Insurance and Asset Management Advisory Transactions Date 11/01/16 10/31/16 07/18/16 07/11/16 03/01/16 Date 11/02/15 07/06/15 06/18/15 05/01/15 02/09/15 02/02/15
Date 12/31/14 11/07/14 11/03/14 08/11/14 04/01/14 01/01/14 Date 12/03/13 10/28/13 10/25/13 09/09/13 06/26/13 03/04/13 Date 12/28/12 11/30/12 07/16/12 05/08/12 02/29/12 Date 09/29/11 08/24/11 08/18/11 08/11/11 07/11/11 06/17/11 04/21/11 04/15/11
2016 Transactions
KBW Client
Transaction
Securian Financial Group Independence Health Group, Inc. Medical Liability Mutual Insurance Company HM Workers' Compensation Wilton Reassruacne/Ivari
Acquistion of Ivari Canadian subsidiaries Sale of AmeriHealth Casualty to AmTrust Financial Demutualization and Sale to National Indemnity Company Sale to Brickstreet Insurance Sale of Aegon Capital Management and Aegon Fund Management to Foresters
KBW Client
Transaction
Mutual Trust Holding Company Lovell Minnick Holdings LLC Stone Point Capital LLC Sumitomo Life Insurance Agency America, Inc. NationsBuilders Insurance Services Inc. MiddleOak
Merger with Pan-American Life Mutual Holding Company Acquisition of significant ownership position in Worldwide Facilities, LLC Provided a fairness opinion to Trident VI Funds in connection with a recapitalization of Privilege Underwriters, Inc. Sale to Marsh LLC Sale of run-off residential construction insurance liabilities to Catalina Holdings (Bermuda) Ltd. Sale of renewal rights to MAPFRE
KBW Client
Transaction
Asset Allocation & Management Co. Stifel Financial Corp. Beacon Trust Patriot National Insurance Group Enstar Group Ltd. Eastern Insurance Holdings, Inc.
Sale to Securian Financial Corp. Acquisition of Legg Mason Investment Counsel & Trust Co. from Legg Mason, Inc. Acquisition of wealth management business from Suffolk Bancorp. Acquisition of Managed Care Risk Services from MCMC LLC Acquisition of Torus Insurance Holdings Ltd. (Bermuda) Sale to ProAssurance Corporation
KBW Client
Transaction
Patriot National Insurance Group Coverys Insurance Group PA Lumbermens Mutual Insurance Co. Atrium Holdings Ltd. Medical Mutual of Ohio District of Columbia, Department of Insurance
Advised Patriot National Insurance Group on $42 million first lien term loan from PennantPark Investment Corp. Acquisition of OHA Holdings, Inc. Affiliation agreement with Indiana Lumbermens Mutual Insurance Co. Sale of Atrium Underwriting Group Ltd. & Atrium Reinsurance Company Ltd. to Enstar Group Ltd. and Stone Point Capital Sale of SC, GA and IN business to UnitedHealth Group Incorporated Sale of certain assets and recapitalization of D.C. Chartered Health Plan Inc. to AmeriHealth Mercy Family of Companies
KBW Client
Transaction
Luminous Capital Holdings, LLC Independent Nevada Doctors Insurance Exch. Main Street America Group Mutual Holdings, Inc. Prosperity Life Insurance Group LLC Kansas Insurance Department
Sale to First Republic Bank Sponsored Conversion and Sale to ProAssurance Affiliation agreement with Austin Mutual Insurance Company Acquisition of Shenandoah Life Insurance Company Sale of asset management operations of Security Benefit to Guggenheim Partners LLC
KBW Client
Transaction
Harleysville Group, Inc. Residential Loss Control Holdings, LLC Securian Financial Group, Inc. Robinson-Adams Insurance Inc. Selective Insurance Group, Inc. OneAmerica Financial Partners Enstar Group Ltd. FBL Financial Group Inc.
Merger with Nationwide Mutual Insurance Company Sale to Catalina Holdings (Bermuda) Ltd. Acquisition of American Modern Life Insurance Company Sale of Insurance Brokerage Operations to Arthur J. Gallagher & Co. Acquisition of Renewal Rights to CBA Business from Alterra Capital Holdings Ltd. Sale of Stop-Loss business to Symetra Financial Corp. Minority Investment from GS Capital Partners Transition of Assets of EquiTrust Mutual Funds to Federated Investors Inc.
2015 Transactions
2014 Transactions
2013 Transactions
2012 Transactions
2011 Transactions
Amount ($mm) $142.0 $90.0 Not disclosed Not disclosed Not disclosed Amount ($mm) Not Not Not Not Not Not
disclosed disclosed disclosed disclosed disclosed disclosed
Amount ($mm) Not Not Not Not
disclosed disclosed disclosed disclosed $692.0 $205.0
Amount ($mm) $42.0 Not disclosed Not disclosed $262.6 Not disclosed $5.0 Amount ($mm) Not Not Not Not
$125.0 disclosed disclosed disclosed disclosed
Amount ($mm) $840.0 Disclosed Disclosed Disclosed Disclosed $26.0 $291.6 Not Disclosed
Not Not Not Not
2010 Transactions
Keefe, Bruyette Woods
www.kbw.com
Insurance and Asset Management Advisory Transactions Date 11/30/10 11/16/10 10/15/10 09/29/10 08/20/10 07/16/10 07/15/10 06/17/10 05/03/10 04/20/10 04/20/10 02/15/10 01/29/10 Date
KBW Client
Transaction
United Fire & Casualty Company Nikko Asset Management Baltimore Life Insurance Company Lightyear Delos Acquisition Corp. Island Capital Ltd. West Bend Mutual Insurance Co. NYMAGIC, INC. Mutual of Omaha BNP Paribas Assurance S.A. Global Risk Consultants, Corp. Donegal Financial Services Corp. Kansas Insurance Department PW Capital LLC
Acquisition of Mercer Insurance Group Acquisition of Tyndall Investments Acquisition of Philadelphia-United Life Insurance Company Merger with Southwest Insurance Partners, Inc. Sale to Tawa Plc Sale of Michigan Insurance Company Subsidiary to Donegal Group, Inc. Sale to ProSight Specialty Insurance Holdings, Inc. Sale of Stop-Loss business to HM Insurance Sale of Cardif, a subsidiary of BNP Paribas Assurance S.A. to Interstate National Corp. Sale to TÜV SÜD America, Inc. Acquisition of Union National Financial Corp. Sale of Security Benefit to Guggenheim Partners LLC Sale of PW Acquisition Co. to Enstar Group Ltd. unit PWAC Holdings Inc.
KBW Client
Transaction
10/07/09 Essent Guaranty, Inc. 07/28/09 Main Street America Group Mutual Holdings, Inc. 06/04/09 Coverys Insurance Group Date 12/31/08 12/22/08 08/27/08 07/26/08 06/09/08 06/04/08 04/01/08 03/13/08 01/30/08 01/14/08 Date 11/05/07 11/05/07 10/31/07 10/26/07 10/01/07 09/20/07 09/07/07 03/14/07 03/14/07 02/07/07 Date 12/08/06 11/22/06 11/01/06 09/06/06 08/04/06 06/07/06 03/29/06 03/28/06
Amount ($mm)
2009 Transactions
Acquisition of IT and operating platform of Triad Guaranty, Inc. Affiliation agreement with Grain Dealers Mutual Insurance Company Acquisition of FinCor Holdings, Inc. 2008 Transactions
KBW Client
Transaction
Guaranty Insurance Services, Inc. American International Group, Inc. HIG, Inc. Mutual of Omaha Bank Scottish Re Group Ltd. Deep South Holding, L.P. PMA Capital Corp. Palisades Safety and Insurance Association Donegal Mutual Insurance Company Financial Industries Corp.
JLT Insurance Agency Holdings, Inc. Sale of HSB Group Inc. to Münchener Rückversicherungs-Gesellschaft (Munich Re) Sale to Tower Group, Inc and CastlePoint Holdings, Ltd. Acquisition of First National Bank Sale of Life Reinsurance International Segment to Pacific Life Sale to QBE Insurance Group Limited Sale of PMA Capital Insurance Co. to Armour Reinsurance, Ltd. Acquisition of National Atlantic Holdings Corporation Change in pooling agreement with Atlantic States Insurance Company Sale to Americo Life, Inc.
KBW Client
Transaction
Argonaut Group, Inc. Mutual of Omaha Bank Mutual of Omaha Insurance Co. Mutual of Omaha Insurance Co. PMA Capital Corp. RTW, Inc. KMG America BNCCORP, Inc. PXRE Group, Ltd. Grange Mutual Insurance Company
Sale of PXRE Reinsurance Company to Tawa, Plc. Acquisition of Nebraska State Bank Acquisition of Peak National Bank Acquisition of Security Federal Savings Acquisition of Midlands Management Corp. Sale to Rockhill Holding Company Sale to Humana, Inc. Sale of BNC Insurance Services to Hub International, Ltd. Sale to Argonaut Group, Inc. Sale of The Grange Bank to American Bank Holdings, Inc.
KBW Client
Transaction
Family Life Insurance Company GUARD Financial Group Clark, Inc. National Life Group Republic Companies Group, Inc. HealthNow New York Medical Mutual of Ohio LandAmerica Financial Group, Inc.
Sale to Manhattan Insurance Group Sale to Clal Insurance Enterprises Holdings, Ltd. Sale to AEGON N.V. Sale of American Guaranty & Trust to Royal Bank of Canada Sale to Delek Capital, Ltd. Acquisition of Brokerage Concepts Inc. Acquisition of Summit Insurance Co.'s health insurance business Acquisition of Capital Title Group, Inc.
Keefe, Bruyette Woods
2007 Transactions
2006 Transactions
$191.3 A$128.5 Not Disclosed $250.0 $7.4 $39.0 $230.0 Not Disclosed $21.5 Not Disclosed $25.0 $400.0 $25.0 Amount ($mm) $30.0 Not Disclosed $164.0 Amount ($mm) $40.0 $742.0 $135.0 Not Disclosed $71.2 $190.0 $20.0 $69.3 Not Disclosed $74.7 Amount ($mm) $114.0 Not Disclosed Not Disclosed $21.7 $33.0 $67.6 $188.0 $37.3 $422.0 Not Disclosed Amount ($mm) $28.0 $135.0 $293.9 $12.5 $289.5 Not Disclosed Not Disclosed $260.0
www.kbw.com
Insurance and Asset Management Advisory Transactions
Date 12/16/05 12/15/05 10/13/05 10/01/05 08/10/05 08/03/05 07/18/05 06/24/05 05/25/05 04/29/05 03/17/05 01/05/05 Date
Transaction
Farm Bureau Mutual Insurance Co. Triple-S Management Corp. Enterprise Financial Services Corp. National Grange Mutual Insurance Company Annuity and Life Re Holdings, Ltd. Manulife Financial Golden Retirement Resources, Inc. HealthNow New York Lightyear Capital LLC Financial Pacific Insurance Group, Inc. Educators Mutual Life Insurance Company Radian Group, Inc.
Acquisition of Crop 1 Insurance Direct Inc. Acquisition of Great American Life Assurance Co. of Puerto Rico Acquisition of Millennium Brokerage Group, LLC Formation of mutual holding company Sale of reinsurance treaties to Wilton Re Holdings, Ltd. Sale of First Signature Bank & Trust to First Republic Bank Sale to MassMutual Financial Group Acquisition of a equity interest in Health Integrated Acquisition of NAU Holding Company, Inc. Sale to Mercer Insurance Group Acquisition of Eastern Holding Company, Ltd. Sale of a controlling interest in Exporters Insurance Co. to Island Partners, LLC
KBW Client
Transaction
04/01/04 PMA Capital Corp 03/01/04 Property Risk Services, LLC 02/14/04 Forethought Financial Services, Inc. Date
2005 Transactions
KBW Client
KBW Client
11/01/03 The Palisades Group 07/08/03 Sullivan & Curtis Insurance Brokers of Washington 05/01/03 Phoenix Cos. Inc.
Keefe, Bruyette Woods
2004 Transactions
Advised on the unstacking of three insurance company subsidiaries Sale to American Wholesale Insurance Group Sale to FFS Holdings, Inc. Transaction
2003 Transactions
Acquisition of NJ personal lines operation of Prudential P&C Insurance Co. of NJ Acquisition by ABD Insurance and Financial Services Acquisition of remaining interest in Philadelphia Financial Group Holdings Inc.
Amount ($mm) Not Disclosed $97.5 $36.0 Not Disclosed Not Disclosed $26.6 Not Disclosed Not Disclosed $86.5 $40.4 $78.9 Not Disclosed Amount ($mm) Not Disclosed Not Disclosed $309.0 Amount ($mm) $260.0 Not Disclosed Not Disclosed
www.kbw.com
Insurance and Asset Management Equity Capital Market Transactions Date 09/20/16 06/29/16 06/06/16 03/08/16 Date
KBW Client AmTrust Financial Services National General Holdings Corp. Valdius Group AmTrust Financial Services KBW Client
2016 Transactions ($mm) Offering Type $287.5 $200.0 $150.0 $125.0
Preferred Preferred Preferred Preferred
Stock Stock Stock Stock
Maiden Holdings Ltd. National General Holdings Corp. Old Mutual Asset Management plc Black Knight Financial Services, Inc. National General Holdings Corp. AmTrust Financial Services
Date 12/11/14 11/17/14 10/09/14 07/17/14 05/07/14 04/10/14 03/06/14
KBW Client James River Group Holdings Essent OM Asset Management Trupanion, Inc. Radian Group Inc. Arthur J. Gallagher & Co. Artisan Partners Asset Management Inc.
2014 Transactions ($mm) Offering Type $247.0 Common Stock $273.0 Common Stock $308.0 Common Stock $81.9 Common Stock $258.5 Common Stock $945.0 Common Stock $575.6 Common Stock
KBW Client
2013 Transactions ($mm) Offering Type
11/05/13 10/31/13 10/30/13 10/24/13 10/23/13 08/14/13 05/13/13 05/01/13 03/13/13 03/07/13 03/07/13 02/25/13 Date 09/09/12 Date 11/17/11 04/25/11 03/02/11 Date 12/16/10 11/18/10 11/09/10 11/08/10 10/28/10 05/06/10 04/20/10 04/20/10 03/31/10
Blue Capital Reinsurance Holdings Ltd. Artisan Partners Asset Management Inc. Essent Group Ltd. Fidelity National Financial, Inc. ING U.S., Inc. Third Point Reinsurance Ltd. Triple-S Management Corp. ING U.S., Inc. Tower Group, Inc. MGIC Investment Corp. Artisan Partners Asset Management Inc. Radian Group Inc.
Offering Offering Offering Offering
Joint Bookrunner Joint Bookrunner Senior Co-Manager Lead Manager
2015 Transactions ($mm) Offering Type
11/18/15 08/12/15 06/16/15 05/19/15 03/24/15 03/12/15
Date
KBW's Role
$165.0 $190.0 $232.8 $507.2 $165.0 $182.5
$125.0 $303.1 $385.3 $530.7 $1,119.5 $317.0 $98.6 $1,271.3 $256.3 $799.5 $381.4 $312.8
KBW's Role
Preferred Stock Offering Common Stock - Follow On Common Stock - Follow On Common Stock - IPO Preferred Stock Offering Preferred Stock Offering
Common Common Common Common Common Common Common Common Common Common Common Common
Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock
-
IPO Follow IPO IPO Follow Follow Follow
On On On On
Lead Manager Co-Manager Co-Manager Co-Manager Joint Bookrunner Joint Bookrunner KBW's Role Lead Left Bookrunner Co-Manager Co-Manager Joint Book Manager Co-Manager Co-Manager Co-Manager KBW's Role
- IPO - Follow On - IPO - Follow On - Follow On - IPO - Follow On - IPO - Private Placement - Follow On - IPO - Follow On
Joint Book Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Placement Agent Co-Manager Co-Manager Co-Manager
KBW Client
2012 Transactions ($mm) Offering Type
KBW's Role
American International Group, Inc.
$20,700.0
Co-Manager
KBW Client
2011 Transactions ($mm) Offering Type
Manning & Napier, Inc. Primerica, Inc. Old Republic International Corporation
$150.0 $273.0 $550.0
Common Stock - Follow On
Common Stock - IPO Follow-On Offering Convertible Equity Units
KBW's Role Co-Manager Co-Manager Co-Manager
KBW Client
2010 Transactions ($mm) Offering Type
KBW's Role
Fortegra Financial Corporation LPL Investment Holdings Inc. Radian Group Inc. BlackRock, Inc. AIA Group Limited Radian Group Inc. MGIC Investment Corp. MGIC Investment Corp. Primerica, Inc.
$66.0 $474.0 $450.0 $9,174.2 $17,833.4 $550.0 $805.0 $345.0 $368.5
Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Joint Lead Manager Co-Manager Co-Manager Co-Manager
Keefe, Bruyette & Woods
Common Stock - IPO Common Stock - IPO Convertible Equity Units Follow-On Offering Common Stock - IPO Follow-On Offering Follow-On Offering Convertible Equity Units Common Stock - IPO
www.kbw.com
Insurance and Asset Management Equity Capital Market Transactions 01/21/10 Date 10/06/09 09/23/09 06/16/09 04/22/09 04/14/09 Date 05/08/08 05/08/08 03/24/08 03/24/08 03/06/08 03/06/08 Date 12/12/07 11/13/07 10/24/07 08/02/07 07/24/07 06/14/07 06/13/07 06/06/07 03/29/07 03/22/07 01/30/07 01/22/07 Date 12/04/06 11/08/06 11/07/06 10/17/06 10/03/06 08/09/06 08/01/06 07/11/06 06/20/06 06/19/06 05/18/06 05/18/06 04/27/06 03/02/06 01/26/06
Date 12/15/05 10/31/05 10/31/05 10/12/05 10/11/05 09/23/05 08/22/05 08/08/05
Symetra Financial Corp. KBW Client Verisk Analytics, Inc. Artio Global Investors Inc. Assured Guaranty Ltd. Old Republic International Corporation Fidelity National Financial, Inc. KBW Client American International Group, Inc. American International Group, Inc. MGIC Investment Corp. MGIC Investment Corp. Ambac Financial Group, Inc. Ambac Financial Group, Inc. KBW Client Assured Guaranty Ltd Och-Ziff Capital Management Group Pzena Investment Management Inc SPARTA Insurance Holdings, Inc. Validus Holdings Ltd. First Mercury Financial Corp RAM Holdings Ltd Security Capital Assurance Ltd Flagstone Reinsurance Holdings Ltd CastlePoint Holdings Ltd. Employers Holdings Inc Tower Group Inc KBW Client Odyssey Re Holdings Corp ACA Capital Holdings Inc OneBeacon Insurance Group LLC First Mercury Financial Corp Hallmark Financial Services Inc IPC Holdings Ltd Security Capital Assurance Ltd Allied World Assurance Holdings Ltd American Safety Insurance Eastern Insurance Holdings Darwin Professional Underwriters Inc Hub International Ltd RAM Holdings Ltd Genworth Financial Inc SeaBright Insurance Holdings Inc.
KBW Client Scottish Re Group Limited IPC Holdings Ltd IPC Holdings Ltd Navigators Group Inc. Max Re Capital Ltd Genworth Financial Inc National Financial Partners Corp. James River Group Inc
Keefe, Bruyette & Woods
$419.5
Common Stock - IPO
Co-Manager
2009 Transactions ($mm) Offering Type $2,115.9 $718.7 $423.5 $275.0 $345.2
KBW's Role
Common Stock - IPO Common Stock - IPO Follow-on Offering Convertible Equity Units Follow-on Offering
Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager
2008 Transactions ($mm) Offering Type $5,880.0 $7,470.0 $420.0 $325.0 $1,155.0 $250.0
KBW's Role
Convertible Equity Units Follow-on Offering Follow-on Offering Convertible Equity Units Follow-on Offering Convertible Equity Units
Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager
2007 Transactions ($mm) Offering Type $318.3 $1,152.0 $109.8 $279.1 $345.4 $73.1 $82.9 $329.5 $185.6 $126.1 $523.0 $95.1
Common Common Common Common Common Common Common Common Common Common Common Common
Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock
KBW's Role -
Follow On IPO IPO Private IPO Follow On Follow On Follow On IPO IPO IPO Follow On
2006 Transactions ($mm) Offering Type $352.0 $89.7 $690.0 $189.7 $27.0 $415.7 $480.5 $344.1 $57.0 $74.8 $96.0 $120.8 $140.7 $2,332.3 $115.9
Common Common Common Common Common Common Common Common Common Common Common Common Common Common Common
Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock
KBW's Role -
Follow IPO IPO IPO Follow Follow IPO IPO Follow IPO IPO Follow IPO Follow Follow
On
On On On On On On
2005 Transactions ($mm) Offering Type $259.4 $236.3 $302.6 $130.9 $297.3 $2,714.0 $301.5 $92.0
Co-Manager Co-Manager Co-Manager Placement Agent Co-Manager Joint Book Manager Lead Manager Underwriter Co-Manager Co-Manager Co-Manager Co-Manager
Common Stock - Follow On Convertible Preferred Stock Common Stock - Follow On Common Stock - Follow On Common Stock - Follow On Common Stock - Follow On Common Stock - Follow On Common Stock - IPO
Co-Manager Co-Manager Co-Manager Joint Lead Manager Co-Manager Co-Manager Co-Manager Underwriter Lead Manager Lead Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager
KBW's Role Co-Manager Co-Manager Senior Co-Manager Joint Lead Manager Co-Manager Co-Manager Co-Manager Lead Manager www.kbw.com
Insurance and Asset Management Equity Capital Market Transactions 08/03/05 06/10/05 03/23/05 03/22/05 Date 11/17/04 10/20/04 10/15/04 10/14/04 09/29/04 05/24/04 05/06/04 04/22/04 04/14/04 03/23/04 03/16/04 02/11/04 02/04/04 01/15/04 Date 12/16/03 12/11/03 12/03/03 11/06/03 10/28/03 10/01/03 08/11/03 07/17/03
Republic Companies Group Inc Metlife Inc Genworth Financial Inc Aspen Insurance KBW Client PXRE Group Ltd Tower Group Inc Converium Holding AG EMC Insurance Group, Inc Primus Guaranty Ltd Genworth Financial Inc Conseco Inc. Assured Guaranty USI Holdings Corp Direct General Corp XL Capital Ltd Bristol West Holdings Inc Assurant Inc Hartford Financial Services Group Inc KBW Client United National Group Ltd. NYMAGIC, Inc. Aspen Insurance Holdings Ltd. Reinsurance Group of America, Inc. PMI Group, Inc. Navigators Group, Inc. Direct General Corp Scottish Re Group, Ltd
Keefe, Bruyette & Woods
$84.0 $2,070.0 $2,133.3 $183.0
Common Stock - IPO Convertible Preferred Stock Common Stock - Follow On Common Stock - Follow On
2004 Transactions ($mm) Offering Type $143.4 $127.1 $422.5 $76.1 $139.7 $2,855.6 $923.5 $882.0 $165.3 $130.5 $825.0 $345.0 $2,024.0 $423.9
KBW's Role
Common Stock - Follow On Common Stock - IPO Rights Offering Common Stock - Follow On Common Stock - IPO Common Stock - IPO Common Stock - Follow On Common Stock - IPO Common Stock - Follow On Common Stock - Follow On Convertible Preferred Stock Common Stock - IPO Common Stock - IPO Common Stock - Follow On
2003 Transactions ($mm) Offering Type $190.6 $53.0 $272.3 $442.5 $220.0 $131.0 $167.4 $190.9
Common Common Common Common Common Common Common Common
Stock Stock Stock Stock Stock Stock Stock Stock
Co-Manager Co-Manager Co-Manager Co-Manager
Joint Lead Manager Co-Manager Co-Manager Lead Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Lead Manager Co-Manager Co-Manager Underwriter Underwriter KBW's Role
- IPO - Follow - IPO - Follow - Follow - Follow - IPO - Follow
On On On On On
Co-Manager Lead Manager Co-Manager Co-Manager Co-Manager Co-Manager Lead Manager Co-Manager
www.kbw.com
Insurance and Asset Management Fixed Income Capital Market Transactions Date 11/02/16 06/07/16 Date 11/18/15 09/09/15 08/11/15 06/11/15 Date 09/24/14 09/09/14 06/25/14 06/18/14 Date 11/22/13 11/18/13 10/02/13 09/25/13 08/08/13 06/03/13 05/20/13 03/20/13 03/07/13 02/25/13 02/05/13 Date 09/17/12 09/17/12 08/22/12 08/21/12 08/21/12 08/14/12 07/16/12 06/07/12 03/20/12 Date 06/17/11 05/03/11 04/14/11 03/14/11 Date 10/12/10
KBW Client
2016 Transactions ($mm) Offering Type
The Main Street America Group Maiden Holdings, Ltd. KBW Client
$70.0 $110.0
2015 Transactions ($mm) Offering Type
Horace Mann Educators Corp. AmTrust Financial Services National General Holdings Corp. AmTrust Financial Services KBW Client
$250.0 $135.0 $100.0 $150.0
$400.0 $80.0 $105.0 $55.0
Torchmark Corporation Torchmark Corporation Maiden Holdings Ltd. American Financial Group, Inc. Fidelity National Financial, Inc. Reinsurance Group of America, Inc. Primerica, Inc. American Financial Group, Inc. Maiden Holdings Ltd. KBW Client Maiden Holdings Ltd. Montpelier Re Holdings Ltd. Forethought Financial Group, Inc. Willis Group Holdings plc KBW Client Mutual of Omaha Insurance Co.
Senior Notes Perpetual Preferred Stock Perpetual Preferred Stock Perpetual Preferred Stock
2013 Transactions ($mm) Offering Type
ProSight Specialty Insurance Holdings, Inc. Maiden Holdings Ltd. Navigators Group, Inc. RLI Corp. Willis Group Holdings plc AmTrust Financial Services, Inc. RenaissanceRe Holdings Ltd. Hanover Insurance Group, Inc. MGIC Investment Corp. Radian Group Inc. Selective Insurance Group KBW Client
Senior Notes Subordinated Debt Senior Subordinated Debt Subordinated Debt
2014 Transactions ($mm) Offering Type
Old Republic AmTrust Financial Services, Inc. AmTrust Financial Services, Inc. National General Holdings Corp. KBW Client
Surplus Note Senior Notes
$140.0 $152.5 $265.0 $150.0 $525.0 $115.0 $275.0 $175.0 $450.0 $400.0 $185.0
Senior Notes Senior Notes Senior Notes Senior Notes Senior Notes Perpetual Preferred Stock Perpetual Preferred Stock Jr. Subordinated Debt Convertible Senior Notes Convertible Senior Notes Senior Notes
2012 Transactions ($mm) Offering Type $300.0 $125.0 $150.0 $125.0 $375.0 $400.0 $375.0 $230.0 $100.0
Senior Notes Jr. Subordinated Debt Perpetual Preferred Stock Senior Notes Senior Notes Senior Notes Senior Notes Senior Notes Senior Notes
2011 Transactions ($mm) Offering Type $100.0 $150.0 $150.0 $800.0
Senior Notes Preferred Shares Senior Notes Senior Notes
2010 Transactions ($mm) Offering Type $300.0
Surplus Notes
KBW's Role Sole Placement Agt. Lead Manager KBW's Role Joint Joint Joint Joint
Bookrunner Bookrunner Bookrunner Bookrunner
KBW's Role Co-Manager Lead Manager Lead Manager Co-Manager KBW's Role Sole Placement Agt. Lead Manager Joint Book Manager Joint Book Manager Joint Lead Manager Lead Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager KBW's Role Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager KBW's Role Co-Manager Underwriter Joint Bookrunner Joint Lead Manager KBW's Role Co-Manager
2009 Transactions Keefe, Bruyette & Woods
www.kbw.com
Insurance and Asset Management Fixed Income Capital Market Transactions Date 12/03/09 11/03/09 09/18/09 Date 06/24/08 06/10/08 06/03/08 Date 06/30/07 05/16/07 03/29/07 03/07/07 Date 11/28/06 09/20/06 04/18/06 04/12/06 04/11/06 02/22/06 01/11/06 01/11/06 Date 12/30/05 12/15/05 11/29/05 10/31/05 10/14/05 09/21/05 06/29/05 06/28/05 06/28/05 03/08/05 Date 12/20/04 11/10/04 09/30/04 04/06/04 03/04/04 01/23/04 Date 12/08/03 12/02/03 08/31/03 05/12/03
KBW Client
($mm)
Offering Type
KBW's Role
Genworth Financial, Inc. Reinsurance Group of America, Inc. National Life Insurance Company
$300.0 $400.0 $200.0
Senior Notes Senior Notes Surplus Notes
Joint Bookrunner Co-Manager Co-Manager
KBW Client Prudential Financial, Inc. ING Groep NV Allianz SE KBW Client Validus Holdings, Ltd. Delphi Financial Group Security Capital Assurance FBL Financial Group, Inc. KBW Client Odyssey Re Holdings Corp Selective Insurance Group Horace Mann Educators Corporation Lightyear Delos Acquisition Corp. The Navigators Group, Inc. Odyssey Re Holdings Corp Advent Capital Holdings GAINSCO, INC. KBW Client Assurance America, Inc. Lancashire Holdings Ltd. Ambac Financial Selective Insurance Group Odyssey Re Holdings Corp Amerus Group Co Scottish Re Group, Ltd American General Holdings, Inc. Trustmark Group, Inc. NLV Financial Corp. KBW Client Scottish Re Group, Ltd Selective Insurance Group, Inc. Triple-S, Inc. FBL Financial Group, Inc. NYMAGIC, Inc. Kingsway America, Inc. KBW Client RLI Corp. Commerce Group NLV Financial Corp. Delphi Financial Group, Inc.
Keefe, Bruyette & Woods
2008 Transactions ($mm) Offering Type $920.0 $2,000.0 $2,000.0
Hybrid Capital Securities Hybrid Capital Securities Hybrid Capital Securities
2007 Transactions ($mm) Offering Type $125.0 $175.0 $250.0 $100.0
Hybrid Capital Securities Hybrid Capital Securities Hybrid Capital Securities Senior Notes
2006 Transactions ($mm) Offering Type $40.0 $100.0 $125.0 $58.0 $125.0 $50.0 $26.0 $25.0
Senior Notes Hybrid Capital Securities Senior Notes Trust Preferred Securities Senior Notes Senior Notes Senior Notes Trust Preferred Securities
2005 Transactions ($mm) Offering Type $5.0 $50.0 $400.0 $100.0 $100.0 $150.0 $125.0 $8.0 $75.0 $75.0
Trust Preferred Securities Trust Preferred Securities Senior Notes Senior Notes Perpetual Preferred Stock Perpetual Preferred Stock Perpetual Preferred Stock Trust Preferred Securities Trust Preferred Securities Senior Notes
2004 Transactions ($mm) Offering Type $50.0 $50.0 $50.0 $75.0 $100.0 $125.0
Trust Preferred Securities Senior Notes Senior Notes Senior Notes Senior Notes Senior Notes
2003 Transactions ($mm) Offering Type $100.0 $300.0 $200.0 $125.0
Senior Senior Senior Senior
Notes Notes Notes Notes
KBW's Role Underwriter Underwriter Underwriter KBW's Role Agent Co-Manager Co-Manager Co-Manager KBW's Role Sole Agent Co-Manager Sole Manager Agent Co-Manager Agent Sole Agent Sole Agent KBW's Role Sole Agent Agent Co-Manager Sole Manager Joint Lead Manager Co-Manager Co-Manager Sole Agent Sole Agent Sole Manager KBW's Role Agent Sole Manager Sole Agent Lead Manager Lead Manager Sole Manager KBW's Role Co-Manager Co-Manager Joint Lead Manager Co-Manager www.kbw.com
Insurance and Asset Management Fixed Income Capital Market Transactions 03/18/03
Ambac Financial Group, Inc.
Keefe, Bruyette & Woods
$175.0
Senior Notes
Co-Manager
www.kbw.com
