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11 <br /> RLI: 311 <br /> Admiral: 291 <br /> Markel: 277 <br /> Ironshore: 271 <br /> • <br /> Houston Cas»alty: 266 <br /> CNA: 253 <br /> Hudson: 249 <br /> XL: 247 <br /> • Catlin: 241 <br /> Chartis: 231 <br /> • <br /> Lexington: 224 <br /> ACE: 217 <br /> • <br /> Liberty Mutual: 179 <br /> Zurich: 171 - <br /> • As you can see,Terra has the highest BCAR score of any of its competitors by a significant <br /> margin. Given Terra's consistently high BCAR score(its BCAR score in 2001 was 455),there <br /> should be no concern about Terra's financial strength and capital adequacy,and especially, its <br /> ability to meet its ongoing obligations. <br /> By contrast,failed competing large insurance companies such as DPIC and Reliance, (which <br /> possessed"A+"and"A-"qualitative Best ratings a few years before their ultimate demise, <br /> respectively),never had a high BCAR score(DPIC's highest BCAR score was 119 and <br /> Reliance's highest BCAR score was 86).In fact,both DPIC and Reliance's BCAR scores <br /> hovered well below 100 in the years before their collapse(i.e.,their BCAR scores were 86.9 <br /> and 77.8,respectively). Also,when the financial markets collapsed in 2008-2009,AIG (the <br /> parent of operating subsidiaries like Lexington and Chards, discussed above)required$200 <br /> billion in U.S.taxpayer bailout money to survive. Terra has never required financial assistance <br /> or "bail-out"money from any entity in its 45-year history. Terra is a conservative and well-run <br /> insurance company. <br /> Fewer than 4%of insurance companies in the United States have a BCAR score high enough <br /> to achieve either an actual or implied"A++"rating. But because Terra writes only a single <br /> 132 <br /> {00115239.DOC;1} <br />