Finally, there was a significant difference between Superior Performers and the other cohorts with respect to public vs. non-public ownership. Ownership Public Non-Public 80% 20% 90% 10% 90% 10% Top performers were twice as likely as others to have non-public ownership structures. This presents a strong argument for the value proposition of mutual carriers. Selected Superior Performer Characteristics: Organizational Scale, Scope & Structure Small- to mid-sized More likely to focus on a single country More likely to be non-publicly owned EUROPEAN INSURER VALUE ANALYSIS 7