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style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=437 height=18 id="_x0000_i1028" src="images/2010-04-01.gif"><o:p></o:p></span></p> </td> </tr> </table> </div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=690 style='width:517.5pt;mso-cellspacing:0in;background:white;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=690 colspan=5 valign=top style='width:517.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=10&amp;F=H"><span style='text-decoration:none;text-underline:none'><img border=0 width=690 height=89 id="_x0000_i1029" src="images/bartlett-banner.jpg" alt="Bartlett Actuarial Group"></span></a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=690 colspan=5 valign=top style='width:517.5pt;background:#FFFFCD; padding:0in 0in 0in 0in'> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=690 style='width:517.5pt;mso-cellspacing:0in;background:#FFFFCD;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=690 colspan=15 valign=top style='width:517.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=4 id="_x0000_i1030" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=13 valign=top style='width:9.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=13 height=1 id="_x0000_i1031" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=80 valign=top style='width:60.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="#StoryOne"><span style='font-size:7.5pt;font-family:"Verdana","sans-serif"; color:#4F4D40;text-decoration:none;text-underline:none'>Insights</span></a><o:p></o:p></span></p> </td> <td width=15 valign=top style='width:11.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=15 height=1 id="_x0000_i1032" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=130 valign=top style='width:97.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="#StoryTwo"><span style='font-size:7.5pt;font-family:"Verdana","sans-serif"; color:#4F4D40;text-decoration:none;text-underline:none'>Actuarial Challenge</span></a><o:p></o:p></span></p> </td> <td width=15 valign=top style='width:11.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=15 height=1 id="_x0000_i1033" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=90 valign=top style='width:67.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="#StoryThree"><span style='font-size:7.5pt;font-family:"Verdana","sans-serif"; color:#4F4D40;text-decoration:none;text-underline:none'>Today's Tip</span></a><o:p></o:p></span></p> </td> <td width=15 valign=top style='width:11.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=15 height=1 id="_x0000_i1034" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=80 valign=top style='width:60.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="#StoryFour"><span style='font-size:7.5pt;font-family:"Verdana","sans-serif"; color:#4F4D40;text-decoration:none;text-underline:none'>About Us</span></a><o:p></o:p></span></p> </td> <td width=15 valign=top style='width:11.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=15 height=1 id="_x0000_i1035" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=70 valign=top style='width:52.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="#StoryFive"><span style='font-size:7.5pt;font-family:"Verdana","sans-serif"; color:#4F4D40;text-decoration:none;text-underline:none'>News</span></a><o:p></o:p></span></p> </td> <td width=15 valign=top style='width:11.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=15 height=1 id="_x0000_i1036" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=60 valign=top style='width:45.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="#StorySix"><span style='font-size:7.5pt;font-family:"Verdana","sans-serif"; color:#4F4D40;text-decoration:none;text-underline:none'>Events</span></a><o:p></o:p></span></p> </td> <td width=15 valign=top style='width:11.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=15 height=1 id="_x0000_i1037" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=59 valign=top style='width:44.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><a href="#StorySeven"><span style='font-size:7.5pt;font-family:"Verdana","sans-serif";color:#4F4D40; text-decoration:none;text-underline:none'>Services</span></a><o:p></o:p></span></p> </td> <td width=18 valign=top style='width:13.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=18 height=1 id="_x0000_i1038" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=690 colspan=15 valign=top style='width:517.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=5 id="_x0000_i1039" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td width=690 colspan=15 valign=top style='width:517.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=690 height=6 id="_x0000_i1040" src="images/bartlett-gradient.gif"><o:p></o:p></span></p> </td> </tr> </table> </div> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=15 valign=top style='width:11.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=15 height=1 id="_x0000_i1041" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=396 style='width:297.0pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in;background-color:rgb(255, 255,&#13;&#10;255)'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=396 valign=top style='width:297.0pt;background:white; padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=22 id="_x0000_i1042" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><a name=StoryOne id=StoryOne></a><span style='mso-fareast-font-family: "Times New Roman";display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=396 style='width:297.0pt;mso-cellspacing:0in;background:white;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=396 height=23 id="_x0000_i1043" src="images/2009-12-02.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=13 id="_x0000_i1044" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Reinsurance and Risk Transfer Testing</span></strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><br> by Julie Ekdom, ACAS, MAAA<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=17 id="_x0000_i1045" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"/> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"/> <v:f eqn="sum @0 1 0"/> <v:f eqn="sum 0 0 @1"/> <v:f eqn="prod @2 1 2"/> <v:f eqn="prod @3 21600 pixelWidth"/> <v:f eqn="prod @3 21600 pixelHeight"/> <v:f eqn="sum @0 0 1"/> <v:f eqn="prod @6 1 2"/> <v:f eqn="prod @7 21600 pixelWidth"/> <v:f eqn="sum @8 21600 0"/> <v:f eqn="prod @7 21600 pixelHeight"/> <v:f eqn="sum @10 21600 0"/> </v:formulas> <v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"/> <o:lock v:ext="edit" aspectratio="t"/> </v:shapetype><v:shape id="_x0000_s1026" type="#_x0000_t75" alt="" style='position:absolute;margin-left:0;margin-top:0;width:81pt;height:90pt; z-index:251658240;mso-wrap-distance-left:0;mso-wrap-distance-top:0; mso-wrap-distance-right:0;mso-wrap-distance-bottom:0; mso-position-horizontal:left;mso-position-horizontal-relative:text; mso-position-vertical-relative:line' o:allowoverlap="f"> <v:imagedata src="images/bartlett-2010-04-01.jpg"/> <w:wrap type="square"/> </v:shape><![endif]--><![if !vml]><img width=108 height=120 src="images/bartlett-2010-04-01.jpg" align=left border=0 v:shapes="_x0000_s1026"><![endif]><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Transfer of &quot;significant&quot; insurance risk is required in order for reinsurance contracts to be accounted for as insurance. The purpose of this requirement is to allow users of financial statements to better assess the impact of reinsurance contracts. The National Association of Insurance Commissioners (NAIC) Reinsurance Attestation Supplement places ultimate responsibility for attesting to risk transfer upon the chief executive officer (CEO) and chief financial officer (CFO) of an insurance company. These executives commonly request the assistance of an actuary to complete and document the risk transfer analysis.<br> <br> Financial Accounting Standard (FAS) 113 and Statutory Accounting Principal (SSAP) 62 establish the risk transfer requirements, which are very similar. According to FAS 113, the following requirements must be met in order for risk transfer to be established for reinsurance of short-duration contracts:<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=15 id="_x0000_i1046" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=392 style='width:294.0pt;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in;background-color:rgb(255, 255,&#13;&#10;255)'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right;line-height: 13.5pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>a.<o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1047" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>The reinsurer assumes significant insurance risk under the reinsured portions of the underlying reinsurance contracts. b. It is reasonably possible that the reinsurer may realize a significant loss from the transaction.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right;line-height: 13.5pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>b.<o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1048" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>It is reasonably possible that the reinsurer may realize a significant loss from the transaction.<o:p></o:p></span></p> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=15 id="_x0000_i1049" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Reinsurance contracts deemed not to transfer significant insurance risk must be accounted for as deposits. These contracts are required to be handled similar to a financing arrangement in which repayment is made in the form of premium installments. Ceded incurred losses relating to these contracts must be excluded from loss reserve estimates.<br> <br> Conversely, reinsurance contracts that transfer significant risk can be accounted for as reinsurance. For these contracts the net effect of ceded premiums and ceded incurred losses can be recognized as earnings in the current period.<br> <br> A reinsurance analysis may reveal some contracts for which risk transfer is &quot;reasonably self-evident&quot;. While accounting standards do not provide specific guidance on this issue, examples may include:<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=15 id="_x0000_i1050" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=392 style='width:294.0pt;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in;background-color:rgb(255, 255,&#13;&#10;255)'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1051" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1052" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Catastrophe reinsurance covers with a one year term and no risk limiting provisions<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1053" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1054" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Quota share reinsurance with no risk limiting provisions<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1055" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1056" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Traditional excess of loss reinsurance with no risk limiting provisions<o:p></o:p></span></p> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=15 id="_x0000_i1057" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Risk limiting provisions include features such as the following:<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=15 id="_x0000_i1058" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=392 style='width:294.0pt;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in;background-color:rgb(255, 255,&#13;&#10;255)'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1059" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1060" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Loss ratio caps<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1061" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1062" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Loss retention corridors<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1063" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1064" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Sliding scale commissions<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1065" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1066" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Retrospective or swing rated premiums<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4;mso-yfti-lastrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=10 height=11 id="_x0000_i1067" src="images/bullet1.gif"><o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1068" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Experience accounts<o:p></o:p></span></p> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=15 id="_x0000_i1069" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Risk limiting provisions may prevent otherwise traditional reinsurance contracts from qualifying for the &quot;reasonably self-evident&quot; exception. In such cases risk transfer testing should be performed. Actuaries can assist with determining appropriate measures and thresholds for analyzing and documenting this testing. Premiums, expenses, investment income, and risk limiting features should be considered in addition to loss information.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=17 id="_x0000_i1070" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Please contact us at (843) 377-0993 or <a href="mailto:actuarygroup@bartlettactuarialgroup.com"><span style='color:#14618F'>actuarygroup@bartlettactuarialgroup.com</span></a> more information.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19;mso-yfti-lastrow:yes'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=28 id="_x0000_i1071" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><a name=StoryTwo id=StoryTwo></a><span style='mso-fareast-font-family: "Times New Roman";display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=396 style='width:297.0pt;mso-cellspacing:0in;background:white;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=396 height=22 id="_x0000_i1072" src="images/bartlett-2009-10-02.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=13 id="_x0000_i1073" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>The SUMO Conundrum</span></strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><br> By Andrea Bartlett, Principal, Bartlett Actuarial Group<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=17 id="_x0000_i1074" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><em><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>A review of the SUMO wrestling riddle presented in Freakonomics by Steven D. Levitt and Stephen J. Dubner and published by William Morrow in 2005</span></em><span style='font-size:10.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>.<br> <br> Actuaries are experts in statistical analysis. Their work in the insurance industry allows them to use statistics to do many things such as forecasting losses, recommending reserves, analyzing retention levels, etc. Statistical analyses can also lead to some unusual discoveries. The following example relates to a study done by Steven Levitt , but the statistical techniques are similar to ones performed by actuaries.<br> <br> One interesting example from Freakonomics is an analysis of the results of Japanese SUMO wrestler matches. The statistical analysis is fascinating and the conclusions the authors drew from this analysis shocked a nation. <strong><span style='font-family:"Arial","sans-serif"'>We will be asking you, the reader, to help us unravel this detective story</span></strong>.<br> <br> First of all the data set for this analysis is extensive. It encompasses the 'results from nearly every official sumo match among the top rank of Japanese sumo wrestlers (66 wrestlers) between January 1989 and January 2000, a total of 32,000 bouts fought by 281 different wrestlers.'<br> <br> In the elite tour the tournaments are held six times a year. 'Each wrestler has fifteen bouts per tournament, one per day over fifteen consecutive days. If he finishes the tournament with a winning record (eight victories or better) his ranking will rise.' If the wrestler loses too many bouts, he can be kicked out of the elite rank. 'The eighth victory in any tournament is critical. So a wrestler entering the final day of a tournament with a 7-7 record has far more to gain from victory than an opponent with a record of 8-6 has to lose.'<br> <br> A statistical analysis was completed analyzing the hundreds of matches where a 7-7 wrestler met an 8-6 wrestler on the final day of the tournament. The probability, based on all past meetings between the two wrestlers fighting that day, that the 7-7 wrestler will win is <strong><span style='font-family:"Arial","sans-serif"'>48.7%</span></strong>. After extensive analysis it was determined that the 7-7 wrestler's actual win percentage against an 8-6 opponent is <strong><span style='font-family: "Arial","sans-serif"'>79.8%. The probability that the 7-7 wrestler was expected to win the final match was less than half the time. In fact the 7-7 wrestler won almost eight out of ten matches</span></strong>.<br> <br> <strong><span style='font-family:"Arial","sans-serif"'>How would you interpret these results? Choose an answer</span></strong><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=17 id="_x0000_i1075" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=392 style='width:294.0pt;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in;background-color:rgb(255, 255,&#13;&#10;255)'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right;line-height: 13.5pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>1.<o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1076" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>The 7-7 wins the last match because he is trying harder.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right;line-height: 13.5pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>2.<o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1077" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>The 8- 6 wrestler loses because he is extremely tired after winning the majority of his matches.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right;line-height: 13.5pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>3.<o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1078" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>The statistics are meaningless. Sometimes people win and sometimes they lose.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right;line-height: 13.5pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>4.<o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1079" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>The 8-6 wrestler loses because he is trying to help his opponent stay in the elite rank.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4;mso-yfti-lastrow:yes'> <td width=20 valign=top style='width:15.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right;line-height: 13.5pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'>5.<o:p></o:p></span></p> </td> <td width=5 valign=top style='width:3.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=5 height=1 id="_x0000_i1080" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=367 valign=top style='width:275.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>The matches are rigged<o:p></o:p></span></p> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=24 id="_x0000_i1081" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=12&amp;F=H"><span style='text-decoration:none;text-underline:none'><img border=0 width=155 height=27 id="_x0000_i1082" src="images/bartlett-2009-10-01.jpg"></span></a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9;mso-yfti-lastrow:yes'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=28 id="_x0000_i1083" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><a name=StoryThree id=StoryThree></a><span style='mso-fareast-font-family:"Times New Roman";display:none;mso-hide: all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=396 style='width:297.0pt;mso-cellspacing:0in;background:white;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=396 height=22 id="_x0000_i1084" src="images/2009-12-03.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=13 id="_x0000_i1085" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:13.5pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'>Never be afraid to ask your actuaries about their work products. It is important that you have a complete understanding of the methods and assumptions they have used.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td width=396 valign=top style='width:297.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=24 id="_x0000_i1086" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> </td> <td width=31 valign=top style='width:23.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=31 height=1 id="_x0000_i1087" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=234 valign=top style='width:175.5pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=234 style='width:175.5pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=234 valign=top style='width:175.5pt;background:white; padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=13 id="_x0000_i1088" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:.75pt'> <td colspan=3 valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in; height:.75pt'> <p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1089" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1090" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td valign=top style='padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=232 style='width:174.0pt;mso-cellspacing:0in;background:#E5E5E5; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><a name=StoryFive id=StoryFive></a><span style='mso-fareast-font-family: "Times New Roman"'><img border=0 width=232 height=43 id="_x0000_i1091" src="images/bartlett-2009-10-04.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=10 id="_x0000_i1092" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=13 valign=top style='width:9.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=13 height=1 id="_x0000_i1093" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=206 valign=top style='width:154.5pt;padding:0in 0in 0in 0in; color:rgb(19, 19,&#13;&#10;19)'> <p class=MsoNormal style='line-height:12.75pt'><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Jeffrey Altman, FSA, MAAA Joins Bartlett Actuarial Group</span></strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><br> <br> </span><!--[if gte vml 1]><v:shape id="_x0000_s1027" type="#_x0000_t75" alt="" style='position:absolute;margin-left:41pt;margin-top:0;width:81pt; height:90pt;z-index:251659264;mso-wrap-distance-left:0; mso-wrap-distance-top:0;mso-wrap-distance-right:0; mso-wrap-distance-bottom:0;mso-position-horizontal:right; mso-position-horizontal-relative:text; mso-position-vertical-relative:line' o:allowoverlap="f"> <v:imagedata src="images/bartlett-2010-04-02.jpg"/> <w:wrap type="square"/> </v:shape><![endif]--><![if !vml]><img width=108 height=120 src="images/bartlett-2010-04-02.jpg" align=right border=0 v:shapes="_x0000_s1027"><![endif]><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Bartlett Actuarial Group is pleased to announce that <strong><span style='font-family:"Arial","sans-serif"'>Jeffrey Altman</span></strong> joined our team in March 2010. Jeffrey formerly worked for Met Life Insurance Company as Vice President of the Reinsurance Department. Prior to that, he was with John Hancock Insurance Company as Assistant VP of the Corporate Actuarial Department.<br> <br> Bartlett Actuarial Group will be expanding its product offerings to the life, annuity, and health insurance arena with the addition of Jeffrey to our team. Jeffrey will be advising clients on the strategic assessment on the use of offshore and onshore captive insurance companies to achieve specific financial, capital and tax objectives. Jeffrey will utilize his extensive experience to assist clients in structured finance and reinsurance transactions working with investment banks, reinsurance companies and the capital markets. In addition, Jeffrey will assist clients in putting employee benefits in captives. Jeffrey will also be available to consult with regulators in captive domiciles on securitizations and SPFCs.<br> <br> Please join us in welcoming Jeffrey to our firm. Jeffrey can be reached at <a href="mailto:jeffreya@bartlettactuarialgroup.com"><span style='color:#14618F'>jeffreya@bartlettactuarial<br> group.com</span></a> and at (917) 842-4945.<br> <br> <strong><span style='font-family:"Arial","sans-serif"'>Bartlett Actuarial Group is pleased to announce the following</span></strong>:<br> <br> <strong><span style='font-family:"Arial","sans-serif"'>Julie Ekdom, ACAS, MAAA</span></strong> has been appointed to the board of the Arizona Captive Insurance Association (AzCIA). Julie manages the western region office in Phoenix, Arizona for Bartlett Actuarial Group. She can be reached at <a href="mailto:juliee@bartlettactuarialgroup.com"><span style='color:#14618F'>juliee@bartlettactuarial<br> group.com</span></a> and at (602) 956-3293<br> <br> <strong><span style='font-family:"Arial","sans-serif"'>Legare Gresham, FCAS, MAAA</span></strong> has been appointed to the board of the Delaware Captive Insurance Association (DCIA). Legare works on captive insurance programs from the Charleston, South Carolina office of Bartlett Actuarial Group. She may be reached at <a href="mailto:legareg@bartlettactuarialgroup.com"><span style='color:#14618F'>legareg@bartlettactuarial<br> group.com</span></a> and at 843-377-0993.<br> <br> <strong><span style='font-family:"Arial","sans-serif"'>Bill Bartlett, FCAS, MAAA</span></strong> has been appointed to the board of the Captive Insurance Council of DC (CIC_DC). Bill is President of Bartlett Actuarial Group and can be reached at <a href="mailto:billb@bartlettactuarialgroup.com"><span style='color:#14618F'>billb@bartlettactuarial<br> group.com</span></a> and at 843-377-0993.<br> <br> <strong><span style='font-family:"Arial","sans-serif"'>Andrea Bartlett</span></strong> has been appointed to the board of the South Carolina Captive Insurance Association (SCCIA). Andrea is a principal of Bartlett Actuarial group and can be reached at <a href="mailto:andreab@bartlettactuarialgroup.com"><span style='color:#14618F'>andreab@bartlettactuarial<br> group.com</span></a> and at 843-377-0993.<o:p></o:p></span></p> </td> <td width=13 valign=top style='width:9.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=13 height=1 id="_x0000_i1094" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=18 id="_x0000_i1095" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> </td> <td valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1096" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=3 valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in; height:.75pt'> <p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1097" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> </div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=234 style='width:175.5pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=234 valign=top style='width:175.5pt;background:white; padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=14 id="_x0000_i1098" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:.75pt'> <td colspan=3 valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in; height:.75pt'> <p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1099" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1100" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td valign=top style='padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=232 style='width:174.0pt;mso-cellspacing:0in;background:#E5E5E5; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><a name=StorySix id=StorySix></a><span style='mso-fareast-font-family: "Times New Roman"'><img border=0 width=232 height=43 id="_x0000_i1101" src="images/bartlett-2009-10-05.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=10 id="_x0000_i1102" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=13 valign=top style='width:9.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=13 height=1 id="_x0000_i1103" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=206 valign=top style='width:154.5pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=198 style='width:148.5pt;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-row-margin-right: 1.0in'> <td width=198 colspan=2 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:12.75pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#303030'>Bartlett Actuarial Group will be in attendance at the following events during 2010. If you are attending and would like to meet, please give us a call.<o:p></o:p></span></p> </td> <td style='mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in' width=96 colspan=3><p class='MsoNormal'>&nbsp;</td> </tr> <tr style='mso-yfti-irow:1'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=14 id="_x0000_i1104" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1105" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>CICA - Orlando, FL,<br> March 7 - 9, 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:3'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1106" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1107" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>AzCIA &amp; UCIA - Phoenix, AZ,<br> April 5 - 8, 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:5'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1108" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1109" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>RIMS - Boston, MA,<br> April 25 - 29, 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:7'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1110" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1111" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>MCIA - Whitefish, MT,<br> July 19 - 21, 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:9'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1112" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1113" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>VCIA - Burlington, VT,<br> August 10 - 12, 2010S<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:11'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1114" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1115" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>SCCIA - Charleston, SC,<br> September 13 - 15, 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:13'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1116" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1117" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>CIC-DC - Washington, DC,<br> September 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:15'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1118" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1119" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>NCIA - Las Vegas, NV,<br> October 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:17'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1120" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1121" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>KYCA - Louisville, KY,<br> November 3-4, 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:19'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1122" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1123" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>Cayman - Grand Cayman,<br> November 30 - December 2, 2010<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:21'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1124" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22;mso-yfti-lastrow:yes'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1125" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.5pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:#303030'>DCIA - Wilmington, DE-<br> Dates TBD<o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> </table> </td> <td width=13 valign=top style='width:9.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=13 height=1 id="_x0000_i1126" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=18 id="_x0000_i1127" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> </td> <td valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1128" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=3 valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in; height:.75pt'> <p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1129" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> </div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=234 style='width:175.5pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=234 valign=top style='width:175.5pt;background:white; padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=14 id="_x0000_i1130" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"; display:none;mso-hide:all'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:.75pt'> <td colspan=3 valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in; height:.75pt'> <p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1131" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1132" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td valign=top style='padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=232 style='width:174.0pt;mso-cellspacing:0in;background:#E5E5E5; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><a name=StorySeven id=StorySeven></a><span style='mso-fareast-font-family: "Times New Roman"'><img border=0 width=232 height=43 id="_x0000_i1133" src="images/bartlett-2009-10-06.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=10 id="_x0000_i1134" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=13 valign=top style='width:9.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=13 height=1 id="_x0000_i1135" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=206 valign=top style='width:154.5pt;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=198 style='width:148.5pt;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-row-margin-right: 1.0in'> <td width=198 colspan=2 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal style='line-height:12.75pt'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#303030'>Our services include:<o:p></o:p></span></p> </td> <td style='mso-cell-special:placeholder;border:none;padding:0in 0in 0in 0in' width=96 colspan=3><p class='MsoNormal'>&nbsp;</td> </tr> <tr style='mso-yfti-irow:1'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=18 id="_x0000_i1136" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1137" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=3&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Captive program formation</span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:3'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=4 id="_x0000_i1138" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1139" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=3&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Self-Insurance programs</span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:5'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=4 id="_x0000_i1140" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1141" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=3&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Reserve analyses and 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href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=4&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Expert witness support</span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:9'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=4 id="_x0000_i1144" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1145" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=5&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Mergers and acquisitions analyses</span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:11'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=4 id="_x0000_i1146" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1147" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=6&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Run off decision support</span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:13'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=4 id="_x0000_i1148" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1149" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=7&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Rate filing support services</span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> <tr style='mso-yfti-irow:15'> <td width=198 colspan=5 valign=top style='width:148.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=4 id="_x0000_i1150" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16;mso-yfti-lastrow:yes'> <td width=16 valign=top style='width:12.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=16 height=11 id="_x0000_i1151" src="images/bartlett-bullet.gif"><o:p></o:p></span></p> </td> <td width=182 valign=top style='width:136.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://email.openmoves.com/link.php?M=5844192&amp;N=8&amp;uid=1170&amp;L=7&amp;F=H"><span style='font-size:8.5pt;font-family:"Arial","sans-serif";color:#2C7898'>Financial Condition Examinations</span></a><o:p></o:p></span></p> </td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> <td style='padding:0in 0in 0in 0in'></td> </tr> </table> </td> <td width=13 valign=top style='width:9.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=13 height=1 id="_x0000_i1152" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td width=232 colspan=3 valign=top style='width:174.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=18 id="_x0000_i1153" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> </td> <td valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1154" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=3 valign=top style='background:#BFBFBF;padding:0in 0in 0in 0in; height:.75pt'> <p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1155" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> </table> </td> <td width=14 valign=top style='width:10.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=14 height=1 id="_x0000_i1156" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=690 colspan=5 valign=top style='width:517.5pt;padding:0in 0in 0in 0in'> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:.75pt'> <td colspan=3 valign=top style='background:#B8BC8A;padding:0in 0in 0in 0in; height:.75pt'> <p class=MsoNormal style='mso-line-height-alt:.75pt'><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1157" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='background:#B8BC8A;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=1 id="_x0000_i1158" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td valign=top style='padding:0in 0in 0in 0in'> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=686 style='width:514.5pt;mso-cellspacing:0in;background:#FFFFCD; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=686 colspan=9 valign=top style='width:514.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><a name=StoryFour id=StoryFour></a><span style='mso-fareast-font-family: "Times New Roman"'><img border=0 width=686 height=35 id="_x0000_i1159" src="images/bartlett-2009-10-07.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=686 colspan=9 valign=top style='width:514.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1160" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=27 valign=top style='width:20.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=27 height=1 id="_x0000_i1161" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=632 colspan=7 valign=top style='width:474.0pt;padding:0in 0in 0in 0in; color:rgb(79, 77,&#13;&#10;64)'> <p class=MsoNormal style='line-height:14.25pt'><span style='font-size: 10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Bartlett Actuarial Group, Ltd. is an independent property and casualty actuarial and risk management consulting firm offering services to a nationwide clientele. We develop the mathematical models and analytical tools that help our valued clients quantify, evaluate, and manage the costs associated with their insurance and risk management.<o:p></o:p></span></p> </td> <td width=27 valign=top style='width:20.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=27 height=1 id="_x0000_i1162" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=686 colspan=9 valign=top style='width:514.5pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=1 height=12 id="_x0000_i1163" src="images/spcr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=27 valign=top style='width:20.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=27 height=1 id="_x0000_i1164" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=9 valign=top style='width:6.75pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=9 height=1 id="_x0000_i1165" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=163 valign=top style='width:122.25pt;padding:0in 0in 0in 0in; color:rgb(79, 77,&#13;&#10;64)'> <p class=MsoNormal style='line-height:14.25pt'><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>South Carolina</span></strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 145 King Street, Ste 203<br> Charleston, SC 29401<br> 843-377-0993<o:p></o:p></span></p> </td> <td width=80 valign=top style='width:60.0pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=80 height=1 id="_x0000_i1166" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=138 valign=top style='width:103.5pt;padding:0in 0in 0in 0in; color:rgb(79, 77,&#13;&#10;64)'> <p class=MsoNormal style='line-height:14.25pt'><strong><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Vermont</span></strong><span style='font-size:10.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><br> 289 College Street<br> Burlington, VT 05401<br> 802-861-3072<o:p></o:p></span></p> </td> <td width=95 valign=top style='width:71.25pt;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><img border=0 width=95 height=1 id="_x0000_i1167" src="images/spcr.gif"><o:p></o:p></span></p> </td> <td width=138 valign=top style='width:103.5pt;padding:0in 0in 0in 0in; 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