Brown Brothers Harriman has been providing investment management to insurance clients since th 1940s. We manage over $4.9 billion for insurance clients as of December 31, 2009, placing us among the top insurance asset managers. We are investment managers to more than forty insurance entities including U.S. statutory companies and groups, foreign and offshore insurers and reinsurers, domestic and offshore captives and risk retention groups, P&I clubs and liability settlement trusts.

As an investment manager, we serve insurers in every stage of the corporate life cycle, from small start-ups to diversified companies to settlement trusts and companies in run-off. Investment grade fixed income management is the mainstay of our Insurance Asset Management practice. We provide strong tactical management, strategic and administrative advice and services that are responsive to industry needs. Our strategy comes from recognizing the following truths:

• Insurance companies have a large number of demanding external constituencies, such as rating agencies, regulators and outside investment committees, shareholders and, in the case of mutuals, policyholders.
• The factors that affect the value of investment portfolios also affect the present value of an insurer's liabilities and its ability to compete.
• Most domestic insurers are taxable institutions and insurance taxes are calculated uniquely.
• Insurance portfolios are managed under multiple constraints (primarily in turnover and acceptable holdings) that typically are of less concern to other institutions.

The cumulative expertise of the members of the BBH Team that advises our insurance clients, and the research and resources they bring to the task, is extensive. BBH Insurance professionals have an average of over 20 years of experience within the industry. Our executives have:

• Run portfolios in-house at insurance and reinsurance companies.
• Worked in a financial modeling capacity for consulting firms and insurance companies.
• Advised on reform of the Health Care Financing Administration’s investment requirements for medical malpractice captives.
• Advised insurance companies on corporate finance issues and performed as lead banker on syndicated insurance loans.
• Managed custodial and cash management relationships for insurance companies.
• Testified before Congress on medical malpractice investment issues.
• Spoken at numerous industry conferences.

In addition to investment management services, we provide insurance clients with advisory/consulting services, custody of securities, banking, brokerage, and trust services.

For detailed information on our Insurance Asset Management product offerings and serves, team and commentary, please contact:

Cameron C. Laird, CFA
Senior Vice President
Head of Insurance Asset Management
Brown Brothers Harriman & Co.
212.493.7967
cameron.laird@bbh.com

Joseph LoPorto
Vice President
Brown Brothers Harriman & Co.
212.493.7245
joseph.loporto@bbh.com