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Original Specimen Results

Actual and “As-if” at Current Rates

The graphs below presents a comparison between PG Butler’s results and the Lloyd’s Market results for Property Catastrophe Retrocession, widely considered to be one of the most difficult classes in the industry. The green columns show Butler’s audited loss ratios: the red columns represent those of the entire Lloyd’s market for the same Risk Codes, XX* & X3*.

The lack of “green ink” in 2002, 2003, 2004, 2007 and 2008 indicate PGB’s 0% loss ratio for each of those years. PGB did not underwrite in 2005 and 2006, so has used the market average result, although achieving only that would have been untypical. 2001 has been excluded from the both sets of results since the majority of the losses that year came from the World Trade Centre event: terrorism is now excluded but it is impossible to segregate the terrorism only component from the overall loss figures for 2001. It is fairer, therefore, to exclude the year in its entirety.

*Lloyd’s Risk Codes: XX = London Market Excess; X3 = Worldwide Retrocession

NB: No reliable Lloyd’s market results are available for 1992 and prior years.

Actual:

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“As-if” at Current Rates

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