Solid competitive position based on strong and excellent positions in a number of business segments Significant diversity through a combination of insurance and noninsurance operations Strong consolidated profitability Low industry and country risk, albeit with varying degrees of volatility, cyclicality, regulatory risk, and correlation among the various business segments Strong credit protection measures, which we forecast to remain in line with our expectations over the next two years An acquisitive strategy that can stress leverage metrics for a period of time No dividend payments to shareholders and few-to-no share repurchases provide ability to restore credit metrics that can mitigate potential stress from large acquisition Solid and consistent cash flow generation The ratings anchor of 'a+' (the choice from the dual
