197

MEDICAL MALPRACTICE

HEARING ON THE QUESTION OFCOMPETITION IN THE

PHYSICIAN, SURGEON AND HOSPITAL MARKET

November 19, 2014

SUBMITTED MATERIALSACCOMPANYING THE PRESENTATION OF

SALLY MACFADDENP&C ACTUARY

NEW HAMPSHIRE INSURANCE DEPARTMENT

198

HHI Incl JUA* 1,190 1,304 HHI excl JUA* 1,322 1,468 HHI for Regulated Companies only incl JUA 2,151 2,396 HHI for Regulated Companies only excl JUA 2,537 2,900

Group Code Cocode Company NameState of Domicile

Type of Company

2013 Direct Written

Premiums2013 Market

Share

2012 Direct Written

Premiums2012 Market

Share1154 10638 Proselect Ins Co Massachusetts $11,022,269 26.6% $12,173,111 28.5%4775 36277 Medical Mut Ins Co Of ME Maine $6,483,567 15.6% $7,079,006 16.6%

12 19437 Lexington Ins Co Delaware S $3,905,977 9.4% $3,502,366 8.2%NH JUA $2,971,053 7.2% $3,562,387 8.3%

31 11843 Medical Protective Co Indiana $2,842,186 6.9% $2,156,455 5.0%785 39020 Essex Ins Co Delaware S $1,179,825 2.8% $147,034 0.3%218 20427 American Cas Co Of Reading PA Pennsylvania $1,087,214 2.6% $1,035,849 2.4%

4743 36234 Preferred Professional Ins Co Nebraska $1,075,729 2.6% $1,146,659 2.7%4509 25445 Ironshore Specialty Ins Co Arizona S $950,878 2.3% $1,158,533 2.7%4770 13756 CMIC RRG DC RRG $805,262 1.9% $548,849 1.3%218 31127 Columbia Cas Co Illinois S $757,987 1.8% $800,692 1.9%

44083 Preferred Physicians Medical RRG Missouri RRG $698,046 1.7% $754,831 1.8%3786 41718 Endurance Amer Specialty Ins Co Delaware $680,000 1.6% $0 0.0%218 20443 Continental Cas Co Illinois $660,563 1.6% $700,360 1.6%

1279 21199 Arch Specialty Ins Co Nebraska S $572,557 1.4% $855,258 2.0%31 20079 National Fire & Marine Ins Co Nebraska S $559,533 1.3% $613,390 1.4%

508 44121 OMS Natl Ins Co RRG Illinois RRG $452,427 1.1% $458,425 1.1%111 19917 Liberty Ins Underwriters Inc Illinois $404,146 1.0% $371,518 0.9%

2638 15865 NCMIC Ins Co Iowa $387,782 0.9% $365,461 0.9%4574 15989 Catlin Specialty Ins Co Delaware S $339,781 0.8% $879,500 2.1%1129 34452 Homeland Ins Co of NY New York S $292,802 0.7% $174,385 0.4%831 34495 Doctors Co An Interins Exch California $291,798 0.7% $322,962 0.8%626 22667 Ace Amer Ins Co Pennsylvania $275,720 0.7% $271,348 0.6%626 27960 Illinois Union Ins Co null S $251,977 0.6% $272,940 0.6%

12373 Caring Communities Recip RRG DC RRG $224,346 0.5% $20,743 0.0% 10115 Eastern Dentists Ins Co RRG Vermont RRG $206,850 0.5% $203,654 0.5%

212 26387 Steadfast Ins Co Delaware S $193,578 0.5% $1,174,032 2.7% 35904 Health Care Ind Inc Colorado $175,914 0.4% $123,016 0.3%

2698 14460 Podiatry Ins Co Of Amer Illinois $144,197 0.3% $132,191 0.3% 44105 Ophthalmic Mut Ins Co RRG Vermont RRG $127,592 0.3% $171,517 0.4%

98 24856 Admiral Ins Co Delaware S $126,197 0.3% $123,970 0.3%244 10677 Cincinnati Ins Co Ohio $125,868 0.3% $132,053 0.3%12 19445 National Union Fire Ins Co Of Pitts Pennsylvania $119,107 0.3% $216,356 0.5%

11710 Allied Professionals Ins Co RRG Arizona RRG $111,263 0.3% $111,652 0.3%3239 16624 Darwin Natl Assur Co Delaware $99,839 0.2% $91,507 0.2%1129 27154 Atlantic Specialty Ins Co New York $99,194 0.2% $11,563 0.0%501 35157 Fair Amer Ins & Reins Co New York $88,031 0.2% $0 0.0%501 33138 Landmark Amer Ins Co Oklahoma S $70,566 0.2% $17,374 0.0%361 19720 American Alt Ins Corp Delaware $63,267 0.2% $65,111 0.2%

10232 American Assoc Of Othodontists RRG Arizona RRG $54,536 0.1% $58,438 0.1% 11598 Applied Medico Legal Solutions RRG Arizona RRG $50,045 0.1% $45,647 0.1%

11513 Physicians Specialty Ltd RRG South Carolina RRG $42,738 0.1% $0 0.0%361 10786 Princeton Excess & Surplus Lines Ins Delaware S $38,450 0.1% $56,800 0.1%

37540 Beazley Ins Co Inc Connecticut $35,230 0.1% $35,023 0.1%88 12833 AIX Specialty Ins Co Delaware S $33,573 0.1% $8,565 0.0%

11846 Peace Church RRG Inc Vermont RRG $32,583 0.1% $32,491 0.1%3239 24319 Darwin Select Ins Co Arkansas S $32,500 0.1% $126,075 0.3%

12189 Oceanus Ins Co A RRG South Carolina RRG $29,346 0.1% $5,462 0.0%12 23809 Granite State Ins Co Pennsylvania $24,243 0.1% $24,372 0.1%

18767 Church Mut Ins Co Wisconsin $20,427 0.0% $14,585 0.0%3239 19489 Allied World Assur Co US Inc Delaware S $16,956 0.0% $29,831 0.1%457 39993 Colony Ins Co Virginia S $16,783 0.0% $5,200 0.0%

4725 44776 Torus Specialty Ins Co Delaware $16,320 0.0% $0 0.0%176 25143 State Farm Fire & Cas Co Illinois $14,347 0.0% $16,319 0.0%

3494 12203 James River Ins Co Ohio S $11,710 0.0% $782 0.0%866 37982 Tudor Ins Co New Hampshire $11,432 0.0% $7,173 0.0%

11941 Green Hills Ins Co RRG Vermont RRG $9,990 0.0% $20,180 0.0%98 25224 Great Divide Ins Co North Dakota $9,854 0.0% $2,237 0.0%

111 24732 General Ins Co Of Amer New Hampshire $6,871 0.0% $7,837 0.0%775 13714 Pharmacists Mut Ins Co Iowa $6,227 0.0% $5,827 0.0%785 35378 Evanston Ins Co Illinois S $6,192 0.0% $1,944 0.0%508 10801 Fortress Ins Co Illinois $5,194 0.0% $4,641 0.0%

4681 13677 Affiliates Ins Recip a RRG Vermont RRG $5,177 0.0% $5,246 0.0%783 37974 MT Hawley Ins Co Illinois $5,157 0.0% $0 0.0%12 19380 American Home Assur Co New York $5,147 0.0% $5,012 0.0%

158 37079 Hudson Specialty Ins Co New York $3,500 0.0% $0 0.0% 11798 Continuing Care RRG Inc South Carolina RRG $3,250 0.0% $17,588 0.0%

761 22810 Chicago Ins Co Illinois $3,144 0.0% $24,361 0.1%244 13037 The Cincinnati Specialty Underwriter Delaware S $2,530 0.0% $2,410 0.0%

11832 Health Care Industry Liab Recip Ins DC $1,450 0.0% $1,363 0.0%244 23280 The Cincinnati Ind Co Ohio $932 0.0% $854 0.0%

12934 Academic Medical Professionals Risk R Vermont RRG $175 0.0% $0 0.0%1129 21970 OneBeacon Ins Co Pennsylvania $0 0.0% $80,399 0.2%212 16535 Zurich Amer Ins Co New York $0 0.0% $53,917 0.1%31 37362 General Star Ind Co Delaware S $0 0.0% $50,444 0.1%

866 13196 Western World Ins Co New Hampshire S $0 0.0% $9,632 0.0%98 17370 Nautilus Ins Co Arizona S $0 0.0% $1,515 0.0%12 26883 Chartis Specialty Ins Co Illinois S $0 0.0% $134 0.0%

212 21326 Empire Fire & Marine Ins Co Nebraska $0 0.0% $0 0.0%761 22829 Interstate Fire & Cas Co Illinois S $0 0.0% $0 0.0%

4509 23647 Ironshore Ind Inc Minnesota $0 0.0% $0 0.0%984 42374 Houston Cas Co Texas S $0 0.0% $0 0.0%

Total Regulated Carrier $29,266,919 70.6% $30,240,833 70.8%Total Surplus Lines Carrier $9,360,352 22.6% $10,012,806 23.4%Total Risk Retention Group $2,853,626 6.9% $2,454,723 5.7%GRAND TOTAL $41,480,897 100.0% $42,708,362 100.0%

* HHI: Herfindahl-Hirschman Index. An index below 1000 indicates an unconcentrated market, an index from 1000 to 1800 indicates moderate concentration and an indexabove 1800 indicates high concentration.

Exhibit 1a

NEW HAMPSHIRE INSURANCE DEPARTMENT

Premium and Market Share in 2013Medical Professional Liability

Source: NAIC Market Share Report NHID 11/19/2014199

Company Name

2013 MedMal Written Premium

NH

2013 MedMal Written Premium

Countrywide

NH Med Mal /

CW Med Mal

2013 All Lines Written Premium

NH

NH Med Mal /

NH All Lines

2013 All Lines Written Premium

Countrywide

NH Med Mal /

CW All Lines Market CommentaryProselect Ins Co 11,022,269 160,551,844 6.9% 11,218,967 98.2% 163,114,974 6.8% Regional, Parent is ProMutual - Northeast FocusMedical Mut Ins Co Of ME 6,483,567 41,243,890 15.7% 6,626,530 97.8% 42,041,033 15.4% RegionalNH JUA 2,971,053 2,971,053 100.0% 2,971,053 100.0% 2,971,053 100.0% NH MedMal OnlyMedical Protective Co 2,842,186 575,419,391 0.5% 2,842,186 100.0% 579,537,956 0.5% NationalPreferred Professional Ins Co 1,075,729 79,385,755 1.4% 1,089,161 98.8% 100,445,684 1.1% National (Catholic Healthcare, Physicians & Hospital)American Cas Co Of Reading PA 1,087,214 176,618,042 0.6% 2,089,820 52.0% 568,492,091 0.2% NationalContinental Cas Co 660,563 142,729,317 0.5% 15,069,118 4.4% 5,096,613,143 0.0% NationalLiberty Ins Underwriters Inc 404,146 50,234,300 0.8% 3,343,015 12.1% 1,025,132,683 0.0% NationalNCMIC Ins Co 387,782 62,515,835 0.6% 387,782 100.0% 62,320,522 0.6% National - ChiropractorsDoctors Co An Interins Exch 291,798 716,270,609 0.0% 291,798 100.0% 715,980,597 0.0% National - Physician ownedAce Amer Ins Co 275,720 57,194,523 0.5% 10,416,866 2.6% 3,601,521,765 0.0% NationalNational Union Fire Ins Co Of Pitts 119,107 56,547,766 0.2% 14,792,245 0.8% 5,897,826,124 0.0% NationalPodiatry Ins Co Of Amer 144,197 74,796,365 0.2% 144,197 100.0% 74,888,030 0.2% National - PodiatristsCincinnati Ins Co 125,868 29,738,711 0.4% 14,233,934 0.9% 3,297,204,777 0.0% NationalHealth Care Ind Inc 175,914 29,738,711 0.6% 175,914 100.0% 40,743,637 0.4% National

Exhibit 1b

NEW HAMPSHIRE INSURANCE DEPARTMENT

Regulated Insurers doing Business in New Hampshire in 2013with more than $100,000 in Medical Professional Liability Written Premium

Source: NAIC Market Share Report NHID 11/19/2014200

1. Insurers entering the New Hampshire Medical Malpractice Market between 2005 and 2013

Company Name Type 2012 Premium 2013 PremiumMedical Protective Co * $2,156,455 $2,842,186Preferred Professional Ins Co $1,146,659 $1,075,729Catlin Specialty Ins Co S $879,500 $339,781CMIC RRG RRG $548,849 $805,262Liberty Ins Underwriters Inc $371,518 $404,146National Fire & Marine Ins Co * S $613,390 $559,533Illinois Union Ins Co S $272,940 $251,977Allied World Assur Co US Inc ** S $29,831 $16,956Darwin Select Ins Co ** S $126,075 $32,500Ironshore Ind Inc *** $0 $011 Other Regulated (2012 premium < $100,000) $209,641 $264,57511 Other Surplus (2012 premium < $100,000) S $179,619 $109,2386 Other RRG (2012 premium < $100,000) RRG $114,866 $322,154

* Medical Protective and National Fire& Marine are part of the same insurance group.

*** Ironshore also exited in 2011.

2. Insurers exiting the New Hampshire Medical Malpractice Market between 2005 and 2013

Company Name Type 2005 Premium 2013 PremiumHealth Care Ind Inc * $2,070,000 $175,914Admiral Ins Co * S $1,593,000 $126,1971st Specialty Ins Corp S $879,000 $0Executive Risk Specialty Ins Co S $255,000 $0Executive Risk Ind Co S $204,000 $0Interstate Fire & Cas Co S $78,000 $0Platte River Ins Co $35,000 $0Westport Ins Co $25,000 $0American Ins Co $23,000 $0Campmed Cas & Ind Co Inc $20,000 $0Medical Liability Mutual $15,000 $0

3. Insurers exiting the New Hampshire Medical Malpractice Market in 2012

Company Name Type 2012 Premium 2013 PremiumNone

* Includes Companies with substantially reduced writings (80% or more).

Exhibit 1c

NEW HAMPSHIRE INSURANCE DEPARTMENT

Insurers Entering and Exiting the NH Market

** Allied World and Darwin Select are part of the same insurance group. Both Companies exited NH in 2011.

Source: NAIC Market Share Report NHID 11/19/2014201

Rates for $1 mil / $ 3 mil Limits:ISO Occurrence Premium Claims Made - 1 Claims Made - Mature

Specialty Class NHJUA MMICof ME ProSelect NHJUA MMICof ME ProSelect NHJUA MMICof ME ProSelect

Family Practice - NS 80420 8,531 n/a 12,573 3,478 3,773 3,637 9,937 13,973 12,124

Radiology 80280 12,800 n/a 22,004 5,219 7,047 6,365 14,911 26,199 21,218

Cardiology - NS 80255 8,531 n/a 12,573 3,478 4,056 3,637 9,937 15,021 12,124

General Surgery 80143 36,521 n/a 49,998 14,888 14,525 14,463 42,541 53,796 48,212

Neurosurgery 80152 74,869 n/a 119,111 30,522 27,352 34,456 87,208 101,304 114,857

OB / GYN 80153 56,608 n/a 80,878 23,079 18,675 23,397 65,938 69,166 77,990

NHJUA MMIC of ME ProSelect - paid claims - previous 10 years - Standard Program Premium Surcharges - Individual and Group Practice Schedule Rating plan

- Chargeable claims - overall credit or debit of - 40% to +25% - indemnity only - no expense - in judgement of company underwriting committee - based on schedule of specific characteristics not

negligence on the part of the physician is reasonably clear reflected in the experience for the class: - points as follows per claim: - subject to a 10% surcharge for each chargeable claim for two - acceptance of risk management provisions - $ 50K - $250K one point policy years - professional liability loss history - freq. or severity - $250K - $750 K two points - Hospital Disciplinary Action - unusual risk characteristics - $750K + three points - physicians under punitive or disciplinary observation, - office surgery inspection by an approved org.

preceptorship or sponsorship in a hospital subject to - continuing education - surcharge schedule: surcharge - amount determined by Underwriting Committee - for Group, schedule reflects:

Pts. Surcharge - Other -qualification and experience of insured1 0% - physician displays characteristics or patterns of practice - office appraisal2 10% not reflective of established norms - adequacy of staffing, selection, supervision and 3 30% - surcharge ranges from 10 to 50% experience of staff4 60% - past loss history5 100% - Loss Free Discount - effective risk management6 150% - loss = indemnity payment of $15 K or more7 200% - 1% discount for each consecutive year a physician is - Claim-Free Program8 250% insured with MMIC and loss free - minimum of 3 years claim free

9+ 300% - maximum of 15% - "claim free" means no paid claims of more than $10,000 - 1% discount for each year up to 15

- Experience Rating Plan available to groups of 3 or more

RATE ACTIVITY - RECENT YEARS COMPANIESMost Recent 1st Prior 2nd Prior

Company Date Amount Date Amount Date Amount

MMICof ME 9/1/2014 5.2% 11/1/2011 -2.2% 10/1/2010 5.0% Medical Mutual Insurance Company of Maine

ProSelect 10/1/2013 9.2% 10/1/2012 8.4% 10/1/2011 6.0% part of the ProMutual Group

JUA 1/1/2014 4.0% 1/1/2013 3.5% 1/1/2012 12.0% New Hampshire Medical Malpractice JUA

PHYSICIANS AND SURGEONS

POTENTIAL ADJUSTMENTS TO REFLECT PRIOR CLAIMS ACTIVITY

MEDICAL MALPRACTICE INSURANCE RATE COMPARISONCURRENT MARKET LEADERS IN NEW HAMPSHIRE

Exhibit 2a

Source: NH Insurance Dept Rate Filings NHID 11/19/2014202

Year Eff. Date Amt of Chg. Eff. Date Amt of Chg. Eff. Date Amt of Chg.2001 10/1/2001 11.6%2002 6/1/2002 25.0% 10/1/2002 10.0%

10/1/2002 3.2%2003 6/1/2003 25.0% 10/1/2003 12.4% 1/1/2003 30.0%2004 10/1/2004 6.0%2005 8/1/2005 25.0% 10/1/2005 17.5%2006 7/1/2006 3.9% 10/1/2006 12.0%2007 1/1/2007 3.0%2008 10/1/2008 -8.6% 10/1/2008 -1.5% 1/1/2008 12.2%2009 10/1/2009 4.0%2010 10/1/2010 5.0%2011 11/1/2011 -2.2% 10/1/2011 6.0%2012 10/1/2012 8.4% 1/1/2012 12.0%2013 10/1/2013 9.2% 1/1/2013 3.5%2014 9/1/2014 5.2% 1/1/2014 4.0%

CountAvg Annual

Change CountAvg Annual

Change CountAvg Annual

ChangeAll Years 10 6.6% 10 6.3% 6 4.7%

2001 to 2005 5 17.6% 4 9.0% 1 5.4%2006 to 2010 3 -0.1% 3 2.8% 2 2.9%2011 to current 2 0.7% 3 5.8% 3 4.8%

Total Chg over period

Total Chg over period

Total Chg over period

2001 to 2005 124.9% 54.0% 30.0%2006 to 2010 -0.3% 14.7% 15.6%2011 to current 2.9% 25.5% 20.6%

Cumulative Rate Change Summary 130.8% 121.7% 81.1%

Medical Mutual Ins. Co. of ME Proselect Insurance Company NH Med Mal JUA

Note: MMIC-ME, ProSelect and the JUA Program comprise approximately 52% of the total Medical Malpractice market in NH and 70% of the regulated market.

Exhibit 2b

NEW HAMPSHIRE INSURANCE DEPARTMENT

MEDICAL MALPRACTICE LIABILITY INSURANCE

RATE HISTORY BEGINNING 1/1/2001Physicians and Surgeons

Source: NH Insurance Dept Rate Filings NHID 11/19/2014203

* Data excludes the NH JUA

Exhibit 3a

-50

0

50

100

150

200

250

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

All

Yrs

Rat

io a

s a

Per

cent

age

of P

rem

ium

Calendar Year

New Hampshire Medical Malpractice InsuranceDirect Underwriting Results

Loss Inc

LAE

Expense

Source: NAIC Profitability Report by Line by State NHID 11/19/2014

204

* Data excludes the NH JUA

Exhibit 3b

0

50

100

150

200

25019

90

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

All

Yrs

Rat

io a

s a

% o

f Ear

ned

Pre

miu

m

Calendar Year

Countrywide Medical Malpractice Insurance Direct Underwriting Results

Loss Inc

LAE

Expense

Source: NAIC Profitability Report by Line by State NHID 11/19/2014

205

* Data excludes the NH JUA

Exhibit 3c

0

50

100

150

200

25019

94

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Rat

io a

s a

% o

f Ear

ned

Pre

miu

m

5 Calendar Years Ending

Medical Malpractice Insurance Combined Ratios 5 Year Moving Average Direct Underwriting Results

Countrywide, New Hampshire, Maine, Vermont

CW

NH

VT

ME

Source: NAIC Profitability Report by Line by State NHID 11/19/2014

206

Year

Earned Premium

(000) Loss Ratio LAE Ratio Expense Ratio UW Profit

New Hampshire Results1990 10,354 28.4 19.5 17.7 34.41991 10,253 51.0 31.8 20.1 -2.91992 10,536 8.2 12.3 21.9 57.61993 13,244 55.9 32.0 19.7 -7.61994 18,770 88.5 36.6 18.0 -43.11995 20,699 61.6 29.0 19.2 -9.81996 19,802 35.2 8.3 20.5 36.01997 19,769 49.6 25.5 21.5 3.41998 19,666 34.6 22.4 22.3 20.71999 18,499 67.2 33.4 28.9 -29.52000 17,333 143.6 37.7 22.0 -103.32001 19,296 90.8 20.8 25.8 -37.42002 31,792 56.1 21.5 19.2 3.22003 38,220 79.3 26.8 18.4 -24.52004 45,464 85.7 35.5 15.1 -36.32005 44,674 58.3 15.9 17.0 8.82006 43,470 44.8 22.1 17.7 15.42007 42,748 -5.3 5.7 20.2 79.42008 42,024 63.8 29.4 21.1 -14.32009 42,795 40.4 20.4 21.6 17.62010 42,796 11.3 7.4 22.1 59.22011 41,272 40.0 28.4 31.8 -0.22012 42,708 87.7 23.7 35.4 -46.82013 39,715 30.1 14.1 25.0 30.8

All Yrs 695,900 53.1 22.4 21.9 2.610 Year Total 427,667 46.1 20.3 22.6 11.0

Comparing New Hampshire Results to Other States and Countrywide - 10 Year Total

New Hampshire 427,667 46.1 20.3 22.6 11.0

Maine 515,767 39.4 19.9 20.3 20.3

Vermont 227,851 47.8 18.0 21.8 12.4

Countrywide 107,274,895 41.8 25.3 20.4 12.5

* Data excludes the NH JUA

Exhibit 3d

MEDICAL MALPRACTICE INSURANCEProfitability Results

Source: NAIC Profitability Report by Line by State NHID 11/19/2014

207

New Hampshire

CompanyPremium Earned

Market Share**

Losses Incurred Loss Ratio

ProSelect Ins Co 12,292,899 26.6% 5,889,925 47.9%Medical Mutual of Maine 6,834,813 15.6% 293,590 4.3%Lexington Ins Co 3,588,809 9.4% 2,843,760 79.2%NHMMJUA 2,851,859 9.4% -1,047,970 -36.7%Subtotal 25,568,380 61.0% 7,979,305 31.2%

All Companies 39,715,143 11,944,927 30.1%

Maine

CompanyPremium Earned

Market Share**

Losses Incurred Loss Ratio

ProSelect Ins Co 4,854,317 12.4% 2,220,929 45.8%Medical Mutual of Maine 28,011,909 60.8% 261,661 0.9%Lexington Ins Co 473,541 0.9% -48,705 -10.3%Subtotal 33,339,767 74.1% 2,433,885 7.3%

All Companies 43,998,726 5,974,274 13.6%

Vermont

CompanyPremium Earned

Market Share**

Losses Incurred Loss Ratio

ProSelect Ins Co 6,178,672 34.7% 4,298,375 69.6%Medical Mutual of Maine 7,950,547 38.2% -84,926 -1.1%Lexington Ins Co 387,357 0.4% -30,578 -7.9%Subtotal 14,516,576 73.3% 4,182,871 28.8%

All Companies 19,164,516 5,069,133 26.5%

* Loss Experience reflects loss only; ALAE and ULAE is not included; ** Market share is based on Direct Premium Written

Exhibit 4

NEW HAMPSHIRE INSURANCE DEPARTMENT

Direct Loss Experience for Calendar Year 2013 *Leading Insurers in NH Compared to ME and VT

Source: NAIC Market Share Report NHID 11/19/2014208

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