td (equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 615.42 Td (Balance at December 31, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 615.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 615.42 Td (3,670) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.50 615.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 615.42 Td (492,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 615.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 615.42 Td (325,569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 615.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 615.42 Td (821,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 615.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 615.42 Td (38,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 615.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 615.42 Td (860,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 601.32 Td (Issue of Class A ordinary shares,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 591.37 Td (net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 593.42 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 593.42 Td (492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 593.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.15 593.42 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 593.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 593.42 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 579.32 Td (Share-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 569.37 Td (expense, net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 571.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 571.42 Td (3,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 571.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 571.42 Td (3,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 571.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 571.42 Td (3,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 557.32 Td (Non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 547.32 Td (withdrawal from joint venture,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 537.32 Td (net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 536.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 536.47 Td (\(10,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 536.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 536.47 Td (\(10,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 536.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 522.32 Td (Income attributable to non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 512.32 Td (controlling interest in joint) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 502.32 Td (venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 501.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 501.42 Td (6,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 501.42 Td (6,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 487.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 485.42 Td (225,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 485.42 Td (225,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 485.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 485.42 Td (225,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 470.42 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 470.42 Td (3,705) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.50 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 470.42 Td (496,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 470.42 Td (551,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 470.42 Td (1,051,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 470.42 Td (34,709) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 470.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 470.42 Td (1,086,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 450.32 Td (Issue of Class A ordinary shares,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 440.37 Td (net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 442.42 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 442.42 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 442.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 442.42 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 428.32 Td (Share-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 418.37 Td (expense, net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 420.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 420.42 Td (3,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 420.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 420.42 Td (3,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 420.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 420.42 Td (3,931) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 406.32 Td (Non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 396.32 Td (withdrawal from joint venture,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 386.32 Td (net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 385.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 385.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 385.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 385.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 385.47 Td (\(9,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 385.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 385.47 Td (\(9,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 385.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 371.32 Td (Income attributable to non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 361.32 Td (controlling interest in joint) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 351.32 Td (venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 350.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 350.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 350.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 350.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 350.42 Td (3,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 350.42 Td (3,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 336.32 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 335.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 335.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 335.42 Td (109,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 335.42 Td (109,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 335.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 335.42 Td (109,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 321.32 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 320.42 Td (3,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.50 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 320.42 Td (500,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 320.42 Td (660,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 320.42 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 320.42 Td (28,890) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 320.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 320.42 Td (1,194,041) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 300.32 Td (Issue of Class A ordinary shares,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 290.37 Td (net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 292.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 292.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 292.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 292.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 292.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 292.42 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 278.32 Td (Repurchase of Class A ordinary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 268.37 Td (shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.80 270.42 Td (\(61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.30 270.47 Td (\(8,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.30 270.47 Td (\(9,148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 270.47 Td (\(17,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 270.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 270.47 Td (\(17,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 270.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 256.32 Td (Share-based compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 246.37 Td (expense, net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 248.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.65 248.42 Td (4,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 248.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 248.42 Td (4,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 248.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 248.42 Td (4,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 234.32 Td (Short-swing sale profit from) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 224.37 Td (shareholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 226.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 226.42 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 226.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 226.42 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 226.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 226.42 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 212.32 Td (Non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 202.32 Td (contribution into \(withdrawal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 192.32 Td (from\) joint venture, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 191.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 177.32 Td (Income \(loss\) attributable to non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 167.32 Td (controlling interest in joint) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 157.32 Td (venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 156.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 156.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.15 156.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 156.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 156.47 Td (\(5,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.15 156.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 156.47 Td (\(5,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 156.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 142.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.15 141.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 141.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.30 141.47 Td (\(326,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 141.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.30 141.47 Td (\(326,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 141.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 141.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 141.47 Td (\(326,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 141.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 127.32 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.50 126.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.65 126.42 Td (3,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.50 126.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 126.42 Td (496,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 126.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.65 126.42 Td (325,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.50 126.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 126.42 Td (825,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 126.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 126.42 Td (23,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.50 126.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 126.42 Td (848,773) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.40 98.25 Td (The accompanying Notes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.08 98.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.86 98.25 Td ( Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.20 86.25 Td ( integral part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.34 86.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.11 86.25 Td ( Financial Statements.) 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458.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 135.75 m 514.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 135.75 m 570.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 123.75 m 458.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 121.75 m 458.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 123.75 m 514.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 121.75 m 514.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 123.75 m 570.5 123.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 518.5 121.75 m 570.5 121.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 685.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 685.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 478.00 685.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 534.00 685.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 43.00 662.43 Td (Cash provided by \(used in\) operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 671.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 671.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 662.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 648.32 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 648.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 648.37 Td (\(326,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 648.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 648.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 648.32 Td (109,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 648.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.10 648.32 Td (225,699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 635.32 Td (Adjustments to reconcile net income to net cash provided by\(used in\)operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 635.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 635.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 635.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 622.32 Td (Net change in unrealized gains and losses on investments and financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.10 622.32 Td (265,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 622.32 Td (187,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 622.32 Td (\(149,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 622.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 609.32 Td (Net realized gainson investments and financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 609.37 Td (\(22,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 609.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 609.37 Td (\(352,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 609.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 609.32 Td (\(122,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 609.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 596.32 Td (Foreign exchange\(gains\) losseson investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 596.32 Td (3,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 596.37 Td (\(14,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 596.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 596.32 Td (\(44,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 596.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 583.32 Td (Income \(loss\) attributable to non-controlling interest in joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 583.37 Td (\(5,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 583.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 583.32 Td (3,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 583.32 Td (6,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 570.32 Td (Share-based compensation expense, net of forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 570.32 Td (4,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 570.32 Td (3,964) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 570.32 Td (3,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 557.32 Td (Depreciation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 557.32 Td (405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.65 557.32 Td (436) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 557.32 Td (325) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 43.00 544.48 Td (Net change in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 544.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 544.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 544.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 531.32 Td (Reinsurance balances receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 531.37 Td (\(83,113) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 531.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 531.32 Td (16,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 531.32 Td (5,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 518.32 Td (Loss and loss adjustment expenses recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.30 518.37 Td (\(916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 518.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 518.32 Td (5,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 518.32 Td (17,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 505.32 Td (Deferred acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 505.37 Td (\(25,403) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 505.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 505.32 Td (17,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 505.32 Td (7,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 492.32 Td (Unearned premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 492.32 Td (776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.30 492.37 Td (\(854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 492.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 492.32 Td (443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 479.32 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 479.37 Td (\(1,791) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 479.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 479.37 Td (\(1,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 479.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.30 479.32 Td (\(291) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 479.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 466.32 Td (Loss and loss adjustment expense reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 466.32 Td (41,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 466.37 Td (\(65,651) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 466.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 466.32 Td (\(26,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 466.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 453.32 Td (Unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 453.32 Td (83,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 453.37 Td (\(44,321) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 453.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 453.32 Td (\(15,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 453.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 440.32 Td (Reinsurance balances payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 440.32 Td (7,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 440.32 Td (1,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 440.32 Td (3,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 427.32 Td (Funds withheld) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 427.32 Td (585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 427.37 Td (\(3,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 427.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 427.32 Td (\(7,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 427.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 414.32 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.80 414.37 Td (\(2,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 414.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 414.32 Td (3,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 414.32 Td (1,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 401.32 Td (Net cash \(used in\) provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 401.37 Td (\(59,945) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 401.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 401.37 Td (\(133,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 401.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 401.32 Td (\(92,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 401.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 43.00 388.48 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 388.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 375.32 Td (Purchases of investments, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 375.37 Td (\(1,252,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 375.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.30 375.37 Td (\(1,603,856) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 375.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 375.32 Td (\(931,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 375.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 361.32 Td (Sales of investments, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.60 361.32 Td (1,388,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.60 361.32 Td (1,722,936) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.10 361.32 Td (933,356) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 348.32 Td (Purchases of financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 348.37 Td (\(25,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 348.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 348.37 Td (\(13,302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 348.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 348.32 Td (\(64,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 348.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 335.32 Td (Dispositions of financial contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 335.32 Td (7,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 335.32 Td (113,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 335.32 Td (90,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 322.32 Td (Securities sold, not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.10 322.32 Td (892,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 322.32 Td (934,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.10 322.32 Td (940,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 309.32 Td (Dispositions of securities sold, not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 309.37 Td (\(1,068,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 309.37 Td (\(952,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 309.32 Td (\(766,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 296.32 Td (Change in due to prime brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.10 296.32 Td (185,383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.80 296.37 Td (\(103,632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 296.32 Td (\(11,786) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 296.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 283.32 Td (Change in restricted cash and cash equivalents, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 283.32 Td (50,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 283.32 Td (35,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.80 283.32 Td (\(107,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 283.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 270.32 Td (Change innotes receivable, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.15 270.32 Td (2,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 270.32 Td (18,983) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 270.32 Td (3,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 257.32 Td (Non-controlling interest withdrawal from joint venture, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 257.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.80 257.37 Td (\(9,502) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.65 257.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 257.32 Td (\(10,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 257.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 244.32 Td (Fixed assets additions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 244.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 244.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 244.32 Td (\(1,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 244.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 231.32 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.10 231.32 Td (177,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.10 231.32 Td (142,040) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 231.32 Td (74,016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 43.00 218.48 Td (Financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 218.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 205.32 Td (Net proceeds from exercise of stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 205.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 205.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 205.32 Td (513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 192.32 Td (Short-swing sale profit from shareholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 192.32 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 192.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 192.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 179.32 Td (Repurchase of Class A ordinary shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 179.37 Td (\(17,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 179.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 179.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 179.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 166.32 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.80 166.37 Td (\(17,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.65 166.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 166.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 166.32 Td (513) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 43.00 153.48 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.10 153.32 Td (100,132) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 153.32 Td (8,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 153.32 Td (\(18,168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 566.65 153.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 139.32 Td (Cash and cash equivalents at beginning of the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 139.32 Td (12,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 139.32 Td (3,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 139.32 Td (21,890) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 43.00 126.48 Td (Cash and cash equivalents at end of the period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 126.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.10 126.32 Td (112,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 126.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 126.32 Td (12,030) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 126.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.15 126.32 Td (3,722) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 43.00 113.48 Td (Supplementary information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 113.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 100.32 Td (Interest paid in cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 100.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 100.32 Td (21,959) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.00 100.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.15 100.32 Td (21,482) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.00 100.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 100.32 Td (23,741) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 87.32 Td (Income tax paid in cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 87.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 87.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.65 87.32 Td (531) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 43.00 74.32 Td (Non-cash transfer to notes receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.15 74.32 Td (25,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.65 74.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 74.32 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.40 47.25 Td (The accompanying Notes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.08 47.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.86 47.25 Td ( Financial Statements are an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.20 35.25 Td ( integral part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.34 35.25 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.11 35.25 Td ( Financial Statements.) Tj ET Q endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 749.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 749.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 749.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 749.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 749.25 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.10 737.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 201.32 737.25 Td (T) Tj ET Q q 0 0 0 rg BT 207.81 737.25 Td (O ) Tj ET Q q 0 0 0 rg BT 217.91 737.25 Td (THE ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.53 737.25 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 301.35 737.25 Td (TED) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.91 737.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 380.53 737.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 394.52 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 401.00 737.25 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 725.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.40 713.25 Td (Y) Tj ET Q q 0 0 0 rg BT 211.51 713.25 Td (ears ended December) Tj ET Q q 0 0 0 rg BT 302.97 713.25 Td ( 31, 2015, 2014 and 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.59 713.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.09 713.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 701.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 689.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 689.25 Td (ORGANIZA) Tj ET Q q 0 0 0 rg BT 118.76 689.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 146.27 689.25 Td (AND BASIS OF) Tj ET Q q 0 0 0 rg BT 215.36 689.25 Td ( PRESENT) Tj ET Q q 0 0 0 rg BT 263.24 689.25 Td (A) Tj ET Q q 0 0 0 rg BT 269.72 689.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.28 689.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.25 Td (Greenlight Capital Re, Ltd. \("GLRE"\) was incorporated as an exempted company under the Companies Law of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (Cayman Islands on July 13, 2004. GLRE) Tj ET Q q 0 0 0 rg BT 216.71 653.25 Td (s principal wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 361.87 653.25 Td (, Greenlight Reinsurance, Ltd. \("Greenlight Re"\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (provides global specialty property and casualty reinsurance. Greenlight Re has a Class D insurer license issued in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (with the terms of ) Tj ET Q q 0 0 0 rg BT 119.86 629.25 Td (The Insurance Law) Tj ET Q q 0 0 0 rg BT 196.39 629.25 Td (, 2010 and underlying regulations thereto \(the "Law"\) and is subject to regulation by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (Cayman Islands Monetary ) Tj ET Q q 0 0 0 rg BT 156.98 617.25 Td (Authority \("CIMA"\), in terms of the Law) Tj ET Q q 0 0 0 rg BT 321.97 617.25 Td (. Greenlight Re commenced underwriting in ) Tj ET Q q 0 0 0 rg BT 500.53 617.25 Td (April 2006. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.76 605.25 Td (fective May 30, 2007, GLRE completed an initial public of) Tj ET Q q 0 0 0 rg BT 295.46 605.25 Td (fering of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.67 605.25 Td (1) Tj ET Q q 0 0 0 rg BT 337.30 605.25 Td (1,787,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.30 605.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 403.42 605.25 Td (A) Tj ET Q q 0 0 0 rg BT 410.09 605.25 Td ( ordinary shares at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.17 605.25 Td ($19.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.67 605.25 Td ( per share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (Concurrently) Tj ET Q q 0 0 0 rg BT 101.61 593.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.61 593.25 Td (2,631,579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.61 593.25 Td ( Class B ordinary shares of GLRE were sold at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.58 593.25 Td ($19.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.08 593.25 Td ( per share ina private placement of) Tj ET Q q 0 0 0 rg BT 504.66 593.25 Td (fering.During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (2008, ) Tj ET Q q 0 0 0 rg BT 74.32 581.25 Td (V) Tj ET Q q 0 0 0 rg BT 80.43 581.25 Td (erdant Holding Company) Tj ET Q q 0 0 0 rg BT 181.43 581.25 Td (, Ltd. \("V) Tj ET Q q 0 0 0 rg BT 218.85 581.25 Td (erdant"\), a wholly-owned subsidiary of GLRE, was incorporated in the state of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (Delaware. During 2010, GLRE established Greenlight Reinsurance Ireland, Designated ) Tj ET Q q 0 0 0 rg BT 401.61 569.25 Td (Activity Company \("GRIL"\), a wholly-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (owned reinsurance subsidiary based in Dublin, Ireland. GRIL) Tj ET Q q 0 0 0 rg BT 295.45 557.25 Td ( is authorized as a non-life reinsurance undertaking in accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (with the provisions of the European Union \(Insurance and Reinsurance\) Regulations 2015 \("Irish Regulations"\). GRIL) Tj ET Q q 0 0 0 rg BT 523.58 545.25 Td ( provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (multi-line property and casualtyreinsurance capacity to the Europeanbroker market and provides GLRE withan additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (platform to serve clients located inEurope and North ) Tj ET Q q 0 0 0 rg BT 264.16 521.25 Td (America.) Tj ET Q q 0 0 0 rg BT 305.53 521.25 Td (As used herein, the "Company" refers collectively to GLRE and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (its consolidated subsidiaries.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 497.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 485.25 Td (The Class ) Tj ET Q q 0 0 0 rg BT 118.17 485.25 Td (A) Tj ET Q q 0 0 0 rg BT 124.83 485.25 Td ( ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol "GLRE".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 461.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.88 461.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.42 461.25 Td ( financial statements are prepared in conformity with accounting principles generally accepted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.25 Td (United States of ) Tj ET Q q 0 0 0 rg BT 115.88 449.25 Td (America \("U.S. GAAP"\). ) Tj ET Q q 0 0 0 rg BT 219.96 449.25 Td (The consolidated financial statements include the accounts of GLRE and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (consolidated financial statements of its wholly owned subsidiaries, Greenlight Re, GRIL) Tj ET Q q 0 0 0 rg BT 403.50 437.25 Td ( and ) Tj ET Q q 0 0 0 rg BT 422.76 437.25 Td (V) Tj ET Q q 0 0 0 rg BT 428.87 437.25 Td (erdant. ) Tj ET Q q 0 0 0 rg BT 458.30 437.25 Td (All significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (intercompany transactions and balances have been eliminated on consolidation.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 396.25 Td (Reclassifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 379.25 Td (Certain prior period balances have been reclassified to conform to the current period presentation. Prior to January 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.25 Td (2015, non-investment related foreign exchange gains and losses were recorded under general and administrative expenses in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.25 Td (condensed consolidated statements of income. Ef) Tj ET Q q 0 0 0 rg BT 246.48 355.25 Td (fective from January 1, 2015, the presentation has been modified and any non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.25 Td (investment related foreign exchange gains or losses are now recorded under other income \(expense\), net in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.65 343.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.20 343.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.25 Td (statements of income. ) Tj ET Q q 0 0 0 rg BT 138.92 331.25 Td (As a result, foreign exchange gains \(losses\) of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.81 331.25 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.71 331.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.14 331.25 Td ($\(0.8\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.70 331.25 Td ( that were previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.25 Td (reported in general and administrative expenses for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.64 319.25 Td (years ended December 31, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.64 319.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 492.30 319.25 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.25 Td (reclassified as other income \(expense\), net to conform to the current year presentation. ) Tj ET Q q 0 0 0 rg BT 406.67 307.25 Td (The reclassifications resulted in no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.25 Td (changes to net income or retained earnings for any of the periods presented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 259.25 Td (2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 259.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 64.50 259.25 Td (SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 131.00 259.25 Td ( ) Tj ET Q q 0 0 0 rg BT 132.95 259.25 Td (ACCOUNTING POLICIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.69 259.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 235.25 Td (Use of Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 211.25 Td (The preparation of consolidated financial statements in conformity with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 413.27 211.25 Td ( requires management to make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.25 Td (estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 183.18 199.25 Td (fect the reported amounts of assets and liabilities and disclosure of contingent assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.25 Td (liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 79.50 175.25 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 172.90 175.25 Td (fer from these estimates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 151.25 Td (Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 127.25 Td (Cash and cash equivalents consist of cash and certain short-term, highly liquid investments with original maturity dates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.25 Td (of three months or less.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 91.25 Td (Restricted Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 67.25 Td (The Company is required to maintain certain cash in segregated accounts with prime brokers and derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 110.96 55.25 Td (The amount of restricted cash held by prime brokers is primarily used to support the liability created from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 43.25 Td (securities sold, not yet purchased and derivatives. ) Tj ET Q q 0 0 0 rg BT 249.72 43.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 299.63 43.25 Td (, restricted cash and cash equivalent balances are held to ) Tj ET Q endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (collateralize regulatory trusts and letters of credit issued to cedents \(see Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.27 749.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.27 749.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.71 749.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.71 749.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 400.86 749.10 Td (The amount of cash encumbered varies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (depending on the market value of the securities sold, not yet purchased, and the collateral required by the cedents in the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (trust accounts and letters of credit.In addition, derivative counterparties require cash collateral to support the current value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (any amounts that may be due to the counterparty based on the value of the underlying financial instrument.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.87 689.10 Td (emium Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (The Company accounts for reinsurance contracts in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 399.18 665.10 Td (. In the event that a reinsurance contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (does not transfer suf) Tj ET Q q 0 0 0 rg BT 130.69 653.10 Td (ficient risk, deposit accounting is used and the contract is reported as a deposit liability) Tj ET Q q 0 0 0 rg BT 477.44 653.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (The Company writes excess of loss contracts as well as quota share contracts. ) Tj ET Q q 0 0 0 rg BT 389.56 629.10 Td (The Company estimates the ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (premiums for the entire contract period. ) Tj ET Q q 0 0 0 rg BT 211.20 617.10 Td (These estimates are based on information received from the ceding companies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (estimates from actuarial pricing models used by the Company) Tj ET Q q 0 0 0 rg BT 296.57 605.10 Td (. For excess of loss contracts, the total ultimate estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (premiums are recorded as premiums written at the inception of the contract. For quota share contracts, the premiums are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (recorded as written based on cession statements from cedents which typically are received monthly or quarterly depending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (terms specified in eachcontract.For anyreporting lag, premiums written are estimated based ontheportion of the ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (estimated premiums relating to the risks underwritten during the lag period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 533.10 Td (Premium estimates are reviewed by management at least quarterly) Tj ET Q q 0 0 0 rg BT 341.30 533.10 Td (. Such review includes a comparison of actual reported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (premiums to expected ultimate premiums along with a review of the aging and collection of premium estimates. Based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (management) Tj ET Q q 0 0 0 rg BT 103.37 509.10 Td (s review) Tj ET Q q 0 0 0 rg BT 136.32 509.10 Td (, the appropriateness of the premium estimates is evaluated, and any adjustments to these estimates are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (recorded in the period in which they are determined. Changes in premium estimates, including premium receivableon both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (excess of loss and quota share contracts, are expected and may result in significant adjustments in any period. ) Tj ET Q q 0 0 0 rg BT 489.92 485.10 Td (A) Tj ET Q q 0 0 0 rg BT 496.59 485.10 Td ( significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (portion of amounts included in reinsurance balances receivable represent estimated premiums written, net of commissions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (brokerage, and are not currently due based on the terms of the underlying contracts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 437.10 Td (Certain contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiry of a contract. ) Tj ET Q q 0 0 0 rg BT 536.92 437.10 Td (A) Tj ET Q q 0 0 0 rg BT 543.59 437.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (reinstatement premium is not due until there is a full limit loss event and therefore, in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 507.72 425.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (Company records a reinstatement premium as written only in the event that a client incurs a full limit loss on the contract and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (the contract allows for a reinstatement of coverage upon payment of an additional premium. For catastrophe contracts which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (contractually require the payment of a reinstatement premium equal to or greater than the original premium upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (premiums that are contractually calculated on a pro-rata basis of the original premiums, are earned over the remaining coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 329.10 Td (Certain contracts may provide for a penalty to be paid if the contract is terminated and canceled prior to its expiration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (term. Cancellation penalties are recognized in the period the notice of cancellation is received and are recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (consolidated statements of income under "other income \(expense\), net".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 281.10 Td (Premiums written are generally recognized as earned over the contract period in proportion to the period of risk covered. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Unearned premiums consist of the unexpired portion of reinsurance provided.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (Reinsurance Pr) Tj ET Q q 0 0 0 rg BT 115.70 245.10 Td (emiums Ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 221.10 Td (The Company reduces the risk of future losses on business assumed by reinsuring certain risks and exposures with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (reinsurers \(retrocessionaires\). ) Tj ET Q q 0 0 0 rg BT 170.10 209.10 Td (The Company remains liable to the extent that any retrocessionaire fails to meet its obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (and to the extent the Company does not hold suf) Tj ET Q q 0 0 0 rg BT 242.90 197.10 Td (ficient security for their unpaid obligations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 173.10 Td (Ceded premiums are written during the period in which the risks incept and are expensed over the contract period in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (proportion to the period of protection. Unearned premiums ceded consist of the unexpired portion of reinsurance obtained.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (Deferr) Tj ET Q q 0 0 0 rg BT 77.63 137.10 Td (ed ) Tj ET Q q 0 0 0 rg BT 89.57 137.10 Td (Acquisition Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 113.10 Td (Policy acquisition costs, such as commission and brokerage costs, relate directly to, and vary with, the writing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (reinsurance contracts. ) Tj ET Q q 0 0 0 rg BT 138.63 101.10 Td (Acquisition costs relating solely to bound contracts are deferred subject to ultimate recoverability and are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (amortized over the related contract term. ) Tj ET Q q 0 0 0 rg BT 214.51 89.10 Td (The Companyevaluates the recoverability of deferred acquisition costs by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (and expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. ) Tj ET Q q 0 0 0 rg BT 534.92 65.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 53.10 Td (, the deferred acquisition costs were considered fully recoverable and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.13 53.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.13 53.10 Td ( premium deficiency loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.10 Td (was recorded.) Tj ET Q endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.05 24.60 Td (F-9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 737.10 Td (Acquisition costs also include profit commissions which are expensed when incurred. Profit commissions are calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (and accrued based on the expected loss experience for contracts and recorded when the current loss estimate indicates that a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (profit commission is probable under the contract terms. ) Tj ET Q q 0 0 0 rg BT 273.06 713.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.50 713.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.09 713.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.09 713.10 Td ($12.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.98 713.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.81 713.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.81 713.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.09 713.10 Td ($1) Tj ET Q q 0 0 0 rg BT 475.72 713.10 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.61 713.10 Td (\) of profit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (commission reserves wereincluded in reinsurance balances payable on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.05 701.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.59 701.10 Td ( balance sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.57 701.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 689.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.08 689.10 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.98 689.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.81 689.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.81 689.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.08 689.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.98 689.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.41 689.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.41 689.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.69 689.10 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.58 689.10 Td (, respectively\) of net profit commission expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (was included in acquisition costs on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.86 677.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.40 677.10 Td ( statements of income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (Funds ) Tj ET Q q 0 0 0 rg BT 78.50 653.10 Td (W) Tj ET Q q 0 0 0 rg BT 88.32 653.10 Td (ithheld) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 629.10 Td (Funds withheld include reinsurance balances retained from retrocessionaires as securityfor a period of time in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (accordance with the contract terms. ) Tj ET Q q 0 0 0 rg BT 193.32 617.10 Td (Any interest expense that the Company incurs during the period these funds are withheld, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (are included under net investment income in the consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (Loss and Loss ) Tj ET Q q 0 0 0 rg BT 111.48 581.10 Td (Adjustment Expense Reserves and Recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 557.10 Td (The Company establishes reserves for contracts based on estimates of the ultimate cost of all losses including losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (incurred but not reported \("IBNR"\). ) Tj ET Q q 0 0 0 rg BT 195.22 545.10 Td (These estimated ultimate reserves are based on the Company) Tj ET Q q 0 0 0 rg BT 441.80 545.10 Td (s own actuarial estimates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (derived from reports received from ceding companies, industry data and historical experience. ) Tj ET Q q 0 0 0 rg BT 428.62 533.10 Td (These estimates are reviewed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (the Company periodically on a contract by contract basis and adjusted as necessary) Tj ET Q q 0 0 0 rg BT 381.52 521.10 Td (. Since reserves are estimates, the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (settlement of losses may vary from the reserves established and any adjustments to the estimates, which may be material, are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (recorded in the period they are determined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 473.10 Td (Loss and loss adjustment expenses recoverable include the amounts due from retrocessionaires for unpaid loss and loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (adjustment expenses on retrocession agreements. Ceded losses incurred but not reported are estimated based on the Company) Tj ET Q q 0 0 0 rg BT 554.63 461.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (actuarial estimates. ) Tj ET Q q 0 0 0 rg BT 128.45 449.10 Td (These estimates are reviewed periodically and adjusted when deemed necessary) Tj ET Q q 0 0 0 rg BT 447.39 449.10 Td (. ) Tj ET Q q 0 0 0 rg BT 452.21 449.10 Td (The Company may not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (able to ultimately recover the loss and loss adjustment expense recoverable amounts due to the retrocessionaires) Tj ET Q q 0 0 0 rg BT 500.55 437.10 Td ( inability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (pay) Tj ET Q q 0 0 0 rg BT 63.29 425.10 Td (. ) Tj ET Q q 0 0 0 rg BT 68.11 425.10 Td (The Company regularly evaluates the financial condition of its retrocessionaires and records provisions for uncollectible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (reinsurance expenses recoverable when recovery is no longer probable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (Notes Receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 365.10 Td (Notes receivable include promissory notes receivable from third party entities. ) Tj ET Q q 0 0 0 rg BT 392.60 365.10 Td (These notes are recorded at cost along ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (with accrued interest, if any) Tj ET Q q 0 0 0 rg BT 160.19 353.10 Td (, which approximates the fair value. Interest income and realized gains or losses on sale of notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (receivable are included under net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.74 341.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.28 341.10 Td ( statements of income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td (The Company regularly reviews all notes receivable individually for impairment and records valuation allowance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (provisions for uncollectible and non-performing notes. ) Tj ET Q q 0 0 0 rg BT 270.66 305.10 Td (The Company places notes on non-accrual status when the recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (value of the note is not considered impaired but there is uncertainty as to the collection of interest based on the terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (note. ) Tj ET Q q 0 0 0 rg BT 71.54 281.10 Td (The Company resumes accrual of interest on a note when none of the principal or interest remains past due, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (Company expects to collect the remaining contractualprincipal and interest.Interest collected on notes that are placed on non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (accrual status is treated on a cash-basis and recorded as interest income when collected, provided that the recorded value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (note is deemed to be fully collectible. ) Tj ET Q q 0 0 0 rg BT 202.05 245.10 Td (Where doubt exists as to the collectability of the remaining recorded value of the notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (placed on non-accrual status, any payments received are applied to reduce the recorded value of the notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 209.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 209.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 209.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.58 209.10 Td ($23.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.48 209.10 Td ( of notes receivable \(net of any valuation allowance\)were onnon-accrual status) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 197.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.83 197.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.11 197.10 Td ($0.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 197.10 Td (\) and any payments received were applied to reduce the recorded value of the notes. ) Tj ET Q q 0 0 0 rg BT 465.00 197.10 Td (The increase in notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (receivable during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.40 185.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.07 185.10 Td (, related to a settlement agreement entered into with a ceding insurer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (during 2015 whereby certain amounts, previously classified under reinsurance balances receivable, were converted into a ten-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (year note receivable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 137.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 137.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 137.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.02 137.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.02 137.10 Td (, there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.56 137.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.56 137.10 Td ( accrued interest included in the notes receivable balance. Based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (management) Tj ET Q q 0 0 0 rg BT 103.37 125.10 Td (s assessment, the recorded values of the notes receivable, net of valuation allowance, at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.18 125.10 Td (December 31, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 113.10 Td (, were expected to be fully collectible.) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Deposit ) Tj ET Q q 0 0 0 rg BT 83.67 749.25 Td (Assets and Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (In accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 201.47 725.25 Td (, deposit accounting is used in the event that a reinsurance contract does not transfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 713.25 Td (ficient insurance risk, or a contract provides retroactive reinsurance. ) Tj ET Q q 0 0 0 rg BT 335.59 713.25 Td (Any losses on such contracts are char) Tj ET Q q 0 0 0 rg BT 485.36 713.25 Td (ged to earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (immediately) Tj ET Q q 0 0 0 rg BT 98.84 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 103.28 701.25 Td (Any gains relating to such contracts are deferred and amortized over the estimated remaining settlement period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (All such deferred gains are included in reinsurance balances payable in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.04 689.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.58 689.25 Td ( balance sheets. ) Tj ET Q q 0 0 0 rg BT 466.00 689.25 Td (Amortized gains are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.97 677.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.51 677.25 Td ( statementsof income as other income. ) Tj ET Q q 0 0 0 rg BT 320.25 677.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.75 677.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.33 677.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.77 677.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.77 677.25 Td (, there were no material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (deposit assets or deposit liabilities and no material gains or losses on deposit accounted contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 75.33 641.25 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 617.25 Td (Fixed assets are included in other assets on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.62 617.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.16 617.25 Td ( balance sheets and are recorded at cost when acquired. Fixed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (assets are comprised of computer software, furniture and fixtures and leasehold improvements and are depreciated, using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (straight-line method, over their estimated useful lives, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.70 593.25 Td (five years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.85 593.25 Td ( for both computer software, and furniture and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (fixtures. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or remaining lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (term.) Tj ET Q q 0 0 0 rg BT 72.64 569.25 Td (The Company periodically reviews fixed assets that have finite lives, and that are not held for sale, for impairmentby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (comparing the carrying value of the assets to their estimated future undiscounted cash flows. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.55 557.25 Td (years ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.94 545.25 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.35 545.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.35 545.25 Td ( impairments in fixed assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 521.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 521.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 521.25 Td (, the cost, accumulated depreciation and net book values of the fixed assets were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 473.75 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 473.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 473.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 473.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 473.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 445.75 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 445.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 445.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 445.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 445.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339 487.75 m 409 487.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413 487.75 m 488 487.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 487.75 m 562 487.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 431.75 m 409 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 431.75 m 488 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 431.75 m 562 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 418.75 m 409 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 416.75 m 409 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 418.75 m 488 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 416.75 m 488 416.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 418.75 m 562 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 416.75 m 562 416.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.75 492.43 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 501.48 Td (Accumulated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.40 491.48 Td (depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.50 501.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.55 491.48 Td (Net book value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.80 478.48 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 464.32 Td (Computer software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 464.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 464.32 Td (556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 464.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 464.37 Td (\(348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 464.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 464.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 464.32 Td (208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 450.32 Td (Furniture and fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 450.32 Td (620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 450.37 Td (\(513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 450.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 450.32 Td (107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 436.32 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 436.32 Td (2,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 436.37 Td (\(1,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 436.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 436.32 Td (773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 422.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 422.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 422.32 Td (3,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 422.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 422.37 Td (\(2,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 422.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 422.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 422.32 Td (1,088) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 394.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 394.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 394.25 Td (, the cost, accumulated depreciation and net book values of the fixed assets were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 346.75 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 346.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 346.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 346.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 346.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 318.75 290.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.00 318.75 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 318.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 318.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 318.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 318.75 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339 360.75 m 409 360.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 413 360.75 m 488 360.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 360.75 m 562 360.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 304.75 m 409 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 304.75 m 488 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 304.75 m 562 304.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 291.75 m 409 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 289.75 m 409 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 291.75 m 488 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413 289.75 m 488 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 291.75 m 562 291.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 289.75 m 562 289.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.75 365.43 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 374.48 Td (Accumulated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.40 364.48 Td (depreciation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.50 374.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.55 364.48 Td (Net book value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 351.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.80 351.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 337.32 Td (Computer software) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 337.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 337.32 Td (556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 337.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 337.37 Td (\(277) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 337.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 337.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 337.32 Td (279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 323.32 Td (Furniture and fixtures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 323.32 Td (620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 323.37 Td (\(442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 323.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 323.32 Td (178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 309.32 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 309.32 Td (2,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 309.37 Td (\(966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 309.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 309.32 Td (1,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 295.32 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 295.32 Td (3,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 295.37 Td (\(1,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 295.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 295.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 295.32 Td (1,493) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 267.25 Td (Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 243.25 Td (Investmentsin Securities and Investments in Securities Sold, Not Y) Tj ET Q q 0 0 0 rg BT 342.21 243.25 Td (et Pur) Tj ET Q q 0 0 0 rg BT 366.55 243.25 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 219.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.21 219.25 Td (s investments in debt instruments and equity securities that are classified as "trading securities" are carried ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.25 Td (at fair value. ) Tj ET Q q 0 0 0 rg BT 102.07 207.25 Td (The fair values of the listed equity investments are derived based on quoted prices \(unadjusted\) in active markets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.25 Td (for identical assets \(Level1 inputs\). ) Tj ET Q q 0 0 0 rg BT 195.11 195.25 Td (The fair values of listed equities that have restrictions on sale or transfer which expire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.25 Td (within one year) Tj ET Q q 0 0 0 rg BT 111.30 183.25 Td (, are determined by adjusting the observed market price of the equity using a liquidity discount based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 171.25 Td (observable market inputs. ) Tj ET Q q 0 0 0 rg BT 154.85 171.25 Td (The fair values of debt instruments are derived based on inputs that are observable, either directly or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 159.25 Td (indirectly) Tj ET Q q 0 0 0 rg BT 87.17 159.25 Td (, such as market maker or broker quotes reflecting recent transactions \(Level2 inputs\), and are generally derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 147.25 Td (based on the average of multiple market maker or broker quotes which are considered to be binding. ) Tj ET Q q 0 0 0 rg BT 453.07 147.25 Td (Where quotes are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.25 Td (available, debt instruments are valued using cash flow models using assumptions and estimates that may be subjective and non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 123.25 Td (observable \(Level 3 inputs\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 99.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.21 99.25 Td (s "other investments" may include investments in private and unlisted equity securities, limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.25 Td (partnerships, and commodities, which are all carried at fair value. ) Tj ET Q q 0 0 0 rg BT 313.94 87.25 Td (The fair values of commodities are determined based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.25 Td (quoted prices in active markets for identical assets \(Level 1\). ) Tj ET Q q 0 0 0 rg BT 295.06 75.25 Td (The Company maximizes the use of observable direct or indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.25 Td (inputs \(Level2 inputs\) when deriving the fair values for "other investments". For limited partnerships and private and unlisted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 51.25 Td (equity securities, where observable inputs are not available, the fair values are derived based on unobservable inputs \(Level3 ) Tj ET Q endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.70 24.60 Td (F-1) Tj ET Q q 0 0 0 rg BT 310.22 24.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (inputs\) such as management) Tj ET Q q 0 0 0 rg BT 165.31 749.10 Td (s assumptions developed from available information using the services of the investment advisor) Tj ET Q q 0 0 0 rg BT 552.04 749.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (including the most recent net asset values obtained from the managers of those underlying investments. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.10 Td (For securities classified as "trading securities", and "other investments", any realized and unrealized gains or losses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (determined on the basis of the specific identification method \(by reference to cost or amortized cost, as appropriate\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (included in net investment income \(loss\) in the consolidated statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (Dividend income and expense are recorded on the ex-dividend date. ) Tj ET Q q 0 0 0 rg BT 350.93 665.10 Td (The ex-dividend date is the date as of when the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (underlying security must have been traded to be eligible for the dividend declared. Interest income and interest expense are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (recorded on an accrual basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (Derivative Financial Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 593.10 Td (U.S. GAAP) Tj ET Q q 0 0 0 rg BT 123.64 593.10 Td ( requires that an entity recognize all derivatives in the balance sheet at fair value. It also requires that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (unrealized gains and losses resulting from changes in fair value be included in income or comprehensive income, depending on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (whether the instrument qualifies as a hedge transaction, and if so, the type of hedge transaction. ) Tj ET Q q 0 0 0 rg BT 433.92 569.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 493.63 569.10 Td (s derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (financial instrument assets are included in financial contracts receivable. Derivative financial instrument liabilities are generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (included in financial contracts payable. ) Tj ET Q q 0 0 0 rg BT 208.70 545.10 Td (The Company's derivatives do not qualify as hedges for financial reporting purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (and are recorded in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.62 533.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.16 533.10 Td ( balance sheets on a gross basis and not of) Tj ET Q q 0 0 0 rg BT 362.55 533.10 Td (fset against any collateral pledged or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (received.Pursuant to the International Swaps and Derivatives ) Tj ET Q q 0 0 0 rg BT 298.04 521.10 Td (Association \("ISDA"\) master agreements, securities lending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (agreements and other agreements, the Company and its counterparties typically have the ability to net certain payments owed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (each other in specified circumstances.In addition, in the event a party to one of the ISDA) Tj ET Q q 0 0 0 rg BT 407.16 497.10 Td ( master agreements, securities lending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (agreements or other agreements defaults, or a transaction is otherwise subject to termination, the non-defaulting party generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (has the right to set of) Tj ET Q q 0 0 0 rg BT 133.47 473.10 Td (f against payments owed to the defaulting party or collateral held by the non-defaulting party) Tj ET Q q 0 0 0 rg BT 504.92 473.10 Td (. ) Tj ET Q q 0 0 0 rg BT 512.24 473.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (Company may from time to time enter into underwriting contracts such as industry loss warranty contracts \("IL) Tj ET Q q 0 0 0 rg BT 494.40 461.10 Td (W"\) that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (treated as derivatives for U.S GAAP) Tj ET Q q 0 0 0 rg BT 195.20 449.10 Td ( purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 425.10 Td (Financial Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 401.10 Td (The Company enters into financial contracts with counterparties as part of its investment strategy) Tj ET Q q 0 0 0 rg BT 464.90 401.10 Td (. Financial contracts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (which include total return swaps, credit default swaps \("CDS"\), futures, options, currency forwards and other derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (instruments, are recorded at their fair value with any unrealized gains and losses included in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (consolidated statements of income. Financial contracts receivable represents derivative contracts whereby) Tj ET Q q 0 0 0 rg BT 472.29 365.10 Td (, based upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (contract's current fair value, the Company will be entitled to receive payments upon settlement of the contract. Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (contracts payable represents derivative contracts whereby) Tj ET Q q 0 0 0 rg BT 279.58 341.10 Td (, based upon each contract's current fair value, the Company will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (obligated to make payments upon settlement of the contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 305.10 Td (T) Tj ET Q q 0 0 0 rg BT 81.91 305.10 Td (otal return swap agreements, included on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.52 305.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.06 305.10 Td ( balance sheets as financial contracts receivable and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (contracts payable, are derivative financial instruments whereby the Company is either entitled to receive or obligated to pay the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (product of a notional amount multiplied by the movement in an underlying security) Tj ET Q q 0 0 0 rg BT 382.67 281.10 Td (, which the Company may not own, over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (specified time frame. In addition, the Company may also be obligated to pay or receive other payments based on interest rates, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (dividend payments and receipts, or foreign exchange movements during a specified period. ) Tj ET Q q 0 0 0 rg BT 416.42 257.10 Td (The Company measures its rights or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (obligations to the counterparty based on the fair value movements of the underlying security together with any other payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (due. ) Tj ET Q q 0 0 0 rg BT 68.76 233.10 Td (These contracts are carried at fair value, based on observable inputs \(Level2 inputs\) with the resultant unrealized gains and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (losses reflected in net investment income \(loss\) in the consolidated statements of income. ) Tj ET Q q 0 0 0 rg BT 408.86 221.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 458.76 221.10 Td (, any changes in the value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (of amounts received or paid on swap contracts are reported as a gain or loss in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.70 209.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.24 209.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 185.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 173.10 Td (Financial contracts may also include exchange traded futures or options contracts that are based on the movement of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (particular index, equity security) Tj ET Q q 0 0 0 rg BT 176.03 161.10 Td (, commodity) Tj ET Q q 0 0 0 rg BT 225.93 161.10 Td (, currencyor interest rate. ) Tj ET Q q 0 0 0 rg BT 330.97 161.10 Td (Where such contracts are traded in an active market, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 149.10 Td (s obligations or rights on these contracts are recorded at fair value based on the observable quoted prices of the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (or similar financial contracts in an active market \(Level 1\) or on broker quotes which reflect market information based on actual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (transactions \(Level 2\). ) Tj ET Q q 0 0 0 rg BT 141.14 125.10 Td (Amounts invested in exchange traded options and over the counter \("OTC"\) options are recorded either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (as an asset or liability at inception. Subsequent to initial recognition, unexpired exchange traded option contracts are recorded at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (fair value based on quoted prices in active markets \(Level1\). For OTC options or exchange traded options where a quoted price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (in an active market is not available, fair values are derived based upon observable inputs \(Level2\) such as multiple quotes from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (brokers and market makers, which are considered to be binding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 65.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 53.10 Td (The Company may purchase and sell CDS for strategic investment purposes. ) Tj ET Q q 0 0 0 rg BT 385.88 53.10 Td (A) Tj ET Q q 0 0 0 rg BT 392.55 53.10 Td ( CDS is a derivative instrument that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.10 Td (provides protection against an investment loss due to specified credit or default events of a reference entity) Tj ET Q q 0 0 0 rg BT 476.48 41.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.30 41.10 Td (The seller of a CDS ) Tj ET Q endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (guarantees to pay the buyer a specified amount if the reference entity defaults on its obligations or fails to perform. ) Tj ET Q q 0 0 0 rg BT 511.66 749.10 Td (The buyer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (of a CDS pays a premium over time to the seller in exchange for obtaining this protection.) Tj ET Q q 0 0 0 rg BT 412.19 737.10 Td (A) Tj ET Q q 0 0 0 rg BT 418.86 737.10 Td ( CDS trading in an active market is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (valued at fair value based on broker or market maker quotes for identical instruments in an active market \(Level 2\)or based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (the current credit spreads on identical contracts \(Level 2\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 69.88 689.10 Td (e-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (The Company has established a stock incentive plan for directors, employees and consultants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 641.10 Td (U.S. GAAP) Tj ET Q q 0 0 0 rg BT 123.64 641.10 Td ( requires the Company to recognize share-based compensation transactions using the fair value at the grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (date of the award. ) Tj ET Q q 0 0 0 rg BT 123.45 629.10 Td (The Company measures compensation for restricted shares and restricted stock units \("RSUs"\) based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (price of the Company) Tj ET Q q 0 0 0 rg BT 139.20 617.10 Td (s common shares at the grant date and the expense is recognized on a straight line basis over the vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 581.10 Td (Determining the fair value of share purchase options at the grant date requires significant estimation and judgment. ) Tj ET Q q 0 0 0 rg BT 538.95 581.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (Company uses an option-pricing model \(Black-Scholes option pricing model\) to assist in the calculation of fair value for share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (purchase options. ) Tj ET Q q 0 0 0 rg BT 121.80 557.10 Td (The model requires estimation of various inputs such as estimated term, forfeiture and dividend rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (expected volatility) Tj ET Q q 0 0 0 rg BT 122.99 545.10 Td (. ) Tj ET Q q 0 0 0 rg BT 130.31 545.10 Td (The Company uses the full life of the options, ten years, as the estimated term of the options, and has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (assumed no forfeitures and no dividends paid during the life of the options. Ef) Tj ET Q q 0 0 0 rg BT 362.03 533.10 Td (fective from 2014, the estimate of expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (volatility is based on the daily historical trading data of the Company's Class ) Tj ET Q q 0 0 0 rg BT 358.20 521.10 Td (A) Tj ET Q q 0 0 0 rg BT 364.87 521.10 Td ( ordinary shares from the date that these shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (commenced trading \(May 24, 2007\) to the grant date. Prior to 2014, the Company's share had not been publicly traded for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 497.10 Td (ficient length of time to reasonably estimate the expected volatility) Tj ET Q q 0 0 0 rg BT 328.30 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 333.12 497.10 Td (Therefore, for share purchase options granted prior to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (2014, the Company determined the expected volatility based primarily onthe historical volatility of similar entities.) Tj ET Q q 0 0 0 rg BT 514.76 485.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (Company considered factors such as an entity's industry) Tj ET Q q 0 0 0 rg BT 273.10 473.10 Td (, stage of life cycle, size and financial leverage when selectingsimilar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (entities.) Tj ET Q q 0 0 0 rg BT 83.20 461.10 Td (The Company used a sample peer group of companies in the reinsurance industry as well as the Company) Tj ET Q q 0 0 0 rg BT 509.48 461.10 Td (s own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (historical volatility in determining the expected volatility) Tj ET Q q 0 0 0 rg BT 277.13 449.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 437.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 425.10 Td ( For share purchase options issued under the employee stock incentive plan, compensation cost is calculated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (expensed over the vesting periods on a graded vesting basis \(see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.09 413.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.09 413.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 389.10 Td (If actual results dif) Tj ET Q q 0 0 0 rg BT 151.57 389.10 Td (fer significantly from these estimates and assumptions, particularly in relation to the Company) Tj ET Q q 0 0 0 rg BT 532.31 389.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (estimation of volatility which requires the most judgment, share-based compensation expense, primarily with respect to future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (share-based awards, could be materially impacted.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (For) Tj ET Q q 0 0 0 rg BT 64.87 341.10 Td (eign Exchange) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 317.10 Td (The reporting and functional currency of the Company and all its subsidiaries is the U.S. dollar) Tj ET Q q 0 0 0 rg BT 456.13 317.10 Td (. ) Tj ET Q q 0 0 0 rg BT 460.95 317.10 Td (T) Tj ET Q q 0 0 0 rg BT 466.71 317.10 Td (ransactions in foreign ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (currencies are recorded in U.S. dollars at the exchange rates in ef) Tj ET Q q 0 0 0 rg BT 309.48 305.10 Td (fect on the transaction date. Monetary assets and liabilities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (foreign currencies at the balance sheet date are translated at the exchange rate in ef) Tj ET Q q 0 0 0 rg BT 380.25 293.10 Td (fect at the balance sheet date and translation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (exchange gains and losses, if any) Tj ET Q q 0 0 0 rg BT 181.59 281.10 Td (, are included in "other income \(expense\), net" in the consolidated statements of income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.81 257.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 233.10 Td (Other assets consist primarily of investment income receivable, prepaid expenses,fixed assets and deferred tax assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 209.10 Td ( Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 185.10 Td (Other liabilities consist primarily of dividends payable on securities sold, not yet purchased, and employee bonus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (accruals.) Tj ET Q q 0 0 0 rg BT 86.70 173.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.20 173.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.79 173.10 Td (, other liabilities included accrued bonus of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.29 173.10 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.18 173.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.01 173.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.01 173.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.29 173.10 Td ($7.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.18 173.10 Td (\). Under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (Company'sbonus program, each employee) Tj ET Q q 0 0 0 rg BT 224.31 161.10 Td (s tar) Tj ET Q q 0 0 0 rg BT 241.07 161.10 Td (get bonus consists of two components: a discretionary component based on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (qualitative assessment of each employee) Tj ET Q q 0 0 0 rg BT 214.44 149.10 Td (s performance and a quantitative component based on the return on deployed equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (\() Tj ET Q q 0 0 0 rg BT 55.42 137.10 Td (RODE\)for each underwriting year relating toreinsurance operations. ) Tj ET Q q 0 0 0 rg BT 343.46 137.10 Td (The qualitative portion of an employee) Tj ET Q q 0 0 0 rg BT 502.01 137.10 Td (s annual bonus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (is accrued at each employee's tar) Tj ET Q q 0 0 0 rg BT 180.22 125.10 Td (get amount, which may dif) Tj ET Q q 0 0 0 rg BT 287.51 125.10 Td (fer significantly from the actual amount approved and awarded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (annually by the Compensation Committee. ) Tj ET Q q 0 0 0 rg BT 223.18 113.10 Td (The quantitative portion of each employee) Tj ET Q q 0 0 0 rg BT 395.62 113.10 Td (s annual bonus is accrued based on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (expected RODE for each underwriting year and adjusted for changes in the expected RODE and actual investment return each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (quarter until all losses are settled and the underwriting year is declared closed. ) Tj ET Q q 0 0 0 rg BT 364.76 89.10 Td (The quantitativebonus is calculated and paid, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (with the approval of the Compensation Committee, in annual installments between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.32 77.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.32 77.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.10 77.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.64 77.10 Td ( years from the end of the fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.10 Td (year in which the business was underwritten. ) Tj ET Q q 0 0 0 rg BT 231.13 65.10 Td (Any further changes are incorporated into the following open underwriting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.16 53.10 Td (.) Tj ET Q q 0 0 0 rg BT 70.97 53.10 Td (The expected RODE calculationutilizes proprietary models which require significant estimation and judgment.) Tj ET Q q 0 0 0 rg BT 518.62 53.10 Td (Actual ) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (RODEmay vary significantly from the expected RODE and anyadjustments to the quantitative bonus estimates, which may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (material, are recorded in the period in which they are determined.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.10 Td (Also included in other liabilities are accruals for incometaxes payable, professional fees and other general expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Non-contr) Tj ET Q q 0 0 0 rg BT 93.20 689.10 Td (olling Inter) Tj ET Q q 0 0 0 rg BT 141.08 689.10 Td (est) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (Non-controlling interest in joint venture on the consolidated balance sheets represents DME ) Tj ET Q q 0 0 0 rg BT 446.40 665.10 Td (Advisors, LLC) Tj ET Q q 0 0 0 rg BT 509.18 665.10 Td (s\() Tj ET Q q 0 0 0 rg BT 521.49 665.10 Td (DME\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (share of assets in the joint venture whereby DME is a participant in the joint venture as disclosed in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.17 653.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.17 653.10 Td (. DME) Tj ET Q q 0 0 0 rg BT 512.17 653.10 Td (s share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (investment income or loss is included in the consolidated statements of income as income attributable to non-controlling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (interest in joint venture.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (Compr) Tj ET Q q 0 0 0 rg BT 79.87 605.10 Td (ehensive Income \(Loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 581.10 Td (The Company has no other comprehensive income or loss, other than the net income or loss disclosed in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.40 581.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.94 581.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (statements of income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Earnings \(Loss\) Per) Tj ET Q q 0 0 0 rg BT 134.32 545.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 157.20 545.10 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 521.10 Td (Basic earnings per share are based on the weighted average number of common shares and participating securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (outstanding during the period.Diluted earnings per share includes the dilutive ef) Tj ET Q q 0 0 0 rg BT 371.46 509.10 Td (fect of restricted stock units \("RSU"\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (additional potential common shares issuable when stock options are exercised and are determined using the treasury stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 84.31 485.10 Td (The Company treats its unvested restricted stock as participating securities in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 509.76 485.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (whichrequires that unvested stock awards which contain non-forfeitable rights to dividends or dividend equivalents, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (whetherpaid or unpaid \(referred to as "participating securities"\), be included in the number of shares outstanding for both basic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (and diluted earnings per share calculations.In the event of a net loss, all RSUs, stock options outstanding and participating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (securities are excluded from the calculation of both basic and diluted loss per share since their inclusion would be anti-dilutive.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 387.60 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 387.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 387.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 387.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 387.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 357.60 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 357.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 357.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 357.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 357.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 327.60 340.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 327.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 327.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 327.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 387.6 m 444 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448 387.6 m 503 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507 387.6 m 562 387.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 387.6 m 444 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 342.6 m 444 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 342.6 m 503 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 342.6 m 562 342.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 328.6 m 444 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 326.6 m 444 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 328.6 m 503 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 326.6 m 503 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 328.6 m 562 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 326.6 m 562 326.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 407.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 407.28 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 392.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 392.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.00 392.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 392.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 377.27 Td (Weighted average shares outstanding - basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.10 377.27 Td (36,670,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 377.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 377.27 Td (37,242,687) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 377.27 Td (36,838,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 362.27 Td (Effect of dilutive service provider share-based awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 362.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 362.27 Td (8,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 362.27 Td (144,726) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 347.27 Td (Effect of dilutive employee and director share-based awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 347.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 347.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 347.27 Td (623,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 347.27 Td (602,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 332.27 Td (Weighted average shares outstanding - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.10 332.27 Td (36,670,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 332.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 332.27 Td (37,874,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 332.27 Td (37,585,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 317.27 Td (Anti-dilutive stock options outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 317.27 Td (211,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 317.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 317.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 317.27 Td (218,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 302.27 Td (Participating securitiesexcluded from calculation of loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 302.27 Td (307,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.50 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.25 274.10 Td (axation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 250.10 Td (Under current Cayman Islands law) Tj ET Q q 0 0 0 rg BT 219.75 250.10 Td (, no corporate entity) Tj ET Q q 0 0 0 rg BT 299.63 250.10 Td (, including GLRE and Greenlight Re, is obligated to pay taxes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (the Cayman Islands on either income or capital gains. ) Tj ET Q q 0 0 0 rg BT 266.48 238.10 Td (The Company has an undertaking from the Governor) Tj ET Q q 0 0 0 rg BT 478.72 238.10 Td (-in-Cabinet of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (Cayman Islands, pursuant tothe provisions of the ) Tj ET Q q 0 0 0 rg BT 250.13 226.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.54 226.10 Td (ax Concessions Law) Tj ET Q q 0 0 0 rg BT 337.09 226.10 Td (, as amended, that, in the event that the Cayman Islands ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (inheritance tax, such tax willnot be applicable to GLRE, Greenlight Re nor their respective operations, or to the Class ) Tj ET Q q 0 0 0 rg BT 524.09 202.10 Td (A) Tj ET Q q 0 0 0 rg BT 530.76 202.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (Class B ordinary shares or related obligations, until February 1, 2025.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 166.10 Td (V) Tj ET Q q 0 0 0 rg BT 85.61 166.10 Td (erdant is incorporated in Delawareand therefore is subject to taxes in accordance with the U.S. federal rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (regulations prescribed by the U.S. Internal Revenue Service \("IRS"\). ) Tj ET Q q 0 0 0 rg BT 326.85 154.10 Td (V) Tj ET Q q 0 0 0 rg BT 332.96 154.10 Td (erdant) Tj ET Q q 0 0 0 rg BT 360.73 154.10 Td (s taxable income is generally expected to be taxed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.47 142.10 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.80 142.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 118.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 103.96 118.10 Td ( is incorporated in Ireland and therefore is subject to the Irish corporation tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.72 118.10 Td (12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.55 118.10 Td ( on its trading income, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 106.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.77 106.10 Td ( on its non-trading income, if any) Tj ET Q q 0 0 0 rg BT 217.70 106.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 82.10 Td (Any deferred tax asset is evaluated for recovery and avaluationallowance is recorded when it is more likely than not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (that the deferred tax assetwill not be realized in the future.) Tj ET Q q 0 0 0 rg BT 287.28 70.10 Td (The Company has not taken any income tax positions that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.10 Td (subject to significant uncertainty or that are reasonably likely to have a material impact on the Company) Tj ET Q q 0 0 0 rg BT 465.94 58.10 Td (.) Tj ET Q endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (Segment Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (Under U.S. GAAP) Tj ET Q q 0 0 0 rg BT 150.39 725.25 Td (, operating segments are based on the internal information that management uses for allocating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (resources and assessing performance as the source of the Company's reportable segments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 689.25 Td (The Company manages its business on the basis of one operating segment, Property and Casualty Reinsurance, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (accordance with the qualitative and quantitative criteria established by U.S. GAAP) Tj ET Q q 0 0 0 rg BT 379.95 677.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (Recent ) Tj ET Q q 0 0 0 rg BT 80.88 653.25 Td (Accounting Pr) Tj ET Q q 0 0 0 rg BT 142.63 653.25 Td (onouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 641.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 641.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 629.25 Td (In May 2015, the F) Tj ET Q q 0 0 0 rg BT 157.20 629.25 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 206.10 629.25 Td (Accounting Standards Update2015-07, "Fair ) Tj ET Q q 0 0 0 rg BT 389.41 629.25 Td (V) Tj ET Q q 0 0 0 rg BT 395.52 629.25 Td (alue Measurement \(T) Tj ET Q q 0 0 0 rg BT 480.34 629.25 Td (opic 820\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (Disclosures for Investments in Certain Entities ) Tj ET Q q 0 0 0 rg BT 238.73 617.25 Td (That Calculate Net ) Tj ET Q q 0 0 0 rg BT 316.20 617.25 Td (Asset ) Tj ET Q q 0 0 0 rg BT 340.74 617.25 Td (V) Tj ET Q q 0 0 0 rg BT 346.85 617.25 Td (alue per Share or Its Equivalent" \("ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (2015-07"\).) Tj ET Q q 0 0 0 rg BT 95.06 605.25 Td (The amendments apply to reporting entities that elect to measure the fair value of an investment using the net asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (value \("NA) Tj ET Q q 0 0 0 rg BT 94.22 593.25 Td (V"\) per share \(or its equivalent\) as a practical expedient. ) Tj ET Q q 0 0 0 rg BT 322.19 593.25 Td (The amendments remove the requirement to categorize ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (within the fair value hierarchy all investments for which fair value is measured using the NA) Tj ET Q q 0 0 0 rg BT 419.49 581.25 Td (V) Tj ET Q q 0 0 0 rg BT 426.53 581.25 Td ( per share as a practical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (expedient. ) Tj ET Q q 0 0 0 rg BT 93.19 569.25 Td (The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (measured at fair value using the NA) Tj ET Q q 0 0 0 rg BT 192.61 557.25 Td (V) Tj ET Q q 0 0 0 rg BT 199.65 557.25 Td ( per share as a practical expedient. Rather) Tj ET Q q 0 0 0 rg BT 365.83 557.25 Td (, those disclosures are limited to investments for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.25 Td (which the entity has elected to measure the fair value using that practical expedient. ) Tj ET Q q 0 0 0 rg BT 386.69 545.25 Td (The amendments in ) Tj ET Q q 0 0 0 rg BT 467.50 545.25 Td (ASU 2015-07are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 533.25 Td (fective for reporting periods beginning after December 15, 2015, with early adoption permitted. Entities are required to apply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (the amendments in this update retrospectively to all periods presented. ) Tj ET Q q 0 0 0 rg BT 333.41 521.25 Td (The Company will adopt ) Tj ET Q q 0 0 0 rg BT 435.06 521.25 Td (ASU 2015-07 during the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (quarter of 2016. ) Tj ET Q q 0 0 0 rg BT 115.59 509.25 Td (As the Company measures certain investments in private equity funds using the NA) Tj ET Q q 0 0 0 rg BT 449.79 509.25 Td (V) Tj ET Q q 0 0 0 rg BT 456.83 509.25 Td ( as a practicable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (expedient, upon adoption of) Tj ET Q q 0 0 0 rg BT 163.65 497.25 Td (ASU 2015-07, the fair value of these investments will be removed from the fair value hierarchy for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (all periods presented in the Company) Tj ET Q q 0 0 0 rg BT 201.41 485.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.80 485.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.34 485.25 Td ( financial statements. ) Tj ET Q q 0 0 0 rg BT 345.35 485.25 Td (The Company will continue to disclose information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (on these investments for which fair value is measured at NA) Tj ET Q q 0 0 0 rg BT 289.81 473.25 Td (V) Tj ET Q q 0 0 0 rg BT 296.85 473.25 Td ( as a practical expedient.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 449.25 Td (In May 2015, the F) Tj ET Q q 0 0 0 rg BT 157.20 449.25 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 206.10 449.25 Td (ASU 2015-09, "Financial Services - Insurance \(T) Tj ET Q q 0 0 0 rg BT 403.04 449.25 Td (opic 944\): Disclosures about Short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (Duration Contracts" \("ASU 2015-09"\). ) Tj ET Q q 0 0 0 rg BT 207.56 437.25 Td (ASU 2015-09 requires additional disclosures for short-duration contracts including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (incurred and paid claims development information, claims duration information, quantitative claims frequency information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (\(unless impracticable\), and an explanation of significant changes in methodologies and assumptions used to calculate the loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (and loss adjustment expense reserves. ) Tj ET Q q 0 0 0 rg BT 202.80 401.25 Td (ASU 2015-09 is ef) Tj ET Q q 0 0 0 rg BT 277.89 401.25 Td (fective for public entities for annual reporting periods beginning after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (December 15, 2015, and interim reporting periods within annual reporting periods beginning after December 15, 2016 with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (early adoption permitted. ) Tj ET Q q 0 0 0 rg BT 152.62 377.25 Td (The Company is evaluating the impact of the disclosure requirements of ) Tj ET Q q 0 0 0 rg BT 443.38 377.25 Td (ASU 2015-09 and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (preparing to disclose the additional information in its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.46 365.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 365.25 Td ( financial statements for the fiscal year ending December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (2016 and thereafter) Tj ET Q q 0 0 0 rg BT 126.69 353.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 317.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.50 317.25 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 135.62 317.25 Td ( INSTRUMENTS) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 293.25 Td (In the normal course of its business, the Company purchases and sells various financial instruments, which include listed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (and unlisted equities, corporate and sovereign debt, commodities, futures, put and call options, currency forwards, other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (derivativesand similar instruments sold, not yet purchased.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 245.25 Td (The Company is exposed to credit risk in relation to counterparties that may default on their obligations to the Company) Tj ET Q q 0 0 0 rg BT 557.13 245.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (The amount of counterpartycredit risk predominantly relatestothe value of financial contracts receivable andassets held at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (counterparties. ) Tj ET Q q 0 0 0 rg BT 110.96 221.25 Td (The Company mitigatesits counterparty credit risk byusingseveral counterparties which decreases the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.25 Td (likelihood of any significantconcentration of credit risk with any one counterparty) Tj ET Q q 0 0 0 rg BT 379.58 209.25 Td (. In addition, theCompany is exposed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.25 Td (credit riskon corporate and sovereign debt instrumentsto the extent that thedebtors may default on their debt obligations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 173.25 Td (The Company is exposed to market risk including interest rate and foreign exchange fluctuations on financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.25 Td (instruments that are valued at market prices. Market movements can be volatile and dif) Tj ET Q q 0 0 0 rg BT 397.53 161.25 Td (ficult to predict. ) Tj ET Q q 0 0 0 rg BT 464.00 161.25 Td (This may af) Tj ET Q q 0 0 0 rg BT 511.58 161.25 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.25 Td (ultimate gains or losses realized upon the sale of its holdings as well as the amount of net investment income reported in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.25 Td (consolidated statements of income. Management utilizes the services of the Company's investment advisor to monitor the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.25 Td (Company's positions to reduce the risk of potential loss due to changes in market values.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 101.25 Td (Purchases and sales of investments are disclosed in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.39 101.25 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.93 101.25 Td ( statements of cash flows. Net realized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.54 101.25 Td (gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 101.25 Td ( on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.25 Td (sale of investments, financial contracts, andinvestments sold, not yet purchasedduring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.25 89.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 89.25 Td ( were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.68 89.25 Td ($22.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.57 89.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.40 89.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.40 89.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.68 89.25 Td ($352.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 77.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.89 77.25 Td (gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.00 77.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.00 77.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.00 77.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.28 77.25 Td ($122.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.17 77.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.67 77.25 Td (gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.78 77.25 Td (\). Gross realized gains were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.62 77.25 Td ($350.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.51 77.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.34 77.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.34 77.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.62 77.25 Td ($596.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.51 77.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.51 77.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.51 77.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.79 77.25 Td ($312.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 65.25 Td (\) and gross realized losses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.23 65.25 Td ($328.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.13 65.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.96 65.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.96 65.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.23 65.25 Td ($244.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.13 65.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.13 65.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.13 65.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.40 65.25 Td ($189.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 65.25 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.63 65.25 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 53.25 Td (, included in net investment income in the consolidated statements of income were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.77 53.25 Td ($265.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.66 53.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.99 53.25 Td (net ) Tj ET Q endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.39 742.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.22 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.22 742.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.50 742.10 Td ($187.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.39 742.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.72 742.10 Td (net losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.33 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.33 742.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.33 742.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.61 742.10 Td ($149.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.50 742.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.83 742.10 Td (net gains) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.66 742.10 Td (\) relating to change in unrealized gains and losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (ontrading securities still held at the balance sheet date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 706.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 706.10 Td (, cash and investments with a fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.59 706.10 Td ($324.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.48 706.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.31 706.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.31 706.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.59 706.10 Td ($302.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.48 706.10 Td (\) have been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (pledged as security against letters of credit issued, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.43 694.10 Td ($78.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.32 694.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 694.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 694.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.43 694.10 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.99 694.10 Td (\) have been pledged as security relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (regulatory trusts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 658.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 658.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 658.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 240.91 658.10 Td (s investments in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.85 658.10 Td (gold and gold derivatives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.22 658.10 Td ( was the only investment in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 646.10 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 137.54 646.10 Td (s shareholders) Tj ET Q q 0 0 0 rg BT 197.06 646.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 223.90 646.10 Td (, with a fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.48 646.10 Td ($98.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.38 646.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.21 646.10 Td (1) Tj ET Q q 0 0 0 rg BT 381.83 646.10 Td (1.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.66 646.10 Td ( of shareholders' equity) Tj ET Q q 0 0 0 rg BT 495.18 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.63 646.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 634.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 189.47 634.10 Td (s investment in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.52 634.10 Td (Micron ) Tj ET Q q 0 0 0 rg BT 284.28 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 289.69 634.10 Td (echnology Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.11 634.10 Td (, was the only investment in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.25 634.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.58 634.10 Td ( of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 622.10 Td (s shareholders) Tj ET Q q 0 0 0 rg BT 150.68 622.10 Td ( equity) Tj ET Q q 0 0 0 rg BT 177.53 622.10 Td (, with fair values of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.06 622.10 Td ($151.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.95 622.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.78 622.10 Td (12.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.61 622.10 Td (, of shareholders' equity) Tj ET Q q 0 0 0 rg BT 453.63 622.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 54.50 598.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 83.40 598.10 Td (alue Hierarchy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 574.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 136.21 574.10 Td (s financial instruments are carried at fair value, and the net unrealized gains or losses are included in net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.53 562.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.07 562.10 Td ( statements of income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 550.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 538.10 Td (The following table presents the Company) Tj ET Q q 0 0 0 rg BT 249.52 538.10 Td (s investments, categorized by the level of the fair value hierarchy as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 526.10 Td (: ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 431.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 431.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 431.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 431.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 431.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 431.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 431.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 401.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 401.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 401.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 401.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 401.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 401.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 401.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 401.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 401.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 371.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 371.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 371.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 371.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 371.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.00 371.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 371.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 341.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.00 341.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 341.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 331.00 341.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 335.00 341.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.00 341.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.00 341.60 74.00 -15.00 re f /GS0 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 600.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 600.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 570.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 570.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 570.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 570.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 570.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 570.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 570.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 570.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 570.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 540.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 540.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 540.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 540.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 540.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 540.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 540.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 510.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 510.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 510.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 510.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 510.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 510.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 480.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.00 480.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.00 480.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 332.00 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.00 480.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.00 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 480.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 480.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255 704.6 m 332 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332 704.6 m 336 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336 704.6 m 410 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410 704.6 m 414 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414 704.6 m 488 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488 704.6 m 492 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 704.6 m 562 704.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255 645.6 m 332 645.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336 645.6 m 410 645.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414 645.6 m 488 645.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 645.6 m 562 645.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 555.6 m 332 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 541.6 m 332 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 539.6 m 332 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 555.6 m 410 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 541.6 m 410 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 539.6 m 410 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 555.6 m 488 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 541.6 m 488 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 539.6 m 488 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 555.6 m 562 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 541.6 m 562 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 539.6 m 562 539.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 480.6 m 332 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 466.6 m 332 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255 464.6 m 332 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 480.6 m 410 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 466.6 m 410 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 464.6 m 410 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 480.6 m 488 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 466.6 m 488 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 464.6 m 488 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 480.6 m 562 480.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 466.6 m 562 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 464.6 m 562 464.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 709.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.60 709.28 Td (Fair value measurements as of December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 670.12 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 660.12 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 650.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.70 670.28 Td (Quoted prices in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 261.75 660.28 Td (active markets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.25 650.28 Td (\(Level 1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.40 690.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.20 680.28 Td (other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.40 670.28 Td (observable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.15 660.28 Td (inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 353.75 650.28 Td (\(Level 2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.40 680.28 Td (Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.85 670.28 Td (unobservable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 437.15 660.28 Td (inputs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.75 650.28 Td (\(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.55 650.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 635.27 Td (Assets:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.80 635.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 620.27 Td (Debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 620.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 620.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 620.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 620.27 Td (26,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 620.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 620.27 Td (22,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 620.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 620.27 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 605.27 Td (Listed equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 605.27 Td (1,259,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 605.27 Td (6,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 605.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 605.27 Td (1,266,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 590.27 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.65 590.27 Td (96,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 590.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 590.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 590.27 Td (96,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 575.27 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 575.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 575.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 575.27 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 575.27 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 560.27 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.65 560.27 Td (2,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 560.27 Td (44,708) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 560.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 560.27 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 545.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.15 545.27 Td (1,358,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.65 545.27 Td (78,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 545.27 Td (40,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 545.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 545.27 Td (1,478,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 530.27 Td (Liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 530.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 530.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 530.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 530.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 515.27 Td (Listed equity securities, sold not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 515.32 Td (\(834,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.15 515.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 515.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 515.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 515.32 Td (\(834,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 515.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 500.27 Td (Debt instruments, sold not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 500.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.30 500.32 Td (\(256,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 500.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 500.32 Td (\(256,503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 500.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 485.27 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.30 485.32 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 485.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 485.32 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 485.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.50 470.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.50 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.30 470.32 Td (\(834,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.50 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.30 470.32 Td (\(301,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.50 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 470.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.80 470.32 Td (\(1,135,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 470.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 442.10 Td (The following table presents the reconciliation of the balances for all investments measured at fair value using significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (unobservable inputs \(Level3\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.56 430.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.23 430.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 300.60 183.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 300.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 300.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 300.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 300.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 300.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 300.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 300.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 272.60 183.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 272.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 272.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 272.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 272.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 272.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 272.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 272.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 233.60 183.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 233.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 233.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 233.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 233.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 233.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 233.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 233.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 233.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 233.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 233.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 233.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 233.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 205.60 183.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.00 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.00 205.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 300.00 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 304.00 205.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.00 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 205.60 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.00 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.00 205.60 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 459.00 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 463.00 205.60 42.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 205.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 205.60 53.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236 396.6 m 300 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300 396.6 m 304 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 396.6 m 351 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351 396.6 m 355 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355 396.6 m 408 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408 396.6 m 412 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412 396.6 m 459 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459 396.6 m 463 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463 396.6 m 505 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 396.6 m 509 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509 396.6 m 562 396.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236 382.6 m 300 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300 382.6 m 304 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 382.6 m 351 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351 382.6 m 355 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355 382.6 m 408 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408 382.6 m 412 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412 382.6 m 459 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459 382.6 m 463 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463 382.6 m 505 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 382.6 m 509 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509 382.6 m 562 382.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236 368.6 m 300 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 300 368.6 m 304 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 368.6 m 351 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 351 368.6 m 355 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355 368.6 m 408 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408 368.6 m 412 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412 368.6 m 459 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459 368.6 m 463 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463 368.6 m 505 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509 368.6 m 562 368.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 236 314.6 m 300 314.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 304 314.6 m 351 314.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355 314.6 m 408 314.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 412 314.6 m 459 314.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463 314.6 m 505 314.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 509 314.6 m 562 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 205.60000000000002 m 300 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 192.60000000000002 m 300 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 236 190.60000000000002 m 300 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 205.60000000000002 m 351 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 192.60000000000002 m 351 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 304 190.60000000000002 m 351 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 205.60000000000002 m 408 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 192.60000000000002 m 408 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 190.60000000000002 m 408 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 205.60000000000002 m 459 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 192.60000000000002 m 459 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 412 190.60000000000002 m 459 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 205.60000000000002 m 505 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 192.60000000000002 m 505 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463 190.60000000000002 m 505 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 205.60000000000002 m 562 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 192.60000000000002 m 562 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 190.60000000000002 m 562 190.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.50 401.28 Td (Fair) Tj ET Q q 0 0 0 rg BT 256.64 401.28 Td ( ) Tj ET Q q 0 0 0 rg BT 258.96 401.28 Td (V) Tj ET Q q 0 0 0 rg BT 265.27 401.28 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 318.13 401.28 Td (ements Using Significant Unobservable Inputs \(Level 3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 387.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 387.28 Td (Year ended December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.65 373.28 Td (Assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.60 373.28 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 319.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.20 329.28 Td (Debt ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.90 319.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.20 359.28 Td (Private ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 318.90 349.28 Td (and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.00 339.28 Td (unlisted ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.65 329.28 Td (equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.00 319.28 Td (securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 360.95 339.28 Td (Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.25 329.28 Td (contracts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.40 319.28 Td (r) Tj ET Q q 0 0 0 rg BT 363.66 319.28 Td (eceivable) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 339.28 Td (Listed ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.65 329.28 Td (equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.00 319.28 Td (securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 471.40 319.28 Td () Tj ET Q q 0 0 0 rg BT 473.72 319.28 Td (T) Tj ET Q q 0 0 0 rg BT 479.47 319.28 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.95 339.28 Td (Financial ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.25 329.28 Td (contracts ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.30 319.28 Td (payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.50 305.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.05 305.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 291.17 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.50 291.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 291.17 Td (22,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.50 291.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.60 291.17 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 291.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 291.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 291.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 291.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 291.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.60 291.17 Td (40,978) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 291.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 291.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 277.17 Td (Purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 277.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 277.17 Td (5,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 277.17 Td (2,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 277.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 277.17 Td (7,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 277.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 263.17 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.30 263.17 Td (\(21,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 263.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.30 263.22 Td (\(3,290) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 263.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 263.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 263.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 263.22 Td (\(24,851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 263.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 263.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 248.27 Td (Total realized and unrealized gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 238.27 Td (and amortization included in earnings, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.80 238.27 Td (\(193) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.15 238.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.15 238.27 Td (599) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 238.32 Td (\(3,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 238.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.80 238.32 Td (\(692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 238.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 238.32 Td (\(3,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 238.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 238.27 Td (314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 224.17 Td (Transfers intoLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 224.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 224.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 224.17 Td (2,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 224.17 Td (5,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 224.17 Td (7,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 224.17 Td (8,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 210.17 Td (Transfers out ofLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 210.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.15 210.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 210.22 Td (\(1,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.15 210.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 210.22 Td (\(4,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 210.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 210.22 Td (\(6,346) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 210.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 210.22 Td (\(9,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 210.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 196.17 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.50 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 196.17 Td (505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.50 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.60 196.17 Td (21,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 196.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.50 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 196.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.50 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.60 196.17 Td (21,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.50 196.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 196.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 76.50 175.03 45.55 -9.09 re f /GS0 gs q 0 0 0 rg BT 76.50 168.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 168.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 246.71 175.03 5.00 -9.09 re f /GS0 gs q 0 0 0 rg BT 246.71 168.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 251.71 175.03 48.89 -9.09 re f /GS0 gs q 0 0 0 rg BT 251.71 168.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 300.61 175.03 250.50 -9.09 re f /GS0 gs q 0 0 0 rg BT 300.61 168.10 Td ( of equity securities, listed on the ) Tj ET Q q 0 0 0 rg BT 435.03 168.10 Td (Athens Stock Exchange \(the ) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 49.50 163.03 100.62 -9.09 re f /GS0 gs q 0 0 0 rg BT 49.50 156.10 Td ("ASE"\), were transferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.12 156.10 Td ( from Level 1 to Level 3 securities due to trading being halted from June 26, 2015 to ) Tj ET Q q 0 0 0 rg BT 490.32 156.10 Td (August 3, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (for all equity securities listed on the ) Tj ET Q q 0 0 0 rg BT 194.74 144.10 Td (ASE. Since there was no active market with observable trading prices to determine the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (value of these securities, during this period these securities were valued based on the last trading price of these securities on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (ASE and adjusted for the estimated decline in the fair value of ) Tj ET Q q 0 0 0 rg BT 300.53 120.10 Td (American depository receipts of other comparable securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (When the ) Tj ET Q q 0 0 0 rg BT 90.04 108.10 Td (ASE resumed trading on ) Tj ET Q q 0 0 0 rg BT 190.58 108.10 Td (August 3, 2015, the fair values of the ) Tj ET Q q 0 0 0 rg BT 341.11 108.10 Td (ASE listed equity securities were once again based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (observable prices in an active market. ) Tj ET Q q 0 0 0 rg BT 202.86 96.10 Td (Therefore, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.28 96.10 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.17 96.10 Td ( of listed equity securities trading on the ) Tj ET Q q 0 0 0 rg BT 458.91 96.10 Td (ASE were transferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (from Level 3 to Level 1 securities during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.83 84.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 84.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 60.10 Td (The fair values for derivatives for which the underlying securities traded on the ) Tj ET Q q 0 0 0 rg BT 395.56 60.10 Td (ASE were also transferred to Level 3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.10 Td (securities during 2015 when the ) Tj ET Q q 0 0 0 rg BT 179.20 48.10 Td (ASE halted trading, and were subsequently transferred out of Level 3 securities when the ) Tj ET Q q 0 0 0 rg BT 537.70 48.10 Td (ASE ) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (resumed trading. ) Tj ET Q q 0 0 0 rg BT 119.02 742.10 Td (Therefore, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.31 742.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.98 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.98 742.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.87 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.31 742.10 Td ($8.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.20 742.10 Td ( of financial contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (receivable and financial contracts payable, respectively) Tj ET Q q 0 0 0 rg BT 269.85 730.10 Td (, were transfered from Level 2 to Level 3 due to the fair values being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (based on unobservable inputs during the period that the ) Tj ET Q q 0 0 0 rg BT 273.06 718.10 Td (ASE had halted trading. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.20 718.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.87 718.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 706.10 Td ( of financial contracts receivable and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.31 706.10 Td ($9.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.21 706.10 Td ( of financial contracts payable, respectively) Tj ET Q q 0 0 0 rg BT 470.36 706.10 Td (, were transfered from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Level 3 to Level 2 as fair values were based on observable inputs once the ) Tj ET Q q 0 0 0 rg BT 348.56 694.10 Td (ASE resumed trading.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 670.10 Td (There were no other transfers between Level 1, Level 2 or Level 3 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.48 670.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.15 670.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 646.10 Td (The following table presents the reconciliation of the balances for all investments measured at fair value using significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (unobservable inputs \(Level3\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.56 634.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.23 634.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 536.60 252.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 536.60 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 536.60 257.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 506.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 506.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 506.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 506.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 506.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 506.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 506.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 478.60 252.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 478.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 478.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 478.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 478.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 449.60 252.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 301.00 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 449.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.00 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.00 449.60 83.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.00 449.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 449.60 83.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 585.6 m 388 585.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388 585.6 m 392 585.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392 585.6 m 475 585.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475 585.6 m 479 585.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 585.6 m 562 585.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 570.6 m 388 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 536.6 m 388 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 388 570.6 m 392 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392 570.6 m 475 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392 536.6 m 475 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475 570.6 m 479 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 570.6 m 562 570.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 536.6 m 562 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 305 536.6 m 388 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392 536.6 m 475 536.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479 536.6 m 562 536.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 435.6 m 388 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 422.6 m 388 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305 420.6 m 388 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 435.6 m 475 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 422.6 m 475 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 420.6 m 475 420.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 435.6 m 562 435.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 422.6 m 562 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 420.6 m 562 420.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 590.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 337.90 600.28 Td ( Fair Value Measurements Using Significant) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.40 590.28 Td (Unobservable Inputs \(Level 3\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.50 575.83 Td (Year ended December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 541.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.90 541.28 Td (Debt instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.85 561.28 Td (Private and ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 401.45 551.28 Td (unlisted equity ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.00 541.28 Td (securities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.05 541.28 Td (T) Tj ET Q q 0 0 0 rg BT 514.80 541.28 Td (otal) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.50 525.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.55 525.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 511.17 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 511.17 Td (527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 511.17 Td (46,323) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 511.17 Td (46,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 497.17 Td (Purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 497.17 Td (21,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 497.17 Td (3,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 497.17 Td (25,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 483.17 Td (Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 483.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 483.22 Td (\(37,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 483.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 483.22 Td (\(37,252) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 483.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 468.27 Td (Total realized and unrealized gains included in earnings, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 468.27 Td (171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 468.27 Td (9,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 468.27 Td (9,905) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 454.17 Td (Transfers intoLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 454.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 454.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 454.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 440.17 Td (Transfers out ofLevel3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 440.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 440.22 Td (\(4,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 440.22 Td (\(4,044) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 440.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 426.17 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.50 426.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.65 426.17 Td (22,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.50 426.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 426.17 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.50 426.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 426.17 Td (40,978) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 398.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 398.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.71 398.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.71 398.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.61 398.10 Td ( of securities at fair value, based on the date of transfer) Tj ET Q q 0 0 0 rg BT 519.56 398.10 Td (, were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (transferred from Level 3 to Level 2 as these securities began actively trading on a listed exchange during the third quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (2014. However) Tj ET Q q 0 0 0 rg BT 110.75 374.10 Td (, due to lock-up period restrictions on those securities, they were classified as Level 2 upon transfer until the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (lock-up period expired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 338.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 126.40 338.10 Td (. during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.73 338.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.40 338.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.40 338.10 Td ($14.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.29 338.10 Td ( of securities at fair value, based on the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (transfer) Tj ET Q q 0 0 0 rg BT 79.64 326.10 Td (, were transferred from Level 2 to Level 1 as the lock up period restrictions on those securities expired. ) Tj ET Q q 0 0 0 rg BT 494.04 326.10 Td (There were no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (other transfers between Level 1, Level 2 or Level 3 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.24 314.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.91 314.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 290.10 Td (As of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.94 290.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.53 290.10 Td (, included in private and unlisted equity securities are investments in private equity funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (with a fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 278.10 Td ($12.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.97 278.10 Td (\(December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.38 278.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.38 278.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.66 278.10 Td ($12.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.55 278.10 Td (\) determined based onunadjusted net assetvaluesreported ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (bythe managers of these securities. Some of these values were reported fromperiods priorto ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.21 266.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.80 266.10 Td (. ) Tj ET Q q 0 0 0 rg BT 508.62 266.10 Td (The private ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (equity funds have varying lock-up periods and, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.22 254.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.81 254.10 Td (, all of the funds had redemption restrictions, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (therefore have been categorized within Level 3 of the fair value hierarchy) Tj ET Q q 0 0 0 rg BT 343.42 242.10 Td (.) Tj ET Q q 0 0 0 rg BT 348.24 242.10 Td (The redemption restrictions have been in place since ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (inception of the investments and are not expected to lapse in the near future. ) Tj ET Q q 0 0 0 rg BT 356.34 230.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.78 230.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.37 230.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.41 230.10 Td ($6.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 218.10 Td ( \(December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.81 218.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.81 218.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.08 218.10 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.98 218.10 Td (\) of unfunded commitments relating to private equity funds whose fair values are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (determined based on unadjusted net asset values reported by the managers of these securities. ) Tj ET Q q 0 0 0 rg BT 425.58 206.10 Td (These commitments are included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (in the amounts presented in theschedule of commitments and contingencies in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.58 194.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.58 194.10 Td ( of these consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 158.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 158.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 158.10 Td (, included in net investment loss in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.64 158.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.19 158.10 Td ( statements of income were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (net realized losses relating to Level 3 securities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.93 146.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.82 146.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.65 146.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 146.10 Td (: net realized gains of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.22 146.10 Td ($13.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.11 146.10 Td (\). In addition, for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 134.10 Td (, amortization expense of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.74 134.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.63 134.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.46 134.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.46 134.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.74 134.10 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.30 134.10 Td (\) relating to financial contracts receivable, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (valued using unobservable inputs, was included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.07 122.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.61 122.10 Td ( statements of income as "other income \(expense\), net".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 98.10 Td (For Level 3 securities still held as of the reporting date, the change in net unrealized gain for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.59 98.10 Td (year ended December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.50 86.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 86.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.72 86.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.55 86.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.55 86.10 Td (: net unrealized gains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.30 86.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.19 86.10 Td (\), were included in net investment income \(loss\) in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.04 74.10 Td ( statements of income. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 50.10 Td () Tj ET Q endstream endobj 191 0 obj <>] /Rotate 0 /Contents 192 0 R>> endobj 192 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-18) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.50 742.25 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 718.25 Td (Debt instruments, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 694.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 694.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 694.25 Td (, the following investments were included in debt instruments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 634.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 634.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 634.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 634.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 634.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 634.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 634.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 634.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 634.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 604.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 201.00 604.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 206.00 604.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.00 604.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.00 604.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 604.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 604.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 604.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 604.75 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 206 649.75 m 292 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 649.75 m 382 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386 649.75 m 472 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476 649.75 m 562 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 589.75 m 292 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 575.75 m 292 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 206 573.75 m 292 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 589.75 m 382 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 575.75 m 382 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 573.75 m 382 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 589.75 m 472 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 575.75 m 472 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 573.75 m 472 573.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 589.75 m 562 589.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 575.75 m 562 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 573.75 m 562 573.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.35 674.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.55 664.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.90 654.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.25 664.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 332.29 664.43 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.10 654.43 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.25 664.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 422.29 664.43 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 415.30 654.43 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.40 664.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.85 654.43 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 639.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 349.30 639.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 624.42 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 624.42 Td (25,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 624.42 Td (155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 624.47 Td (\(5,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 624.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 624.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 624.42 Td (20,310) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 609.42 Td (Corporate debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 609.42 Td (2,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.15 609.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 609.47 Td (\(1,795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 609.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 609.42 Td (314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 594.42 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 594.42 Td (17,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 594.42 Td (1,225) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.80 594.47 Td (\(450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 594.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 594.42 Td (18,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 579.42 Td (Total debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.50 579.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.65 579.42 Td (45,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 579.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.65 579.42 Td (1,380) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 579.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 579.47 Td (\(7,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 579.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 579.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 579.42 Td (39,087) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 563.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 551.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 551.25 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 551.25 Td (, the following investments were included in debt instruments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 491.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 491.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 491.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 491.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 491.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 491.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 491.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 491.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 491.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 461.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 461.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 461.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 461.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 461.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 461.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 461.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 461.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 461.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 431.75 152.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 202.00 431.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 207.00 431.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 431.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.00 431.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 431.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 431.75 86.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 431.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 431.75 86.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 207 506.75 m 293 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297 506.75 m 383 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 506.75 m 473 506.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477 506.75 m 563 506.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 431.75 m 293 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 417.75 m 293 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 207 415.75 m 293 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 431.75 m 383 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 417.75 m 383 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 415.75 m 383 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 431.75 m 473 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 417.75 m 473 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 415.75 m 473 415.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 431.75 m 563 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 417.75 m 563 417.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 415.75 m 563 415.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 238.35 531.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 226.55 521.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.90 511.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 316.25 521.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 333.29 521.43 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 327.10 511.43 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.25 521.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 423.29 521.43 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 416.30 511.43 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.40 521.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.85 511.43 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 496.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 350.30 496.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 481.42 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 481.42 Td (23,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 481.42 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 481.47 Td (\(1,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 481.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 481.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 481.42 Td (22,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 466.42 Td (Corporate debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 466.42 Td (5,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 466.42 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 466.47 Td (\(1,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 466.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 466.42 Td (4,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 451.42 Td (Municipal debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 451.42 Td (1,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 451.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 451.47 Td (\(6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 451.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 451.42 Td (1,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 436.42 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 436.42 Td (21,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 436.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 436.47 Td (\(1,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 436.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 436.42 Td (20,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 421.42 Td (Total debt instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.50 421.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 421.42 Td (53,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.50 421.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.15 421.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 421.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.30 421.47 Td (\(3,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 421.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 421.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 421.42 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 393.25 Td (The maturity distribution for debt instruments held at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.02 393.25 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.04 393.25 Td (, was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 318.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 318.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 318.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 318.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 318.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 318.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 318.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 318.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 318.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 288.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 288.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 288.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 288.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 288.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 288.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 288.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 288.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 288.75 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 258.75 216.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 266.00 258.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 258.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.00 258.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 258.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.00 258.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 258.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 258.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 258.75 69.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 367.75 m 341 367.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341 367.75 m 346 367.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346 367.75 m 416 367.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420 367.75 m 490 367.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490 367.75 m 494 367.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494 367.75 m 563 367.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 333.75 m 341 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346 333.75 m 416 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 420 333.75 m 490 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490 333.75 m 494 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494 333.75 m 563 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 333.75 m 341 333.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 346 333.75 m 416 333.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 258.75 m 341 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 244.75 m 341 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 242.75 m 341 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 258.75 m 416 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 244.75 m 416 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346 242.75 m 416 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 258.75 m 490 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 244.75 m 490 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 242.75 m 490 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 258.75 m 563 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 244.75 m 563 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 242.75 m 563 242.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.00 372.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 481.00 372.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 338.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.35 358.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.55 348.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 295.90 338.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 348.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 367.85 338.43 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.35 358.43 Td (Cost/) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.55 348.43 Td (amortized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.90 338.43 Td (cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.90 348.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 515.35 338.43 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.30 323.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 308.42 Td (Within one year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 308.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 308.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 308.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 308.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.50 308.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 308.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 308.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 308.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 293.42 Td (From one to five years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.65 293.42 Td (4,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 293.42 Td (4,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 293.42 Td (21,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 293.42 Td (21,923) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 278.42 Td (From five to ten years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 278.42 Td (18,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 278.42 Td (14,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.65 278.42 Td (2,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 278.42 Td (1,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 263.42 Td (More than ten years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 263.42 Td (22,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 263.42 Td (20,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 263.42 Td (28,752) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 263.42 Td (26,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.50 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.65 248.42 Td (45,471) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.50 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 248.42 Td (39,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.50 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 248.42 Td (53,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 248.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 248.42 Td (49,212) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 220.25 Td (Equity securities, trading) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 196.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 196.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 196.25 Td (, the following long positions were included in equity securities, trading:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 146.75 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 146.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 146.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 146.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 146.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 146.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 146.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 146.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 146.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 116.75 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 116.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 116.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 116.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 116.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 116.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 116.75 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 116.75 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 470.00 116.75 93.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 178 161.75 m 271 161.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275 161.75 m 368 161.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372 161.75 m 465 161.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470 161.75 m 563 161.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 116.75 m 271 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 102.75 m 271 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 100.75 m 271 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 116.75 m 368 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 102.75 m 368 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 100.75 m 368 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 116.75 m 465 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 102.75 m 465 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 100.75 m 465 100.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 116.75 m 563 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 102.75 m 563 102.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 100.75 m 563 100.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.25 166.43 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.75 176.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 314.79 176.43 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.85 166.43 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.75 176.43 Td (Unr) Tj ET Q q 0 0 0 rg BT 411.79 176.43 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.05 166.43 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.90 176.43 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.60 166.43 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 151.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.80 151.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 136.42 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 136.42 Td (1,011,424) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 136.42 Td (67,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 136.47 Td (\(187,885) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 136.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.50 136.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 136.42 Td (890,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 121.42 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 121.42 Td (31,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 121.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 121.47 Td (\(16,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 121.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 121.42 Td (15,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 106.42 Td (Total equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 106.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 106.42 Td (1,042,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 106.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 106.42 Td (67,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 106.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 106.47 Td (\(204,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 106.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.50 106.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 106.42 Td (905,994) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 742.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 742.10 Td (, the following long positions were included in equity securities, trading:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 692.60 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 692.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 692.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 692.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 662.60 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.00 662.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 178.00 662.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 662.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 662.60 93.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 465.00 662.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 662.60 93.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 178 707.6 m 271 707.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 275 707.6 m 368 707.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 372 707.6 m 465 707.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469 707.6 m 562 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 662.6 m 271 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 648.6 m 271 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 178 646.6 m 271 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 662.6 m 368 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 648.6 m 368 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 275 646.6 m 368 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 662.6 m 465 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 648.6 m 465 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 646.6 m 465 646.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 662.6 m 562 662.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 648.6 m 562 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 469 646.6 m 562 646.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 214.25 712.28 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 297.75 722.28 Td (Unr) Tj ET Q q 0 0 0 rg BT 314.79 722.28 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.85 712.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.75 722.28 Td (Unr) Tj ET Q q 0 0 0 rg BT 411.79 722.28 Td (ealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.05 712.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 505.90 722.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.60 712.28 Td (value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 697.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.30 697.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 682.27 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 682.27 Td (1,079,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 682.27 Td (247,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 682.32 Td (\(80,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 682.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 682.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 682.27 Td (1,246,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 667.27 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.65 667.27 Td (42,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 667.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.30 667.32 Td (\(22,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 667.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 667.27 Td (19,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 652.27 Td (Total equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.15 652.27 Td (1,122,081) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.65 652.27 Td (247,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.30 652.32 Td (\(103,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 652.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 652.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 652.27 Td (1,266,175) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 624.10 Td (Other Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 600.10 Td ("Other investments" include commodities and private and unlisted equity securities. ) Tj ET Q q 0 0 0 rg BT 414.31 600.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.76 600.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.78 600.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (commodities were comprised of gold bullion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 564.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 564.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 564.10 Td (, the following securities were included in other investments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 514.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 514.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 514.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 514.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 514.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 514.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 484.60 164.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 214.00 484.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 219.00 484.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.00 484.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.00 484.60 83.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 476.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 484.60 83.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 219 529.6 m 302 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306 529.6 m 389 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 393 529.6 m 476 529.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 480 529.6 m 563 529.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 484.6 m 302 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 470.6 m 302 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219 468.6 m 302 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 484.6 m 389 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 470.6 m 389 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 468.6 m 389 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 484.6 m 476 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 470.6 m 476 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393 468.6 m 476 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 484.6 m 563 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 470.6 m 563 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 480 468.6 m 563 468.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.25 534.28 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 323.75 544.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 335.85 534.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 410.75 544.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.05 534.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 511.90 544.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.60 534.28 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 519.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 356.30 519.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 504.27 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 504.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 504.27 Td (102,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 504.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 504.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 504.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 504.32 Td (\(4,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 504.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 504.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 504.27 Td (98,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 489.27 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.65 489.27 Td (18,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 489.27 Td (3,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 489.32 Td (\(1,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 489.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 489.27 Td (21,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 474.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.50 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.65 474.27 Td (120,812) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.50 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 474.27 Td (3,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.50 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.30 474.32 Td (\(5,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 474.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.50 474.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 474.27 Td (119,083) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 446.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 446.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 446.10 Td (, the following securities were included in other investments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 396.60 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 396.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 396.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 396.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 396.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 396.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 396.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 366.60 168.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 218.00 366.60 5.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 223.00 366.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.00 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.00 366.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 391.00 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 395.00 366.60 82.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 366.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.00 366.60 82.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 223 411.6 m 305 411.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 309 411.6 m 391 411.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 395 411.6 m 477 411.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481 411.6 m 563 411.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 366.6 m 305 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 352.6 m 305 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223 350.6 m 305 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 366.6 m 391 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 352.6 m 391 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309 350.6 m 391 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 366.6 m 477 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 352.6 m 477 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 350.6 m 477 350.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 366.6 m 563 366.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 352.6 m 563 352.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481 350.6 m 563 350.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.75 416.28 Td (Cost) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.25 426.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.35 416.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.25 426.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.55 416.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.40 426.28 Td (Fair) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.10 416.28 Td (value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 401.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.30 401.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 386.27 Td (Commodities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.50 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 386.27 Td (95,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 386.27 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 386.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.50 386.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 386.27 Td (96,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 371.27 Td (Private and unlisted equity securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.65 371.27 Td (17,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 371.27 Td (3,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.30 371.32 Td (\(1,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 371.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 371.27 Td (18,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 356.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.50 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.65 356.27 Td (113,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.50 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.65 356.27 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.50 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.30 356.32 Td (\(1,970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 356.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.50 356.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 356.27 Td (115,591) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 328.10 Td (Investments in Securities Sold, Not Y) Tj ET Q q 0 0 0 rg BT 222.79 328.10 Td (et Pur) Tj ET Q q 0 0 0 rg BT 247.13 328.10 Td (chased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.90 328.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 304.10 Td (Securities sold, not yet purchased are securities that the Company has sold, but does not own, in anticipation of a decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (in the market value of the security) Tj ET Q q 0 0 0 rg BT 185.47 292.10 Td (. ) Tj ET Q q 0 0 0 rg BT 190.29 292.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 250.00 292.10 Td (s risk is that the value of the security will increase rather than decline. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 103.85 280.10 Td (, the settlement amount of the liability for securities sold, not yet purchased may exceed the amount recorded in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (the consolidated balance sheet as the Company is obligated to purchase the securities sold, not yet purchased in the market at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (prevailing prices to settle its obligations. ) Tj ET Q q 0 0 0 rg BT 214.01 256.10 Td (T) Tj ET Q q 0 0 0 rg BT 219.42 256.10 Td (o establish a position in security sold, not yet purchased, the Company needs to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (borrow the security for delivery to the buyer) Tj ET Q q 0 0 0 rg BT 226.39 244.10 Td (. On each day the transaction is open, the liability for the obligation to replace the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (borrowed security is marked-to-market and an unrealized gain or loss is recorded. ) Tj ET Q q 0 0 0 rg BT 378.55 232.10 Td (At the time the transaction is closed, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (Company realizes a gain or loss equal to the dif) Tj ET Q q 0 0 0 rg BT 239.54 220.10 Td (ference between the price at which the security was sold and the cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (replacing the borrowed security) Tj ET Q q 0 0 0 rg BT 175.75 208.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.56 208.10 Td (While the transaction is open, the Company will also incur an expense for any dividends or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (interest which will be paid to the lender of the securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 172.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 172.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 172.10 Td (, the following securities were included ininvestments in securities sold, not yet purchased:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 119.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 119.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 119.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 119.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 119.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 119.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 119.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 119.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 119.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 89.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.00 89.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.00 89.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 89.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 89.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 89.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.00 89.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 89.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 89.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 290 137.60000000000002 m 354 137.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 358 137.60000000000002 m 422 137.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428 137.60000000000002 m 492 137.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 137.60000000000002 m 562 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 74.60000000000002 m 354 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 74.60000000000002 m 422 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 74.60000000000002 m 492 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 74.60000000000002 m 562 74.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 60.60000000000002 m 354 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290 58.60000000000002 m 354 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 60.60000000000002 m 422 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358 58.60000000000002 m 422 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 60.60000000000002 m 492 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 58.60000000000002 m 492 58.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 60.60000000000002 m 562 60.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 58.60000000000002 m 562 58.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 302.40 142.28 Td (Proceeds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.25 152.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.35 142.28 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.25 152.28 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.55 142.28 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.50 142.28 Td (Fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.50 124.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.30 124.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 109.27 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 109.32 Td (\(803,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 109.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 109.27 Td (102,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 109.32 Td (\(94,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 109.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 109.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 109.32 Td (\(796,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 109.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 94.27 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.30 94.32 Td (\(9,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 94.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 94.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.30 94.32 Td (\(2,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 94.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 94.32 Td (\(12,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 94.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 79.27 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 79.32 Td (\(77,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 79.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 79.27 Td (3,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 79.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 79.32 Td (\(74,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 79.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 167.50 64.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.50 64.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 64.32 Td (\(890,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.15 64.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 64.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 64.27 Td (105,487) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.50 64.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.30 64.32 Td (\(97,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 64.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 64.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 64.32 Td (\(882,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 64.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 195 0 obj <>] /Rotate 0 /Contents 196 0 R>> endobj 196 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 742.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 742.10 Td (, the following securities were included ininvestments in securities sold, not yet purchased:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 693.60 237.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 693.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 693.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 693.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 693.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 664.60 237.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 664.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 664.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 664.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 664.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 664.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 664.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 664.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 664.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 634.60 237.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 287.00 634.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 291.00 634.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 634.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.00 634.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 634.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 634.60 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 634.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.00 634.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291 708.6 m 355 708.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 359 708.6 m 422 708.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426 708.6 m 495 708.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499 708.6 m 563 708.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 634.6 m 355 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 634.6 m 422 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 634.6 m 495 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 634.6 m 563 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 620.6 m 355 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 291 618.6 m 355 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 620.6 m 422 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359 618.6 m 422 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 620.6 m 495 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426 618.6 m 495 618.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 620.6 m 563 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 618.6 m 563 618.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.40 713.28 Td (Proceeds) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 366.75 722.33 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.85 712.33 Td (gains) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.75 722.33 Td (Unrealized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.05 712.33 Td (losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.50 713.28 Td (Fair value) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.00 698.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.30 698.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 683.27 Td (Corporate debt U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 683.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 683.32 Td (\(7,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 683.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 683.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 683.27 Td (1,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 683.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.80 683.32 Td (\(5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 683.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.50 683.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 683.32 Td (\(6,064) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 683.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 669.17 Td (Equities listed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 669.22 Td (\(813,365) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 669.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 669.17 Td (91,690) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 669.22 Td (\(101,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 669.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 669.22 Td (\(823,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 669.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 654.27 Td (Exchange traded funds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.30 654.32 Td (\(9,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 654.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 654.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 654.32 Td (\(1,658) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 654.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 654.32 Td (\(10,838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 654.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 639.27 Td (Sovereign debt Non U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.30 639.32 Td (\(246,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 639.27 Td (6,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 639.32 Td (\(10,485) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 639.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.30 639.32 Td (\(250,439) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 639.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 168.00 624.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.50 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.80 624.32 Td (\(1,076,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.15 624.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.50 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 624.27 Td (99,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.50 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 624.32 Td (\(113,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.15 624.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.50 624.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 624.32 Td (\(1,090,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 624.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 76.50 596.10 Td (Financial Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 572.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 572.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.97 572.10 Td (, the Company had entered into total return equity swaps, interest rate swaps, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (commodity swaps, CDS, options, warrants, rights, futures and forward contracts with various financial institutions to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (certain investment objectives. Under the terms of each of these financial contracts, the Company is either entitled to receive or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (is obligated to make payments, which are based on the product of a formula contained within each contract that includes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (change in the fair value of the underlying or reference security) Tj ET Q q 0 0 0 rg BT 298.73 524.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 500.10 Td (In addition, during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.51 500.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.10 500.10 Td (, the Company had entered into an IL) Tj ET Q q 0 0 0 rg BT 441.75 500.10 Td (W) Tj ET Q q 0 0 0 rg BT 451.01 500.10 Td ( with certain third-parties ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (in order to purchase protection against worldwide wind and earthquake exposures from January 2015 to December 2015. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (return for a fixed payment, the Company is entitled to receive a variable payment in the event of losses incurred by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (insurance industry) Tj ET Q q 0 0 0 rg BT 122.44 464.10 Td (, as a whole, exceeding a specified threshold. ) Tj ET Q q 0 0 0 rg BT 305.25 464.10 Td (Through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.19 464.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.77 464.10 Td (, the Company was not aware of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (any industry loss event occurring that would have triggered a recovery under the IL) Tj ET Q q 0 0 0 rg BT 382.81 452.10 Td (W) Tj ET Q q 0 0 0 rg BT 391.33 452.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 428.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 428.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 428.10 Td (, the fair values of financial contracts outstanding were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 333.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 333.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 333.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 333.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 333.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 333.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 333.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 303.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 303.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 303.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 303.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 303.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 303.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 303.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 273.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 273.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 273.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 273.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 273.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 243.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 243.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 243.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 243.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 243.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 213.60 236.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 213.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 213.60 96.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 213.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 213.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 213.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 213.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 183.60 236.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 285.00 183.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 183.60 96.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 183.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 183.60 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.00 183.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 457.00 183.60 105.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 363.6 m 285 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289 363.6 m 385 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 363.6 m 453 363.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 457 363.6 m 562 363.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 273.6 m 562 273.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 259.6 m 562 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 257.6 m 562 257.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 158.60000000000002 m 562 158.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 144.60000000000002 m 562 144.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457 142.60000000000002 m 562 142.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.10 368.28 Td (Financial Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 321.45 378.28 Td (Listing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 312.35 368.28 Td (curr) Tj ET Q q 0 0 0 rg BT 331.05 368.28 Td (ency ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 352.98 372.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 402.15 398.28 Td (Notional) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 398.65 388.28 Td (amount of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 397.15 378.28 Td (underlying) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.90 368.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 460.45 398.28 Td (Fair value of net assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 482.30 388.28 Td (\(obligations\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.85 378.28 Td (on financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.25 368.28 Td (contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.50 353.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 353.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.80 353.28 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 338.28 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.50 338.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 338.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 338.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 323.27 Td (Call options ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 102.61 327.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 323.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 323.27 Td (47,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 323.27 Td (657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 308.27 Td (Put options ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 99.29 312.80 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 308.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 308.27 Td (147,326) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 308.27 Td (8,790) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 293.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.95 293.27 Td (EUR/GBP/USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 293.27 Td (50,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 293.27 Td (3,748) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 278.27 Td (Warrants and rights on listed equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.50 278.27 Td (EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.15 278.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 278.27 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 263.28 Td (Total financial contracts receivable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 263.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 263.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 263.27 Td (13,215) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 248.28 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 248.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 248.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 233.27 Td (Call options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 233.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 233.27 Td (2,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 233.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 233.32 Td (\(64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 233.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 218.27 Td (Commodity Swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 218.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 218.27 Td (42,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 218.32 Td (\(12,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 218.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 203.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.20 203.27 Td (KRW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.65 203.27 Td (2,908) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 203.32 Td (\(22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 203.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 188.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 188.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 188.27 Td (21,195) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 188.32 Td (\(488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 188.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 163.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.75 173.27 Td (EUR/GBP/HKD/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.45 163.27 Td (RON/MXN/USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 163.27 Td (71,874) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 163.32 Td (\(14,887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 163.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 148.28 Td (Total financial contracts payable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 148.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 148.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.50 148.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 148.32 Td (\(28,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 148.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 136.63 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 132.10 Td (USD = US Dollar; EUR = Euro; GBP) Tj ET Q q 0 0 0 rg BT 209.89 132.10 Td ( = British Pound; HKD = Hong Kong Dollar; KR) Tj ET Q q 0 0 0 rg BT 407.01 132.10 Td (W) Tj ET Q q 0 0 0 rg BT 416.27 132.10 Td ( = Korean ) Tj ET Q q 0 0 0 rg BT 458.66 132.10 Td (W) Tj ET Q q 0 0 0 rg BT 467.30 132.10 Td (on; MXN = Mexican ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 120.10 Td (Peso; RON = Romanian New Leu. ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 107.23 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 102.70 Td ( Includes options on interest rate futures relating to U.S. dollar LIBOR interest rates. ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 89.83 Td (\(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 85.30 Td ( Includes options on the Japanese ) Tj ET Q q 0 0 0 rg BT 192.79 85.30 Td (Y) Tj ET Q q 0 0 0 rg BT 199.01 85.30 Td (en and the Chinese ) Tj ET Q q 0 0 0 rg BT 276.95 85.30 Td (Y) Tj ET Q q 0 0 0 rg BT 283.06 85.30 Td (uan, denominated in U.S. dollars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.30 Td () Tj ET Q endstream endobj 197 0 obj <>] /Rotate 0 /Contents 198 0 R>> endobj 198 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 742.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 742.10 Td (, the fair values of financial contracts outstanding were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 657.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 657.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 657.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 657.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 657.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 627.60 225.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 627.60 94.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 627.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 627.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 627.60 105.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 587.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 587.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 587.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 587.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 587.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 557.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 557.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 557.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 557.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 557.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 527.60 225.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 527.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 527.60 77.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 527.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 527.60 105.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 497.60 225.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.00 497.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.00 497.60 94.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.00 497.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 377.00 497.60 77.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 497.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 497.60 105.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50 687.6 m 275 687.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279 687.6 m 373 687.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377 687.6 m 454 687.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 687.6 m 563 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 587.6 m 563 587.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 573.6 m 563 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 571.6 m 563 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 472.6 m 563 472.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 458.6 m 563 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 456.6 m 563 456.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.60 692.28 Td (Financial Contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.45 702.28 Td (Listing) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 301.35 692.28 Td (curr) Tj ET Q q 0 0 0 rg BT 320.05 692.28 Td (ency ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 341.98 696.81 Td (\(1\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.65 722.28 Td (Notional ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 393.15 712.28 Td (amount of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.65 702.28 Td (underlying ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.40 692.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.45 722.28 Td (Fair) Tj ET Q q 0 0 0 rg BT 479.59 722.28 Td ( value of net assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 483.30 712.28 Td (\(obligations\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.85 702.28 Td (on financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.25 692.28 Td (contracts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 162.00 677.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 677.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 677.28 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 662.28 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.50 662.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 662.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 662.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 647.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.45 647.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 647.27 Td (13,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 647.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 647.27 Td (3,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 632.27 Td (Put options ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 100.29 636.80 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.45 632.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 632.27 Td (299,907) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 632.27 Td (22,349) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 607.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 617.27 Td (EUR/GBP/HKD/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.45 607.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 607.27 Td (43,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 607.27 Td (18,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 592.27 Td (Warrants and rights on listed equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.50 592.27 Td (EUR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 592.27 Td (8,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 592.27 Td (2,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 577.27 Td (Total financial contracts receivable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.50 577.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 577.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 577.27 Td (47,171) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 562.28 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.50 562.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 562.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 547.27 Td (Credit default swaps, purchased corporate debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.45 547.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 547.27 Td (221,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 547.32 Td (\(1,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 547.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 532.27 Td (Credit default swaps, purchased sovereign debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.45 532.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 532.27 Td (251,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 532.32 Td (\(1,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 532.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 517.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.20 517.27 Td (KRW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 517.27 Td (20,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 517.32 Td (\(512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 517.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 502.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.45 502.27 Td (USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 502.27 Td (33,625) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.80 502.32 Td (\(867) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 502.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 477.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.75 487.27 Td (EUR/GBP/HKD/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.55 477.27 Td (INR/RON/USD) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 477.27 Td (122,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 477.32 Td (\(40,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 477.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 462.27 Td (Total financial contracts payable, at fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.50 462.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.50 462.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 462.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 462.32 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 462.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 450.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 446.10 Td ( USD = US Dollar; EUR = Euro; GBP) Tj ET Q q 0 0 0 rg BT 210.77 446.10 Td ( = British Pound; HKD = Hong Kong Dollar; KR) Tj ET Q q 0 0 0 rg BT 407.89 446.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.15 446.10 Td ( = Korean ) Tj ET Q q 0 0 0 rg BT 459.53 446.10 Td (W) Tj ET Q q 0 0 0 rg BT 468.17 446.10 Td (on; RON = Romanian ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (New Leu; INR = Indian Rupee. ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 421.23 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 416.70 Td ( Includes options on the Japanese ) Tj ET Q q 0 0 0 rg BT 192.79 416.70 Td (Y) Tj ET Q q 0 0 0 rg BT 199.01 416.70 Td (en and the Chinese ) Tj ET Q q 0 0 0 rg BT 276.95 416.70 Td (Y) Tj ET Q q 0 0 0 rg BT 283.06 416.70 Td (uan, denominated in U.S. dollars.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 387.30 Td (Options are derivative financial instruments that give the buyer) Tj ET Q q 0 0 0 rg BT 328.80 387.30 Td (, in exchange for a premium payment, the right, but not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.30 Td (the obligation, to either purchase from \(call option\) or sell to \(put option\) the writer) Tj ET Q q 0 0 0 rg BT 382.62 375.30 Td (, a specified underlying security at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.30 Td (specified price on or before a specified date. ) Tj ET Q q 0 0 0 rg BT 228.95 363.30 Td (The Company enters into option contracts to meet certain investment objectives. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.30 Td (For exchange traded option contracts, the exchange acts as the counterparty to specific transactions and therefore bears the risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.30 Td (of delivery to and from counterparties of specific positions. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 315.30 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 315.30 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 315.30 Td (, the Company held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.35 315.30 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.24 315.30 Td ( OTC put options \(long\) \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.73 315.30 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.32 315.30 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.60 315.30 Td ($22.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.49 315.30 Td (\).) Tj ET Q endstream endobj 199 0 obj <>] /Rotate 0 /Contents 200 0 R>> endobj 200 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 742.10 Td (During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.05 742.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.04 742.10 Td (, the Company reported gains and losses on derivatives as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 619.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 619.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 619.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 619.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 619.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 619.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 589.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 589.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 589.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 589.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 589.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 589.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 559.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 559.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 559.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 559.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 559.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 529.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 529.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 529.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 529.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 529.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 499.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 499.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 499.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 499.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 499.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 469.60 205.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.00 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.00 469.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 469.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 469.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 469.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 664.6 m 254 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 258 664.6 m 385 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 664.6 m 444 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444 664.6 m 448 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448 664.6 m 503 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 664.6 m 507 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507 664.6 m 562 664.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 634.6 m 444 634.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448 634.6 m 503 634.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507 634.6 m 562 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 469.6 m 444 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 455.6 m 444 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 453.6 m 444 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 469.6 m 503 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 455.6 m 503 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 453.6 m 503 453.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 469.6 m 562 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 455.6 m 562 455.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 453.6 m 562 453.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 679.28 Td (Derivatives not designated as hedging) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 669.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 689.28 Td (Location of gains and losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 679.28 Td (on derivatives recognized in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.50 669.28 Td (income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.75 679.28 Td (Gain \(loss\) on derivatives recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.30 669.28 Td (in income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 422.00 654.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 639.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 639.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 406.00 639.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 465.00 639.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 524.00 639.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 624.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 624.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.80 624.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 609.27 Td (Commodity swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 609.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 609.32 Td (\(12,061) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 609.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 609.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 609.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 609.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 594.27 Td (Credit default swaps, purchased corporate debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 594.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 594.32 Td (\(156) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 594.32 Td (\(345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 594.32 Td (\(3,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 579.27 Td (Credit default swaps, purchased sovereign debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 579.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 579.32 Td (\(90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 579.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 579.32 Td (\(298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 579.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 579.32 Td (\(1,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 579.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 564.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 564.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.65 564.27 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.80 564.32 Td (\(490) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 564.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 564.27 Td (11,209) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 549.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 549.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 549.32 Td (\(952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 549.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 549.27 Td (16,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 549.27 Td (12,504) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 534.27 Td (Interest rate options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 534.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 534.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 534.32 Td (\(26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.15 534.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.80 534.32 Td (\(82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 534.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 519.27 Td (Interest rate swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 519.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.80 519.32 Td (\(706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 519.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 519.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 519.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 504.27 Td (Options, warrants, and rights) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 504.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 504.32 Td (\(13,955) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 504.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 504.27 Td (1,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 504.27 Td (21,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 489.27 Td (Total return swaps equities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 489.27 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 489.32 Td (\(12,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 489.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 489.27 Td (13,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 489.27 Td (85,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 474.27 Td (Weather derivative swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 474.27 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.30 474.32 Td (\(2,340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 474.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 474.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 474.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 459.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 459.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.50 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.30 459.32 Td (\(41,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 459.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 459.27 Td (29,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.50 459.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 459.27 Td (126,076) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 431.10 Td (The Company generally does not enter into derivatives for risk management or hedging purposes. ) Tj ET Q q 0 0 0 rg BT 469.83 431.10 Td (The volume of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.10 Td (derivative activities varies from period to period depending on potential investment opportunities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 395.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 395.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 293.66 395.10 Td (s volume of derivative activities \(based on notional amounts\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.10 Td (as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 310.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 310.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 310.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 310.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 310.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 280.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 280.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 280.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 280.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 280.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 250.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 250.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 250.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 250.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 250.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 220.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 220.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 220.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 220.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 220.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 190.60 345.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 394.00 190.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.00 190.60 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.00 190.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 190.60 78.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400 348.6 m 478 348.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478 348.6 m 484 348.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 348.6 m 562 348.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49 324.6 m 394 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400 324.6 m 478 324.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 324.6 m 562 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 190.60000000000002 m 478 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 176.60000000000002 m 478 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400 174.60000000000002 m 478 174.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 190.60000000000002 m 562 190.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 176.60000000000002 m 562 176.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 174.60000000000002 m 562 174.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.00 353.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.50 353.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 329.28 Td (Derivatives not designated as hedging instruments \(notional amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 418.85 329.28 Td ( Entered) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.60 329.28 Td (Exited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 315.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 446.30 315.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 300.27 Td (Commodity swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.50 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 300.27 Td (103,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 300.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 300.27 Td (43,261) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 285.27 Td (Credit default swaps ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 136.20 289.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 285.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 285.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 270.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 270.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 270.27 Td (13,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 255.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 255.27 Td (311,536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 255.27 Td (294,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 240.27 Td (Interest rate swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 240.27 Td (9,139,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 240.27 Td (7,213,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 225.27 Td (Options, warrants and rights ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 167.32 229.80 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 225.27 Td (661,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 225.27 Td (341,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 210.27 Td (Total return swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 210.27 Td (67,844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 210.27 Td (185,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 195.27 Td (Weather derivative swap) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 195.27 Td (12,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 195.27 Td (12,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 180.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.50 180.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 180.27 Td (10,294,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 180.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 180.27 Td (8,102,909) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 168.63 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 164.10 Td (Exited amount excludes derivatives which expired or were exercised during the period.) Tj ET Q endstream endobj 201 0 obj <>] /Rotate 0 /Contents 202 0 R>> endobj 202 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (For the year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 730.10 Td (, the Company) Tj ET Q q 0 0 0 rg BT 293.66 730.10 Td (s volume of derivative activities \(based on notional amounts\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 635.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 635.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 635.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 635.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 635.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 605.60 348.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 605.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 605.60 76.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 605.60 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 605.60 76.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 574.60 348.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 574.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 403.50 574.60 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 574.60 6.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 574.60 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 683.6 m 479.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 683.6 m 485.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 683.6 m 561.5 683.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 649.6 m 397.5 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 649.6 m 479.5 649.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 649.6 m 561.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 574.6 m 479.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 574.6 m 561.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 574.6 m 479.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 560.6 m 479.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403.5 558.6 m 479.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 574.6 m 561.5 574.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 560.6 m 561.5 560.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 558.6 m 561.5 558.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 213.00 688.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.00 688.28 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 654.28 Td (Derivatives not designated as hedging instruments \(notional amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.35 654.28 Td ( Entered) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.10 654.28 Td (Exited) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 640.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.80 640.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 625.27 Td (Forwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 625.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 625.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 625.27 Td (82,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 610.27 Td (Futures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 610.27 Td (308,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 610.27 Td (356,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 596.17 Td (Options, warrants and rights ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 167.82 600.70 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 594.27 Td (1,044,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 594.27 Td (314,876) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 579.27 Td (Total return swaps) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 579.27 Td (121,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 579.27 Td (160,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 564.27 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.00 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 564.27 Td (1,473,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 564.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 564.27 Td (913,845) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 552.63 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 548.10 Td ( Exited amount excludes derivatives which expired or were exercised during the period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 524.10 Td (The Company does not of) Tj ET Q q 0 0 0 rg BT 180.19 524.10 Td (fset its derivative instruments and presents all amounts in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.81 524.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.35 524.10 Td ( balance sheets on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (gross basis. ) Tj ET Q q 0 0 0 rg BT 97.93 512.10 Td (The Company has pledged cash collateral to derivative counterparties to support the current value of amounts due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (to the counterparties based on the value of the underlying security) Tj ET Q q 0 0 0 rg BT 312.65 500.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 476.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 476.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 476.10 Td (, the gross and net amounts of derivative instruments and the cash collateral applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (derivative instruments were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 51.50 327.60 138.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 189.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 193.50 327.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 247.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 327.60 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 327.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 369.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 373.50 327.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 435.50 327.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 327.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 327.60 60.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 51.5 409.6 m 189.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 409.6 m 247.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 409.6 m 302.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 409.6 m 369.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 409.6 m 431.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 409.6 m 435.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 409.6 m 495.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 409.6 m 559.5 409.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 51.5 345.6 m 189.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 193.5 345.6 m 247.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 345.6 m 302.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 345.6 m 369.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 345.6 m 431.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 345.6 m 435.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 435.5 345.6 m 495.5 345.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 345.6 m 559.5 345.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 79.65 414.28 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 215.25 414.28 Td (\(i\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.35 414.28 Td (\(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 309.65 414.28 Td (\(iii\) = \(i\) - \(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.75 434.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 380.85 424.28 Td (Gross amounts not offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 392.15 414.28 Td (in the balance sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.20 424.28 Td (\(v\) = \(iii\) +) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.75 414.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 95.25 350.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.55 390.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 196.20 380.28 Td (amounts of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.00 370.28 Td (recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 207.75 360.28 Td (assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.20 350.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 264.05 400.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.15 390.28 Td (amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.40 380.28 Td (offset in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 269.80 370.28 Td (the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.10 360.28 Td (balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.65 350.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 310.40 400.28 Td (Net amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.85 390.28 Td (of assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.70 380.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.30 370.28 Td (presented in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.15 360.28 Td (the balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 326.65 350.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.95 380.28 Td (Financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.40 370.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.80 360.28 Td (available) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.75 350.28 Td (for offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 454.15 380.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.00 370.28 Td (collateral) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.95 360.28 Td (\(received\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 448.30 350.28 Td (pledged) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.85 370.28 Td (Net amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.30 360.28 Td (of asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.25 350.28 Td (\(liability\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.80 332.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 317.27 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.15 317.27 Td (13,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 317.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.15 317.27 Td (13,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.80 317.32 Td (\(8,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 317.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 317.32 Td (\(2,036) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 317.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 317.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.15 317.27 Td (2,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.00 302.27 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.80 302.27 Td (\(28,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.65 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.80 302.32 Td (\(28,245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 302.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 302.27 Td (8,937) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 302.27 Td (19,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.65 302.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 274.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 274.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 274.10 Td (, the gross and net amounts of derivative instruments and the cash collateral applicable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (derivative instruments were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 55.50 138.60 127.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 182.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 138.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 241.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 138.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 138.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 368.50 138.60 58.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 138.60 60.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 138.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 138.60 61.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 55.5 217.60000000000002 m 182.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 217.60000000000002 m 241.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 217.60000000000002 m 295.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 217.60000000000002 m 364.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 217.60000000000002 m 426.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 217.60000000000002 m 430.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 217.60000000000002 m 490.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 217.60000000000002 m 555.5 217.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 55.5 153.60000000000002 m 182.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 153.60000000000002 m 241.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 153.60000000000002 m 295.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 153.60000000000002 m 364.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 368.5 153.60000000000002 m 426.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 153.60000000000002 m 430.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 153.60000000000002 m 490.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 153.60000000000002 m 555.5 153.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 78.15 222.28 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.75 222.28 Td (\(i\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.85 222.28 Td (\(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 303.65 222.28 Td (\(iii\) = \(i\) - \(ii\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.75 242.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.85 232.28 Td (Gross amounts not offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 387.15 222.28 Td (in the balance sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.70 232.28 Td (\(v\) = \(iii\) +) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.25 222.28 Td (\(iv\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 93.75 158.28 Td (Description) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.05 198.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.70 188.28 Td (amounts of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.50 178.28 Td (recognized) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.25 168.28 Td (assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 190.70 158.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 257.55 208.28 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 251.65 198.28 Td (amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.90 188.28 Td (offset in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.30 178.28 Td (the) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 253.60 168.28 Td (balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 259.15 158.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 304.40 208.28 Td (Net amounts) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.85 198.28 Td (of assets) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.70 188.28 Td (\(liabilities\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 305.30 178.28 Td (presented in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.15 168.28 Td (the balance) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 320.65 158.28 Td (sheet) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.95 188.28 Td (Financial) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.40 178.28 Td (instruments) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.80 168.28 Td (available) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.75 158.28 Td (for offset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.15 188.28 Td (Cash) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.00 178.28 Td (collateral) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 438.95 168.28 Td (\(received\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.30 158.28 Td (pledged) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.35 178.28 Td (Net amount) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.80 168.28 Td (of asset) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.75 158.28 Td (\(liability\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 336.30 143.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 128.27 Td (Financial contracts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.15 128.27 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 128.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 128.27 Td (47,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.80 128.32 Td (\(24,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.65 128.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 128.32 Td (\(9,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.65 128.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 128.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.15 128.27 Td (13,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.00 113.27 Td (Financial contracts payable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.80 113.27 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.65 113.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 113.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.80 113.32 Td (\(44,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.65 113.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 113.27 Td (24,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 113.27 Td (20,327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 113.27 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 203 0 obj <>] /Rotate 0 /Contents 204 0 R>> endobj 204 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-24) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (4) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 749.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 749.25 Td (DUE ) Tj ET Q q 0 0 0 rg BT 100.43 749.25 Td (T) Tj ET Q q 0 0 0 rg BT 106.92 749.25 Td (O PRIME BROKERS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 201.93 749.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 725.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 725.25 Td (, the amount due to prime brokers is comprised of mar) Tj ET Q q 0 0 0 rg BT 396.79 725.25 Td (gin-borrowing from prime brokers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (relating to investments purchased on mar) Tj ET Q q 0 0 0 rg BT 214.00 713.25 Td (gin as well as the mar) Tj ET Q q 0 0 0 rg BT 300.74 713.25 Td (gin-borrowing for providing collateral to support some of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 701.25 Td (s outstanding letters of credit \(see Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.18 701.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.18 701.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.62 701.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.62 701.25 Td (\) and trust accounts. Under term mar) Tj ET Q q 0 0 0 rg BT 435.33 701.25 Td (gin agreements and certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (letter of credit facility agreements, the Company pledges certain investment securities to borrow cash from the prime brokers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (The borrowed cash is placed in a custodial account in the name of the Company and this custodial account provides collateral ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td (for any letters of credit issued. Since there is no legal right of of) Tj ET Q q 0 0 0 rg BT 304.80 665.25 Td (fset, the Company) Tj ET Q q 0 0 0 rg BT 380.62 665.25 Td (s liability for the cash borrowed from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.25 Td (prime brokers is included on the consolidated balance sheets as due to prime brokers while the cash held in the custodial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (account is included on the consolidated balance sheets as restricted cash and cash equivalents.) Tj ET Q q 0 0 0 rg BT 427.42 641.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.92 641.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.51 641.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (amounts due to prime brokers included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.35 629.25 Td ($301.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.24 629.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.07 629.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.07 629.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.35 629.25 Td ($135.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.24 629.25 Td (\) of cash borrowed under the term mar) Tj ET Q q 0 0 0 rg BT 511.17 629.25 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (agreements to provide collateral in the form of letters of credit and trust accounts, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.49 617.25 Td ($95.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.38 617.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.21 617.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.21 617.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.49 617.25 Td ($76.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.38 617.25 Td (\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (borrowing relating to investing activities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 581.25 Td (Greenlight Re's investment guidelines, among other stipulations in the guidelines, allow for up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.68 581.25 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.01 581.25 Td ( \(GRIL: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.45 581.25 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.78 581.25 Td (\) net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 569.25 Td (gin leverage for extended periods of time and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.02 569.25 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.35 569.25 Td ( \(GRIL: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.79 569.25 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.12 569.25 Td (\) net mar) Tj ET Q q 0 0 0 rg BT 379.03 569.25 Td (gin leverage relating to investing activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td (for periods of less than 30 days.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 521.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 521.25 Td (CASH ) Tj ET Q q 0 0 0 rg BT 106.73 521.25 Td (AND CASH EQUIV) Tj ET Q q 0 0 0 rg BT 192.67 521.25 Td (ALENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.69 521.25 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 472.75 333.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 472.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 472.75 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 472.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 472.75 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 444.75 333.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 383.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 387.00 444.75 86.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.00 444.75 86.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387 486.75 m 473 486.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477 486.75 m 563 486.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 444.75 m 473 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 431.75 m 473 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387 429.75 m 473 429.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 444.75 m 563 444.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 431.75 m 563 431.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 429.75 m 563 429.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 501.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.40 501.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 491.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.40 501.43 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.50 491.43 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 477.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.30 477.48 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 463.32 Td (Cash at banks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 463.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 463.32 Td (44,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 463.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 463.32 Td (3,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 449.32 Td (Cash held with brokers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.65 449.32 Td (68,029) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 449.32 Td (8,604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 435.32 Td (Total cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 435.32 Td (112,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 435.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 435.32 Td (12,030) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 407.25 Td (Due to the short term nature of cash and cash equivalents, management believes the above noted carrying values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.25 Td (approximate their fair value. Cash at banks include cash held at non-U.S. financial institutions which are not insured by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.25 Td (FDIC or any other deposit insurance programs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 347.25 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 347.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 347.25 Td (RESTRICTED CASH ) Tj ET Q q 0 0 0 rg BT 174.25 347.25 Td (AND CASH EQUIV) Tj ET Q q 0 0 0 rg BT 260.19 347.25 Td (ALENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 300.21 347.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 323.25 Td (The Company is required to maintain certain cash in segregated accounts with prime brokers and swap counterparties. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (The amount of restricted cash held by prime brokers is primarily used to support the liability created from securities sold, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.25 Td (yet purchased and the amount of cash encumbered varies depending on the market value of the securities sold, not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.25 Td (purchased. Swap counterparties also require cash collateral to support the current value of any amounts that may be due to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 275.25 Td (counterparty based on the value of the underlying security) Tj ET Q q 0 0 0 rg BT 281.55 275.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 251.25 Td (Restricted cash and cash equivalents also include amounts held by the Company to provide collateral required by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.25 Td (cedents in the form of trust accounts and letters of credit \(see Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.91 239.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.91 239.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.35 239.25 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.35 239.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 366.62 239.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.07 239.25 Td (December31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 239.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.09 239.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.09 239.25 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.25 Td (restricted cash and cash equivalents were comprised of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 188.75 322.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 188.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 188.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 188.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 188.75 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 159.75 322.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 159.75 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 159.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 159.75 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 131.75 322.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.00 131.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.00 131.75 92.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.00 131.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 472.00 131.75 92.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 376 202.75 m 468 202.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 202.75 m 564 202.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 131.75 m 468 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 118.75 m 468 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 116.75 m 468 116.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 131.75 m 564 131.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 118.75 m 564 118.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 116.75 m 564 116.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 207.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.15 207.48 Td (December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 477.15 207.48 Td (December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 193.48 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 435.30 193.48 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 179.32 Td (Cash held by prime brokers relating to securities sold, not yet purchased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 179.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 179.32 Td (882,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 179.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 179.32 Td (1,090,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 164.32 Td (Cash collateral relating to letters of credit issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.65 164.32 Td (222,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 164.32 Td (134,981) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 150.32 Td (Cash held as collateral in trust accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 150.32 Td (78,584) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.15 150.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 136.32 Td (Cash and cash equivalents held by swap counterparties) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 136.32 Td (52,247) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.65 136.32 Td (71,202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 122.32 Td (Total restricted cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.50 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.15 122.32 Td (1,236,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 122.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.15 122.32 Td (1,296,914) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 82.25 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 82.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 82.25 Td (LOSS ) Tj ET Q q 0 0 0 rg BT 104.52 82.25 Td (AND LOSS ) Tj ET Q q 0 0 0 rg BT 156.20 82.25 Td (ADJUSTMENT) Tj ET Q q 0 0 0 rg BT 224.92 82.25 Td ( EXPENSE RESER) Tj ET Q q 0 0 0 rg BT 309.04 82.25 Td (VES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 328.49 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 58.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 58.25 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.02 58.25 Td (, loss and loss adjustment expense reserves were comprised of the following:) Tj ET Q endstream endobj 205 0 obj <>] /Rotate 0 /Contents 206 0 R>> endobj 206 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-25) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 727.50 365.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 727.50 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 727.50 70.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 727.50 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 727.50 70.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 697.50 365.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 697.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 697.50 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.00 697.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 697.50 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 741.5 m 489 741.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493 741.5 m 563 741.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 697.5 m 489 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 697.5 m 563 697.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 683.5 m 489 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 681.5 m 489 681.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 683.5 m 563 683.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493 681.5 m 563 681.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 746.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 443.50 746.18 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 746.18 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 732.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 456.30 732.18 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 716.17 Td (Case reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 716.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 716.17 Td (111,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 716.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 716.17 Td (117,049) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 702.07 Td (IBNR) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 702.07 Td (194,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 702.07 Td (147,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 687.17 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.50 687.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 687.17 Td (305,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.50 687.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 687.17 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 659.00 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 659.00 Td ( summary of changes in outstanding loss and loss adjustment expense reserves is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 620.50 297.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 620.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 620.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 620.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 620.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 620.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 620.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 592.50 297.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 592.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 592.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 592.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 592.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 592.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 592.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 564.50 297.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 564.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 564.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 564.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 564.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 564.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 564.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 536.50 297.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 536.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 536.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 536.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 536.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 536.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 536.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 508.50 297.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 508.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 508.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 508.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 508.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 508.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 508.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 479.50 297.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 479.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 479.50 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 479.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 479.50 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 479.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 479.50 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 450.50 297.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 450.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 450.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 450.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 450.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 450.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 450.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 422.50 297.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 346.00 422.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 422.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 422.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 422.50 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 422.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 422.50 68.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350 634.5 m 418 634.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 422 634.5 m 490 634.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494 634.5 m 562 634.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 592.5 m 418 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 578.5 m 418 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 592.5 m 490 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 578.5 m 490 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 592.5 m 562 592.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 578.5 m 562 578.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 536.5 m 418 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 522.5 m 418 522.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 536.5 m 490 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 522.5 m 490 522.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 536.5 m 562 536.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 522.5 m 562 522.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 479.5 m 418 479.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 464.5 m 418 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 479.5 m 490 479.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 464.5 m 490 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 479.5 m 562 479.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 464.5 m 562 464.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 450.5 m 418 450.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 450.5 m 490 450.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 450.5 m 562 450.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 422.5 m 418 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 409.5 m 418 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 407.5 m 418 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 422.5 m 490 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 409.5 m 490 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 407.5 m 490 407.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 422.5 m 562 422.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 409.5 m 562 409.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 407.5 m 562 407.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 639.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 373.50 639.18 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 445.50 639.18 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 517.50 639.18 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 625.07 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.30 625.18 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 611.07 Td (Gross balance at January 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 611.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 611.07 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 611.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 611.07 Td (329,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 611.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 611.07 Td (356,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 597.07 Td (Less: Losses recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.30 597.12 Td (\(11,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 597.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.30 597.12 Td (\(16,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 597.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 597.12 Td (\(34,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 597.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 583.07 Td (Net balance at January 1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 583.07 Td (252,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 583.07 Td (313,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 583.07 Td (322,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 569.07 Td (Incurred losses related to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 569.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 569.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 569.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 555.07 Td (Current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 555.07 Td (266,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 555.07 Td (216,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 555.07 Td (344,613) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 541.07 Td (Prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.65 541.07 Td (50,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 541.07 Td (18,229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 541.12 Td (\(6,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 541.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 527.07 Td (Total incurred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 527.07 Td (317,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 527.07 Td (234,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 527.07 Td (338,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 513.07 Td (Paid losses related to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 513.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 513.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 513.07 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 499.07 Td (Current year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 499.12 Td (\(132,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 499.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 499.12 Td (\(163,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 499.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 499.12 Td (\(177,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 499.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 484.17 Td (Prior years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 484.22 Td (\(132,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 484.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 484.22 Td (\(130,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 484.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 484.22 Td (\(170,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 484.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 469.17 Td (Total paid) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.30 469.22 Td (\(264,863) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 469.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.30 469.22 Td (\(293,577) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 469.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.30 469.22 Td (\(347,889) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 469.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 455.07 Td (Foreign currency revaluation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.30 455.12 Td (\(2,325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.15 455.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 455.12 Td (\(1,754) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 455.07 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 455.07 Td (442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 441.07 Td (Net balance at December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 441.07 Td (302,629) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 441.07 Td (252,720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 441.07 Td (313,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 427.07 Td (Add: Losses recoverable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 427.07 Td (3,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 427.07 Td (11,523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 427.07 Td (16,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 413.07 Td (Gross balance at December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 413.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.65 413.07 Td (305,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 413.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.65 413.07 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 413.07 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 413.07 Td (329,894) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 385.00 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.69 385.00 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 385.00 Td (, the net losses incurred included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.85 385.00 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.74 385.00 Td ( related to net adverse loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.00 Td (development on reserves relating to prior years. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.40 373.00 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.98 373.00 Td (, the loss development on prior year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.00 Td (contracts primarily related to the following:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 334.84 cm /I149 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 337.00 Td ($36.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.39 337.00 Td ( of adverse loss development relating to a general liability contract originally written from 2008 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 325.00 Td (to 201) Tj ET Q q 0 0 0 rg BT 146.41 325.00 Td (1. ) Tj ET Q q 0 0 0 rg BT 156.23 325.00 Td (This contract contains underlying construction defect liability coverage predominantly on single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 313.00 Td (family homes. During the third quarter of 2015, we completed an in-depth analysis, with the assistance of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 301.00 Td (third party expert, of the construction defect claims reported and the potential for claims not yet reported on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 289.00 Td (this contract. Based on this assessment, we revised the actuarial methodology used for reserving the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 277.00 Td (construction defect claims on this contract, which resulted in an increase in incurred but not reported losses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 253.00 Td ( ) Tj ET Q /GS0 gs q 33.50 0 0 10.09 88.00 250.84 cm /I150 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 253.00 Td ($14.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.39 253.00 Td ( of adverse loss development relating to a general liability contract originally written in 2010. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 241.00 Td (This contract contains underlying construction defect liability coverage. Based on updated data received from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 229.00 Td (the insured, we conducted additional actuarial analysis and updated our actuarial input parameters based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 217.00 Td (consultation with external industry experts. ) Tj ET Q q 0 0 0 rg BT 296.47 217.00 Td (As a result, the average estimated cost per claim was increased;) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 190.84 cm /I151 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 193.00 Td ($9.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 193.00 Td ( of adverse loss development relating to our Florida homeowners' insurance contracts as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 181.00 Td (of deterioration of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.75 181.00 Td (sinkhole claims, higher than anticipated water damage claims from rainstorms and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 169.00 Td (increase in the practice of "assignment of benefits" whereby homeowners assign their rights for filing and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 157.00 Td (settling claims to attorneys and public adjusters which led to increases in the frequency of claims reported as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 145.00 Td (well as the severity of loss adjustment expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.29 145.00 Td (. However) Tj ET Q q 0 0 0 rg BT 353.54 145.00 Td (, because some of these contracts included sliding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 133.00 Td (scale ceding commission rates, the increase in loss reserves was partially of) Tj ET Q q 0 0 0 rg BT 423.44 133.00 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.82 133.00 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.71 133.00 Td ( decrease in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 121.00 Td (ceding commissions and profit commissions recorded as acquisition costs;) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 94.84 cm /I152 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 97.00 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 97.00 Td ( of net adverse loss development relating to our solicitors' professional indemnity contracts as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 85.00 Td (result of multiple lar) Tj ET Q q 0 0 0 rg BT 203.24 85.00 Td (ge claims reported during the period and an increase in incurred losses;) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 58.84 cm /I153 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 61.00 Td ($5.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 61.00 Td ( of favorable loss development relating to an excess of loss property contract resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 49.00 Td (elimination of loss reserve based on updated loss information received from the insured during the period ) Tj ET Q endstream endobj 207 0 obj <>] /Rotate 0 /Contents 208 0 R>> endobj 208 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 749.10 Td (indicating that no losses will breach into our layer of coverage. ) Tj ET Q q 0 0 0 rg BT 375.68 749.10 Td (The decrease in loss reserve was more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 737.10 Td (of) Tj ET Q q 0 0 0 rg BT 129.65 737.10 Td (fset by a reversal of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.00 737.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.89 737.10 Td ( of earned premiums and an accrual of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.93 737.10 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.83 737.10 Td ( of profit commission ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 725.10 Td (recorded as acquisition costs; ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 698.94 cm /I154 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 701.10 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 701.10 Td ( of favorable loss development relating to private passenger motor contracts during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 689.10 Td (The decrease in loss reserve was partially of) Tj ET Q q 0 0 0 rg BT 298.19 689.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.63 689.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.52 689.10 Td ( of additional ceding commissions recorded as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 677.10 Td (acquisition costs; ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 650.94 cm /I155 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 653.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 653.10 Td ( of favorable loss development relating to the employer medical stop-loss business as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 641.10 Td (better than expected claims frequency reported by the cedent; and) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 614.94 cm /I156 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 617.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 617.10 Td ( of loss reserves released upon commutation of a private passenger motor contract during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 605.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 151.87 605.10 Td (The decrease in loss reserve was partially of) Tj ET Q q 0 0 0 rg BT 328.56 605.10 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.99 605.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.89 605.10 Td ( of additional ceding commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 593.10 Td (incurred as part of the commutation agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 569.10 Td (There were no other significant developments of prior period loss reserves during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.01 569.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.67 569.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 545.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.61 545.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 545.10 Td (, the net losses incurred included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.85 545.10 Td ($18.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.74 545.10 Td ( related to net adverse loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (development on reserves relating to prior years. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.31 533.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.98 533.10 Td (, the loss development on prior year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (contracts primarily related to the following:) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 494.94 cm /I157 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 497.10 Td ($7.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 497.10 Td ( of adverse loss development, relating to a general liability contract currently in run-of) Tj ET Q q 0 0 0 rg BT 515.65 497.10 Td (f. Loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 485.10 Td (reserves were increased on this contract after a detailed actuarial review of existing claims data received from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 473.10 Td (the client, which reported an increase in the number of open claims. ) Tj ET Q q 0 0 0 rg BT 395.11 473.10 Td (The loss reserves were also increased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 461.10 Td (take into account the corresponding claims handling fees expected to be incurred to settle the open claims; ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 434.94 cm /I158 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 437.10 Td ($7.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 437.10 Td ( of adverse loss development, net of retrocession recoveries, relating to commercial motor claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 425.10 Td (on a multi-line quota share contract currently in run-of) Tj ET Q q 0 0 0 rg BT 339.58 425.10 Td (f. Loss reserves were increased on this contract after a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 413.10 Td (detailed actuarial review of existing claims data received from the client, which reported significant increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 401.10 Td (in incurred losses on some claims as well as an increase in the number of open claims; ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 374.94 cm /I159 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 377.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 377.10 Td ( of adverse loss development relating to a solicitors' professional indemnity contract as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 365.10 Td (a combination of lar) Tj ET Q q 0 0 0 rg BT 202.13 365.10 Td (ge claims reported and increases in case reserves on several smaller claims. Loss reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 353.10 Td (were increased on this contract after a detailed review of existing claims data received from the client, audits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 341.10 Td (of claim files at the third party claims administrator and actuarial analysis based on all available information. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 329.10 Td (The contract terms included sliding scale ceding commission rates and profit commissions. ) Tj ET Q q 0 0 0 rg BT 487.81 329.10 Td (As a result, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 317.10 Td (increase in loss reserves was of) Tj ET Q q 0 0 0 rg BT 246.55 317.10 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.93 317.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.82 317.10 Td ( decrease in ceding commissions and profit commissions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 305.10 Td (which were recorded as decreases to acquisition costs; ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 278.94 cm /I160 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 281.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 281.10 Td ( of adverse loss development relating to the employer medical stop-loss business. Loss reserves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 269.10 Td (were increased on these contracts after a detailed review of existing claims data received from the clients, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 257.10 Td (audits of claim files at the third party claims administrators and actuarial analysis based on all available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 245.10 Td (information; and) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 218.94 cm /I161 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 221.10 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 221.10 Td ( of favorable loss development relating to private passenger automobile business, primarily as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 209.10 Td (result of better than expected loss development noted on our private passenger automobile contracts after a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 197.10 Td (detailed review of existing claims data received from the clients, audits of claim files and actuarial analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 185.10 Td (based on all available information. Since these contracts included sliding scale ceding commission rates, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 173.10 Td (decrease in loss reserves was of) Tj ET Q q 0 0 0 rg BT 248.21 173.10 Td (fset by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.59 173.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.48 173.10 Td ( increase in ceding commissions recorded as acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 161.10 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 137.10 Td (There were no other significant developments of prior period loss reserves during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.01 137.10 Td (year ended December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.67 137.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 113.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.69 113.10 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 113.10 Td (, the net losses incurred included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.85 113.10 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.74 113.10 Td ( related to net favorable loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (development on reserves relating to prior years. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.40 101.10 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.98 101.10 Td (, the loss development on prior year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (contracts primarily related to the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 77.10 Td () Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 62.94 cm /I162 Do Q q 0 0 0 rg BT 121.50 65.10 Td (Elimination ) Tj ET Q q 0 0 0 rg BT 171.22 65.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.05 65.10 Td ($15.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.94 65.10 Td ( of reserves relating to super) Tj ET Q q 0 0 0 rg BT 349.31 65.10 Td (-storm Sandy based on additional information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 53.10 Td (received from the client which indicated that the losses would not exceed the threshold of coverage provided ) Tj ET Q endstream endobj 209 0 obj <>] /Rotate 0 /Contents 210 0 R>> endobj 210 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 749.10 Td (under the contract. ) Tj ET Q q 0 0 0 rg BT 198.14 749.10 Td (As a result of the reversal of loss reserves, the Company also reversed reinstatement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 737.10 Td (premiums earned of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.97 737.10 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.86 737.10 Td (;) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 710.94 cm /I163 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 713.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 713.10 Td ( of favorable loss development relating to commercial automobile business due to better than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 701.10 Td (expected loss development on open claims and settling of claims at lower amounts than expected. Loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 689.10 Td (reserves were decreased on these contracts after a detailed review of existing claims data received from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 677.10 Td (clients, audits of claim files at the third party claims administrators and actuarial analysis based on all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 665.10 Td (available information; ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 638.94 cm /I164 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 641.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 641.10 Td ( favorable loss development relating to a private passenger automobile contract as a result of final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 629.10 Td (settlement of losses upon commutation of the contract at an amount lower than originally reserved. However) Tj ET Q q 0 0 0 rg BT 555.97 629.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 617.10 Td (because this contract included a sliding scale ceding commission rate, the decrease in loss reserves was of) Tj ET Q q 0 0 0 rg BT 544.79 617.10 Td (fset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 605.10 Td (by a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.94 605.10 Td ($2.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.83 605.10 Td ( increase in ceding commissions recorded as acquisition costs; ) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 578.94 cm /I165 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 581.10 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 581.10 Td ( favorable loss development relating to Florida homeowners' insurance business due to better than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 569.10 Td (expected development on sinkhole claims, primarily as a result of legislative changes implemented in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 557.10 Td (State of Florida during 2012;) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 530.94 cm /I166 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 533.10 Td ($17.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.39 533.10 Td ( of adverse loss development, net of retrocession recoveries, relating to general liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 521.10 Td (business. Loss reserves were increased on these contracts after a detailed review of existing claims data ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 509.10 Td (received from the clients, audits of claim files at the third party claims administrators and actuarial analysis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 497.10 Td (based on all available information; and) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 36.00 0 0 10.09 85.50 470.94 cm /I167 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 473.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.39 473.10 Td ( of adverse loss development on a 2007 casualty clash contract based on updated claims and loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 461.10 Td (information received from the client. ) Tj ET Q q 0 0 0 rg BT 271.26 461.10 Td (The new information indicated that ground up losses under the contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 449.10 Td (estimated by the client had increased resulting in additional losses attaching to the Company's layer) Tj ET Q q 0 0 0 rg BT 518.76 449.10 Td (. ) Tj ET Q q 0 0 0 rg BT 523.20 449.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.50 437.10 Td (result of this increase in loss reserves, the Company recorded reinstatement premiums of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.62 437.10 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.51 437.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.10 Td (There were no other significant developments of prior period loss reserves during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.09 413.10 Td (December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.67 413.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 377.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 377.10 Td (RETROCESSION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 156.47 377.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 353.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 132.78 353.10 Td (, from time to time, purchases retrocessional coverage for one or more of the following reasons: to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (manageitsoverall exposure, to reduceits net liability on individual risks, to obtain additional underwriting capacity and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (balance its underwriting portfolio. ) Tj ET Q q 0 0 0 rg BT 188.08 329.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 237.98 329.10 Td (, retrocession can be used as a mechanism to share the risks and rewards of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (business written and therefore can be used as a tool to align the Company'sinterests with those of itscounterparties. ) Tj ET Q q 0 0 0 rg BT 515.73 317.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (Company currently has coverages that provide for recovery of a portion of loss and loss expenses incurred on certain contracts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (Loss and loss adjustment expense recoverable from the retrocessionaires are recorded as assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 269.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 269.10 Td (, loss and loss adjustment expenses incurred of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.96 269.10 Td ($317.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.86 269.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.69 269.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.69 269.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.96 269.10 Td ($235.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 257.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.83 257.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.83 257.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.11 257.10 Td ($338.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.00 257.10 Td (\)reported on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.86 257.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.40 257.10 Td ( statements of incomeare net of loss and loss expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (recovered and recoverable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.31 245.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.21 245.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.04 245.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.04 245.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.31 245.10 Td ($4.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.21 245.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.64 245.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.64 245.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.92 245.10 Td ($\(10.2\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.47 245.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 410.62 245.10 Td (The negative loss and loss adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (expenses recovered for the year ended December 31, 2013, were due to reversal of loss reserves on retrocession contracts that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (were novated during 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 197.10 Td (Retrocession contracts do not relieve the Company from its obligations to the insureds. Failure of retrocessionaires to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (honor their obligations could result in losses to the Company) Tj ET Q q 0 0 0 rg BT 292.43 185.10 Td (. ) Tj ET Q q 0 0 0 rg BT 296.88 185.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.38 185.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.97 185.10 Td (, the Company had losses receivable and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (loss reserves recoverable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.78 173.10 Td ($3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.67 173.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.50 173.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.09 173.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.37 173.10 Td ($18.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.26 173.10 Td (\) from unrated retrocessionaires and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.14 173.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.03 173.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 161.10 Td (December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.41 161.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.69 161.10 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.25 161.10 Td (\) from a retrocessionaire rated ) Tj ET Q q 0 0 0 rg BT 269.69 161.10 Td (A- by ) Tj ET Q q 0 0 0 rg BT 294.69 161.10 Td (A.M. Best. During 2015, the Company reached a settlement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 149.10 Td (commute a retrocession contract with one of the unrated retrocessionaires, which commutation resulted in a decrease in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (losses recoverable from unrated retrocessionaires. ) Tj ET Q q 0 0 0 rg BT 251.09 137.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.59 137.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.61 137.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.61 137.10 Td ($3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.50 137.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.94 137.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.83 137.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 556.49 137.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (of losses recoverable from unrated retrocessionaires were secured by cash collateral held by the Company) Tj ET Q q 0 0 0 rg BT 472.57 125.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 101.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.82 101.10 Td (The Company regularly evaluates the financial condition of its retrocessionaires to assess the ability of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (retrocessionaires to honor their respective obligations. ) Tj ET Q q 0 0 0 rg BT 268.05 89.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.55 89.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.57 89.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.57 89.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.57 89.10 Td ( provision for uncollectible losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td (recoverable was considered necessary) Tj ET Q q 0 0 0 rg BT 200.72 77.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td () Tj ET Q endstream endobj 211 0 obj <>] /Rotate 0 /Contents 212 0 R>> endobj 212 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-28) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (9) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 54.50 749.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 749.25 Td (SHARE CAPIT) Tj ET Q q 0 0 0 rg BT 144.32 749.25 Td (AL) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.66 749.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (The holders of all ordinary shares are entitled to share equally in dividends declared by the Board of Directors. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.25 Td (event of a winding-up or dissolution of the Company) Tj ET Q q 0 0 0 rg BT 261.04 713.25 Td (, the ordinary shareholders share equally and ratably in the assets of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.25 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 701.25 Td (, after payment of all debts and liabilities of the Company and after liquidation of any issued and outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (preferred shares. ) Tj ET Q q 0 0 0 rg BT 118.07 689.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.57 689.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.16 689.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.16 689.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.16 689.25 Td ( preferred shares were issued or outstanding. ) Tj ET Q q 0 0 0 rg BT 405.03 689.25 Td (The Board of Directors is authorized to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.25 Td (establish the rights and restrictions for preferred shares as they deem appropriate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 653.25 Td (The ) Tj ET Q q 0 0 0 rg BT 94.37 653.25 Td (Third ) Tj ET Q q 0 0 0 rg BT 118.53 653.25 Td (Amended and Restated Memorandum and ) Tj ET Q q 0 0 0 rg BT 289.32 653.25 Td (Articles of ) Tj ET Q q 0 0 0 rg BT 333.76 653.25 Td (Association as revised by special resolution on July 10, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.25 Td (2008 \(the "Articles"\), provide that the holders of Class ) Tj ET Q q 0 0 0 rg BT 269.84 641.25 Td (A) Tj ET Q q 0 0 0 rg BT 276.51 641.25 Td ( ordinary shares generally are entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.06 641.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 641.25 Td ( vote per share. However) Tj ET Q q 0 0 0 rg BT 554.33 641.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.25 Td (except upon unanimous consent of the Board of Directors, no Class ) Tj ET Q q 0 0 0 rg BT 321.67 629.25 Td (A) Tj ET Q q 0 0 0 rg BT 328.34 629.25 Td ( shareholder is permitted to vote an amount of shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.25 Td (which would cause any United States person to own \(directly) Tj ET Q q 0 0 0 rg BT 294.07 617.25 Td (, indirectly or constructively under applicable United States tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.25 Td (attribution and constructive ownership rules\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.40 605.25 Td (9.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.23 605.25 Td ( or more of the total voting power of all issued and outstanding ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 79.31 593.25 Td (The ) Tj ET Q q 0 0 0 rg BT 96.80 593.25 Td (Articles further provide that the holders of Class B ordinary shares generally are entitled to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.08 593.25 Td (ten) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.30 593.25 Td ( votes per share. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 581.25 Td (, holders of Class B ordinary shares, together with their af) Tj ET Q q 0 0 0 rg BT 317.18 581.25 Td (filiates, are limited to voting that number of Class B ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.25 Td (shares equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.42 569.25 Td (9.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.25 569.25 Td ( of the total voting power of the total issued and outstanding ordinary shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 545.25 Td (Pursuant to the Shareholders' ) Tj ET Q q 0 0 0 rg BT 194.95 545.25 Td (Agreement, dated ) Tj ET Q q 0 0 0 rg BT 267.98 545.25 Td (August 1) Tj ET Q q 0 0 0 rg BT 304.00 545.25 Td (1, 2004, by and among the Company and certain of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.25 Td (shareholders \(the Shareholders) Tj ET Q q 0 0 0 rg BT 179.82 533.25 Td ( ) Tj ET Q q 0 0 0 rg BT 181.77 533.25 Td (Agreement\), the holders of at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.99 533.25 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.32 533.25 Td ( of the outstanding Registrable Securities \(as defined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.25 Td (in the Shareholders' ) Tj ET Q q 0 0 0 rg BT 130.45 521.25 Td (Agreement\), may) Tj ET Q q 0 0 0 rg BT 199.77 521.25 Td (, subject to certain conditions, request to have all or part of their Registrable Securities to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.25 Td (become registered. ) Tj ET Q q 0 0 0 rg BT 127.34 509.25 Td (The Shareholders' ) Tj ET Q q 0 0 0 rg BT 201.34 509.25 Td (Agreement requires, among other things, that the Company use its commercially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.25 Td (reasonable best ef) Tj ET Q q 0 0 0 rg BT 120.95 497.25 Td (forts to have a registration statement covering such Registrable Securities to be declared ef) Tj ET Q q 0 0 0 rg BT 483.69 497.25 Td (fective. ) Tj ET Q q 0 0 0 rg BT 515.72 497.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.25 Td (registration rights granted pursuant to the Shareholders' ) Tj ET Q q 0 0 0 rg BT 273.20 485.25 Td (Agreement are not deemed to be liabilities; therefore, there has been no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.25 Td (recognition in the consolidated financial statements of the registration rights granted pursuant to the Shareholders' ) Tj ET Q q 0 0 0 rg BT 507.01 473.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 449.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 449.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 449.25 Td (, the Company hasan ef) Tj ET Q q 0 0 0 rg BT 275.99 449.25 Td (fective Form S-3registration statement, on file with the SEC, for an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.25 Td (aggregate principal amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.23 437.25 Td ($200.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.12 437.25 Td ( in securities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.25 Td (Shares authorized for issuance are comprised of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.59 413.25 Td (300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.09 413.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.92 413.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.92 413.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.20 413.25 Td (300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.70 413.25 Td (\) Class ) Tj ET Q q 0 0 0 rg BT 396.15 413.25 Td (A) Tj ET Q q 0 0 0 rg BT 402.82 413.25 Td ( ordinary shares in relation to share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (purchase options granted to a service provider and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.32 401.25 Td (3,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.32 401.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 401.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 401.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.43 401.25 Td (3,500,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.43 401.25 Td (\) Class ) Tj ET Q q 0 0 0 rg BT 393.88 401.25 Td (A) Tj ET Q q 0 0 0 rg BT 400.54 401.25 Td ( ordinary shares authorized for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 389.25 Td (s stock incentive plan for eligible employees, directors and consultants. ) Tj ET Q q 0 0 0 rg BT 378.31 389.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.76 389.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.34 389.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.78 389.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.78 389.25 Td (, there ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.43 377.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.43 377.25 Td ( remaining Class ) Tj ET Q q 0 0 0 rg BT 150.59 377.25 Td (A) Tj ET Q q 0 0 0 rg BT 157.26 377.25 Td ( ordinary shares available for future issuance relating to share purchase options granted to the service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.25 Td (provider) Tj ET Q q 0 0 0 rg BT 82.98 365.25 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.92 365.25 Td (658,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.42 365.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.25 365.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.25 365.25 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.52 365.25 Td (803,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.02 365.25 Td (\) Class ) Tj ET Q q 0 0 0 rg BT 230.47 365.25 Td (A) Tj ET Q q 0 0 0 rg BT 237.14 365.25 Td ( ordinary shares remained available for future issuance under the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.25 Td (stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 134.29 353.25 Td (The stock incentive plan is administered by the Compensation Committee of the Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 329.25 Td (The Board has adopted a share repurchase plan. Under the share repurchase plan, the Board authorized the Company to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.25 Td (purchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.32 317.25 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.21 317.25 Td ( of its Class) Tj ET Q q 0 0 0 rg BT 203.10 317.25 Td (A) Tj ET Q q 0 0 0 rg BT 209.77 317.25 Td ( ordinary shares from time to time. Class) Tj ET Q q 0 0 0 rg BT 375.02 317.25 Td (A) Tj ET Q q 0 0 0 rg BT 381.69 317.25 Td ( ordinary shares or securities convertible into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 305.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 305.25 Td ( ordinary shares, may be purchased in the open market, through privately negotiated transactions or Rule 10b5-1 stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.25 Td (trading plans. ) Tj ET Q q 0 0 0 rg BT 106.25 293.25 Td (The timing of such repurchases and actual number of shares repurchased will depend on a variety of factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.25 Td (including price, market conditions and applicable regulatory and corporate requirements. ) Tj ET Q q 0 0 0 rg BT 407.52 281.25 Td (The share repurchase plan, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.25 Td (expires on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.38 269.25 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.21 269.25 Td (, does not require the Company to repurchase any specific number of shares and may be modified, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.25 Td (suspended or terminated at any time without prior notice. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 257.25 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.32 257.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.32 257.25 Td (613,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.82 257.25 Td ( Class ) Tj ET Q q 0 0 0 rg BT 514.94 257.25 Td (A) Tj ET Q q 0 0 0 rg BT 521.61 257.25 Td ( ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.25 Td (shares were repurchased by the Company) Tj ET Q q 0 0 0 rg BT 215.18 245.25 Td (. ) Tj ET Q q 0 0 0 rg BT 219.63 245.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.07 245.25 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 245.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.65 245.25 Td (1,386,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.65 245.25 Td ( shares remained available for repurchase under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.25 Td (the share repurchase plan. Under the Companies Law of the Cayman Islands,the Company cannot hold treasury shares; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.25 Td (therefore, all ordinary shares repurchased are canceled immediately upon repurchase. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 197.25 Td (The following table is a summary of voting ordinary shares issued and outstanding:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 159.75 159.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.00 159.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 159.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 159.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 159.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 159.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 159.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 159.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 159.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 159.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 159.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 159.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 159.75 55.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 111.75 159.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 111.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 111.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 111.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 111.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 111.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 111.75 55.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 72.75 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.00 72.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.00 72.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 72.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.00 72.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.00 72.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.00 72.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.00 72.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.00 72.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.00 72.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 72.75 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.00 72.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.00 72.75 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 212 172.75 m 267 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267 172.75 m 271 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 172.75 m 326 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 330 172.75 m 385 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385 172.75 m 389 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 172.75 m 444 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448 172.75 m 503 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 503 172.75 m 507 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507 172.75 m 562 172.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 212 159.75 m 267 159.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 271 159.75 m 326 159.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 330 159.75 m 385 159.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 159.75 m 444 159.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 448 159.75 m 503 159.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 507 159.75 m 562 159.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 330 159.75 m 385 159.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 389 159.75 m 444 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 72.75 m 267 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 58.75 m 267 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212 56.75 m 267 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 72.75 m 326 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 58.75 m 326 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271 56.75 m 326 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 72.75 m 385 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 58.75 m 385 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330 56.75 m 385 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 72.75 m 444 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 58.75 m 444 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389 56.75 m 444 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 72.75 m 503 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 58.75 m 503 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 56.75 m 503 56.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 72.75 m 562 72.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 58.75 m 562 58.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 56.75 m 562 56.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 177.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.50 177.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 376.50 177.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.50 177.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 223.25 163.48 Td (Class A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.00 163.48 Td (Class B) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 341.25 163.48 Td (Class A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.00 163.48 Td (Class B) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.25 163.48 Td (Class A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 518.00 163.48 Td (Class B) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 140.42 Td (Balance beginning of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.10 140.42 Td (31,129,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.10 140.42 Td (6,254,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 140.42 Td (30,791,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.10 140.42 Td (6,254,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 140.42 Td (30,447,179) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 140.42 Td (6,254,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 126.32 Td (Issue of ordinary shares, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 116.32 Td (forfeitures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 116.42 Td (256,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 116.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 116.42 Td (337,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 116.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 116.42 Td (344,686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 116.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 102.32 Td (Repurchase of ordinary shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.30 102.32 Td (\(613,540) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.15 102.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 102.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 102.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.15 102.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 102.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 102.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 87.42 Td (Class B shares converted to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 77.42 Td (shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.15 77.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.15 77.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 77.42 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.80 77.47 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.15 77.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 77.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 77.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 62.42 Td (Balance end of year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.10 62.42 Td (30,772,572) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.10 62.42 Td (6,254,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.10 62.42 Td (31,129,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.10 62.42 Td (6,254,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.10 62.42 Td (30,791,865) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.10 62.42 Td (6,254,949) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 213 0 obj <>] /Rotate 0 /Contents 214 0 R>> endobj 214 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (Greenlight Re is subject to the Cayman Islands' Insurance \(Capital and Solvency\) \(Classes B, C, and D Insurers\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (Regulations, 2012 \(the "Insurance Regulations"\). ) Tj ET Q q 0 0 0 rg BT 248.27 737.10 Td (The Insurance Regulations impose a MinimumCapital Requirement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 737.10 Td (US) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td ($50.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 725.10 Td ( and a Prescribed Capital Requirement of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.84 725.10 Td ($466.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.73 725.10 Td ( on Greenlight Re as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.26 725.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.85 725.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.68 725.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.68 725.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 725.10 Td ($443.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 713.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 86.17 713.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.61 713.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.20 713.10 Td (, Greenlight Re's statutory capital and surplus of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.57 713.10 Td ($788.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.46 713.10 Td ( exceeded the Minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (Capital Requirement as well as the Prescribed Capital Requirement. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.97 701.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.97 701.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (Greenlight Re's net income \(loss\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.49 689.10 Td ($\(309.5\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.04 689.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.04 689.10 Td ($1) Tj ET Q q 0 0 0 rg BT 283.67 689.10 Td (13.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.56 689.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.50 689.10 Td ($229.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.39 689.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 466.05 689.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 665.10 Td (Greenlight Re is not required to prepare separate statutory financial statements for filing with CIMA) Tj ET Q q 0 0 0 rg BT 477.50 665.10 Td ( and there were no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (material dif) Tj ET Q q 0 0 0 rg BT 95.69 653.10 Td (ferences between Greenlight Re's GAAP) Tj ET Q q 0 0 0 rg BT 258.73 653.10 Td ( capital, surplus and net income, and its statutory capital, surplus and net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (income as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.09 641.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.12 641.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 617.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 617.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 617.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.53 617.10 Td ($325.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.42 617.10 Td ( of the Company's retained earnings were restricted from payment of dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (to the Company's shareholders.However) Tj ET Q q 0 0 0 rg BT 213.36 605.10 Td (, since most of the Company's capital and retained earnings are invested in its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (subsidiaries, a dividend from one or more of the Company's subsidiaries would likely be required in order to fund a dividend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 581.10 Td (the Company's shareholders.) Tj ET Q q 0 0 0 rg BT 166.28 581.10 Td (Any dividends declared and paid from Greenlight Re to the Company would require approval of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (CIMA. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.24 569.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.83 569.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.83 569.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.72 569.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.55 569.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.55 569.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.83 569.10 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.38 569.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.38 569.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.38 569.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.66 569.10 Td (nil) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.22 569.10 Td (\) of dividends were declared and paid by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (Greenlight Re to the Company) Tj ET Q q 0 0 0 rg BT 171.60 557.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.05 557.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 557.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.52 557.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.52 557.10 Td ($322.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.41 557.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.85 557.10 Td ($658.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.74 557.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 513.40 557.10 Td (, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Greenlight Re's capital and surplus was available for distribution as dividends. ) Tj ET Q q 0 0 0 rg BT 365.50 545.10 Td (The amount of dividends that GRIL) Tj ET Q q 0 0 0 rg BT 508.71 545.10 Td ( is permitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (to distribute is limited to its retained earnings and the Central Bank of Ireland has powers to intervene if a dividend payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (were to lead to a breach of regulatory capital requirements. ) Tj ET Q q 0 0 0 rg BT 287.45 521.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.89 521.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.92 521.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.92 521.10 Td (none) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.35 521.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.79 521.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.68 521.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 509.10 Td (, of GRIL's capital and surplus was available for distribution as dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 485.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 99.46 485.10 Td ( is obligated to maintain a minimum level of capital \(the "Required Minimum Mar) Tj ET Q q 0 0 0 rg BT 429.12 485.10 Td (gin"\). ) Tj ET Q q 0 0 0 rg BT 453.76 485.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.20 485.10 Td (December 31, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 473.10 Td (, GRIL) Tj ET Q q 0 0 0 rg BT 114.40 473.10 Td ( met such requirements. ) Tj ET Q q 0 0 0 rg BT 211.87 473.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.32 473.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.34 473.10 Td (, GRIL's statutory capital and surplus was the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (as its U.S. GAAP) Tj ET Q q 0 0 0 rg BT 119.42 461.10 Td ( capital and surplus of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.23 461.10 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.12 461.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.56 461.10 Td ($42.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.45 461.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 390.11 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 394.93 461.10 Td (The required solvency mar) Tj ET Q q 0 0 0 rg BT 502.21 461.10 Td (gin for GRIL) Tj ET Q q 0 0 0 rg BT 554.60 461.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 449.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.18 449.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.73 449.10 Td ($18.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.63 449.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.06 449.10 Td ($13.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.96 449.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 389.62 449.10 Td (. GRIL's statutory net income \(loss\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td ($\(12.8\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.05 437.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.05 437.10 Td ($\(3.3\) million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.60 437.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.04 437.10 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.93 437.10 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.31 437.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.31 437.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 515.97 437.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 413.10 Td (Additional paid-in capital includes the premium per share paid by the subscribing shareholders for Class ) Tj ET Q q 0 0 0 rg BT 496.12 413.10 Td (A) Tj ET Q q 0 0 0 rg BT 502.79 413.10 Td ( and B ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (ordinary shares which have a par value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.88 401.10 Td ($0.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.38 401.10 Td ( each. It also includes share-based awards earned not yet issued.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 365.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 365.10 Td (SHARE-BASED COMPENSA) Tj ET Q q 0 0 0 rg BT 207.11 365.10 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 232.67 365.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 341.10 Td (The Company has a stock incentive plan for directors, employees and consultants as detailed in Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.22 341.10 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.22 341.10 Td ( above. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (Service Pr) Tj ET Q q 0 0 0 rg BT 93.46 317.10 Td (ovider) Tj ET Q q 0 0 0 rg BT 120.50 317.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 143.38 317.10 Td (e Pur) Tj ET Q q 0 0 0 rg BT 166.24 317.10 Td (chase Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 293.10 Td (On September 20, 2004, the Company had granted share purchase options to a service provider to purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.32 293.10 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.82 293.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.12 281.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.79 281.10 Td ( ordinary shares at an exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.38 281.10 Td ($10.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.88 281.10 Td ( per share.During 2014, the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.34 281.10 Td (20,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.84 281.10 Td ( share purchase options ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (outstanding were exercised, resulting in the net issuance of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.76 269.10 Td (13,861) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.26 269.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 341.38 269.10 Td (A) Tj ET Q q 0 0 0 rg BT 348.05 269.10 Td ( ordinary shares \(net of shares surrendered as a result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td (of the cashless exercise of stock options\). ) Tj ET Q q 0 0 0 rg BT 217.61 257.10 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.35 257.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.35 257.10 Td ( service provider share purchase options outstanding as of December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (31, 2015 and 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.00 221.10 Td (Employee and Dir) Tj ET Q q 0 0 0 rg BT 129.60 221.10 Td (ector) Tj ET Q q 0 0 0 rg BT 151.06 221.10 Td ( Restricted Shar) Tj ET Q q 0 0 0 rg BT 220.31 221.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 197.10 Td (As part of its stock incentive plan, the Company issues restricted shares for which the fair value is equal to the price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (the Company) Tj ET Q q 0 0 0 rg BT 105.88 185.10 Td (s Class ) Tj ET Q q 0 0 0 rg BT 135.89 185.10 Td (A) Tj ET Q q 0 0 0 rg BT 142.56 185.10 Td ( ordinary shares on the grant date. Compensation based on the grant date fair market value of the shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (is expensed on a straight line basis over the applicable vesting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 161.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 149.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 149.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.28 149.10 Td (78,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.78 149.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.61 149.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.61 149.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.88 149.10 Td (127,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.38 149.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.38 149.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.38 149.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.66 149.10 Td (1) Tj ET Q q 0 0 0 rg BT 363.29 149.10 Td (1) Tj ET Q q 0 0 0 rg BT 367.92 149.10 Td (1,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.42 149.10 Td (\) restricted Class ) Tj ET Q q 0 0 0 rg BT 459.57 149.10 Td (A) Tj ET Q q 0 0 0 rg BT 466.24 149.10 Td ( ordinary shares were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 137.10 Td (issued to employees pursuant to the Company) Tj ET Q q 0 0 0 rg BT 236.14 137.10 Td (s stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 327.33 137.10 Td (These shares contain certain restrictions relating to, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 125.10 Td (among other things, vesting, forfeiture in the event of termination of employment and transferability) Tj ET Q q 0 0 0 rg BT 450.13 125.10 Td (. Each of these restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 113.10 Td (shares clif) Tj ET Q q 0 0 0 rg BT 90.13 113.10 Td (f vest after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.39 113.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.97 113.10 Td ( from the date of issuance, subject to the grantee) Tj ET Q q 0 0 0 rg BT 375.01 113.10 Td (s continued service with the Company) Tj ET Q q 0 0 0 rg BT 527.39 113.10 Td (. During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 101.10 Td (the vesting period, the holder of the restricted shares retains voting rights and is entitled to any dividends declared by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 89.10 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 89.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 65.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 65.10 Td (, the Company issued an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.01 65.10 Td (28,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.51 65.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.34 65.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.34 65.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.62 65.10 Td (28,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.12 65.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.12 65.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.12 65.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.40 65.10 Td (36,374) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.90 65.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (restricted Class ) Tj ET Q q 0 0 0 rg BT 112.82 53.10 Td (A) Tj ET Q q 0 0 0 rg BT 119.49 53.10 Td ( ordinary shares to non-employee directors as part of their remuneration for services to the Company) Tj ET Q q 0 0 0 rg BT 521.77 53.10 Td (. Each of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 41.10 Td (these restricted shares issued to non-employee directors contains similar restrictions to those issued to employees and will vest ) Tj ET Q endstream endobj 215 0 obj <>] /Rotate 0 /Contents 216 0 R>> endobj 216 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (on the earlier of the first anniversary of the share issuance or the Company) Tj ET Q q 0 0 0 rg BT 350.78 749.10 Td (s next annual general meeting, subject to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (grantee) Tj ET Q q 0 0 0 rg BT 81.70 737.10 Td (s continued service with the Company) Tj ET Q q 0 0 0 rg BT 234.08 737.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 713.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 713.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.28 713.10 Td (9,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.78 713.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.61 713.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.61 713.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.88 713.10 Td (38,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.38 713.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.38 713.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.38 713.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.66 713.10 Td (16,826) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.16 713.10 Td (\) restricted shares were forfeited by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td (employees who left the Company prior to the expiration of the applicable vesting periods.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.35 701.10 Td (For the year ended December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 689.10 Td (, in accordance with U.S. GAAP) Tj ET Q q 0 0 0 rg BT 198.92 689.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.42 689.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.31 689.10 Td ( of stock compensation expense \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.33 689.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.33 689.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.61 689.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 689.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.50 689.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.50 689.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.78 689.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.67 689.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (relating to the forfeited restricted shares was reversed.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 653.10 Td (The Company recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.41 653.10 Td ($3.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.30 653.10 Td ( of share-based compensation expense, net of forfeitures, relating to restricted shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.38 641.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.04 641.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.88 641.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.88 641.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 641.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.04 641.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.04 641.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.04 641.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.32 641.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.21 641.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 369.99 641.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.44 641.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.02 641.10 Td (, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.43 641.10 Td ($3.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 629.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.22 629.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.22 629.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.50 629.10 Td ($4.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.39 629.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.39 629.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.39 629.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.67 629.10 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.56 629.10 Td (\) of unrecognized compensation costs related to non-vested restricted shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 Td (which are expected to be recognized over a weighted average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.58 617.10 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.08 617.10 Td ( years \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.51 617.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.51 617.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.79 617.10 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.29 617.10 Td ( years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.89 617.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.89 617.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.16 617.10 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.66 617.10 Td ( years\). For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 605.10 Td (, the total fair value of restricted shares vested was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.81 605.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.70 605.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.53 605.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.53 605.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.81 605.10 Td ($2.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.70 605.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.70 605.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.70 605.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.98 605.10 Td ($2.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 593.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 569.10 Td (The restricted share award activity during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.59 569.10 Td (years ended December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.59 569.10 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 514.60 381.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 514.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 514.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 514.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 484.60 381.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 484.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 484.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 484.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 454.60 381.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 454.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 454.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 454.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 454.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 424.60 381.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 424.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 424.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 393.60 381.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 393.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.00 393.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 393.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.00 393.60 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 434 514.6 m 496 514.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 500 514.6 m 562 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 454.6 m 496 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 454.6 m 562 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 393.6 m 496 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 393.6 m 562 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 379.6 m 496 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434 377.6 m 496 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 379.6 m 562 379.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 377.6 m 562 377.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 519.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.35 549.28 Td (Number) Tj ET Q q 0 0 0 rg BT 476.72 549.28 Td ( of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 441.40 539.28 Td (non-vested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 444.00 529.28 Td (r) Tj ET Q q 0 0 0 rg BT 448.26 529.28 Td (estricted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.70 519.28 Td (shar) Tj ET Q q 0 0 0 rg BT 470.91 519.28 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.20 549.28 Td (W) Tj ET Q q 0 0 0 rg BT 519.65 549.28 Td (eighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.55 539.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.40 529.28 Td (grant date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.15 519.28 Td (fair) Tj ET Q q 0 0 0 rg BT 525.52 519.28 Td ( value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 504.27 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 504.27 Td (328,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 504.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 504.27 Td (24.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 489.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 489.27 Td (155,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 489.27 Td (32.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 474.27 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 474.32 Td (\(115,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 474.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 474.27 Td (25.35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 459.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 459.32 Td (\(38,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 459.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 459.27 Td (27.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 444.27 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 444.27 Td (330,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 444.27 Td (27.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 429.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 429.27 Td (106,900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 429.27 Td (31.56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 414.27 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 414.32 Td (\(120,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 414.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 414.27 Td (26.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 398.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.30 398.32 Td (\(9,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.15 398.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 398.27 Td (30.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 383.27 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 383.27 Td (307,013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.50 383.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 383.27 Td (29.74) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (Employee and Dir) Tj ET Q q 0 0 0 rg BT 127.10 355.10 Td (ector) Tj ET Q q 0 0 0 rg BT 148.56 355.10 Td ( Stock Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 331.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 331.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.28 331.10 Td (40,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.78 331.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 290.89 331.10 Td (A) Tj ET Q q 0 0 0 rg BT 297.56 331.10 Td ( ordinary share purchase options were granted to the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 319.10 Td (Chief Executive Of) Tj ET Q q 0 0 0 rg BT 127.07 319.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 144.98 319.10 Td (, pursuant to his employment contract \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.89 319.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.89 319.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.17 319.10 Td (31,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.67 319.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 362.82 319.10 Td (These options vest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.75 319.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.08 319.10 Td ( on the date of the grant, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 307.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 307.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.77 307.10 Td ( each on the anniversary thereof in 2016, 2017 and 2018, and expire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.40 307.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.40 307.10 Td ( years after the grant date. ) Tj ET Q q 0 0 0 rg BT 475.55 307.10 Td (The grant date fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 295.10 Td (value of these options was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.53 295.10 Td ($12.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.03 295.10 Td ( per share \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.73 295.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.73 295.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.01 295.10 Td ($15.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.51 295.10 Td ( per share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.38 295.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.38 295.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 295.10 Td ($13.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 295.10 Td (\), based on the Black-Scholes option pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 283.10 Td (model. ) Tj ET Q q 0 0 0 rg BT 79.31 283.10 Td (The estimate of expectedvolatilityfor options granted during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.85 283.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.85 283.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.29 283.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.29 283.10 Td ( was based on the daily historical trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (data of the Company's Class ) Tj ET Q q 0 0 0 rg BT 164.90 271.10 Td (A) Tj ET Q q 0 0 0 rg BT 171.57 271.10 Td ( ordinary shares from the date that these shares commenced trading on May 24, 2007 to ) Tj ET Q q 0 0 0 rg BT 523.97 271.10 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (5, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.50 259.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.50 259.10 Td (. For options granted prior to 2014, the Company had determined the expected volatility based primarily on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (historical volatility of a peer group of companies in the reinsurance industry while also considering the Company) Tj ET Q q 0 0 0 rg BT 504.94 247.10 Td (s own ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (historical volatility) Tj ET Q q 0 0 0 rg BT 124.67 235.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 206.10 Td (The Company uses the Black-Scholes option pricing model to determine the valuation of its options and has applied the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (assumptions set forth in the following table.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 164.60 291.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 164.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 164.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 164.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 164.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 164.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 164.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 136.60 291.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 136.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 136.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 136.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 136.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 136.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 136.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 108.60 291.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 108.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 108.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 108.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 108.60 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 108.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 108.60 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344 164.60000000000002 m 414 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 164.60000000000002 m 488 164.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 164.60000000000002 m 562 164.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 368.50 169.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 442.50 169.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 516.50 169.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 155.17 Td (Risk free rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 155.17 Td (2.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 155.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 155.17 Td (2.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 155.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 155.17 Td (2.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 155.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 141.17 Td (Estimated volatility) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 141.17 Td (32.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 141.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 141.17 Td (34.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 141.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 141.17 Td (35.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 141.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 127.17 Td (Expected term \(in years\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 127.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 127.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.50 127.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 113.17 Td (Dividend yield) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 113.17 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 113.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 113.17 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 113.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 113.17 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 113.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 99.17 Td (Forfeiture rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 99.17 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.15 99.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 99.17 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.15 99.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 99.17 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 99.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 66.10 Td (At the present time, the Board of Directors does not anticipate that any dividends will be declared during the expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.10 Td (term of the options. ) Tj ET Q q 0 0 0 rg BT 130.14 54.10 Td (The Company uses graded vesting for expensing employee stock options. ) Tj ET Q q 0 0 0 rg BT 426.84 54.10 Td (The total compensation cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 42.10 Td (expensed for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.08 42.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.75 42.10 Td ( related to employee and director stock options was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.75 42.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.64 42.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.47 42.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.47 42.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.75 42.10 Td ($0.5 ) Tj ET Q endstream endobj 217 0 obj <>] /Rotate 0 /Contents 218 0 R>> endobj 218 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 749.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 749.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.39 749.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 749.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.67 749.10 Td ($0.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.56 749.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 165.34 749.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.84 749.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.42 749.10 Td (, the total compensation cost related to non-vested options not yet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (recognized was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.91 737.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.81 737.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.64 737.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.64 737.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 737.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.81 737.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.81 737.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.81 737.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.08 737.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.98 737.10 Td (\) to be recognized over a weighted average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.21 737.10 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.71 737.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (years \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.43 725.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.43 725.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.71 725.10 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.21 725.10 Td ( years, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.81 725.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.81 725.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.08 725.10 Td (1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.58 725.10 Td ( years\) assuming the employees complete their service period for vesting of the options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 696.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 696.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.28 696.10 Td (250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.78 696.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.61 696.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.61 696.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.88 696.10 Td (318,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.38 696.10 Td (\) stock options were exercised by directors and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (employees resulting in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.54 684.10 Td (158,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.04 684.10 Td ( Class ) Tj ET Q q 0 0 0 rg BT 201.16 684.10 Td (A) Tj ET Q q 0 0 0 rg BT 207.83 684.10 Td ( ordinary shares issued, net of shares surrendered as a result of the cashless exercise of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (stock options \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 672.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.39 672.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.67 672.10 Td (207,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.17 672.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 174.31 672.10 Td (When stock options are granted, the Company reduces the corresponding number from the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (shares authorized for issuance as part of the Company) Tj ET Q q 0 0 0 rg BT 268.32 660.10 Td (s stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 359.50 660.10 Td (The intrinsic value of options exercised during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 648.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.72 648.10 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.61 648.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.44 648.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.44 648.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.72 648.10 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.61 648.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.61 648.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.61 648.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.89 648.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.78 648.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 619.10 Td (Employee and director stock option activity during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.55 619.10 Td (years ended December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.55 619.10 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 564.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 564.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 564.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 564.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 564.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 534.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 534.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 534.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 534.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 534.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 504.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 504.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 504.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 504.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 504.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 504.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 474.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 474.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 474.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 474.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 474.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 474.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 444.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 444.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 444.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 444.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 444.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 414.60 295.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 414.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 414.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 414.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 414.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 344 564.6 m 414 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 418 564.6 m 488 564.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 564.6 m 562 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 489.6 m 414 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 489.6 m 488 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 489.6 m 562 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 414.6 m 414 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 414.6 m 488 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 414.6 m 562 414.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 400.6 m 414 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 398.6 m 414 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 400.6 m 488 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 398.6 m 488 398.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 400.6 m 562 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 398.6 m 562 398.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.35 579.28 Td (Number) Tj ET Q q 0 0 0 rg BT 390.72 579.28 Td ( of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.65 569.28 Td (options) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 432.20 599.28 Td (W) Tj ET Q q 0 0 0 rg BT 441.65 599.28 Td (eighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.55 589.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 434.40 579.28 Td (exer) Tj ET Q q 0 0 0 rg BT 455.03 579.28 Td (cise) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.40 569.28 Td (price) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.20 599.28 Td (W) Tj ET Q q 0 0 0 rg BT 515.65 599.28 Td (eighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 508.55 589.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 503.15 579.28 Td (grant date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 504.90 569.28 Td (fair) Tj ET Q q 0 0 0 rg BT 522.77 569.28 Td ( value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 554.27 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 554.27 Td (1,402,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 554.27 Td (15.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 554.27 Td (7.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 539.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 539.27 Td (31,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 539.27 Td (32.37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 539.27 Td (15.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 524.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.30 524.32 Td (\(318,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 524.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 524.27 Td (11.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 524.27 Td (5.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 509.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 509.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 494.27 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 494.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 479.27 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.15 479.27 Td (1,116,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 479.27 Td (17.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 479.27 Td (7.73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 464.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 464.27 Td (40,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 464.27 Td (26.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 464.27 Td (12.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 449.27 Td (Exercised) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.30 449.32 Td (\(250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.15 449.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 449.27 Td (11.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 449.27 Td (5.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 434.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 434.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 434.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 434.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 419.27 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 419.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.15 419.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 419.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 404.27 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 404.27 Td (906,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 404.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 404.27 Td (19.78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 404.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 404.27 Td (8.53) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 376.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 376.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 376.10 Td (, the weighted-average remaining contractual term for options outstanding was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.98 376.10 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.48 376.10 Td ( years \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.91 376.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.91 376.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 364.10 Td ( years\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 340.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 340.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 340.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.58 340.10 Td (851,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.08 340.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.91 340.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.91 340.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.19 340.10 Td (1,062,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.19 340.10 Td (\) stock options were exercisable. ) Tj ET Q q 0 0 0 rg BT 409.30 340.10 Td (These options had a weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (average exercise price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.65 328.10 Td ($19.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.15 328.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.98 328.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.98 328.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.26 328.10 Td ($17.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.76 328.10 Td (\) and a weighted-average remaining contractual term of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 328.10 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 328.10 Td ( years \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.58 328.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.58 328.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.86 328.10 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.36 328.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (years\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 292.10 Td (The weighted average grant date fair value of options granted during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.61 292.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.28 292.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.83 292.10 Td ($12.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.33 292.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 280.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.83 280.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.11 280.10 Td ($15.71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.61 280.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.61 280.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.61 280.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.89 280.10 Td ($13.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.39 280.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 171.54 280.10 Td (The aggregate intrinsic value of options outstanding and options exercisable at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.39 280.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 268.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.05 268.10 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.94 268.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.38 268.10 Td ($2.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.27 268.10 Td (, respectively \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.41 268.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.41 268.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.69 268.10 Td ($16.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.58 268.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.02 268.10 Td ($16.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.91 268.10 Td (, respectively\). During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.10 268.10 Td (year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.46 256.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.46 256.10 Td (38,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.96 256.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.79 256.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.79 256.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.07 256.10 Td (53,828) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.57 256.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.57 256.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.57 256.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.85 256.10 Td (45,871) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.35 256.10 Td (\) options vested which had a weighted average grant date fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.49 244.10 Td ($12.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.99 244.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.82 244.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.82 244.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.09 244.10 Td ($1) Tj ET Q q 0 0 0 rg BT 152.72 244.10 Td (1.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.22 244.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.22 244.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.22 244.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.50 244.10 Td ($1) Tj ET Q q 0 0 0 rg BT 210.13 244.10 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.63 244.10 Td (\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (Employee Restricted Stock Units) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 196.10 Td (The Company issues restricted stock units \("RSUs"\) to certain employees as part of the stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 512.72 196.10 Td (The grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (date fair value of the RSUs is equal to the price of the Company) Tj ET Q q 0 0 0 rg BT 308.60 184.10 Td (s Class ) Tj ET Q q 0 0 0 rg BT 338.61 184.10 Td (A) Tj ET Q q 0 0 0 rg BT 345.28 184.10 Td ( ordinary shares on the grant date. Compensation cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (based on the grant date fair market value of the RSUs is expensed on a straight line basis over the vesting period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 148.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.28 148.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.28 148.10 Td (6,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.78 148.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.61 148.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.61 148.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.88 148.10 Td (9,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.38 148.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.38 148.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.38 148.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.66 148.10 Td (5,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.16 148.10 Td (\) RSUs were issued to employees pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 136.10 Td (s stock incentive plan. ) Tj ET Q q 0 0 0 rg BT 182.35 136.10 Td (These shares contain certain restrictions relating to, among other things, vesting, forfeiture in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (the event of termination of employment and transferability) Tj ET Q q 0 0 0 rg BT 283.50 124.10 Td (. Each of these RSUs clif) Tj ET Q q 0 0 0 rg BT 383.85 124.10 Td (f vest after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.10 124.10 Td (three years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.69 124.10 Td ( from the date of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (issuance, subject to the grantee) Tj ET Q q 0 0 0 rg BT 176.40 112.10 Td (s continued service with the Company) Tj ET Q q 0 0 0 rg BT 328.77 112.10 Td (. On the vesting date, the Company converts each RSU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (into one Class ) Tj ET Q q 0 0 0 rg BT 108.11 100.10 Td (A) Tj ET Q q 0 0 0 rg BT 114.78 100.10 Td ( ordinary share and issues new Class ) Tj ET Q q 0 0 0 rg BT 263.37 100.10 Td (A) Tj ET Q q 0 0 0 rg BT 270.04 100.10 Td ( ordinary shares from the shares authorized for issuance as part of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 88.10 Td (s stock incentive plan. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 64.10 Td (The Company recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.41 64.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.30 64.10 Td ( of share-based compensation expense, net of forfeitures, relating to RSUs for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.17 52.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.00 52.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.00 52.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.28 52.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.17 52.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.17 52.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.17 52.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.45 52.10 Td ($0.03 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.34 52.10 Td (\).) Tj ET Q endstream endobj 219 0 obj <>] /Rotate 0 /Contents 220 0 R>> endobj 220 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (Employee RSU activity during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.31 749.10 Td (years ended December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.31 749.10 Td ( was as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 694.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 694.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 694.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 694.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 694.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 664.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 664.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 664.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 664.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 664.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 634.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 634.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 634.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 634.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 634.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 604.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 604.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 604.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 604.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 573.60 380.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 573.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 573.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 573.60 62.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 694.6 m 495.5 694.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 694.6 m 561.5 694.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 634.6 m 495.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 634.6 m 561.5 634.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 573.6 m 495.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 573.6 m 561.5 573.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 559.6 m 495.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 557.6 m 495.5 557.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 559.6 m 561.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 557.6 m 561.5 557.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 699.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.85 719.28 Td (Number of) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 440.90 709.28 Td (non-vested) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 452.05 699.28 Td (RSUs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.70 729.28 Td (Weighted) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 512.05 719.28 Td (average) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.90 709.28 Td (grant date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 509.65 699.28 Td (fair value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 684.27 Td (Balance at December 31, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 684.27 Td (5,941) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 684.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 684.27 Td (24.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 669.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 669.27 Td (9,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 669.27 Td (32.60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 654.27 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 654.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 654.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 639.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 639.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 639.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 624.27 Td (Balance at December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 624.27 Td (15,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 624.27 Td (29.72) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 609.27 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 609.27 Td (6,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 609.27 Td (32.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 594.27 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 594.32 Td (\(260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 594.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 594.27 Td (24.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 578.27 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 578.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 578.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 563.27 Td (Balance at December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 563.27 Td (22,170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 563.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 563.27 Td (30.55) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 535.10 Td (For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.61 535.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.61 535.10 Td (, the general and administrative expenses included stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td (compensation expense \(net of forfeitures\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.43 523.10 Td ($4.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.32 523.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.32 523.10 Td ($4.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.21 523.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 523.10 Td ($3.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.54 523.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 453.21 523.10 Td (, for the expensing of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (fair value of stock options, restricted stocks and RSUs granted to employees and directors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (1) Tj ET Q q 0 0 0 rg BT 53.95 475.10 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 58.95 475.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.45 475.10 Td (NET) Tj ET Q q 0 0 0 rg BT 96.83 475.10 Td ( INVESTMENT) Tj ET Q q 0 0 0 rg BT 166.38 475.10 Td ( INCOME) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.11 475.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 451.10 Td (A) Tj ET Q q 0 0 0 rg BT 83.17 451.10 Td ( summary of net investment income for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.13 451.10 Td (years ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.12 451.10 Td ( is as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 412.60 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 412.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 412.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 412.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 412.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 412.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 412.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 384.60 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 384.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 384.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 384.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 384.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 384.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 384.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 356.60 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 356.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 356.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 356.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 356.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 356.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 356.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 328.60 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 318.00 328.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 328.60 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 480.00 328.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.00 328.60 79.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 318 426.6 m 397 426.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 401 426.6 m 480 426.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 484 426.6 m 563 426.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 328.6 m 397 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 315.6 m 397 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 318 313.6 m 397 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 328.6 m 480 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 315.6 m 480 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 313.6 m 480 313.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 328.6 m 563 328.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 315.6 m 563 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 313.6 m 563 313.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 431.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 431.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 430.00 431.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.00 431.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 417.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.80 417.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 403.17 Td (Realized gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 403.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 403.17 Td (22,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 403.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 403.17 Td (352,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 403.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 403.17 Td (122,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 389.17 Td (Change in unrealized gains and losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.30 389.22 Td (\(265,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 389.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.30 389.22 Td (\(187,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 389.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 389.17 Td (149,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 375.17 Td (Investment related foreign exchange gains \(losses\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 375.22 Td (\(3,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 375.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 375.17 Td (14,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 375.17 Td (44,492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 361.17 Td (Interest and dividend income, net of withholding taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.65 361.17 Td (15,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.65 361.17 Td (31,423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 361.17 Td (22,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 347.17 Td (Interest, dividend and other expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.30 347.22 Td (\(31,092) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 347.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 347.22 Td (\(38,892) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 347.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 347.22 Td (\(47,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 347.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 333.17 Td (Investment advisor compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.30 333.22 Td (\(19,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 333.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.30 333.22 Td (\(49,133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 333.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.30 333.22 Td (\(72,532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 333.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 319.17 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.50 319.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.30 319.22 Td (\(281,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 319.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 319.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.65 319.17 Td (122,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 319.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.65 319.17 Td (218,140) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 291.10 Td (Interest and dividend income in the above table are net of any withholding taxes. Investment returns are calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.10 Td (monthly and compounded to calculate the annual returns. ) Tj ET Q q 0 0 0 rg BT 281.19 279.10 Td (The resulting actual investment income may vary depending on cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (flows into or out of the investment account. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.52 267.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.19 267.10 Td (, investment income, net of all fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (expenses, resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.97 255.10 Td (loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.53 255.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.86 255.10 Td (20.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.69 255.10 Td ( on the investment portfolio. ) Tj ET Q q 0 0 0 rg BT 312.61 255.10 Td (This compares to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.92 255.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.13 255.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.46 255.10 Td (8.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.29 255.10 Td ( and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.17 255.10 Td (gain) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.39 255.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.72 255.10 Td (19.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.55 255.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.10 Td (reported for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.19 243.10 Td (years ended December 31, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.19 243.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 334.85 243.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 219.10 Td (The comparative 2014 and 2013 amounts presented for realized gains \(losses\), change in unrealized gain and losses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 207.10 Td (investment related foreign exchange gains \(losses\) have been reclassified to conform to the current period presentation. ) Tj ET Q q 0 0 0 rg BT 528.87 207.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.10 Td (reclassifications resulted in no changes to net investment income \(loss\), net income or retained earnings for any of the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.10 Td (presented.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 147.10 Td (12) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 147.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.82 147.10 Td (T) Tj ET Q q 0 0 0 rg BT 82.75 147.10 Td (AXA) Tj ET Q q 0 0 0 rg BT 103.67 147.10 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 129.23 147.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 135.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 123.10 Td (The Company and Greenlight Re are each domiciled in the Cayman Islands and under current Cayman Islands law) Tj ET Q q 0 0 0 rg BT 534.87 123.10 Td (, no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 111.10 Td (corporate entity) Tj ET Q q 0 0 0 rg BT 111.88 111.10 Td (, including the Company and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 99.10 Td (capital gains. ) Tj ET Q q 0 0 0 rg BT 104.58 99.10 Td (The Company and Greenlight Re each intend to conduct all of its operations in a manner that will not cause it to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.10 Td (be treated as engaging in a trade or business within the United States and will not cause it to be subject to current U.S. federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.10 Td (income taxation on its net income. However) Tj ET Q q 0 0 0 rg BT 225.99 75.10 Td (, because there are no definitive standards provided by the Internal Revenue Code, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.10 Td (regulations or court decisions as to the specific activities that constitute being engaged in the conduct of a trade or business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 51.10 Td (within the United States, and as any such determination is essentially factual in nature, there can be no assurance that the IRS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 39.10 Td (will not successfully assert that the Company or Greenlight Reis engaged in a trade or business within the U.S.) Tj ET Q endstream endobj 221 0 obj <>] /Rotate 0 /Contents 222 0 R>> endobj 222 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 82.61 730.10 Td (erdant is incorporated in Delaware,and therefore is subject to taxes in accordance with the U.S. federal rates and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (regulations prescribed by the IRS. ) Tj ET Q q 0 0 0 rg BT 188.18 718.10 Td (V) Tj ET Q q 0 0 0 rg BT 194.29 718.10 Td (erdant) Tj ET Q q 0 0 0 rg BT 222.05 718.10 Td (s taxable income is taxed at an ef) Tj ET Q q 0 0 0 rg BT 354.32 718.10 Td (fective tax rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 718.10 Td (35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.38 718.10 Td (. GRIL) Tj ET Q q 0 0 0 rg BT 473.34 718.10 Td ( is incorporated in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Ireland and, therefore, is subject to the Irish corporation tax. GRIL) Tj ET Q q 0 0 0 rg BT 315.43 706.10 Td ( is taxed at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.22 706.10 Td (12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.05 706.10 Td ( on its trading income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 682.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 682.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 682.10 Td (, included in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.51 682.10 Td (consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.05 682.10 Td ( balance sheet under other assets were taxes recoverable of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.72 682.10 Td ($0.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 670.10 Td ( relating to GRIL) Tj ET Q q 0 0 0 rg BT 147.17 670.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 670.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.00 670.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.28 670.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.17 670.10 Td ( relating to ) Tj ET Q q 0 0 0 rg BT 272.81 670.10 Td (V) Tj ET Q q 0 0 0 rg BT 278.92 670.10 Td (erdant and GRIL\), and a deferred tax asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.18 670.10 Td ($1.76 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.07 670.10 Td ( primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (relating to GRIL's net operating losses carried forward \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.45 658.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.45 658.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.73 658.10 Td ($0.03 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.62 658.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 360.40 658.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.90 658.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.48 658.10 Td (, GRIL) Tj ET Q q 0 0 0 rg BT 479.44 658.10 Td ( had a net operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (loss carryforward of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.08 646.10 Td ($14.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.97 646.10 Td ( which can be carried forward indefinitely) Tj ET Q q 0 0 0 rg BT 354.58 646.10 Td (. Based on the likelihood of GRIL) Tj ET Q q 0 0 0 rg BT 490.57 646.10 Td ( generating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (suf) Tj ET Q q 0 0 0 rg BT 61.54 634.10 Td (ficient taxable income to realize the future tax benefit, management believes it is more likely than not that the deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (asset and taxes recoverable will be fully realized in the future and therefore ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.97 622.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.97 622.10 Td (valuationallowance has been recorded. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 598.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 598.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 598.10 Td (, ) Tj ET Q q 0 0 0 rg BT 172.40 598.10 Td (V) Tj ET Q q 0 0 0 rg BT 178.52 598.10 Td (erdant had a net operating loss carryforward of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.44 598.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.33 598.10 Td ( which can be carried forward for a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (period of 20 years from the year the loss occurred and therefore will expire in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.43 586.10 Td (2033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.43 586.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (The following table sets forth our current and deferred income tax benefit\(expense\) on a consolidated basis for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.83 562.10 Td (years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (ended December 31, 2015, 2014 and 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.90 550.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 55.75 511.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.75 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 511.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.75 511.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 511.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 511.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 55.75 483.60 301.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.75 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.75 483.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.75 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.75 483.60 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.75 483.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.75 483.60 62.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 525.6 m 422.75 525.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426.75 525.6 m 488.75 525.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 525.6 m 554.75 525.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 483.6 m 422.75 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 470.6 m 422.75 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360.75 468.6 m 422.75 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.75 483.6 m 488.75 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.75 470.6 m 488.75 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.75 468.6 m 488.75 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 483.6 m 554.75 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 470.6 m 554.75 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.75 468.6 m 554.75 468.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 530.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.25 530.28 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 447.25 530.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.25 530.28 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 516.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.05 516.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 502.17 Td (Current tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 502.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.90 502.17 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.25 502.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.90 502.17 Td (638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.25 502.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.55 502.22 Td (\(534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 502.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 488.17 Td (Deferred tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.40 488.17 Td (1,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.55 488.22 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.90 488.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.55 488.22 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 488.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.25 474.17 Td (Income tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.25 474.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.40 474.17 Td (1,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.25 474.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.90 474.17 Td (624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.25 474.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.55 474.22 Td (\(538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.90 474.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 446.10 Td (The Company has nottaken any tax positions that are subject to uncertainty or that are reasonably likely to have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (material impact to the Company) Tj ET Q q 0 0 0 rg BT 177.70 434.10 Td (, Greenlight Re, GRIL) Tj ET Q q 0 0 0 rg BT 267.03 434.10 Td ( or) Tj ET Q q 0 0 0 rg BT 280.18 434.10 Td (V) Tj ET Q q 0 0 0 rg BT 286.30 434.10 Td (erdant. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 76.50 410.10 Td (Federal Excise T) Tj ET Q q 0 0 0 rg BT 146.12 410.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 386.10 Td (The United States also imposes an excisetaxon reinsurance premiums paid to non-U.S. insurers or reinsurers with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (respect to risks located in the United States. ) Tj ET Q q 0 0 0 rg BT 226.78 374.10 Td (The rate oftax, unless exempted or reduced by an applicable U.S.taxtreaty) Tj ET Q q 0 0 0 rg BT 529.34 374.10 Td (, is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (1.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.33 362.10 Td ( for all reinsurance premiums. ) Tj ET Q q 0 0 0 rg BT 192.88 362.10 Td (The Company incurs federal excise taxes on certain of its reinsurance transactions, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (including amounts ceded through intercompany transactions. Forthe years ended 2015, 2014,and 2013, the Company incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (approximately) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 338.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.65 338.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.65 338.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.54 338.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.98 338.10 Td ($3.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.87 338.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 333.53 338.10 Td (, of federal excise taxes. ) Tj ET Q q 0 0 0 rg BT 432.47 338.10 Td (These amounts are reflected as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (acquisition costs in the Company) Tj ET Q q 0 0 0 rg BT 185.04 326.10 Td (s consolidated statements of income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 290.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 290.10 Td (RELA) Tj ET Q q 0 0 0 rg BT 104.04 290.10 Td (TED P) Tj ET Q q 0 0 0 rg BT 132.47 290.10 Td (AR) Tj ET Q q 0 0 0 rg BT 146.56 290.10 Td (TY) Tj ET Q q 0 0 0 rg BT 160.08 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.40 290.10 Td (TRANSACTIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 241.86 290.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (Investment ) Tj ET Q q 0 0 0 rg BT 99.22 266.10 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 140.06 266.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 156.54 266.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 242.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 85.76 242.10 Td (fective January 1, 2014, the Company and its reinsurance subsidiaries wereparty to a joint venture agreement with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (DME ) Tj ET Q q 0 0 0 rg BT 73.67 230.10 Td (Advisors, LP) Tj ET Q q 0 0 0 rg BT 126.08 230.10 Td ( \("DME ) Tj ET Q q 0 0 0 rg BT 160.16 230.10 Td (Advisors"\) under which the Company) Tj ET Q q 0 0 0 rg BT 311.35 230.10 Td (, its reinsurance subsidiariesand DME ) Tj ET Q q 0 0 0 rg BT 467.71 230.10 Td (Advisors LLC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (\("DME"\) are participants of a joint venture for the purpose of managing certain jointly held assets, as may be amended from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (time to time \(the "venture agreement"\). In addition, the Company) Tj ET Q q 0 0 0 rg BT 310.55 206.10 Td (, its reinsurance subsidiaries and DME have entered into a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (separate investment advisory agreement with DME ) Tj ET Q q 0 0 0 rg BT 256.66 194.10 Td (Advisors, as may be amended from time to time \(the "advisory agreement"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (DME and DME ) Tj ET Q q 0 0 0 rg BT 115.33 182.10 Td (Advisors are related to the Company and each is an af) Tj ET Q q 0 0 0 rg BT 331.18 182.10 Td (filiate of David Einhorn, Chairman of the Company) Tj ET Q q 0 0 0 rg BT 541.14 182.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (Board of Directors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 146.10 Td (Pursuant to the venture agreement, performance allocation equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.51 146.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.84 146.10 Td ( of the net investment income of the Company) Tj ET Q q 0 0 0 rg BT 554.13 146.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (share of the account managed by DME ) Tj ET Q q 0 0 0 rg BT 207.50 134.10 Td (Advisors is allocated, subject to a loss carry forward provision, to DME) Tj ET Q q 0 0 0 rg BT 497.72 134.10 Td (s account. ) Tj ET Q q 0 0 0 rg BT 540.03 134.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (loss carryforward provision requires DME to earn a reduced performance allocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.31 122.10 Td (10%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.64 122.10 Td ( on net investment income in any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (year subsequent to the year in which the investment account incurs a loss, until all the losses are recouped and an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.43 98.10 Td (150%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.76 98.10 Td ( of the aggregateinvestment loss is earned. DME is not entitled to earn a performance allocation in a year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (in which the investment portfolio incurs a loss. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.75 86.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.53 86.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.53 86.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.53 86.10 Td ( performance allocation \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.31 86.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.31 86.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.58 86.10 Td ($28.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 74.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.39 74.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 74.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.67 74.10 Td ($54.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.56 74.10 Td (\) was netted against gross investment income due to a net investment loss reported for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (ended December 31, 2015. ) Tj ET Q endstream endobj 223 0 obj <>] /Rotate 0 /Contents 224 0 R>> endobj 224 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (Pursuant to the advisory agreement, a monthly management fee, equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.58 749.10 Td (0.125%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.41 749.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.24 749.10 Td (1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.07 749.10 Td ( on an annual basis\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 737.10 Td (s investment account managed by DME ) Tj ET Q q 0 0 0 rg BT 252.80 737.10 Td (Advisors, is paid to DME ) Tj ET Q q 0 0 0 rg BT 357.24 737.10 Td (Advisors. Included in the net investment income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 725.10 Td (\(loss\) for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.10 725.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.77 725.10 Td ( were management fees of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.21 725.10 Td ($19.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.10 725.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.93 725.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.93 725.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.21 725.10 Td ($20.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.10 725.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.10 725.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.10 725.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.38 725.10 Td ($18.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 713.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 713.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 86.54 713.10 Td (The management fees have been fully paid as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.29 713.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.88 713.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 701.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 689.10 Td (Pursuant to the venture and advisory agreements, the Company has agreed to indemnify DME and DME ) Tj ET Q q 0 0 0 rg BT 496.68 689.10 Td (Advisors for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (any expense, loss, liability) Tj ET Q q 0 0 0 rg BT 154.67 677.10 Td (, or damage arising out of any claim asserted or threatened in connection with DME ) Tj ET Q q 0 0 0 rg BT 492.34 677.10 Td (Advisors serving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (as the Company) Tj ET Q q 0 0 0 rg BT 116.71 665.10 Td (s investment advisor) Tj ET Q q 0 0 0 rg BT 198.37 665.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.19 665.10 Td (The Company will reimburse DME and DME ) Tj ET Q q 0 0 0 rg BT 389.00 665.10 Td (Advisors for reasonable costs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (expenses of investigating and/or defending such claims, provided such claims were not caused due to gross negligence, breach ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (of contract or misrepresentation by DME or DME ) Tj ET Q q 0 0 0 rg BT 251.67 641.10 Td (Advisors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.79 641.10 Td (For the year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.56 641.10 Td (, there were no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 629.10 Td (indemnification payments payable or paid by the Company) Tj ET Q q 0 0 0 rg BT 285.74 629.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 61.54 605.10 Td (een Brick Partners, Inc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 581.10 Td (David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc \("GRBK"\), a publicly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 569.10 Td (traded company) Tj ET Q q 0 0 0 rg BT 112.99 569.10 Td (. During the year ended December 31, 2014, the Company) Tj ET Q q 0 0 0 rg BT 346.16 569.10 Td (, along with certain af) Tj ET Q q 0 0 0 rg BT 433.45 569.10 Td (filiates of DME ) Tj ET Q q 0 0 0 rg BT 498.16 569.10 Td (Advisors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 557.10 Td (provided debt financing to GRBK and acquired equity shares of GRBK. During the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.18 557.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.76 557.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 545.10 Td (Company's investment income included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.83 545.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.72 545.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.55 545.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.55 545.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.83 545.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.72 545.10 Td (\) of interest relating to this debt. During the third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 533.10 Td (quarter of 2015, GRBK repaid the debt \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.68 533.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.68 533.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.96 533.10 Td ($21.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.85 533.10 Td (\) in full along with all accrued interest and prepayment fees, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 521.10 Td (the Company purchased additional equity shares of GRBK. ) Tj ET Q q 0 0 0 rg BT 289.18 521.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.62 521.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.21 521.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.21 521.10 Td ($25.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.10 521.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.93 521.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.93 521.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.21 521.10 Td ($18.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.10 521.10 Td (\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 509.10 Td (GRBK listed equities were included on the balance sheet as "equity securities, trading, at fair value". ) Tj ET Q q 0 0 0 rg BT 454.86 509.10 Td (The Company along with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (certain af) Tj ET Q q 0 0 0 rg BT 86.79 497.10 Td (filiates of DME ) Tj ET Q q 0 0 0 rg BT 151.50 497.10 Td (Advisors, collectively own 49% of the issued and outstanding common shares of GRBK. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (applicable securities laws, DME ) Tj ET Q q 0 0 0 rg BT 180.85 485.10 Td (Advisors may be limited at times in its ability to trade GRBK shares on behalf of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 473.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (Service ) Tj ET Q q 0 0 0 rg BT 82.54 449.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 99.02 449.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 425.10 Td (The Company has entered into a service agreement with DME ) Tj ET Q q 0 0 0 rg BT 328.09 425.10 Td (Advisors, pursuant to which DME ) Tj ET Q q 0 0 0 rg BT 467.53 425.10 Td (Advisors provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (certain investor relations services to the Company for compensation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.97 413.10 Td (five thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.13 413.10 Td ( dollars per month \(plus expenses\). ) Tj ET Q q 0 0 0 rg BT 531.42 413.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (agreement is automatically renewedannually until terminated by either the Company or DME ) Tj ET Q q 0 0 0 rg BT 428.00 401.10 Td (Advisors for any reason with 30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (days prior written notice tothe other party) Tj ET Q q 0 0 0 rg BT 217.97 389.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 353.10 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 353.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 353.10 Td (COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 158.95 353.10 Td (AND CONTINGENCIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 268.13 353.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (Letters of Cr) Tj ET Q q 0 0 0 rg BT 104.85 329.10 Td (edit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 305.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 305.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.58 305.10 Td (, the Company had the followingletter of credit facilities, which automatically reneweach year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (unless terminated by either partyin accordance with the required notice period:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 245.60 203.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.75 245.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.75 245.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 245.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.75 245.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.75 245.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.75 245.60 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 216.60 203.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.75 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.75 216.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.75 216.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.75 216.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.75 216.60 144.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 188.60 203.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.75 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 255.75 188.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.75 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.75 188.60 76.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.75 188.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 417.75 188.60 144.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 255.75 259.6 m 333.75 259.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 337.75 259.6 m 413.75 259.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 417.75 259.6 m 561.75 259.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.75 188.60000000000002 m 333.75 188.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.75 175.60000000000002 m 333.75 175.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 255.75 173.60000000000002 m 333.75 173.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.10 264.28 Td (Facility) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 348.75 273.33 Td (Termination) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.25 263.33 Td (Date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 433.25 273.33 Td (Notice period required for) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 463.95 263.33 Td (termination) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.75 250.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 260.05 250.28 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 375.25 250.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 489.25 250.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 236.17 Td (Bank of America, N.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.25 236.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.40 236.17 Td (120,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.25 236.17 Td (July 11, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 236.17 Td (90 days prior to termination date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 221.27 Td (Butterfield Bank \(Cayman\) Limited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.40 221.27 Td (100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.25 221.27 Td (June 30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 221.27 Td (90 days prior to termination date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 207.17 Td (Citibank Europe plc) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.40 207.17 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.25 207.17 Td (October 11, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 207.17 Td (120 days prior to termination date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 193.17 Td (JP Morgan Chase Bank N.A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.40 193.17 Td (100,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.25 193.17 Td (January 27, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 193.17 Td (120 days prior to termination date) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.75 179.28 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.25 179.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.40 179.17 Td (720,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.25 179.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.25 179.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 151.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.94 151.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.53 151.10 Td (, an aggregate amount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.15 151.10 Td ($245.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.04 151.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.88 151.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.88 151.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.15 151.10 Td ($273.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.04 151.10 Td (\) in letters of credit were issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.10 Td (under the above facilities. Under the facilities, the Company provides collateral that may consist of equity securities, restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.10 Td (cash and cash and cash equivalents. ) Tj ET Q q 0 0 0 rg BT 194.17 127.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.62 127.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.20 127.10 Td (, total equity securities, restricted cash, and cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.10 Td (equivalents with a fair value in the aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.48 115.10 Td ($324.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.37 115.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.20 115.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.20 115.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.48 115.10 Td ($302.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.37 115.10 Td (\) were pledged as collateral against the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (letters of credit issued \(also see Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.17 103.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.17 103.10 Td (\). Each of the facilities contain customary events of default and restrictive covenants, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td (includingbut not limited to, limitations on liens on collateral, transactions with af) Tj ET Q q 0 0 0 rg BT 375.93 91.10 Td (filiates, mer) Tj ET Q q 0 0 0 rg BT 423.51 91.10 Td (gers and sales of assets, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (solvency and maintenance of certain minimum pledged equity requirements, and restricts issuance of any debt without the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (consent of the letter of credit provider) Tj ET Q q 0 0 0 rg BT 200.55 67.10 Td (. ) Tj ET Q q 0 0 0 rg BT 205.00 67.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 254.91 67.10 Td (, if an event of default exists, as defined in the letter of credit facilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.10 Td (Greenlight Re will be prohibited from paying dividends to its parent company) Tj ET Q q 0 0 0 rg BT 360.73 55.10 Td (. ) Tj ET Q q 0 0 0 rg BT 365.55 55.10 Td (The Company was in compliance with all the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 43.10 Td (covenants of each of these facilities as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.10 43.10 Td (December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.12 43.10 Td (.) Tj ET Q endstream endobj 225 0 obj <>] /Rotate 0 /Contents 226 0 R>> endobj 226 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (Operating Lease Obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 706.10 Td (Greenlight Re has entered into lease agreements for of) Tj ET Q q 0 0 0 rg BT 294.01 706.10 Td (fice space in the Cayman Islands. Under the terms of the lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (agreements, Greenlight Re is committed to annual rent payments ranging from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.63 694.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.53 694.10 Td ( at inception to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.73 694.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.62 694.10 Td ( at lease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (termination. ) Tj ET Q q 0 0 0 rg BT 100.42 682.10 Td (The leases expire on June 30, 2018 and Greenlight Re has the option to renew the leases for a further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.68 682.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.22 682.10 Td ( year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (term. Included in the schedule below are the minimum lease payment obligations relating tothese leases as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.31 670.10 Td (December 31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 658.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 634.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 99.46 634.10 Td ( has entered into a lease agreement for of) Tj ET Q q 0 0 0 rg BT 263.64 634.10 Td (fice space in Dublin, Ireland. Under the terms of this lease agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (GRIL) Tj ET Q q 0 0 0 rg BT 72.46 622.10 Td ( is committed to minimum annual rent payments denominated in Euros approximating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.17 622.10 Td (0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.07 622.10 Td ( until May 2021, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (adjusted to the prevailing market rates for each of the two subsequent five-year terms. GRIL) Tj ET Q q 0 0 0 rg BT 418.72 610.10 Td ( has the option to terminate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (lease agreement in 2021. Included in the schedule below are the net minimum lease payment obligations relating to this lease as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 586.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.91 586.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 562.10 Td (The total rent expense related to leased of) Tj ET Q q 0 0 0 rg BT 243.19 562.10 Td (fice space for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.26 562.10 Td (year ended December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.93 562.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.48 562.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.37 562.10 Td (, \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.70 562.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.70 562.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.98 562.10 Td ($0.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 550.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.39 550.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 550.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.67 550.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.56 550.10 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (Private Equity and Limited Partnerships) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 502.10 Td (From time to time, the Company makes investments in private equity vehicles. ) Tj ET Q q 0 0 0 rg BT 393.67 502.10 Td (As part of the Company's participation in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (such private equity investments, the Company may make funding commitments. ) Tj ET Q q 0 0 0 rg BT 373.33 490.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.78 490.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.36 490.10 Td (, the Company had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (commitments to invest an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.53 478.10 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.42 478.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.25 478.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.25 478.10 Td (: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.53 478.10 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.42 478.10 Td (\) in private equityinvestments. Included in the schedule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (below are the minimum payment obligations relating tothese investments as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.43 466.10 Td (December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.02 466.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (Schedule of Commitments and Contingencies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 418.10 Td (The following is a schedule of future minimum payments required under the above commitments:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 377.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.75 377.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.75 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.75 377.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.75 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.75 377.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.75 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.75 377.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.75 377.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.75 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.75 377.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.75 377.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.75 377.60 48.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 48.75 347.60 184.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 232.75 347.60 43.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 275.75 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 279.75 347.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.75 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 323.75 347.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.75 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.75 347.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.75 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.75 347.60 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.75 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.75 347.60 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.75 347.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.75 347.60 48.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 232.75 392.6 m 275.75 392.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279.75 392.6 m 319.75 392.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.75 392.6 m 363.75 392.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 392.6 m 407.75 392.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 392.6 m 451.75 392.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 392.6 m 509.75 392.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 392.6 m 561.75 392.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.75 347.6 m 275.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.75 347.6 m 319.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.75 347.6 m 363.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 347.6 m 407.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 347.6 m 451.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 347.6 m 509.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 347.6 m 561.75 347.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.75 333.6 m 275.75 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 232.75 331.6 m 275.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.75 333.6 m 319.75 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279.75 331.6 m 319.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.75 333.6 m 363.75 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.75 331.6 m 363.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 333.6 m 407.75 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.75 331.6 m 407.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 333.6 m 451.75 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.75 331.6 m 451.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 333.6 m 509.75 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.75 331.6 m 509.75 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 333.6 m 561.75 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513.75 331.6 m 561.75 331.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 397.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 243.75 397.28 Td (2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.25 397.28 Td (2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 333.25 397.28 Td (2018) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.25 397.28 Td (2019) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 421.25 397.28 Td (2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 459.35 397.28 Td (Thereafter) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 526.30 397.28 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 382.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 362.55 382.28 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 367.27 Td (Operating lease obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.25 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.90 367.27 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.25 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.90 367.27 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.25 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.90 367.27 Td (315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.25 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 367.27 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.25 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 367.27 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.25 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.90 367.27 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 367.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 367.27 Td (1,606) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 352.27 Td (Private equity and limited partnerships \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.35 352.27 Td (6,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.90 352.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.90 352.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 352.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 352.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.90 352.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 352.27 Td (6,107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.25 337.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.25 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.35 337.27 Td (6,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.25 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.90 337.27 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.25 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.90 337.27 Td (315) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.25 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.90 337.27 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.25 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.90 337.27 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.25 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.90 337.27 Td (31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.25 337.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.40 337.27 Td (7,713) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 66.16 313.63 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.79 309.10 Td (Given the nature of these investments, the Company is unable to determine with any degree of accuracy when these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.10 Td (commitments will be called. ) Tj ET Q q 0 0 0 rg BT 165.13 297.10 Td (Therefore, for purposes of the above table, the Company has assumed that all commitments with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.10 Td (no fixed payment scheduleswill be called during the year ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.47 285.10 Td (December31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.06 285.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.10 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 261.10 Td (Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 237.10 Td (From time to time in the normal course of business, the Company may be involved in formal and informal dispute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (resolution procedures, which may include arbitration or litigation, the outcomes of which determine the rights and obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.10 Td (under the Company's reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 201.10 Td (enforce its rights under an agreement or to collect funds owing to it. In other matters, the Company may resist attempts by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.10 Td (others to collect funds or enforce alleged rights. ) Tj ET Q q 0 0 0 rg BT 242.86 189.10 Td (While the final outcome of legal disputes cannot be predicted with certainty) Tj ET Q q 0 0 0 rg BT 545.72 189.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.10 Td (the Company does not believe that any existing dispute, when finally resolved, will have a material adverse ef) Tj ET Q q 0 0 0 rg BT 489.47 177.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.10 Td (Company's business, financial condition or operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.10 Td () Tj ET Q endstream endobj 227 0 obj <>] /Rotate 0 /Contents 228 0 R>> endobj 228 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 749.25 Td (15) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 749.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 749.25 Td (SEGMENT) Tj ET Q q 0 0 0 rg BT 126.83 749.25 Td ( REPOR) Tj ET Q q 0 0 0 rg BT 163.98 749.25 Td (TING) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 189.54 749.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 737.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 725.25 Td (The Company manages its business on the basis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.31 725.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.74 725.25 Td ( operating segment, Property & Casualty Reinsurance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 701.25 Td (Substantially all of the business is sourced through reinsurance brokers.) Tj ET Q q 0 0 0 rg BT 365.43 701.25 Td (The following table sets forth the premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.25 Td (sourced frombrokerswho each accounted for more than 10% ofthe Company's gross written premiums:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 635.75 214.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 635.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 635.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 635.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 635.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 635.75 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 635.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 635.75 40.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 606.75 214.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 263.00 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.00 606.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.00 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 316.00 606.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 366.00 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 370.00 606.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.00 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.00 606.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 469.00 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 473.00 606.75 45.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 518.00 606.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 522.00 606.75 40.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 267 649.75 m 312 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 312 649.75 m 316 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 316 649.75 m 366 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370 649.75 m 415 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415 649.75 m 419 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419 649.75 m 469 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473 649.75 m 518 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 518 649.75 m 522 649.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 522 649.75 m 562 649.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 592.75 m 312 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 592.75 m 366 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 592.75 m 415 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 592.75 m 469 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 592.75 m 518 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 592.75 m 562 592.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 577.75 m 312 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267 575.75 m 312 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 577.75 m 366 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 316 575.75 m 366 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 577.75 m 415 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370 575.75 m 415 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 577.75 m 469 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419 575.75 m 469 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 577.75 m 518 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473 575.75 m 518 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 577.75 m 562 577.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 522 575.75 m 562 575.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 361.00 668.43 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 654.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 306.00 654.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 409.00 654.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 507.00 654.43 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 640.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.55 640.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 625.42 Td (Largest broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 625.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.60 625.42 Td (278,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 625.42 Td (55.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 625.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 625.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.60 625.42 Td (161,405) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 625.42 Td (49.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 625.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 625.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 625.42 Td (282,337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 625.42 Td (52.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 625.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 611.32 Td (2nd largest broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.60 611.32 Td (110,246) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 611.32 Td (22.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.60 611.32 Td (61,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 611.32 Td (19.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 611.32 Td (119,117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 611.32 Td (22.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 597.32 Td (3rd largest broker) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 597.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.15 597.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.60 597.32 Td (40,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 597.32 Td (12.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 597.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 597.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 581.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.50 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.60 581.42 Td (388,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.65 581.42 Td (77.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 581.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.50 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.60 581.42 Td (263,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.65 581.42 Td (81.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 581.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.50 581.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.60 581.42 Td (401,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.60 581.42 Td (74.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 581.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 565.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.00 553.25 Td (The following tables provide a breakdown of the Company's gross premiums written by line of business and by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 541.25 Td (geographic area of risks insured for the periods indicated:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 529.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.45 517.25 Td ( Gr) Tj ET Q q 0 0 0 rg BT 274.49 517.25 Td (oss Pr) Tj ET Q q 0 0 0 rg BT 300.14 517.25 Td (emiums ) Tj ET Q q 0 0 0 rg BT 335.78 517.25 Td (W) Tj ET Q q 0 0 0 rg BT 345.60 517.25 Td (ritten by Line of Business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.51 517.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 451.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 451.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 451.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 451.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 451.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 451.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 451.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 451.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 451.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 451.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 451.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 423.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 423.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 423.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 423.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 423.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 423.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 423.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 423.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 423.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 423.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 423.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 395.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 395.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 395.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 395.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 395.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 395.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 395.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 395.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 395.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 395.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 395.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 367.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 367.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 367.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 367.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 367.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 367.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 367.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 367.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 367.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 367.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 367.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 367.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 367.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 339.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 339.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 339.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 339.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 339.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 339.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 339.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 339.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 339.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 339.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 339.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 339.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 339.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 311.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 311.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 311.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 311.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 311.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 311.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 311.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 311.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 311.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 311.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 311.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 311.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 311.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 283.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 283.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 283.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 283.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 283.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 283.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 283.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 283.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 283.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 283.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 283.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 283.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 283.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 255.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 255.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 255.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 255.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 255.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 255.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 255.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 255.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 255.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 255.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 255.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 255.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 255.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 227.75 184.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 233.00 227.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 239.00 227.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.00 227.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.00 227.75 49.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.00 227.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.00 227.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.00 227.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.00 227.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 227.75 6.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 227.75 50.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.00 227.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 512.00 227.75 50.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 239 479.75 m 289 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289 479.75 m 293 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 293 479.75 m 342 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348 479.75 m 398 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398 479.75 m 402 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402 479.75 m 452 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 458 479.75 m 508 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508 479.75 m 512 479.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 512 479.75 m 562 479.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 381.75 m 289 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 367.75 m 289 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 381.75 m 342 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 367.75 m 342 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 381.75 m 398 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 367.75 m 398 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 381.75 m 452 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 367.75 m 452 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 381.75 m 508 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 367.75 m 508 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 381.75 m 562 381.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 367.75 m 562 367.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 297.75 m 289 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 283.75 m 289 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 297.75 m 342 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 283.75 m 342 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 297.75 m 398 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 283.75 m 398 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 297.75 m 452 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 283.75 m 452 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 297.75 m 508 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 283.75 m 508 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 297.75 m 562 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 283.75 m 562 283.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 227.75 m 289 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 213.75 m 289 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 227.75 m 342 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 213.75 m 342 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 227.75 m 398 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 213.75 m 398 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 227.75 m 452 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 213.75 m 452 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 227.75 m 508 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 213.75 m 508 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 227.75 m 562 227.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 213.75 m 562 213.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 200.75 m 289 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 239 198.75 m 289 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 200.75 m 342 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293 198.75 m 342 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 200.75 m 398 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348 198.75 m 398 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 200.75 m 452 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 198.75 m 452 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 200.75 m 508 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 198.75 m 508 198.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 200.75 m 562 200.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 198.75 m 562 198.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.50 497.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 497.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 347.00 497.43 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 280.00 483.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 389.50 483.48 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 499.50 483.48 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 140.50 470.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 470.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 365.80 470.43 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 456.43 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 456.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 456.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 442.32 Td (Aviation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 442.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 442.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.15 442.32 Td (691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 442.32 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 442.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.50 442.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 442.32 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 442.32 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 442.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 442.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 442.32 Td (168) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 442.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 442.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 428.32 Td (Commercial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 428.32 Td (16,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 428.32 Td (3.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 428.32 Td (11,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 428.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 428.32 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 428.32 Td (9,999) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 428.32 Td (1.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 414.32 Td (Energy) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 414.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.65 414.32 Td (2,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 414.32 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 414.32 Td (2,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 414.32 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 414.32 Td (659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 414.32 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 400.32 Td (Motor physical damage) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 400.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 400.32 Td (34,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 400.32 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 400.32 Td (24,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 400.32 Td (7.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 400.32 Td (57,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 400.32 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 386.32 Td (Personal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 386.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 386.32 Td (57,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 386.32 Td (11.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 386.32 Td (64,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 386.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 386.32 Td (19.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 386.32 Td (145,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 386.32 Td (27.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 372.32 Td (Total Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 372.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.60 372.32 Td (111,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 372.32 Td (22.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.60 372.32 Td (102,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 372.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 372.32 Td (31.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 372.32 Td (214,585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 372.32 Td (40.0) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 358.43 Td (Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 358.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 358.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.50 358.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 358.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 358.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 344.32 Td (General liability ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 119.25 348.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 344.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 344.32 Td (28,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 344.32 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 344.32 Td (11,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 344.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 344.32 Td (3.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.80 344.37 Td (\(815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 344.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 344.37 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 344.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 330.32 Td (Marine liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 330.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.65 330.32 Td (9,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 330.32 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 330.32 Td (5,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 330.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 330.32 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 330.32 Td (1,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 330.32 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 316.32 Td (Motor liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 316.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.60 316.32 Td (203,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 316.32 Td (40.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.60 316.32 Td (127,858) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 316.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 316.32 Td (39.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 316.32 Td (253,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 316.32 Td (47.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 302.32 Td (Professional liability) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 302.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 302.32 Td (72,217) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 302.32 Td (14.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 302.32 Td (27,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 302.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 302.32 Td (8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 302.32 Td (29,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 302.32 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 288.32 Td (Total Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 288.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.60 288.32 Td (313,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 288.32 Td (62.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.60 288.32 Td (171,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 288.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 288.32 Td (53.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 288.32 Td (284,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 288.32 Td (53.2) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 274.43 Td (Specialty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 274.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 274.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.50 274.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 274.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 274.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 260.32 Td (Financial) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.65 260.32 Td (7,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 260.32 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.65 260.32 Td (5,292) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 260.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 260.32 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 260.32 Td (3,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 260.32 Td (0.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 246.32 Td (Health) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 246.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 246.32 Td (56,784) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 246.32 Td (11.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 246.32 Td (43,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 246.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 246.32 Td (13.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 246.32 Td (37,094) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 246.32 Td (6.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 232.32 Td (W) Tj ET Q q 0 0 0 rg BT 60.14 232.32 Td (orkers) Tj ET Q q 0 0 0 rg BT 87.72 232.32 Td ( compensation ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 148.26 236.85 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.84 232.32 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 232.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 232.32 Td (12,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 232.32 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 232.32 Td (730) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 232.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 232.32 Td (0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.30 232.37 Td (\(4,215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 232.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 232.37 Td (\(0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 232.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 218.32 Td (Total Specialty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.50 218.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.65 218.32 Td (77,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 218.32 Td (15.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 218.32 Td (49,859) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 218.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 218.32 Td (15.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 218.32 Td (36,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 218.32 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 204.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.60 204.32 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.65 204.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 204.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.50 204.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.60 204.32 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.50 204.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 204.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.15 204.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.50 204.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.60 204.32 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 204.32 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 204.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 192.78 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.70 188.25 Td () Tj ET Q q 0 0 0 rg BT 61.02 188.25 Td (The negative balance represents reversal of premiums due to premium adjustments, termination of contracts or premiums ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 176.25 Td (returned upon novation or commutation of contracts.) Tj ET Q endstream endobj 229 0 obj <>] /Rotate 0 /Contents 230 0 R>> endobj 230 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 67.50 749.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 749.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.50 749.25 Td ( ) Tj ET Q q 0 0 0 rg BT 157.50 749.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.50 749.25 Td (Gr) Tj ET Q q 0 0 0 rg BT 205.54 749.25 Td (oss Pr) Tj ET Q q 0 0 0 rg BT 231.19 749.25 Td (emiums ) Tj ET Q q 0 0 0 rg BT 266.83 749.25 Td (W) Tj ET Q q 0 0 0 rg BT 276.65 749.25 Td (ritten by Geographic ) Tj ET Q q 0 0 0 rg BT 368.04 749.25 Td (Ar) Tj ET Q q 0 0 0 rg BT 379.52 749.25 Td (ea of Risks Insur) Tj ET Q q 0 0 0 rg BT 451.29 749.25 Td (ed) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 694.75 196.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 694.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 694.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 694.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 694.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 694.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 694.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 694.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 694.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 694.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 694.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 694.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 694.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 662.75 196.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 662.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 662.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 662.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 662.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 662.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 662.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 662.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 662.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 662.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 662.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 662.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 662.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 630.75 196.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 630.75 4.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 630.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 296.50 630.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 302.50 630.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 630.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 630.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 630.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 630.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 630.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 461.50 630.75 47.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 508.50 630.75 6.00 -16.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 514.50 630.75 47.00 -16.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 709.75 m 296.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 709.75 m 302.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 709.75 m 349.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 709.75 m 402.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 709.75 m 408.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 709.75 m 455.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 709.75 m 508.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 709.75 m 514.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 709.75 m 561.5 709.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 694.75 m 296.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296.5 694.75 m 302.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 694.75 m 349.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 694.75 m 402.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 694.75 m 408.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 694.75 m 455.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 694.75 m 508.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 694.75 m 514.5 694.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 694.75 m 561.5 694.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 630.75 m 296.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 615.75 m 296.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 613.75 m 296.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 630.75 m 349.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 615.75 m 349.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 613.75 m 349.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 630.75 m 402.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 615.75 m 402.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 613.75 m 402.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 630.75 m 455.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 615.75 m 455.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 613.75 m 455.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 630.75 m 508.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 615.75 m 508.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 461.5 613.75 m 508.5 613.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 630.75 m 561.5 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 615.75 m 561.5 615.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 613.75 m 561.5 613.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.00 728.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 728.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.00 728.43 Td (Year ended December 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.00 714.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 395.00 714.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.00 714.43 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 147.00 699.43 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 699.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 370.80 699.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 683.42 Td (U.S. and Caribbean) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 683.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 683.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.10 683.42 Td (383,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 683.42 Td (76.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 683.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 683.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.10 683.42 Td (275,402) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.15 683.42 Td (85.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 683.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 683.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 683.42 Td (496,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 683.42 Td (92.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 683.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 667.42 Td (W) Tj ET Q q 0 0 0 rg BT 60.64 667.42 Td (orldwide ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 98.68 671.95 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.10 667.42 Td (104,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 667.42 Td (20.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.10 667.42 Td (31,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 667.42 Td (9.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.15 667.42 Td (9,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 667.42 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 651.42 Td (Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.00 651.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.10 651.42 Td (14,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 651.42 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.10 651.42 Td (17,432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 651.42 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 651.42 Td (28,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 651.42 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 635.42 Td (Asia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.65 635.42 Td (467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 635.42 Td (0.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 635.42 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.65 635.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.65 635.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 635.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.00 619.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.10 619.42 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.10 619.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 619.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.00 619.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.10 619.42 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.10 619.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.65 619.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 619.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.10 619.42 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.10 619.42 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.65 619.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 49.50 607.78 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.08 603.25 Td ( "W) Tj ET Q q 0 0 0 rg BT 72.30 603.25 Td (orldwide" is comprised of contracts that reinsure risks in more than one geographic area and do not specifically exclude ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 591.25 Td (the U.S.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 567.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 555.25 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 59.50 555.25 Td (. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 77.00 555.25 Td (QUAR) Tj ET Q q 0 0 0 rg BT 106.09 555.25 Td (TERL) Tj ET Q q 0 0 0 rg BT 132.41 555.25 Td (Y) Tj ET Q q 0 0 0 rg BT 139.26 555.25 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 197.87 555.25 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 232.80 555.25 Td (TS \(UNAUDITED\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.75 555.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 531.25 Td (The following table presents the quarterly financial results for each of the quarters ended during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.75 531.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.75 531.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 439.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 439.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 439.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 439.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 439.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 439.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 439.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 439.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 439.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 411.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 411.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 411.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 411.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 411.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 411.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 411.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 411.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 411.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 383.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 383.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 383.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 383.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 383.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 383.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 383.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 383.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 383.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 355.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 355.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 355.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 355.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 355.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 355.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 355.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 355.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 355.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 327.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 327.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 327.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 327.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 327.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 327.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 327.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 327.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 327.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 299.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 299.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 299.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 299.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 299.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 299.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 299.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 299.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 299.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 271.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 271.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 271.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 271.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 271.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 271.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 242.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 242.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 242.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 242.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 242.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 242.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 214.75 235.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 214.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 214.75 64.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 214.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 214.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 214.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 214.75 68.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 214.75 4.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 214.75 65.00 -24.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 176.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 176.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 176.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 176.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 176.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 176.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 176.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 176.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 176.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 148.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 148.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 148.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 148.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 148.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 148.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 148.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 148.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 148.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 111.75 235.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 288.00 111.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 352.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 356.00 111.75 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 111.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.00 111.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.00 111.75 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288 491.75 m 352 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 352 491.75 m 356 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356 491.75 m 421 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 421 491.75 m 425 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425 491.75 m 493 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 493 491.75 m 497 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497 491.75 m 562 491.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 288 467.75 m 352 467.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 356 467.75 m 421 467.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425 467.75 m 493 467.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497 467.75 m 562 467.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 411.75 m 352 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 411.75 m 421 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 411.75 m 493 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 411.75 m 562 411.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 383.75 m 352 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 383.75 m 421 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 383.75 m 493 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 383.75 m 562 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 341.75 m 352 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 341.75 m 421 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 341.75 m 493 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 341.75 m 562 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 327.75 m 352 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 327.75 m 421 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 327.75 m 493 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 327.75 m 562 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 271.75 m 352 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 271.75 m 421 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 271.75 m 493 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 271.75 m 562 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 257.75 m 352 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 257.75 m 421 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 257.75 m 493 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 257.75 m 562 257.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 228.75 m 352 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 228.75 m 421 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 228.75 m 493 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 228.75 m 562 228.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 190.75 m 352 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 190.75 m 421 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 190.75 m 493 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 190.75 m 562 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 177.75 m 352 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 288 175.75 m 352 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 177.75 m 421 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 356 175.75 m 421 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 177.75 m 493 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 175.75 m 493 175.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 177.75 m 562 177.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 175.75 m 562 175.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 414.50 511.43 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 496.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 391.80 496.43 Td (Quarter ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 472.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 319.50 482.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.90 472.43 Td (March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 388.00 482.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 371.45 472.43 Td (June 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 458.50 482.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 429.25 472.43 Td (September 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.00 482.43 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.15 472.43 Td (December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 458.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 332.15 458.43 Td (\($ in thousands, except per share amounts\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 444.43 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 444.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 444.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 444.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 444.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 430.32 Td (Gross premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 430.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 430.32 Td (129,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 430.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 430.32 Td (92,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 430.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 430.32 Td (134,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 430.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 430.32 Td (144,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 416.32 Td (Gross premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.30 416.37 Td (\(1,626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 416.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 416.37 Td (\(1,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 416.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 416.37 Td (\(2,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 416.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 416.37 Td (\(3,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 416.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 402.32 Td (Net premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 402.32 Td (128,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 402.32 Td (91,122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 402.32 Td (132,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 402.32 Td (141,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 388.32 Td (Change in net unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 388.37 Td (\(33,263) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 388.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 388.32 Td (563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 388.37 Td (\(30,286) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 388.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 388.37 Td (\(21,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 388.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 374.32 Td (Net premiums earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 374.32 Td (94,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 374.32 Td (91,685) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 374.32 Td (101,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 374.32 Td (119,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 360.32 Td (Net investmentincome \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 360.37 Td (\(24,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 360.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 360.37 Td (\(20,305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 360.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 360.37 Td (\(191,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 360.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 360.37 Td (\(45,468) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 360.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 346.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 346.32 Td (1,588) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.30 346.37 Td (\(3,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 346.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 346.37 Td (\(542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 346.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 346.37 Td (\(699) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 346.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 332.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 332.32 Td (71,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 332.32 Td (67,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 332.37 Td (\(89,870) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 332.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 332.32 Td (73,748) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 318.43 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 304.32 Td (Loss and loss adjustment expenses incurred, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 304.32 Td (63,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 304.32 Td (76,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 304.32 Td (97,421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 304.32 Td (79,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 290.32 Td (Acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 290.32 Td (26,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 290.32 Td (23,939) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 290.32 Td (32,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 290.32 Td (33,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 276.32 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 276.32 Td (6,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 276.32 Td (6,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 276.32 Td (5,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 276.32 Td (4,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 262.32 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.65 262.32 Td (96,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 262.32 Td (107,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 262.32 Td (134,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 262.32 Td (118,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 248.32 Td (Income \(loss\) before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 247.47 Td (\(24,656) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 247.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 247.47 Td (\(39,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 247.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 247.47 Td (\(224,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 247.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 247.47 Td (\(44,347) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 247.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 233.32 Td (Income tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 233.32 Td (215) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 233.37 Td (\(54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 233.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 233.32 Td (1,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 233.32 Td (361) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 219.32 Td (Net income \(loss\) including non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 219.37 Td (\(24,441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 219.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 219.37 Td (\(39,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 219.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 219.37 Td (\(223,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 219.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 219.37 Td (\(43,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 219.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 205.32 Td (Loss \(income\) attributable to non-controlling interest in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 195.32 Td (joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 195.42 Td (394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 195.42 Td (324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 195.42 Td (3,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 195.42 Td (881) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 181.43 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 181.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.30 181.37 Td (\(24,047) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 181.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 181.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.30 181.37 Td (\(39,596) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 181.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 181.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 181.37 Td (\(219,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 181.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 181.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 181.37 Td (\(43,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 181.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 167.43 Td (Earnings \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 153.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 153.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.30 153.37 Td (\(0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 153.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 153.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.30 153.37 Td (\(1.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 153.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 153.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 153.37 Td (\(5.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 153.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 153.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 153.37 Td (\(1.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 153.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 139.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 139.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.30 139.37 Td (\(0.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 139.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 139.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.30 139.37 Td (\(1.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 139.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 139.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 139.37 Td (\(5.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.15 139.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 139.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 139.37 Td (\(1.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 139.32 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 125.48 Td (Weighted average number of ordinary shares used in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 115.48 Td (the determination of earnings and loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 102.32 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.10 102.32 Td (37,173,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 102.32 Td (37,303,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 102.32 Td (36,710,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 102.32 Td (36,720,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 88.32 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.10 88.32 Td (37,173,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.10 88.32 Td (37,303,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.15 88.32 Td (36,710,216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.10 88.32 Td (36,720,454) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td () Tj ET Q endstream endobj 231 0 obj <>] /Rotate 0 /Contents 232 0 R>> endobj 232 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 24.60 Td (F-38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.50 749.10 Td (The following table presents the quarterly financial results for each of the quarters ended during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.75 749.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.75 749.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 657.60 245.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.00 657.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 298.00 657.60 63.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.00 657.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 657.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 657.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 657.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 657.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 657.60 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 629.60 245.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg 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4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.00 329.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 329.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.00 329.60 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 329.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 329.60 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298 709.6 m 361 709.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 361 709.6 m 365 709.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365 709.6 m 425 709.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 425 709.6 m 429 709.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429 709.6 m 494 709.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494 709.6 m 498 709.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 709.6 m 562 709.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 298 685.6 m 361 685.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 365 685.6 m 425 685.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 429 685.6 m 494 685.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 685.6 m 562 685.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 629.6 m 361 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 629.6 m 425 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 629.6 m 494 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 629.6 m 562 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 601.6 m 361 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 601.6 m 425 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 601.6 m 494 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 601.6 m 562 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 559.6 m 361 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 559.6 m 425 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 559.6 m 494 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 559.6 m 562 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 545.6 m 361 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 545.6 m 425 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 545.6 m 494 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 545.6 m 562 545.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 489.6 m 361 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 489.6 m 425 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 489.6 m 494 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 489.6 m 562 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 475.6 m 361 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 475.6 m 425 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 475.6 m 494 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 475.6 m 562 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 446.6 m 361 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 446.6 m 425 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 446.6 m 494 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 446.6 m 562 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 408.6 m 361 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 408.6 m 425 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 408.6 m 494 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 408.6 m 562 408.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 395.6 m 361 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 298 393.6 m 361 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 395.6 m 425 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 393.6 m 425 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 395.6 m 494 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429 393.6 m 494 393.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 395.6 m 562 395.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 393.6 m 562 393.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 419.50 729.28 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 714.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 396.80 714.28 Td (Quarter ended) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 690.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 329.00 700.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 308.40 690.28 Td (March 31) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.50 700.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 377.95 690.28 Td (June 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.00 700.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 431.75 690.28 Td (September 30) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 529.50 700.28 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 501.65 690.28 Td (December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.00 676.17 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 394.05 676.28 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 662.28 Td (Revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.50 662.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 662.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 662.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 662.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 648.17 Td (Gross premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.50 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 648.17 Td (118,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 648.17 Td (33,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 648.17 Td (97,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 648.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 648.17 Td (74,268) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 634.17 Td (Gross premiums ceded) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.30 634.22 Td (\(5,940) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 634.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 634.22 Td (\(2,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 634.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.30 634.22 Td (\(2,706) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 634.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 634.22 Td (\(2,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 634.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 620.17 Td (Net premiums written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 620.17 Td (112,961) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 620.17 Td (30,895) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 620.17 Td (94,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 620.17 Td (72,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 606.17 Td (Change in net unearned premium reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.30 606.22 Td (\(1,272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 606.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 606.17 Td (56,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 606.22 Td (\(15,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 606.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 606.17 Td (3,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 592.17 Td (Net premiums earned) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 592.17 Td (111,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 592.17 Td (87,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 592.17 Td (79,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 592.17 Td (75,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 578.17 Td (Net investment income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.30 578.22 Td (\(10,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 578.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 578.17 Td (113,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 578.22 Td (\(54,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 578.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 578.17 Td (72,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 564.17 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 564.17 Td (182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 564.22 Td (\(1,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 564.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 564.17 Td (2,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 564.17 Td (1,542) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 550.17 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 550.17 Td (101,721) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 550.17 Td (200,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 550.17 Td (28,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 550.17 Td (149,567) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 536.28 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 522.17 Td (Loss and loss adjustment expenses incurred, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 522.17 Td (67,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 522.17 Td (56,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 522.17 Td (53,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 522.17 Td (57,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 508.17 Td (Acquisition costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.65 508.17 Td (37,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 508.17 Td (25,570) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 508.17 Td (22,478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 508.17 Td (21,821) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 494.17 Td (General and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.65 494.17 Td (6,200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 494.17 Td (5,559) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 494.17 Td (6,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 494.17 Td (6,729) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 480.17 Td (Total expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.65 480.17 Td (111,359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 480.17 Td (87,773) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.65 480.17 Td (81,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 480.17 Td (86,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 466.17 Td (Income \(loss\) before income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.30 465.32 Td (\(9,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 465.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 465.27 Td (112,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 465.32 Td (\(53,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 465.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 465.27 Td (63,066) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 451.17 Td (Income tax \(expense\) benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 451.17 Td (560) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 451.17 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 451.17 Td (254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 451.22 Td (\(204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 451.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 437.17 Td (Net income \(loss\) including non-controlling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.30 437.22 Td (\(9,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 437.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 437.17 Td (112,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 437.22 Td (\(53,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 437.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 437.17 Td (62,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 423.17 Td (Loss \(income\) attributable to non-controlling interest in) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 413.17 Td (joint venture) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.15 413.27 Td (197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.30 413.32 Td (\(3,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.15 413.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 413.27 Td (1,369) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 413.32 Td (\(2,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 413.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 399.28 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.50 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.30 399.22 Td (\(8,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 399.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 399.17 Td (109,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.30 399.22 Td (\(51,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 399.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 399.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 399.17 Td (60,688) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 385.28 Td (Earnings \(loss\) per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 371.17 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.50 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 371.22 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 371.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 371.17 Td (2.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 371.22 Td (\(1.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 371.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 371.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 371.17 Td (1.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 357.17 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.50 357.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.30 357.22 Td (\(0.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 357.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.65 357.17 Td (2.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.50 357.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 357.22 Td (\(1.40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.15 357.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 357.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 357.17 Td (1.60) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 343.33 Td (Weighted average number of ordinary shares used in) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 333.33 Td (the determination of earnings and loss per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 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0 i [] 0 d 0 J 0 j 3 M 488 407.75 m 562 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 394.75 m 484 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 392.75 m 484 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 394.75 m 562 394.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488 392.75 m 562 392.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 624.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 417.40 633.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 436.50 623.48 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 495.40 633.48 Td (December 31,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 514.50 623.48 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 610.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.30 610.43 Td (\($ in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 596.32 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 596.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 596.32 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 596.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 596.32 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 582.32 Td (Investment in subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 582.32 Td (840,196) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 582.32 Td (1,148,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 568.32 Td (Note receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 568.32 Td (2,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 568.32 Td (1,566) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 552.42 Td (Due from subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.15 552.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 552.42 Td (15,276) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 538.43 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 538.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 538.32 Td (842,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 538.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 538.32 Td (1,165,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 524.43 Td (Liabilities and shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 524.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 524.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 510.32 Td (Liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 510.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 510.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 496.32 Td (Due to subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 496.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 496.32 Td (16,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 496.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 496.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 482.32 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 482.32 Td (16,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 482.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 468.32 Td (Shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 468.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 454.32 Td (Share capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.65 454.32 Td (3,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 454.32 Td (3,738) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 440.32 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 440.32 Td (496,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 440.32 Td (500,553) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 426.32 Td (Retained earnings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 426.32 Td (325,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 426.32 Td (660,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 412.32 Td (Total shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 412.32 Td (825,391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 412.32 Td (1,165,151) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 398.43 Td (Total liabilities and shareholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.50 398.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.65 398.32 Td (842,377) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 398.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.15 398.32 Td (1,165,151) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 346.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 346.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 346.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 346.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 346.25 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 164.95 334.25 Td (CONDENSED FINANCIAL) Tj ET Q q 0 0 0 rg BT 286.36 334.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 337.00 334.25 Td (TION OF) Tj ET Q q 0 0 0 rg BT 378.57 334.25 Td ( REGISTRANT) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 141.60 322.25 Td (CONDENSED ST) Tj ET Q q 0 0 0 rg BT 218.38 322.25 Td (A) Tj ET Q q 0 0 0 rg BT 224.86 322.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 289.77 322.25 Td ( INCOME P) Tj ET Q q 0 0 0 rg BT 354.86 322.25 Td (ARENT) Tj ET Q q 0 0 0 rg BT 389.69 322.25 Td ( COMP) Tj ET Q q 0 0 0 rg BT 421.99 322.25 Td (ANY) Tj ET Q q 0 0 0 rg BT 443.28 322.25 Td ( ONL) Tj ET Q q 0 0 0 rg BT 466.54 322.25 Td (Y) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 222.00 298.25 Td (\(expr) Tj ET Q q 0 0 0 rg BT 244.59 298.25 Td (essed in thousands of U.S. dollars\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 210.75 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 210.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 210.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 210.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 210.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 210.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 210.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 182.75 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 182.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 182.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 182.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 182.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 154.75 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 154.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 154.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 154.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 154.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 154.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 154.75 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.00 125.75 309.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.00 125.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.00 125.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.00 125.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.00 125.75 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 125.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.00 125.75 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362 261.75 m 426 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 426 261.75 m 430 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430 261.75 m 494 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 494 261.75 m 498 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 261.75 m 562 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362 261.75 m 426 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 362 238.75 m 426 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430 261.75 m 494 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 430 238.75 m 494 238.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 261.75 m 562 261.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 498 238.75 m 562 238.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362 196.75 m 426 196.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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112.75 m 494 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 110.75 m 494 110.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 112.75 m 562 112.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 110.75 m 562 110.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 266.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 408.50 266.43 Td (Year ended December 31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 243.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 383.50 243.43 Td (2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 451.50 243.43 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 519.50 243.43 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 229.32 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.05 229.43 Td (\($ in thousands\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 215.43 Td (Revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.50 215.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.50 215.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 215.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 201.32 Td (Investment income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.50 201.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 201.32 Td (5,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.50 201.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 201.32 Td (671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.50 201.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 201.32 Td (1,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 187.32 Td (Total revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.65 187.32 Td (5,962) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 187.32 Td (671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 187.32 Td (1,100) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 173.43 Td (Expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.50 173.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.50 173.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.50 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Tf ET q 0 0 0 rg BT 410.65 403.27 Td (38,450) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.30 403.32 Td (\(2,008) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 403.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 403.27 Td (1,472) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 385.28 Td (Investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 385.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.50 385.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 385.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 367.27 Td (Change in note receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.80 367.32 Td (\(609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 367.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 367.27 Td (2,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 367.32 Td (\(2,053) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 367.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 349.27 Td (Contributed surplus to subsidiaries, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 349.32 Td (\(20,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 349.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.80 349.32 Td (\(158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 349.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 349.27 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 331.27 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 331.32 Td (\(20,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 331.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 331.27 Td (2,004) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 331.32 Td (\(1,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 331.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 313.28 Td (Financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 313.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.50 313.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 313.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 295.27 Td (Net proceeds from exercise of stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 295.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 295.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 295.27 Td (513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 277.27 Td (Short-swing sale profit from shareholder) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.15 277.27 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 277.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 277.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 259.27 Td (Repurchase of Class A ordinary shares) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 259.32 Td (\(17,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 259.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 259.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 259.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 241.27 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 241.32 Td (\(17,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.15 241.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 241.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.15 241.27 Td (513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 223.27 Td (Net increase \(decrease\) in cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 223.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.80 223.32 Td (\(4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 223.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 223.32 Td (\(9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 223.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 205.27 Td (Cash and cash equivalents at beginning of the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 205.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 205.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.15 205.27 Td (14) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.50 187.28 Td (Cash and cash equivalents at end of the year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.15 187.27 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.50 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.15 187.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.50 187.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 187.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 239 0 obj <>] /Rotate 0 /Contents 240 0 R>> endobj 240 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.55 31.60 Td (F-42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 490.30 742.25 Td ( SCHEDULE III) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 18.50 730.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 18.50 718.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.25 706.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 279.42 706.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 312.29 706.25 Td (AL) Tj ET Q q 0 0 0 rg BT 325.63 706.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 352.77 706.25 Td (TD.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.90 694.25 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 244.50 694.25 Td (AR) Tj ET Q q 0 0 0 rg BT 258.59 694.25 Td (Y) Tj ET Q q 0 0 0 rg BT 265.44 694.25 Td ( INSURANCE INFORMA) Tj ET Q q 0 0 0 rg BT 378.03 694.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 119.30 682.25 Td (AS OF) Tj ET Q q 0 0 0 rg BT 148.10 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.05 682.25 Td (AND FOR ) Tj ET Q q 0 0 0 rg BT 197.64 682.25 Td (THE ) Tj ET Q q 0 0 0 rg BT 220.89 682.25 Td (YEARS ENDED ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 294.79 682.25 Td (DECEMBER 31, 2015, 2014 ) Tj ET Q q 0 0 0 rg BT 417.02 682.25 Td (AND 2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 461.18 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 18.50 670.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 206.25 658.25 Td (\(expr) Tj ET Q q 0 0 0 rg BT 228.84 658.25 Td (essed in thousands of U.S. dollars\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.15 658.25 Td () Tj ET Q 0.8 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i [] 0 d 0 J 0 j 3 M 196 583.75 m 246 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 246 583.75 m 296 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 296 583.75 m 350 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 350 583.75 m 405 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405 583.75 m 469 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 469 583.75 m 519 583.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 519 583.75 m 569 583.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 21.50 588.43 Td (Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 47.50 588.43 Td (Segment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.90 608.43 Td (Deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 90.65 598.43 Td (acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 94.55 588.43 Td (costs, net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.10 638.43 Td (Reserves) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 148.50 628.43 Td (for losses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 150.90 618.43 Td (and loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 143.80 608.43 Td (adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.35 598.43 Td (expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 153.20 588.43 Td ( gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 199.35 608.43 Td (Unearned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 198.90 598.43 Td (premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 205.70 588.43 Td ( gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.00 608.43 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.90 598.43 Td (premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.75 588.43 Td (earned) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 315.00 618.43 Td (Net) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 299.15 608.43 Td (investment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.20 598.43 Td (income) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 311.35 588.43 Td (\(loss\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 355.05 618.43 Td (Net losses,) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 359.90 608.43 Td (and loss) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.80 598.43 Td (adjustment) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 358.35 588.43 Td (expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 407.85 618.43 Td (Amortization) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 412.85 608.43 Td (of deferred) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 413.15 598.43 Td (acquisition) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 426.20 588.43 Td (costs) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 480.80 608.43 Td (Other) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 472.90 598.43 Td (operating) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 474.85 588.43 Td (expenses) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 531.05 608.43 Td (Gross) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 521.90 598.43 Td (premiums) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 527.95 588.43 Td (written) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 21.50 554.42 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 574.32 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 564.32 Td (&) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 554.32 Td (Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.65 554.42 Td (59,823) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.65 554.42 Td (305,997) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.60 554.42 Td (211,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 554.42 Td (408,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.30 554.47 Td (\(281,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.15 554.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 554.42 Td (317,097) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 554.42 Td (116,207) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 554.42 Td (23,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 554.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.60 554.42 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 21.50 520.42 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 540.32 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 530.32 Td (&) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 520.32 Td (Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.65 520.42 Td (34,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.65 520.42 Td (264,243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.60 520.42 Td (128,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 520.42 Td (354,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 520.42 Td (122,575) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 520.42 Td (234,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 520.42 Td (107,665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 520.42 Td (24,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 520.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.60 520.42 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 21.50 486.42 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 506.32 Td (Property) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 496.32 Td (&) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 47.50 486.32 Td (Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.65 486.42 Td (51,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.65 486.42 Td (329,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.60 486.42 Td (173,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 486.42 Td (547,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 486.42 Td (218,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 486.42 Td (338,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.65 486.42 Td (171,872) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 486.42 Td (20,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.50 486.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.60 486.42 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 494.05 410.25 Td (SCHEDULE IV) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.25 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.00 374.25 Td (GREENLIGHT) Tj ET Q q 0 0 0 rg BT 295.17 374.25 Td ( CAPIT) Tj ET Q q 0 0 0 rg BT 328.04 374.25 Td (AL) Tj ET Q q 0 0 0 rg BT 341.38 374.25 Td ( RE, L) Tj ET Q q 0 0 0 rg BT 368.52 374.25 Td (TD.) 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ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.50 233.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 233.42 Td (9,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 233.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 233.42 Td (502,124) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 233.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 233.42 Td (493,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 233.42 Td (102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 233.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 209.42 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 209.42 Td (Property & Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 209.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 209.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.50 209.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 209.42 Td (13,493) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 209.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 209.42 Td (324,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 209.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 209.42 Td (310,530) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 209.42 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 209.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.50 185.42 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 185.42 Td (Property & Casualty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.50 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.15 185.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.50 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 185.42 Td (2,780) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.50 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.65 185.42 Td (535,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 185.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 185.42 Td (532,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.15 185.42 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 185.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 241 0 obj <>] /Rotate 0 /Contents 242 0 R>> endobj 242 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 267.3 747.68505859375 m 344.6388671875 747.68505859375 l s q 0 0 0 rg BT 267.30 749.25 Td (EXHIBIT) Tj ET Q q 0 0 0 rg BT 309.91 749.25 Td ( INDEX) Tj ET Q 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 50 705.75 m 103 705.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 103 705.75 m 563 705.75 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 720.43 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.50 710.43 Td (Number) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 105.50 710.43 Td (Description of Exhibit) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 674.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 674.32 Td (Third Amended and Restated Memorandum and Articles of Association as revised by special resolution on July) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 664.32 Td (10, 2008 \(incorporated by reference to Exhibit3.1 of the CompanysForm 10-Q filed on August 7, 2008\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 650.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 650.32 Td (Form of Specimen Certificate of ClassA ordinary shares \(incorporated by reference to Exhibit4.1 of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 640.32 Td (Companys Registration Statement No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 626.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 626.32 Td (Share Purchase Option, dated August11, 2004, by and between the Registrant and First International Capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 616.32 Td (Holdings, Ltd. \(incorporated by reference to Exhibit4.2 of the Companys Registration Statement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 606.32 Td (No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 591.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 591.32 Td (Form of Securities Purchase Agreement for ClassA ordinary shares by and between the Registrant and each of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 581.32 Td (the subscribers thereto \(incorporated by reference to Exhibit10.2 of the Companys Registration Statement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 571.37 Td (No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 559.32 Td (10.2 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 559.32 Td (Greenlight Capital Re, Ltd. Third Amended and Restated 2004 Stock Incentive Plan \(incorporated by reference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 549.32 Td (to Exhibit 10.19 of the Companys Registration Statement No. 333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 535.32 Td (10.3 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 535.32 Td (Form of Restricted Stock Award Agreement by and between the Registrant and the Grantee \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 525.32 Td (reference to Exhibit10.6 of the Companys Registration Statement No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 511.32 Td (10.4 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 511.32 Td (Form of Stock Option Agreement \(incorporated by reference to Exhibit10.7 of the Companys Registration) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 501.32 Td (Statement No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 487.32 Td (10.5 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 487.32 Td (Greenlight Capital Re, Ltd. Form of Directors Restricted Stock Award \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 477.32 Td (Exhibit10.20 of the Companys Registration Statement No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 463.32 Td (10.6 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 463.32 Td (Greenlight Capital Re, Ltd. Form of Employees Restricted Stock Award \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 453.32 Td (Exhibit10.21 of the Companys Registration Statement No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 439.32 Td (10.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 439.32 Td (Form of Shareholders Agreement, dated August 11, 2004, by and among the Registrant and each of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 429.32 Td (subscribers \(incorporated by reference to Exhibit 10.8 of the Companys Registration Statement No.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 419.32 Td (333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 404.32 Td (10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 404.32 Td (Form of Deed of Indemnity between the Registrant and each of its directors and certain of its officers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 394.32 Td (\(incorporated by reference to Exhibit 10.11 of the Companys Registration Statement No. 333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 380.32 Td (10.9 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 380.32 Td (Amended and Restated Employment Agreement, dated as of December30, 2008, by and among Greenlight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 370.32 Td (Capital Re, Ltd., Greenlight Reinsurance, Ltd. and Tim Courtis \(incorporated by reference to Exhibit10.2 of the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 360.32 Td (Companys Current Report on Form 8-K filedon January 2, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 346.32 Td (10.10 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 346.32 Td (Concurrent Private Placement Stock Purchase Agreement for ClassB Ordinary Shares, dated January11, 2007,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 336.32 Td (by and between the Company and David Einhorn \(incorporated by reference to Exhibit10.16 of the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 326.32 Td (Registration Statement No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 312.32 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 312.32 Td (Service Agreement, dated as of February21, 2007, between DME Advisors, LP and Greenlight Capital Re, Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 302.32 Td (\(incorporated by reference to Exhibit10.17 of the Companys Registration Statement No.333-139993\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 288.32 Td (10.12 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 288.32 Td (Amendment No. 1, dated February 18, 2009, to the Amended and RestatedEmploymentAgreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 278.32 Td (December30, 2008, by and among Greenlight Capital Re, Ltd., Greenlight Reinsurance, Ltd. and Tim Courtis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 268.32 Td (\(incorporated by reference to Exhibit 10.26 of the Companys Form 10-K filed on February23, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 254.32 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 254.32 Td (Letter of Credit Agreement, executed July 21, 2009, between Greenlight Reinsurance, Ltd. and Bank of America,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 244.32 Td (N.A. \(incorporated by reference to Exhibit 10.1 of the Companys Form 10-Q filed on November 2, 2009\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 230.32 Td (10.14 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 230.32 Td (Greenlight Capital Re, Ltd. Amended and Restated 2004 Stock Incentive Plan \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 220.32 Td (Exhibit 10.1 of the Companys Form 8-K filed on May 4, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 206.32 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 206.32 Td (Amended and Restated Letter of Credit Agreement, executed June 17, 2010, between Greenlight Reinsurance,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 196.32 Td (Ltd. and Butterfield Bank \(Cayman\) Limited \(incorporated by reference to Exhibit 10.3 of the Companys Form) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 186.32 Td (10-Q filed on August 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 172.32 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 172.32 Td (Amended Letter of Credit Agreement, executed June 14, 2010, between Greenlight Reinsurance, Ltd. and Bank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 162.32 Td (of America, N.A \(incorporated by reference to Exhibit 10.2 of the Companys Form 10-Q filed August 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 148.32 Td (10.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 148.32 Td (Letter of Understanding, dated June 10, 2010, between Greenlight Reinsurance, Ltd. and Citibank, N.A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 138.32 Td (\(incorporated by reference to Exhibit 10.1 of the Companys Form 10-Q filed on August 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 124.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 124.32 Td (Letter of Credit Agreement, dated August 20, 2010, between Greenlight Reinsurance, Ltd. and Citibank Europe) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 114.32 Td (plc. \(incorporated by reference to Exhibit 10.1 of the Companys Form 10-Q filed onNovember 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 100.32 Td (10.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 100.32 Td (Master Reimbursement Agreement, dated August 20, 2010, between Greenlight Reinsurance, Ltd. and Citibank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 90.32 Td (Europe plc \(incorporated by reference to Exhibit 10.2 of the Companys Form 10-Q filed on November 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 76.32 Td (10.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 76.32 Td (Reinsurance Deposit Agreement, dated August 20, 2010, between Greenlight Reinsurance, Ltd. and Citibank) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 66.32 Td (Europe plc. \(incorporated by reference to Exhibit 10.3 of the Companys Form 10-Q filed on November 2, 2010\)) Tj ET Q endstream endobj 243 0 obj <>] /Rotate 0 /Contents 244 0 R>> endobj 244 0 obj <> stream BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 50 772.848046875 m 133.71484375 772.848046875 l s q 0 0 1 rg BT 50.00 774.10 Td (Link to T) Tj ET Q q 0 0 1 rg BT 79.93 774.10 Td (able of Contents) Tj ET Q BT /F4 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 745.07 Td (10.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 745.07 Td (Amended and Restated Agreement, effective as of August 31, 2010, between Greenlight Capital Re, Ltd.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 735.07 Td (Greenlight Reinsurance, Ltd., Greenlight Reinsurance Ireland, Ltd., and DME Advisors, LP \(incorporated by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 725.07 Td (reference to Exhibit 10.4 of the Companys Form 10-Q filed onNovember 2, 2010\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 711.07 Td (10.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 711.07 Td (Letter of Credit Agreement,effective as of February 3, 2011, between Greenlight Reinsurance, Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 701.07 Td (andJPMorgan Chase Bank N.A. \(incorporated by reference to Exhibit 10.38 of the Companys Form 10-K filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 691.12 Td (on February 22, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 680.07 Td (10.23 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 680.07 Td (Amended and Restated Employment Agreement, dated July 26, 2012, by and among Greenlight Capital Re, Ltd.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 670.07 Td (Greenlight Reinsurance, Ltd. and Barton Hedges \(incorporated by reference to Exhibit 10.1 of the Company's) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 660.12 Td (Form 10-Q filed on July 30, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 648.07 Td (10.24 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 647.17 Td (Employment Agreement, dated August 15, 2006, by andamong Greenlight Capital Re, Ltd.,Greenlight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 637.17 Td (Reinsurance, Ltd. and Brendan Barry \(incorporated by reference to Exhibit 10.24 of the Companys Form 10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 627.17 Td (filed on February 21, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 613.07 Td (10.25 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 612.17 Td (Employment Agreement, dated September 28, 2006, by andamong Greenlight Capital Re, Ltd.,Greenlight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 602.17 Td (Reinsurance, Ltd. and Claude Wagner \(incorporated by reference to Exhibit 10.25 of the Companys Form 10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 592.17 Td (filed on February 21, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 578.07 Td (10.26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 578.07 Td (Amendment to amended letter of credit agreement, executed on December 16, 2011, between Greenlight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 568.07 Td (Reinsurance, Ltd. and Bank of America, N.A. \(incorporated by reference to Exhibit 10.26 of the Companys) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 558.07 Td (Form 10-K filed on February 21, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 543.07 Td (10.27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 543.07 Td (Amended letter of credit agreement,effective as of December 16, 2011, between Greenlight Reinsurance, Ltd.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 533.07 Td (andJPMorgan Chase Bank N.A. \(incorporated by reference to Exhibit 10.27 of the Companys Form 10-K filed) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 523.07 Td (on February 21, 2012\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 508.07 Td (10.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 508.07 Td (Second Amended and Restated Agreement by and among Greenlight Reinsurance, Ltd., Greenlight Reinsurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 498.07 Td (Ireland, Ltd., Greenlight Capital Re, Ltd. \(for limited purposes\) and DME Advisors, LLC, Amended and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 488.07 Td (Restated as of January 1, 2014 \(incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 478.07 Td (January 7, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 463.07 Td (10.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 463.07 Td (Investment Advisory Agreement among DME Advisors, LP, The Venture Among Greenlight Reinsurance, Ltd.,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 453.07 Td (Greenlight Reinsurance Ireland, Ltd. and DME Advisors, LLC, Greenlight Reinsurance, Ltd., Greenlight) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 443.07 Td (Reinsurance Ireland, Ltd. and DME Advisors, LLC, effective January 1, 2014 \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 433.07 Td (Exhibit 10.2 of the Company's Form 8-K filed on January 7, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 418.07 Td (10.30 \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 418.07 Td (Employment Agreement, dated July 31, 2014, by and among Greenlight Reinsurance, Ltd. and James McNichols) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 408.07 Td (\(incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q filed on November 3, 2014\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 393.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 392.17 Td (Amendment Letter Agreement between Greenlight Reinsurance, Ltd. and Butterfield Bank \(Cayman\) Limited,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 382.17 Td (effective June 1, 2015, amending the Amended and Restated Letter of Credit Agreement dated June 17, 2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 372.17 Td (\(incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q filed on August 3, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 358.07 Td (10.32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 358.07 Td (Amended and Restated Letter of Credit Facility Agreement, dated May 7, 2015 between Greenlight Reinsurance,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 348.07 Td (Ltd. and Bank of America, N.A., amending the Amended Letter of Credit Facility Agreement dated December) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 338.07 Td (16, 2011 \(incorporated by reference to Exhibit 10.2 of the Company's Form 10-Q filed on August 3, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 323.07 Td (10.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 322.17 Td (Letter Agreement between Greenlight Capital Re, Ltd., Greenlight Reinsurance, Ltd., Greenlight Reinsurance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 312.17 Td (Ireland, Ltd., DME Advisors, LLC and DME Advisors, LP., dated June 17, 2015 \(incorporated by reference to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 302.17 Td (Exhibit 10.3 of the Company's Form 10-Q filed on August 3, 2015\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 288.07 Td (12.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 288.07 Td (Ratio of earnings to fixed charges and preferred share dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 274.07 Td (21.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 274.07 Td (Subsidiaries of the registrant \(incorporated by reference to Exhibit 21.1 of the Company's Form 10-K filed on) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 264.07 Td (February 22, 2011\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 250.07 Td (23.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 250.07 Td (Consent of BDO USA, LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 236.07 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 236.07 Td (Certification of the Chief Executive Officer of Greenlight Capital Re, Ltd. filed herewith pursuant to Section302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 226.07 Td (of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 212.07 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 212.07 Td (Certification of the Chief Financial Officer of Greenlight Capital Re, Ltd. filed herewith pursuant to Section302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 202.07 Td (of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 188.07 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 188.07 Td (Certification of the Chief Executive Officer of Greenlight Capital Re, Ltd. furnished herewith pursuant to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 178.07 Td (Section 906 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 164.07 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 164.07 Td (Certification of the Chief Financial Officer of Greenlight Capital Re, Ltd. furnished herewith pursuant to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 154.07 Td (Section906 of the Sarbanes-Oxley Act of 2002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.50 140.07 Td (101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 140.07 Td (The following materials from the Companys Annual Report on Form10-K for the year ended December 31,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 130.07 Td (2015, formatted in XBRL \(eXtensible Business Reporting Language\): \(i\)the Consolidated Balance Sheets;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 120.07 Td (\(ii\)the Consolidated Statements of Income; \(iii\)the Consolidated Statements of Shareholders Equity; \(iv\)the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 110.07 Td (Consolidated Statements of Cash Flows; and \(v\)the Notes to Consolidated Financial Statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.80 80.17 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.15 80.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.50 80.17 Td (Management contract or compensatory plan or arrangement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 564.50 76.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 40.00 Td () Tj ET Q endstream endobj 245 0 obj <> endobj 246 0 obj <> stream BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 510.3 740.68505859375 m 561.9796875 740.68505859375 l s q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 12.1) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 111.8 716.68505859375 m 500.10078125 716.68505859375 l s q 0 0 0 rg BT 111.80 718.25 Td (RA) Tj ET Q q 0 0 0 rg BT 125.50 718.25 Td (TIO OF) Tj ET Q q 0 0 0 rg BT 159.86 718.25 Td ( EARNINGS ) Tj ET Q q 0 0 0 rg BT 217.46 718.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.95 718.25 Td (O FIXED CHARGES ) Tj ET Q q 0 0 0 rg BT 319.25 718.25 Td (AND PREFERRED SHARE DIVIDENDS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (The following table sets forth our consolidated ratios:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 621.75 224.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 273.50 621.75 142.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 621.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 621.75 142.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273.5 621.75 m 415.5 621.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 621.75 m 561.5 621.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 640.42 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.50 640.43 Td (Year ended December 31, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 424.50 640.43 Td (Year ended December 31, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 338.15 626.48 Td (\(2\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 484.15 626.48 Td (\(2\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 611.42 Td (Ratio of Earnings to Fixed Charges \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 611.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.25 611.42 Td (5.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 596.42 Td (Deficiency of Earnings to Fixed Charges \($000\) \(3\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.75 596.42 Td (333,688) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.00 596.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.98 568.25 Td (The ratio of earnings to fixed char) Tj ET Q q 0 0 0 rg BT 200.41 568.25 Td (ges was determined by dividing consolidated earnings by total fixed char) Tj ET Q q 0 0 0 rg BT 492.37 568.25 Td (ges. For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (purposes of the ratios of earnings to fixed char) Tj ET Q q 0 0 0 rg BT 235.87 556.25 Td (ges \(i\) earnings consist of consolidated net income before considering income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (taxes, minority interest and fixed char) Tj ET Q q 0 0 0 rg BT 201.44 544.25 Td (ges and \(ii\) fixed char) Tj ET Q q 0 0 0 rg BT 288.99 544.25 Td (ges consist of interest on indebtedness, interest expense on funds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (withheld from reinsurers and that portion of rent expense that is deemed by our management to be an appropriate interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (factor) Tj ET Q q 0 0 0 rg BT 72.76 520.25 Td (. ) Tj ET Q q 0 0 0 rg BT 77.58 520.25 Td (W) Tj ET Q q 0 0 0 rg BT 86.22 520.25 Td (e have estimated that one-third of rent expense represents a reasonable approximation of the interest factor) Tj ET Q q 0 0 0 rg BT 511.88 520.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (\(2\) No preferred shares were outstanding during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.93 496.25 Td (years ended December 31, 2015 and 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.92 496.25 Td (,and no preferred share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.25 Td (dividends were paid during those periods.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 246.32 Td (The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 236.32 Td (over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors \(or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.00 226.32 Td (persons performing the equivalent functions\):) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 198.25 Td (a\) ) Tj ET Q q 0 0 0 rg BT 95.72 198.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 186.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 296.57 186.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 369.32 186.25 Td (s ability to record, process, summarize and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 174.25 Td (report financial information; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 150.25 Td (b\) ) Tj ET Q q 0 0 0 rg BT 96.28 150.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 138.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 126.54 138.25 Td (s internal control over financial reporting.) 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