Specialty Insurance Sectors

Table of Contents

TERRORISM INSURANCE

1. Insurance Industry - Terrorist Attack and the Aftermath

• Insuring Against Terrorism: Policy Challenge
• Government Cover for Insurance Industry Against Terrorist Risks in Various Countries
• Canada
• France
• Germany
• The UK
• Spain
• South Africa
• Israel

2. United States

• Terrorism Insurance Market - A Brief
• Terrorism Sweeps Insurance Sector off its
• Revenues
• Terrorism Risk Insurance Act Amended
• US Government Opposes Terrorism Insurance Extension
• Federal Backstop - Should it be Temporary or Permanent?
• Terrorism & Risk Coverage...
• Insurance Industry Seeks Federal Support
• Federal Backstop - Considerations and Oppositions...
• Bush Administration' s Plan...
• Senate Banking Committee' s Plan...
• US Insurers Come Up with an Insurance Pool Proposal...
• NAII Recommendations for Terrorism Reinsurance Proposal...
• Proposals for Terrorism Insurance Could Hurt Consumers...
• Terrorism Risk Insurance Act legislation
• Key Features of the Legislation
• 2001: A Year of Debacle
• September 11: The Aftershocks
• 9/11 - The Costliest Insured Disaster
• Estimated Insurance Payments Related to Sept. 11 2001, by Sector (In US$)
• Table 1: September 11: Estimates of Losses for US Insurance Industry (In US$ Billion) (includes corresponding Graph/Chart)
• The Ripples from WTC Disaster
• Skyrocketing Insurance Rates...
• All Eyes Turn Towards Catastrophe Modeling
• The Recessionary Climate
• Sustained Underpricing
• Medical Inflation

3. Chile

• A Key Note on Terrorism Insurance

4. Strategic Developments in the Past

• XL Capital and 5 European Insurers form JV for Terrorism Coverage
• Russian Insurance Majors Form Anti-Terror Insurance Pool
• Special Risk Insurance and Reinsurance Luxembourg Commences Operations
• US Airlines Mull Formation of Risk-Retention Group

5. Product Launch

• Lexington Enhances BioChem ShieldSM Capacity

6. Focus on Select Players

• Hiscox Ltd, UK
• Lloyd' s of London, UK

MORTGAGE INSURANCE

1. An Overview

• The Need
• Policy Renewal/ Cancellation

2. Select Snapshots of the Mortgage Insurance Industry Worldwide

2a. United States

• Mortgage Insurance Market Representation
• Table 2: US Recent Past, Current & Future Analysis for Mortgage Insurance Market with Net Premiums Written in US$ Million for the Years 2006 through 2010 (includes corresponding Graph/Chart)
• Private Mortgage Insurance - An Upcoming Segment
• PMIs' Competition with Service
• Elements of Underwriting Risk when Reviewing a Loan
• The Rise of Mortgage Insurance
• Factors Strengthening the PMI Business
• Self-Insurers in the PMI Market
• Factors Affecting Default Losses

2b. Romania

• Awareness Among Public Revitalizes the Market
• Lack of Standardization in Mortgage Sector - Implications for Mortgage Insurance
• Domenia Credit - A Key Player

2c. Denmark

• Mortgage Insurance - Promising Avenue for Growth

3. Recent Industry Activity

• Assurant Solutions Takes Over Centrepoint Insurance
• Assurant' s UK Affiliate Takes Over Swansure Group
• AIG Forms Alliance with Seoul Guarantee
• HIG Holdings Plans to Acquire American Founders Financial Corp

4. Strategic Development in the Past

• GE Splits GE Capital into Separate Units

5. Product Launches

• R&SA Offers Insurance to Renewable Energy Sector
• Lloyds Offers Free Cover
• ASPCA Releases New Pet Health Insurance Product
• BUPA to Launch Space Insurance
• Citibank Introduces Loan Protection Policy in UAE

6. Product Launches in the Past

• Progressive Launches Loan/Lease Pay Off Insurance
• Liverpool Victoria' s Comprehensive Mortgage Payment Protection Plan
• Tata AIG, Tata Home Finance Offer Mortgage Reducing Term Program

7. Focus on Select Players

• Abbey National PLC
• Allstate Financial Group, US
• Ecclesiastical Insurance Group, UK
• Lloyds TSB Group plc, UK
• Metropolitan Life Insurance Co., US
• Mortgage Guaranty Insurance Corp., US - Leading Private Mortgage Insurer in the US
• Radian Group, US
• Republic Mortgage Insurance Co., US
• The PMI Group, Inc., US
• United Guaranty, US

CREDIT INSURANCE

1. Credit Insurance - The Concept

• The Insurance for Creditor...
• A Special Case of Co-Insurance...

2. Importance of Credit Insurance

• Credit Insurance Sector Poised for Substantial Growth

3. Credit Insurance Market - A Historic Perspective

• Market Leaders
• Table 3: World Credit Insurance Industry (2002) - Percentage Market Share of Leading Players (includes corresponding Graph/Chart)
• Table 4: World Credit Insurance Industry (2000) - Percentage Market Share of Leading Players (includes corresponding Graph/Chart)

4. Review of Major Markets

4a. United States

• Credit Insurance in the US - Untapped Potential

4b. Europe

• Credit Insurance Garners High Popularity
• Formation of EU Boosts European Credit Insurance Market
• Credit Insurers Make Smart Move
• 4b(i). United Kingdom
• UK Creditor Insurance Market - An Overview
• Table 5: UK Recent Past, Current & Future Analysis for Credit Insurance Market in GBP Billion for the Years 2006 through 2010 (includes corresponding Graph/Chart)
• Popularity of PPI Declines in Recent Years
• PPI Affected by Negative Adulation
• Regulatory Assessment Highlights Several Failures in Creditor Insurance Industry

4c. Other Emerging Markets

• 4c(i). Chile - Favorable Treatment...
• Export and Domestic Trade Credit
• A Past Perspective
• Table 6: Credit Insurers in Chile for 2001: Percentage Market Share by Company (includes corresponding Graph/Chart)
• 4c(ii).China
• Export Credit Insurance Market Picking Up
• Table 7: Chinese Credit Insurance Market (2003): Percentage Value Breakdown of Premium by Company - Ping An, China United, Yong An, Tian An, Sinosafe and Others (includes corresponding Graph/Chart)

5. Recent Industry Activity

• Euler Hermes Acquires Stake in ICIC
• Euler Hermes Acquires United Mercantile
• Zurich Enters into Collaboration
• Wintrust Financial to buyout Broadway Premium Funding Corp
• R&SA Bags New Contract
• Towergate Snaps Up Paymentshield
• Bank of America to Divest Premium Credit
• Euler Hermes to Acquire Lumley' s Credit Insurance Division
• Direct Pet Health to Purchase First Pet Life
• Pets Best Acquires General Fire' s Pets Division
• Lightyear Capital Purchases Stake in Sirius America
• Intersections Acquires Chartered Marketing
• LandAmerica Acquires Capital Title Group
• American International to Acquire Ocean Finance & Mortgages
• Euler Hermes to Enter Irish Market
• Genworth Buys Out Vero Lenders
• QBE to Acquire Praetorian
• Zurich Insurance Ireland Expands in Europe
• Aon Plans to Divest Credit Insurance Business
• Euler Hermes to Launch Export Credit Insurance in Japan
• Credit Insurance Consultants Acquires Credit Insurance Brokers
• IBM Plans to Acquire Liberty Insurance Services Corp
• HCC Insurance to Acquire Stake in Demontfort
• Coface Establishes New Insurance Company

6. Strategic Developments in Past

• Scor Divests Stake in Coface
• Coface Gains Gerling' s Credit Insurance Operations in Denmark and the Netherlands
• Gerling and NCM Merge

7. Focus on Select Credit Insurers Worldwide

• Coface Group, France
• Euler & Hermes SA, France
• Atradius, Germany
• Sompo Japan Insurance Inc., Japan

ALTERNATIVE RISK TRANSFER

1. An Overview

• Risk Retention Groups (RRGs)...
• Purchasing Groups (PGs)...
• Self-Insurance...
• Captive Insurance...
• Market Overview
• Captive Market Receives a Major Boost in the Year 2000
• Table 8: Leading Domiciles Worldwide: 2000 (includes corresponding Graph/Chart)
• Table 9: Leading Captive Insurance Managers, Worldwide: 2000 (includes corresponding Graph/Chart)
• Why Captives?
• Traditional Carriers Also Benefit...
• Outlook
• Surplus Lines
• Firming Market Pushes P/C Lines to Surplus Carriers
• The Definition
• Deteriorating P/C Lines - The Cause
• Easing Rates and Terms
• Key Factors for Growth
• Surplus Lines Market - Current and Potential Trends
• Prospective Trends of US Specialty Lines Insurance Market

2. Recent Industry Activity

• Validus Acquires Talbot
• Hiscox Acquires Kidnap and Ransom Business from Aon
• Strategic Developments in the Past
• Capital Establishes New Subsidiary
• Argonaut Establishes Captive Business Unit
• XL Capital Establishes New Subsidiary
• Alea Purchases Seven Hills Insurance
• Front Royal Acquired by Argonaut Group
• MetLife Acquires Seguros de Vida and Soince Reinsurance
• Reinsurance Group of America Creates New Unit
• Transatlantic Re Acquires a 40% Stake in Kuwait Re
• Warren-Hoffman Acquires Health Plan Administrators

3. Alexander Forbes Ltd., South Africa - A Major Broker in the World

PET INSURANCE

1. US' Pet Insurance Market

• An Overview of the US Pet Insurance Market
• Table 10: US Recent Past, Current & Future Analysis for Pet Insurance Market: Premiums in US$ Million for the Years 2006 through 2010 (includes corresponding Graph/Chart)
• Expenditure on Pets Surges Ahead Among Americans
• US Pet Insurance Market Set to Strengthen Further
• Pet Insurance in the US - A Past Review
• Buoyant Growth Foreseen in Pet Insurance Market
• Leading Companies
• Petco
• Veterinary Pet Insurance
• PetPartners
• Pets Best
• American Television Acquires First Pet Life Inc.

2. Pet Insurance Market in the UK

• ' Dogging' the Pet Insurance Segment
• Low Costs Spur Sales
• Table 11: UK Recent Past, Current & Future Analysis for Pet Insurance Market in US$ Million at Retail Price for the Years 2006 through 2010 (includes corresponding Graph/Chart)
• Competitive Scenario
• Table 12: Leading Players in UK Pet Insurance Market (2005): Percentage Market Share by Company - Allianz Cornhill, AXA Insurance, Domestic & General, Royal & SunAlliance, Thornside, UKI Partnerships, and Others (includes corresponding Graph/Chart)
• Changing Market Conditions
• Marketing and Distribution
• Outlook

3. Japan' s Pet Insurance Market

4. Product Launches

• Vsurance to Launch Insurance Product for New Pet Owners
• Greenbee.com Offers New Pet Insurance Cover
• Vsurance Introduces Pet Boarding Kennel Insurance
• Buddies Launches Discount Pet-Insurance Scheme

MUNICIPAL BOND INSURANCE

1. Market Overview

• Regional Snapshots of Municipal Bond Insurance - A Historic Review
• United States
• Tax Exempt Debt Insurance Rides High
• Market Leaders
• Chile
• Table 13: Leading Bond Insurers in Chile for 2001: Percentage Market Share by Company (includes corresponding Graph/Chart)
• Construction and Other Bonds

2. Focus on Select Players

• Ambac Assurance Corp., US
• Financial Guaranty Insurance, US
• Financial Security Assurance Holdings Ltd., US

FIDELITY INSURANCE INDUSTRY

1. Market Primer

• Cyber Crime and Fidelity Insurance
• Rise in Internet Connections Contribute to the Problem...
• Low Premiums a Cause for Concern
• Fidelity and Globalization

2. Fidelity Insurance Market in the US

• Market Leaders
• Table 14: US Fidelity Writers - Market Shares of Leading Companies for 2004 (includes corresponding Graph/Chart)

3. Fidelity Insurance Market in Canada

POLITICAL RISK INSURANCE INDUSTRY

1. Political Risk -An Overview

• Companies Turn to Political Risk Insurance
• Major Political Risks...
• Aversion for Overseas Investments Mars Political Insurance Prospects - A Retrospect
• Restoring Confidence in the Global Economy
• Pricing

2. Product Launches in the Past

• AIG Global Trade and Political Risk Insurance' s Policy
• MAP Underwriting Offers Coverage for Political Violence
• Zurich NA' s Political Risk Enhancement Policy on Brazilian Bond

COMPETITIVE LANDSCAPE