Welcome on PARIS RE

Maintain a disciplined and profit-driven underwriting approach

• Matrix approach with centralized underwriting authorities and a regional focus to diversify exposure
• Flexible structure and underwriting approach focused on seizing market opportunities
• Pricing strategy geared towards profitability
• Effective use of retrocessional protection

Pursue a policy of prudent investment management

• Limited equity exposure and highly-rated fixed income assets
• Risk diversification
• Capital preservation
• Liquidity of invested assets
• Stability of investment income

Continue to deliver a streamlined cost structure

• Centralized control of underwriting operations
• Outsourcing of non-core functions
• Disciplined headcount management (840 in 2003, 382 at 29 April 2008)

Create added-value for our clients through pro-active capital management

• Room for capital optimization with no financial debt at 30 September 2007
• Targeted to maintain a dividend payout ratio of at least 25%