Niche Specialty Insurance Sectors in the United States

SPECIALTY LIABILITY I

1. An Introduction

2. A Historic Review

Table 1: Segments of Specialty Line Business (In %) in the US:

2000 (includes corresponding Graph/Chart)

3. Tra

4. Management Liability I

Employment Practices Liability

Employment Practices Liability I

Employment-Related Claims - Getting on the Nerves of I

Directors and Officers Liability

Table 2: Market Shares of Leading D&O I

Professional Liability and Errors & Omissio

Coverage Restrictio

5. Fiduciary Liability

6. Gunmakers Liability

7. Recent Industry Activity

Social I

First American Buys Out Complete Title Services

K Drewe and BIBA Enter into Collaboration

HSBC and AIG Collaborate to Provide Joint I

Allianz Cornhill and Argos Sign Agreement for Furniture I

ING to sell National Borg

Bradford Acquires Best Title & Processing LLC

Berkshire Snaps Up Huff Realty

Stewart Information Services Acquires Longmont Title

Stewart Title Acquires Lapeer County

LandAmerica Buys Out Mar-Vel Enterprises

LandAmerica Snaps Up Napa Land

Old Republic Takes Over Sentry Abstract

Stewart Information Services Acquires The Title Co

Stewart Information Services Acquires Telluride Mountain Title

Stewart Information Services Acquires Texas State Title

ProAssurance to Take Over NCRIC

ACE Medical Risk Purchases Renewal Rights to Alternative Risk Hospital Portfolio of GE I

Octagon Risk Services Acquires Managed Care Holdings Corp.

8. Strategic Developments in the Past

Alliant Resources Group Acquires Kelter-Thorner

Cal-Surance Associates Acquires Gail H. Murrell I

OneBeacon I

Mix Group Gets the Nod to Set up Company

Warren-Hoffman Acquires Allied Claim Services

Heffernan Group Merges with Area West I

Arthur J Gallagher Takes Over Three I

Chubb Specialty I

Navigators Management Commences Navigators Pro

Target Capital and Gulf II

MasterCard Enters into Alliance with ePolicy.com

PartnerRe Reorganizes US Treaty Rei

Florida Physicia

9. Focus on Select Players

Chubb Corp.

TITLE I

1. The Concept I

2. Title I

Key Propellant for Housing & Mortgage Industry

Operating Revenues Heading for a Dip

Rate Regulation - A State Mandate

Statutory Reserves Add to Uniqueness

M&As in Title I

Co

Table 3: US Recent Past, Current & Future Analysis for Title I

Table 4: US Title I

Table 5: US Title I

A Historic Review of the Market Performance

3. Product Launches in the Past

American Land Title Association Devises Policy

Experian Automotive, First American Launch TitleGuard

First American Offers Title I

4. Recent Industry Activity

CTG Takes Over Flood Zone

CSSG Acquires American Title Co of Houston, Title Resources Guaranty Co and Stewart Acquires Abstract & Title

Stewart Information Acquires Burnt Store

Stewart Title Acquires Jackson Kahl

Stewart Information Acquires Midwest Title

Stewart Acquires Pine Island Title I

First American Title Acquires United General Financial Services

Chicago Title Acquires Service Link

Stewart Title Buys Outstanding Stake in Advance Title Holding

LandAmerica Acquires Century Title Services

Taurus Acquires Kohlrusch Title Services

Stewart Acquires Central Title LLC

Fidelity Pockets STG Associates

CapTech to Take Over Your Title Choice

FMT Purchases First Montana Title Co

Silverado Acquires Stake in Liberty Settlement Services

BB&T I

Capital Partners and Heads & Threads Acquire Alleghany Corp

Lawyers Title I

First American Corp. Going Big on Title I

Stewart Title Makes Key Purchases in Title I

FAT Acquires MTA

LandAmerica Acquires Apache Title and Trust

FAC Acquires Bayshore

Lawyers Title Acquires Channel Islands

American Title Acquires Chelsea Title

LandAmerica Acquires Closing Co.

FAT Acquires Columbian National Title I

Stewart Title Acquires Cuesta Title

First Title Acquires Enact Conveyancing

FAT Acquires First American Title Co. Of Marin

Stewart Title Acquires First American Title of Southern Colorado

STC Acquires Homeowners Closing Services

First American Title I

Lawyers Title I

First American Title I

First American Title I

Stewart Title to Acquire Santa Cruz Title

Stewart Title Acquires Security Title of Billings

Stewart Title Co Acquires Stewart Title of Pueblo Inc

The First American Corp to Acquire TA Holdings

LandAmerica Financial Group Acquires Taos Title

Stewart Title Acquires Title Associates

LandAmerica Financial Group Inc Acquires Universal Title Services

First American Title I

Stewart Title Acquires Whitman County Title

First American Title I

LandAmerica Acquires Buyers/Best

5. Strategic Developments in the Past

Fidelity National Acquires Outstanding Shares of American National

First American Title Acquires Pacific Northwest

First American Title Takes Over Metropolitan Title Co

LandAmerica Acquires Gateway Title Co

Fidelity National Purchases American Pioneer

First American Title Acquires Allegiance Title

Fidelity Takes Over LandCanada

CBC Cos Inc Buys Advantage Equity Services Inc

Stewart Title Acquires Alliance Title

LandAmerica Purchases New York Land Services

Fidelity National Establishes Property I

Stewart Information Services Establishes Subsidiary

Stewart Title Acquires Majority Stake in San Juan Abstract

Tra

6. Focus on Select Players

Fidelity National Financial

BB&T I

ENVIRONMENTAL I

1. An Overview

2. Pricing & Capacity

3. Mold Coverage

4. Remediation Stop Loss Coverage

5. The “Polluter Pays” Principle

Asbestos Liabilities: An Unforgotten Terror of the Past

Table 6: Asbestos Related Losses: 1992-2002 (In US$ Billion)

(includes corresponding Graph/Chart)

Effect of Escalating Asbestos Claims on the US Economy

6. Developments

Building on Brown fields

Pollution Legal Liability (PLL)

Colleges and Universities

Contractors Pollution Liability

Co

Combined Coverage