Surety - APF

Statistics of the 

Surety & Credit Insurance Market 

in Latin America 

Report updated as of December 2011 

Presented by: Juan Fernando Serrano 

APF – PASA XXIV GENERAL ASSEMBLY

Surety

:: Conclusions 

Latin America 

Surety Premiums & Growth 

Premiums, Loss Ratio & Results Trend 

% of All Lines of Business 

% of All Lines of Business by country 

Annual growth 

Growth 2009 - 2010 

Growth 2010 - 2011 

Average growth 2005 - 2011 

% GDP & Public Expense 

% GDP by country 

% Public Expense by country 

Loss Ratio & Technical Result 

Loss Ratio by country 

Technical Result by country 

Combined Ratio 

Combined Ratio by country 

% Ceded Premium by country 

Market share by country 

Top 40 Individual Regional Ranking 

Market share Top 10 Indiv. Companies 

Top 40 International Regional Ranking 

Market share Top 10 International Companies 

Local, Global & Regional Cos. Market Share 

Available Info by Line of Business 

Relevant Figures

'000 USD 

Latin America - Surety: Premiums & Growth 

•Figures as of December 2011 except for: El Salvador, Uruguay (September 2011 12 ms), Paraguay (June 2011), Dominicana, Puerto Rico 

(December 2010), Venezuela (projected figures to December 2011) 

Does not include Fidelity 

2.500.000 

2.000.000 

1.500.000 

1.000.000 

500.000 

Argentina, Paraguay: Fiscal year June 

24% 

839.109 

1.040.186 

Puerto Rico: Includes figures of non resident companies 

- 

05-06 06-07 07-08 08-09 09-10 10-11* 

25% 25% 

1.298.695 

1.619.020 1.664.734 

1.761.085 

2.141.939 

3% 

2005 2006 2007 2008 2009 2010 2011* 

6% 

Surety Premiums USD Growth 

22% 

30% 

25% 

20% 

15% 

10% 

5% 

0%

Latin America - Surety: Premiums, Loss Ratio & Results Trend 

'000 USD 

•Figures as of 12 months 


2.500.000 

2.000.000 

1.500.000 

1.000.000 

500.000 


1.778.735 


- 

63% 

63% 

1.861.130 

61% 61% 59% 

1.983.701 

2.055.757 

30% 31% 31% 31% 

2.141.939 

33% 

21% 21% 19% 19% 19% 

5% 

7% 

4% 

4% 

Dc.10* Mr.11* Jn.11* Sp.11* Dc.11* 

Surety Premiums Technical Result 

Loss Ratio Earned Premium Surety Quarterly Growth 


70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

Latin America - Surety: Premiums as % of All Lines of Business 




2,00% 

1,50% 

1,00% 

0,50% 

0,00% 


1,41% 1,43% 1,47% 


1,55% 1,52% 

1,40% 1,40% 

2005 2006 2007 2008 2009 2010 2011*

Latin America - Surety: Premiums as % of All Lines of Business by 

country 

12% 

10% 

8% 

6% 

4% 

2% 

0% 

11,3% 

7,0% 

Figures as of December 2011 except for: El Salvador, Uruguay (September 2011 12 ms), Paraguay (June 2011), Dominicana, Puerto Rico 



4,9% 

*Argentina, Paraguay: Fiscal year June 


3,9% 3,8% 3,7% 3,3% 2,6% 2,6% 2,1% 1,8% 1,8% 1,4% 1,1% 1,1% 0,9% 0,6% 0,6% 0,3% 

Pan Ecu Col Par* Bol Gua Dom Nic Sal Méx Arg* Ven Reg Hon Uru P Ri Bra Per Chi

Latin America - Surety: Premiums Annual Growth vs. All Lines of 

Business 

30% 

25% 

20% 

15% 

10% 

5% 

0% 




24% 


22% 21% 


25% 25% 

18% 

05-06 06-07 07-08 08-09 09-10 10-11* 

Surety Growth All Lines of B. Premiums Growth 

3% 

5% 

6% 

15% 

22% 

22%

Latin America - Surety: Premiums Growth 2009 - 2010 by country 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 

-30% 

-40% 

-50% 

46% 

Figures as of December 2010 


31% 27% 

19% 



13% 13% 12% 12% 10% 

6% 4% 2% 

-3% -3% -5% -5% 

Pan Par* Col Uru Bra Méx Chi Dom P Ri Reg Ecu Gua Nic Bol Arg* Sal Per Hon Ven 

-10% 

-24% 

-38%


60% 

40% 

20% 

0% 

-20% 

-40% 

-60% 

44% 41% 






31% 25% 24% 24% 22% 22% 20% 19% 18% 15% 15% 15% 

Arg* Chi Par* Pan Bra Ven Bol Reg Nic Méx Ecu Sal Col Uru Gua Per Hon 

9% 

5% 

0%


100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

7% 




44% 

22% 24% 

41% 

15% 18% 19% 20% 

15% 

9% 

0% 

25% 

54% 

0% 0% 

0% 

0% 

0% 

-1% 

-1% 

-2% 

34% 

-4% 

31% 

26% 25% -4% 

24% -5% 24% 24% 

20% 

18% 

18% 

15% 

18% 

-6% 15% 

12% 

11% 

-5% -5% 

5% 

5% 

0% 

1% 

Arg* Bol Bra Chi Col Ecu Sal Gua Hon Méx Nic Pan Par* Per Uru Ven 



USD Growth Local currency Growth Exchange Rate Growth 

5% 

8% 

6% 

4% 

2% 

0% 

-2% 

-4% 

-6% 

-8%

Latin America - Surety: Premiums Average Growth 2005 - 2011 by 

country 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

40% 

34% 





30% 27% 26% 26% 25% 24% 24% 22% 


18% 17% 17% 

9% 9% 9% 8% 

Bra Pan Ven Per Bol Ecu Par* Col Hon Arg* Uru Reg Chi Sal Dom Gua Nic Méx P Ri 

6% 

-7%

Latin America - Surety: Premiums as % GDP & % of Public Expense 

0,30% 

0,25% 

0,20% 

0,15% 

0,10% 

0,05% 

0,00% 




0,22% 



GDP, Public Expense: Figures as of 2011 

0,23% 

0,24% 

0,25% 

0,24% 

0,22% 

0,23% 

0,031% 0,033% 0,035% 0,038% 0,042% 0,036% 0,038% 

2005 2006 2007 2008 2009 2010 2011* 

Surety Premiums / GDP Surety Premiums / Public Expense

Latin America - Surety: Premiums as % of GDP by country 

0,45% 

0,40% 

0,35% 

0,30% 

0,25% 

0,20% 

0,15% 

0,10% 

0,05% 

0,00% 

0,41% 

0,14% 






GDP: Figures as of 2011 

0,11% 

0,06% 0,05% 0,05% 0,05% 0,05% 0,05% 0,05% 0,04% 0,04% 0,04% 0,04% 0,02% 0,02% 0,02% 0,01% 0,01% 

Pan Ecu Col Ven Sal Arg* Gua Bol P Ri Nic Par* Dom Méx Reg Hon Uru Bra Chi Per

Latin America - Surety: Premiums as % of Public Expense by country 

3,5% 

3,0% 

2,5% 

2,0% 

1,5% 

1,0% 

0,5% 

0,0% 

3,1% 

1,2% 




0,7% 0,7% 



Public Expense: Figures as of 2011 

0,5% 0,5% 0,5% 0,4% 0,4% 0,3% 0,3% 0,3% 

0,3% 0,2% 

0,2% 0,1% 0,1% 0,1% 0,1% 

Pan Ecu Col Ven Dom Sal Gua P Ri Par* Arg* Méx Bol Nic Reg Uru Hon Per Bra Chi

Latin America - Surety: Loss Ratio & Technical Result (% Written 

Premiums) 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

*Figures as of December 2011 except for: El Salvador, Uruguay (September 2011 12 ms), Paraguay (June 2011), Dominicana, Puerto Rico 



26% 

*Argentina: Fiscal year June 

26% 

34% 

26% 

16% 

Technical Result : Technical Income - Technical Cost (not including Admin. Cost) 

Loss Ratio Gross Premium: Argentina Figures from 2009, Bolivia, 2008, Paraguay 2007 

32% 

23% 

13% 

34% 

25% 

14% 

29% 

30% 30% 

22% 21% 

2005 2006 2007 2008 2009 2010 2011* 

Loss Ratio Earned Premium(Net) Technical Result / Written Premiums Loss Ratio Written Premium 

16% 

17% 

19% 

14% 

33%

Latin America - Surety: Loss Ratio &Technical Result (% Written 

Premiums) 

160% 

140% 

120% 

100% 

80% 

60% 

40% 

20% 

0% 

-20% 

9% 

1% 

142% 

88% 

41% 42% 

30% 

20% 

14% 13% 

25% 

30% 32% 

19% 20% 

24% 

19% 

10% 

-1% 

55% 

17% 

33% 

0% 

3% 

3% 4% 

19% 

14% 

Arg* Bol Bra Chi Col Dom Ecu Gua Méx Par* Per Uru Ven Reg 

Loss Ratio Earned Premium(Net) Loss Ratio Written Premium 





Not available: El Salvador, Honduras, Nicaragua, Panama Puerto Rico 

Countries with First Requirement Surety

Latin America - Surety: Loss Ratio Earned Premium by country 

160% 

140% 

120% 

100% 

80% 

60% 

40% 

20% 

0% 

-20% 

-1% 0% 

1% 1% 3% 

14% 17% 19% 19% 19% 20% 23% 

30% 

38% 41% 42% 

Par* Uru Arg* Nic Ven Bra Per Méx Ecu Reg Gua Sal Chi Pan Col Dom Bol 





Not available: Honduras, Nicaragua, Puerto Rico 

Countries with First Requirement Surety 

142%

Latin America - Surety: Loss Ratio Written Premium by country 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

3% 

4% 

9% 

10% 

13% 

14% 

20% 

24% 

25% 

30% 32% 33% 

Uru Ven Arg* Méx Bra Reg Chi Gua Col Dom Ecu Per Par* Bol 







55% 

88%

Latin America - Surety: Technical Result (% Written Premiums) by 

country 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

57% 56% 

47% 

45% 

38% 37% 36% 36% 

34% 33% 

31% 

26% 25% 

Par* Uru Gua Arg* Ven Méx Ecu Chi Per Reg Bra Dom Col Pan 






Not available: Bolivia, El Salvador, Honduras, Nicaragua, Puerto Rico 


16%

Latin America - Surety: Net Combined Ratio 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 




38% 

Argentina: Fiscal year June 

3% 76% 

27% 

9% 8% 

3% 64% 

26% 26% 23% 25% 22% 21% 19% 

Brazil: Administrative Expenses of Surety Companies only 

Chile: Admin. Expenses of Credit & Surety Companies 

Ecuador, Peru: Admin. Expenses of All lines of Business 

1% 

65% 

36% 

40% 

5% 1% 

2% 69% 

2% 0% 1% 

61% 

63% 

59% 

41% 41% 41% 

2005 2006 2007 2008 2009 2010 2011* 

-2% 0% -2% 

Loss Ratio Earned Premium(Net) Acquisition Expense Administrative Expenses 

Non Proportional Reinsurance Net Combined Ratio 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

Latin America - Surety: Net Combined Ratio by country 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

7% 




25% 


27% 

36% 



40% 


46% 

52% 

59% 

61% 

67% 

69% 71% 73% 

Ecu Bra Par* Pan Chi Ven Per Reg Uru Méx Gua Arg* Dom Col 

93%

Latin America - Surety: Gross Combined Ratio 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 




65% 

26% 

20% 


48% 

16% 

17% 16% 

15% 15% 14% 15% 14% 

2% 1% 1% 1% 1% 0% 1% 




45% 

13% 

15% 17% 17% 

48% 47% 49% 

46% 

14% 16% 17% 14% 

16% 17% 18% 

2005 2006 2007 2008 2009 2010 2011* 

Non Proportional Reinsurance Gross Acquisition Expense Gross Administrative Expenses Gross 

Loss Ratio Written Premium Gross Combined Ratio 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

Latin America - Surety: Gross Combined Ratio by country 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

25% 





38% 

43% 

46% 




50% 

55% 55% 55% 56% 

Bra Ven Chi Reg Per Méx Uru Dom Ecu Arg* Gua Col 

64% 

65% 

71%

Latin America - Surety: Net & Gross Combined Ratio by country 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

71% 

64% 

25% 25% 





40% 

43% 

93% 



71% 

73% 

55% 56% 

7% 

69% 

65% 67% 

55% 

27% 

71% 

52% 50% 

61% 

55% 

Arg* Bra Chi Col Dom Ecu Gua Méx Par* Per Uru Ven Reg 

Net Combined Ratio Gross Combined Ratio 

46% 

38% 

59% 

46%

Latin America - Surety: % Ceded Premiums 

60% 

50% 

40% 

30% 

20% 

10% 

0% 




40% 

*Argentina, Paraguay,: Año fiscal junio 

Not available: Honduras, Puerto Rico 

42% 

49% 

54% 

57% 57% 

2005 2006 2007 2008 2009 2010 2011* 

55%

Latin America - Surety: % Ceded Premiums by country 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

33% 

40% 




*Argentina, Paraguay,: Año fiscal junio 

Not available: Honduras, Puerto Rico 

44% 45% 45% 

47% 

49% 

54% 55% 56% 57% 

Sal Gua Par* Méx Uru Arg* Per Col Reg Dom Ven Bra Bol Ecu Chi Nic Pan 

62% 

70% 

74% 

76% 

80% 

87%

Latin America - Surety: Premiums Market Share by country 2.141,9 

US$ MM 2011 (2010) 




Venezuela 

8,9% (8,8%) 

Ecuador 

4,3% (4,5%) 

Panama 

5,8% (5,7%) 

Argentina* 

10,6% (9%) 


Puerto Rico 

2,1% (2,6%) 


Colombia 

16,9% (17,8%) 

Others** 

6,4% (6,7%) 

Brazil 

22,7% (22,3%) 

** Includes: Bolivia, Dominicana, Chile, Guatemala, Honduras, Nicaragua, Peru, Paraguay, Uruguay, El Salvador 

Mexico 

22,2% (22,7%)

Latin America - Surety: Regional Ranking Top 40 Individual 

Companies 2011 

Company Ctry. Rank. 2011 Rank. 2010 Rank. Ctry. Val. 000 Annual Growth Share L.A. Accum. Company Ctry. Rank. 2011 Rank. 2010 Rank. Ctry. Val. 000 Annual Growth. Share L.A. Accum. 

MALUCELLI Bra 1 1 1 153.242 8,0% 7,2% 7% ANCON Pan 21 12 2 23.925 -14,2% 1,1% 51% 

ASERTA Mex 2 2 1 135.304 13,0% 6,3% 13% ATLAS Mex 22 21 6 22.442 9,0% 1,0% 52% 

MRREY NYL Mex 3 3 2 119.358 20,8% 5,6% 19% DORAMA Mex 23 27 7 21.394 26,7% 1,0% 53% 

SOFIMEX Mex 4 4 3 78.030 16,8% 3,6% 23% BOLIVAR Col 24 25 6 20.763 15,5% 1,0% 54% 

CONFIANZA Col 5 5 1 69.330 10,9% 3,2% 26% CONDOR Col 25 23 7 20.706 8,6% 1,0% 55% 

FATOR Bra 6 6 2 67.268 38,8% 3,1% 29% CHARTIS Pan 26 58 3 20.072 189,6% 0,9% 56% 

ESTADO Col 7 7 2 55.140 17,5% 2,6% 32% CHUBB Arg 27 28 3 20.034 21,2% 0,9% 57% 

UBF Bra 8 9 3 46.935 13,6% 2,2% 34% INBURSA Mex 28 34 8 19.798 36,2% 0,9% 58% 

PRIMERO Mex 9 10 4 34.719 13,6% 1,6% 35% CORPORAT. Ven 29 32 3 19.778 23,9% 0,9% 59% 

LIBERTY Col 10 11 3 33.767 17,2% 1,6% 37% BERKLEY Bra 30 20 6 19.621 -8,1% 0,9% 60% 

HighMIRA Ven 11 13 1 32.708 23,8% 1,5% 39% ITAU Bra 31 8 7 18.411 -58,7% 0,9% 61% 

SURA Col 12 15 4 31.137 23,2% 1,5% 40% SOLIDARIA Col 32 37 8 18.042 31,4% 0,8% 62% 

CESCE Bra 13 16 4 30.759 25,9% 1,4% 41% CONFIANZA Ecu 33 33 1 17.856 19,0% 0,8% 62% 

ACG Arg 14 14 1 30.063 18,3% 1,4% 43% ALLIANZ Bra 34 30 8 17.562 8,8% 0,8% 63% 

PIRAMIDE Ven 15 17 2 29.877 23,8% 1,4% 44% ZURICH Bra 35 167 9 17.550 1879,6% 0,8% 64% 

CHUBB Mex 16 18 5 28.252 27,7% 1,3% 46% ASEGCAUC Arg 36 31 4 17.358 8,1% 0,8% 65% 

AUSTRAL Bra 17 191 5 26.260 4415,8% 1,2% 47% MAPFRE Col 37 24 9 17.257 -7,0% 0,8% 66% 

MUNDIAL Col 18 19 5 24.477 13,4% 1,1% 48% TESTIMONIO Arg 38 154 5 17.225 1370,5% 0,8% 67% 

Surety Arg 19 22 2 24.259 23,5% 1,1% 49% COLPATRIA Col 39 35 10 16.916 20,8% 0,8% 67% 

ASSA Pan 20 26 1 24.186 40,9% 1,1% 50% AFIANZAD. Arg 40 39 6 16.913 39,1% 0,8% 68% 




Argentina, Paraguay: Fiscal year June Puerto Rico: Includes figures of non resident companies

Latin America - Surety: Regional Market Share Top 10 Individual 

Companies 2.141,9 US$ MM 2011 (2010) 




LIBERTY Col 

1,6% (1,6%) 

PRIMERO Mex 

1,6% (1,7%) 

UBF Bra 

2,2% (2,3%) 


ESTADO Col 

2,6% (2,7%) 

Others 362 

63% (61,1%) 


FATOR Bra 

3,1% (2,8%) 

MALUCELLI Bra 

7,2% (8,1%) 

ASERTA Mex 

6,3% (6,8%) 

MRREY NYL Mex 

5,6% (5,6%) 

SOFIMEX Mex 

3,6% (3,8%) 

CONFIANZA Col 

3,2% (3,5%)

Latin America - Surety: Regional Ranking Top 40 Companies, 

grouping international affiliates & subsidiaries 2011 

Company Ctry. Rank. 2011 Rank. 2010 Val. 000 Annual Growth Share L.A. Accum. Company Ctry. Rank. 2011 Rank. 2010 Val. 000 Annual Growth Share L.A. Accum. 

TRAVELERS Glb 1 1 158.687 7,9% 7,4% 7% BERKLEY Glb 21 18 26.473 -0,4% 1,2% 59% 

ASERTA Mex 2 2 135.304 13,0% 6,3% 14% AUSTRAL Bra 22 149 26.260 4415,8% 1,2% 59% 

NYLIFE Glb 3 3 119.358 20,8% 5,6% 20% MUNDIAL Col 23 22 24.477 13,4% 1,1% 60% 

SOFIMEX Mex 4 4 78.030 16,8% 3,6% 24% ASSA Reg 24 27 24.453 40,3% 1,1% 61% 

CHUBB Glb 5 7 71.135 30,3% 3,3% 27% Surety Arg 25 24 24.259 23,5% 1,1% 62% 

CONFIANZA Col 6 6 69.330 10,9% 3,2% 30% ANCON Pan 26 17 23.925 -14,2% 1,1% 64% 

FATOR Bra 7 9 67.268 38,8% 3,1% 33% ATLAS Mex 27 23 22.442 9,0% 1,0% 65% 

MAPFRE Glb 8 5 61.349 -4,7% 2,9% 37% DORAMA Mex 28 28 21.394 26,7% 1,0% 66% 

CESCE Glb 9 8 58.521 20,7% 2,7% 39% BOLIVAR Reg 29 26 20.782 15,6% 1,0% 67% 

ESTADO Col 10 10 55.140 17,5% 2,6% 42% CONDOR Col 30 25 20.706 8,6% 1,0% 68% 

UBF Bra 11 12 46.935 13,6% 2,2% 44% INBURSA Mex 31 33 19.798 36,2% 0,9% 69% 

LIBERTY Glb 12 13 43.532 29,2% 2,0% 46% CORPORAT. Ven 32 31 19.778 23,9% 0,9% 69% 

SURA Reg 13 14 37.100 19,0% 1,7% 48% CONSTITUCION Reg 33 38 19.254 46,9% 0,9% 70% 

Chartis (AIG) Glb 14 41 34.954 198,7% 1,6% 49% ITAÚ Reg 34 11 18.411 -58,7% 0,9% 73% 

PRIMERO Mex 15 15 34.719 13,6% 1,6% 51% SOLIDARIA Col 35 37 18.042 31,4% 0,8% 74% 

RSA Glb 16 16 33.519 15,0% 1,6% 52% CONFIANZA Ecu 36 32 17.856 19,0% 0,8% 74% 

HighMIRA Ven 17 19 32.708 23,8% 1,5% 54% ASEGCAUC Arg 37 30 17.358 8,1% 0,8% 75% 

ZURICH Glb 18 44 32.180 198,7% 1,5% 54% TESTIMONIO Arg 38 120 17.225 1370,5% 0,8% 75% 

PIRAMIDE Ven 19 21 29.877 23,8% 1,4% 56% COLPATRIA Col 39 35 16.916 20,8% 0,8% 76% 

ALLIANZ Glb 20 20 28.343 14,8% 1,3% 57% AFIANZADORA Arg 40 40 16.913 39,1% 0,8% 77% 





Puerto Rico: Includes figures of non resident companies Glb: Global (Multinational) Reg: Regional (Multi Latin)

Latin America - Surety: Regional Market Share Top 10 Companies, 

grouping international affiliates & subsidiaries 2.141,9 US$ MM 2011 

(2010) 




ESTADO Col 

2,6% (2,7%) 

CESCE Glb 

2,7% (2,8%) 

MAPFRE Glb 

2,9% (3,7%) 

FATOR Bra 

3,1% (2,8%) 


Others 280 

59,3% (56,8%) 

CONFIANZA Col 

3,2% (3,5%) 


CHUBB Glb 

3,3% (3,1%) 

NYLIFE Glb 

5,6% (5,6%) 

SOFIMEX Mex 

3,6% (3,8%) 

TRAVELERS Glb 

7,4% (8,4%) 

ASERTA Mex 

6,3% (6,8%)

Latin America - Surety: Local, Global & Regional Companies Market 

Share 2.141,9 US$ MM 2011 (2010) 




Regional 

6,9% (8,2%) 

Global 

33,9% (33,7%) 



Global: Multinational Regional: Multi-Latin Local: National 

Local 

59,2% (58,1%)

Latin America - Surety: Available Info by Line of Business 

Arg Bol Bra Chi Col Dom Ecu Sal Gua Hon Méx Nic Pan Par Per P Ri Uru Ven 

Surety √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 

Financial Bonds √ √ 

Supply √ 

Purchase & Sale √ 

Rental Bonds √ 

Performance Bonds √ √ √ √ √ 

Bid Bonds √ √ 

Completion Bonds √ √ √ 

Performance Bonds of Work √ √ 

Sevice Delivery Bonds √ 

Supply Delivery Bonds √ √ 

Advance Payment Bond √ √ 

Judicial Bonds √ √ √ 

Penal √ 

Non Penal √ 

Motor vehicle driver's coverage √ 

Customs Bonds √ √ 

•Brazil: Performance Bonds for public and private sectors: Sureties Public Obligations, Sureties Private Obligations, Sureties Public Consession 

Surety, Insured Bonds, Stop Loss

Surety 

Premiums 

Figures USD Thousands 

Latin America - Surety: Relevant Figures 

Market Share 

Num. 

Companies 

Premiums / 

Num. 

Companies 

Num. Companies 

80% Market 

Growth 10- 

11* Surety 

Premiums 

Growth 10-11* 

All Lines of 

Business 

Premiums 

Technical 

Result (% 

Premiums) 

Earned 

Net Combined 

Premium Loss 

Ratio 

Ratio 

% Ceded 

Premiums 

Argentina 227.357 10,6% 63 3.609 13 44% 46% 45% 1% 71% 47% 

Bolivia 11.390 0,5% 7 1.627 3 22% 20% - 142% - 70% 

Brazil 487.075 22,7% 26 18.734 9 24% 23% 31% 14% 25% 62% 

Chile 24.921 1,2% 14 1.780 4 41% 17% 36% 30% 40% 76% 

Colombia 360.990 16,9% 22 16.409 9 15% 18% 25% 41% 93% 54% 

Dominicana 22.430 1,0% 23 975 5 - - 26% 42% 73% 56% 

Ecuador 92.898 4,3% 32 2.903 9 18% 21% 36% 19% 7% 74% 

El Salvador 12.026 0,6% 10 1.203 4 15% 3% - 23% - 33% 

Guatemala 22.859 1,1% 11 2.078 4 9% 23% 47% 20% 69% 40% 

Honduras 3.630 0,2% 7 519 2 0% 9% - - - - 

Mexico 475.896 22,2% 15 31.726 5 19% 16% 37% 19% 67% 45% 

Nicaragua 3.239 0,2% 5 648 3 20% 6% - - - 80% 

Panama 125.130 5,8% 21 5.959 6 25% 14% 16% 38% 36% 87% 

Paraguay 9.835 0,5% 32 307 11 31% 32% 57% -1% 27% 44% 

Peru 16.599 0,8% 7 2.371 2 5% 15% 34% 17% 52% 49% 

Puerto Rico 45.080 2,1% 34 1.326 7 - - - - - - 

Uruguay 9.604 0,4% 6 1.601 1 15% 20% 56% 0% 61% 45% 

Venezuela 190.981 8,9% 37 5.162 11 24% 24% 38% 3% 46% 57% 

Region 2.141.939 100% 372 5.758 108 22% 22% 33% 19% 59% 55%

Latin America - Surety: Conclusions 

• Surety Premiums as of December 2011 USD 2.142 millions � 22% from 2010, just like All Lines of 

Business Premiums � 22%. 

• Countries with highest USD growth 2010 - 2011 Argentina (44%), Chile (41%), Paraguay (31%). 

• Surety represents 1,4% of Insurance Portfolio in the Region (stable from 2005), & the countries with 

highest % of All Lines of Business : : Panama (11,3%) Ecuador (7,0%), Colombia (4,9%). 

• Represents 0,23% of Public Expense : Panama 3,1%, Ecuador 1,2% 

• Local Insurers concentrate 59% market, Global 34% & Regional 7%. 

• Brazil (23%), Mexico (22%), Colombia (17%), Argentina (11%), & Venezuela (9%) concentrate 82% of 

premium amount in the Region. (Venezuela figures projected to September 2011 12 months) 

• 372 Insurance Groups operate in the Region with an average premium of approx. USD 5,8 million, 

including 21 non resident companies in Puerto Rico 

• Loss Ratio Earned Premium 19% (2011) � 21% (2010) & R. Technical Result 33% (2011) � 30% (2010) 

• Net Combined Ratio 59% (2011) � 63% (2010) 

• Quarterly Trend Dec. 2010 - Dec. 2011: Premiums (� 5%), Loss Ratio Earned Premium (stable), Technical 

Result (� 1 p.p.), Net Combined Ratio (� 1 p.p.)

USD 487,1 millions 

22,7% 



Annual growth 




Ranking of companies 

Insurers’ Market Share 

Relevant Figures 

Conclusions 

Brazil 


% Ceded Premiums

'000 USD 

*Figures as of December 2011. 

Brazil - Surety: Premiums & Growth 

600.000 

500.000 

400.000 

300.000 

200.000 

100.000 

- 

05-06 06-07 

90% 

07-08 08-09 09-10 10-11* 

27% 

71.251 

14% 

75% 

90.179 

46% 

171.582 

58% 

270.310 

38% 

29% 

347.511 

392.646 

13% 

0% 

487.075 

24% 

18% 

2005 2006 2007 2008 2009 2010 2011* 

Surety Premiums USD Growth Local currency Growth 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10%

Brazil - Surety: Premiums, Loss Ratio & Results Trend 

'000 USD 

*Figures as of 12 months 

520.000 

480.000 

440.000 

400.000 

360.000 

320.000 

280.000 

240.000 

200.000 

160.000 

120.000 

80.000 

40.000 

- 

23% 

392.646 

15% 

13% 

25% 

424.343 

25% 

453.183 

29% 

468.281 

16% 

12% 12% 12% 

10% 

8% 

8% 

7% 3% 4% 

31% 

487.075 

25% 

14% 

Dc.10* Mr.11* Jn.11* Sp.11* Dc.11* 




35% 

30% 

25% 

20% 

15% 

10% 

5% 

0%

Brazil - Surety: Premiums as % of All Lines of Business 

0,80% 

0,70% 

0,60% 

0,50% 

0,40% 

0,30% 

0,20% 

0,10% 

0,00% 


0,31% 0,31% 

0,47% 

0,61% 

0,73% 

0,63% 0,64% 

2005 2006 2007 2008 2009 2010 2011*

Brazil - Surety: Premiums Annual Growth vs. All Lines of Business 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

27% 


28% 

90% 

25% 

58% 

21% 

05-06 06-07 07-08 08-09 09-10 10-11* 

29% 

7% 

13% 


31% 

24% 

23%

Brazil - Surety: Premiums as % GDP & % of Public Expense 

0,10% 

0,09% 

0,08% 

0,07% 

0,06% 

0,05% 

0,04% 

0,03% 

0,02% 

0,01% 

0,00% 


0,04% 


0,04% 

0,008% 0,008% 

0,06% 

0,013% 

0,08% 

0,017% 

0,09% 

0,022% 

0,08% 

0,019% 

0,09% 

0,019% 

2005 2006 2007 2008 2009 2010 2011* 


Brazil - Surety: Loss Ratio & Technical Result (% Written Premiums) 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 

-30% 

44% 

-24% 


29% 

45% 44% 

17% 

13% 

56% 

10% 


23% 

21% 

23% 

15% 14% 

15% 

15% 13% 11% 13% 

6% 

2005 2006 2007 2008 2009 2010 2011* 


31%

150% 

100% 

50% 

0% 

-50% 

-100% 

-150% 


Brazil - Surety: Net Combined Ratio 

76% 

-24% 

-74% -22% 

63% 


34% 

45% 44% 56% 

-73% 

56% 44% 

-85% 

16% 

60% 

38% 

34% 

23% 15% 

13% 

32% 

14% 25% 

9% 

-41% -52% -36% 

-21% 

2005 2006 2007 2008 2009 2010 2011* 



70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 

-30%

60% 

50% 

40% 

30% 

20% 

10% 

0% 


Brazil - Surety: Gross Combined Ratio 

56% 

12% 

44% 

24% 

9% 

15% 


11% 

5% 

6% 

22% 

7% 

21% 20% 

7% 

9% 

25% 

12% 

15% 13% 11% 13% 

2005 2006 2007 2008 2009 2010 2011* 

Loss Ratio Written Premium Acquisition Expense Gross Administrative Expenses Gross 

Non Proportional Reinsurance Gross Gross Combined Ratio 

60% 

50% 

40% 

30% 

20% 

10% 

0%

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 


Brazil - Surety: % Ceded Premiums 

84% 

86% 

90% 

83% 

2005 2006 2007 2008 2009 2010 2011* 

81% 

75% 

62%

USD thousands 


Brazil - Surety: Insurers Ranking 

2011* 2010 2009 2008 

Rank. Val. % Rank. Val. % Rank. Val. % Rank. Val. % 

MALUCELLI 1 153.242 31% 1 141.936 36% 1 111.881 32% 1 115.167 43% 

FATOR 2 67.268 14% 2 48.461 12% 8 12.237 4% 11 2.018 1% 

UBF 3 46.935 10% 4 41.329 11% 2 48.690 14% 3 29.028 11% 

CESCE 4 30.759 6% 5 24.423 6% 6 20.961 6% 2 40.208 15% 

AUSTRAL 5 26.260 5% 23 582 0% 27 0 0% 26 0 0% 

BERKLEY 6 19.621 4% 6 21.359 5% 7 16.503 5% 5 20.225 7% 

ITAU 7 18.411 4% 3 44.615 11% 4 32.340 9% 4 27.552 10% 

ALLIANZ 8 17.562 4% 7 16.149 4% 9 10.686 3% 7 8.158 3% 

ZURICH 9 17.550 4% 20 887 0% 5 32.261 9% 33 -11 0% 

FAIRFAX 10 16.214 3% 14 3.102 1% 26 0 0% 25 0 0% 

Selected Market 413.821 85% 342.842 87% 285.561 82% 242.345 90% 

Remaining Market 73.254 15% 49.804 13% 61.951 18% 27.965 10% 

Total Market 487.075 100% 392.646 100% 347.511 100% 270.310 100%

Brazil - Surety: Insurers’ Market Share 487,1 US$ MM 2011 (2010) 

ALLIANZ 

4% (4%) 

ITAU 

4% (11%) 

ZURICH 

4% (0%) 

BERKLEY 

4% (5%) 


AUSTRAL 

5% (0%) 

FAIRFAX 

3% (1%) 

Others 15 

15% (13%) 

CESCE 

6% (6%) 

UBF 

10% (11%) 

MALUCELLI 

31% (36%) 

FATOR 

14% (12%)

USD thousands 

Brazil - Surety: Relevant Figures 

*Figures as of December 2011 

Brazil Region 

Surety Premiums 487.075 2.141.939 

Market Share 22,7% 100% 

Num. Companies 26 372 

Premiums / Num. Companies 18.734 5.758 

Num. Companies 80% Market 9 108 

Growth 10-11* Surety Premiums 24% 22% 

Growth 10-11* All Lines of Business Premiums 23% 22% 

Technical Result (% Premiums) 31% 33% 

Earned Premium Loss Ratio 14% 19% 

Net Combined Ratio 25% 59% 

% Ceded Premiums 62% 55%

Brazil - Surety: Conclusions 

• Surety Premiums as of December 2011 USD 487,1 millions � 24% from 2010 (� 18% reales), 

while All Lines of Business Premiums � 23% (� 17% reales) 

• Surety represents 0,64% of insurance portfolio (0.63% 2010) 

• Represents 0.02% of GDP & 0,09% of Public Expense 

• Concentrates 23% of the Premium amount in the Region (22% 2010) 

• 9 Companies concentrate 80% Market 

• Very Good Loss Ratio Earned Premium 14% (2011) � 15% (2010) & Very Good Technical Result 

31% (2011) � 23% (2010) 


• Quarterly Trend Dec. 2010 - Dec. 2011: Premiums (� 6%), Loss Ratio Earned Premium (stable), 

Technical Result (� 2 p.p.), Net Combined Ratio (� 3 p.p.) 

• Average Exchange Rate for the year 1,67 (2011) � (5%) 1,76 (2010)


16,9% 



Annual growth 







Conclusions 

Colombia 


% Ceded Premiums

'000 USD 


Colombia - Surety: Premiums & Growth 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

- 

05-06 06-07 07-08 08-09 09-10 10-11* 

24% 

22% 

102.846 

22% 

38% 

125.539 

173.086 176.873 

2% 

-2% 

39% 

53% 

246.336 

313.454 

27% 

11% 

360.990 

12% 

2005 2006 2007 2008 2009 2010 2011* 


15% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10%

Colombia - Surety: Premiums, Loss Ratio & Results Trend 

'000 USD 


400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

99% 101% 99% 

313.454 

323.181 

343.065 

103% 

349.441 

47% 48% 46% 48% 

21% 3% 20% 

6% 21% 

2% 20% 

3% 

360.990 

93% 

41% 

25% 

Dc.10* Mr.11* Jn.11* Sp.11* Dc.11* 




120% 

100% 

80% 

60% 

40% 

20% 

0%

Colombia - Surety: Premiums as % of All Lines of Business 

6,00% 

5,00% 

4,00% 

3,00% 

2,00% 

1,00% 

0,00% 


3,66% 

3,88% 

4,19% 

3,44% 

4,67% 

5,00% 4,90% 

2005 2006 2007 2008 2009 2010 2011*

Colombia - Surety: Premiums Annual Growth vs. All Lines of 

Business 

45% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

22% 


15% 

38% 

28% 

2% 

24% 

05-06 06-07 07-08 08-09 09-10 10-11* 

39% 

2% 

27% 


19% 

15% 

18%

Colombia - Surety: Premiums as % GDP & % of Public Expense 

0,80% 

0,70% 

0,60% 

0,50% 

0,40% 

0,30% 

0,20% 

0,10% 

0,00% 


0,45% 


0,50% 

0,54% 

0,48% 

0,070% 0,078% 0,082% 0,076% 

0,66% 0,67% 0,69% 

0,106% 0,110% 0,112% 

2005 2006 2007 2008 2009 2010 2011* 


Colombia - Surety: Loss Ratio & Technical Result (% Written 

Premiums) 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

37% 

34% 


32% 

24% 

18% 

36% 

35% 

27% 

32% 

51% 

30% 


44% 

24% 22% 

2005 2006 2007 2008 2009 2010 2011* 


21% 

47% 

34% 

21% 

41% 

25% 

25%

120% 

100% 

80% 

60% 

40% 

20% 

0% 

-20% 


Colombia - Surety: Net Combined Ratio 

1% 

54% 

5% 

37% 

96% 

3% 

46% 

6% 

24% 

78% 

46% 

4% 

35% 

55% 

51% 

-1% -1% 

2005 2006 2007 2008 2009 2010 2011* 

-2% 

82% 

4% 

109% 



3% 

41% 

44% 

87% 

44% 

10% 

47% 

-2% 

99% 

4% 

47% 

2% 

41% 

93% 

120% 

100% 

80% 

60% 

40% 

20% 

0%

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 


Colombia - Surety: Gross Combined Ratio 

86% 

32% 

20% 

66% 

26% 

20% 

70% 

25% 

19% 

80% 

27% 

20% 

34% 

30% 

34% 

27% 

18% 

21% 

25% 

0% 1% -1% 2% 1% -1% 2% 

2005 2006 2007 2008 2009 2010 2011* 

Non Proportional Reinsurance Gross Loss Ratio Written Premium Acquisition Expense Gross 

Administrative Expenses Gross Gross Combined Ratio 

63% 

20% 

20% 

80% 

22% 

25% 

71% 

23% 

21% 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

60% 

50% 

40% 

30% 

20% 

10% 

0% 


Colombia - Surety: % Ceded Premiums 

41% 

44% 

44% 

52% 51% 

2005 2006 2007 2008 2009 2010 2011* 

50% 

54%

USD thousands 


Colombia - Surety: Insurers Ranking 

2011 2010 2009 2008 


CONFIANZA 1 69.330 19% 1 62.502 20% 1 54.939 22% 1 37.713 21% 

ESTADO 2 55.140 15% 2 46.913 15% 2 38.215 16% 3 19.117 11% 

LIBERTY 3 33.767 9% 3 28.819 9% 3 19.777 8% 9 6.999 4% 

SURAMERICANA 4 31.137 9% 4 25.264 8% 4 18.984 8% 2 24.460 14% 

MUNDIAL 5 24.477 7% 5 21.584 7% 6 15.238 6% 4 17.487 10% 

BOLIVAR 6 20.763 6% 8 17.969 6% 8 13.782 6% 5 13.865 8% 

CONDOR 7 20.706 6% 6 19.068 6% 5 15.466 6% 6 13.327 8% 

SOLIDARIA 8 18.042 5% 10 13.732 4% 12 7.748 3% 11 4.372 2% 

MAPFRE 9 17.257 5% 7 18.552 6% 7 15.193 6% 7 10.505 6% 

COLPATRIA 10 16.916 5% 9 13.998 4% 10 9.094 4% 10 5.966 3% 



Total Market 360.990 100% 313.454 100% 246.336 100% 176.874 100%

Colombia - Surety: Insurers’ Market Share 361,0 US$ MM 2011 (2010) 

MAPFRE 

5% (6%) 

SOLIDARIA 

5% (4%) 

CONDOR 

6% (6%) 


COLPATRIA 

5% (4%) 

BOLIVAR 

6% (6%) 

MUNDIAL 

7% (7%) 

Others 12 

15% (14%) 

SURAMERICANA 

9% (8%) 

CONFIANZA 

19% (20%) 

ESTADO 

15% (15%) 

LIBERTY 

9% (9%)

Colombia - Surety: Relevant Figures 

USD thousands 


Colombia Region 












Colombia - Surety: Conclusions 

• Surety Premiums as of December 2011 USD 361,0 millions � 15% from 2010 (� 12% pesos), 

while All Lines of Business Premiums � 18% (� 15% pesos) 

• Surety represents 4,90% of insurance portfolio (5,00% 2010) 




• High Loss Ratio Earned Premium 41% (2011) � 47% (2010) & Good Technical Result 25% (2011) 

� 21% (2010) 


• Quarterly Trend Dec. 2010 - Dec. 2011: Premiums (� 4%), Loss Ratio Earned Premium (� 2 p.p.), 


• Average Exchange Rate for the year 1.854,02 (2011) �(2%) 1.901,45 (2010)


22,2% 



Annual growth 







Conclusions 

Mexico 


% Ceded Premiums

'000 USD 



Mexico - Surety: Premiums & Growth 

500.000 

450.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

- 

11% 

19% 

05-06 06-07 07-08 08-09 09-10 10-11* 

348.491 

11% 

11% 

385.190 

11% 

427.163 

5% 

447.171 

7% 

353.574 

399.223 

475.896 

-21% 

2005 2006 2007 2008 2009 2010 2011* 

-4% 

13% 

6% 

18% 


20% 

15% 

10% 

5% 

0% 

-5% 

-10% 

-15% 

-20% 

-25%

Mexico - Surety: Premiums, Loss Ratio & Results Trend 

'000 USD 



500.000 

450.000 

400.000 

350.000 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

0 

71% 72% 70% 

399.223 

410.094 

433.475 

460.415 

475.896 

68% 67% 

37% 37% 39% 38% 37% 

18% 19% 18% 18% 19% 

3% 6% 6% 3% 

Dc.10* Mr.11* Jn.11* Sp.11* Dc.11* 




80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

Mexico - Surety: Premiums as % of All Lines of Business 



3,00% 

2,00% 

1,00% 

0,00% 

2,60% 

2,45% 

2,35% 2,33% 

1,98% 2,03% 2,10% 

2005 2006 2007 2008 2009 2010 2011*

Mexico - Surety: Premiums Annual Growth vs. All Lines of Business 

25% 

20% 

15% 

10% 

5% 

0% 

-5% 

-10% 

-15% 

-20% 

-25% 



11% 

17% 

11% 

16% 

5% 

6% 

05-06 06-07 07-08 08-09 09-10 10-11* 

-21% 

-7% 

13% 


10% 

19% 

16%

Mexico - Surety: Premiums as % GDP & % of Public Expense 

0,45% 

0,40% 

0,35% 

0,30% 

0,25% 

0,20% 

0,15% 

0,10% 

0,05% 

0,00% 




0,38% 0,39% 0,39% 

0,38% 

0,34% 0,33% 

0,34% 

0,041% 0,040% 0,042% 0,041% 0,040% 0,039% 0,040% 

2005 2006 2007 2008 2009 2010 2011* 


Mexico - Surety: Loss Ratio & Technical Result (% Written Premiums) 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 



35% 

31% 

31% 33% 

32% 

27% 

26% 

17% 

37% 

29% 

19% 


31% 

20% 

15% 

37% 37% 37% 

2005 2006 2007 2008 2009 2010 2011* 


18% 

17% 

19% 

10%

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

Mexico - Surety: Net Combined Ratio 

4% 87% 

32% 

20% 

31% 



2% 

71% 

17% 

19% 

33% 

1% 

73% 

31% 

15% 

26% 

1% 

81% 

36% 

15% 

29% 

0% 0% 

72% 71% 

35% 37% 

16% 

15% 

36% 

12% 

20% 18% 19% 

2005 2006 2007 2008 2009 2010 2011* 



0% 

67% 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

Mexico - Surety: Gross Combined Ratio 

86% 

23% 

25% 

23% 

25% 

27% 

27% 

35% 

25% 

2% 

27% 

2% 

17% 

0% 

19% 

0% 

15% 

0% 

17% 

0% 

10% 

0% 

2005 2006 2007 2008 2009 2010 2011* 



66% 

12% 

25% 

61% 

20% 


67% 

22% 


63% 

21% 

66% 

21% 

55% 

20% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

50% 

45% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

Mexico - Surety: % Ceded Premiums 

32% 



29% 

36% 

40% 

2005 2006 2007 2008 2009 2010 2011* 

42% 

43% 

45%

USD thousands 



Mexico - Surety: Insurers Ranking 

2011 2010 2009 2008 


ASERTA 1 135.304 28% 1 119.727 30% 1 98.638 28% 1 118.508 27% 

MRREY NYL 2 119.358 25% 2 98.842 25% 2 88.839 25% 2 115.901 26% 

SOFIMEX 3 78.030 16% 3 66.819 17% 3 58.373 17% 3 72.113 16% 

PRIMERO 4 34.719 7% 4 30.567 8% 4 28.720 8% 6 28.657 6% 

CHUBB 5 28.252 6% 5 22.125 6% 7 17.335 5% 8 13.880 3% 

ATLAS 6 22.442 5% 6 20.580 5% 6 19.259 5% 7 22.040 5% 

DORAMA 7 21.394 5% 7 16.892 4% 5 19.301 5% 5 31.429 7% 

INBURSA 8 19.798 4% 8 14.535 4% 8 12.610 4% 4 31.696 7% 


HSBC 10 4.195 1% 14 0 0% 9 2.927 1% 10 4.028 1% 



Total Market 475.896 100% 399.223 100% 353.574 100% 447.171 100%

Mexico - Surety: Insurers’ Market Share 475,9 US$ MM 2011 (2010) 

DORAMA 

5% (4%) 

ATLAS 

5% (5%) 

CHUBB 

6% (6%) 



PRIMERO 

7% (8%) 

INBURSA 

4% (4%) 


1% (1%) 

SOFIMEX 

16% (17%) 

HSBC 

1% (0%) Others 5 

1% (1%) 

ASERTA 

28% (30%) 

MRREY NYL 

25% (25%)

Mexico - Surety: Relevant Figures 

USD thousands 



Mexico Region 












Mexico - Surety: Conclusions 

• Surety Premiums as of December 2011 USD 475,9 millions � 19% from 2010 (� 18% en pesos), 

just like All Lines of Business Premiums � 16% (� 14% en pesos) 

• Surety represents 2,0% of insurance portfolio 




• Excellent Loss Ratio Earned Premium 10% (2011) � 17% (2010) & Very Good Technical Result 

37% (2011) 37% (2010) 


• Quarterly Trend Dec. 2010 - Dec. 2011: Premiums (� 5%), Loss Ratio Earned Premium (stable) , 

Technical Result (stable), Net Combined Ratio (� 1 p.p.) 



10,6% 



Annual growth 







Conclusions 

Argentina 


% Ceded Premiums

'000 USD 

Argentina - Surety: Premiums & Growth 

240.000 

200.000 

160.000 

120.000 

80.000 

40.000 

72.682 

•Figures as of December 2011 12 months 

32% 

28% 

96.276 

Argentina: Fiscal year June except for COFACE December 

- 

05-06 06-07 07-08 08-09 09-10 10-11* 

35% 

32% 26% 

123.671 

24% 

152.793 

18% 

9% 

165.881 

158.176 

227.357 

44% 

2005 2006 2007 2008 2009 

-5% 

2010 2011* 


8% 

54% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10%

Argentina - Surety: Premiums, Loss Ratio & Results Trend 

'000 USD 

240.000 

200.000 

160.000 

120.000 

80.000 

40.000 

175.826 

39% 

•Figures as of 12 months (Including December) 


- 

75% 

6% 

6% 

70% 70% 69% 71% 

186.021 

42% 

1% 

8% 

201.679 

42% 

2% 

215.103 

44% 

0% 

7% 6% 

227.357 

45% 

Dc.10* Mr.11* Jn.11* Sp.11* Dc.11* 




1% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10%

Argentina - Surety: Premiums as % of All Lines of Business 

2,50% 

2,00% 

1,50% 

1,00% 

0,50% 

0,00% 

1,70% 


1,93% 


2,04% 2,03% 2,04% 

1,82% 1,79% 

2005 2006 2007 2008 2009 2010 2011*

Argentina - Surety: Premiums Annual Growth vs. All Lines of 

Business 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

32% 

16% 


28% 

22% 


24% 

24% 

05-06 06-07 07-08 08-09 09-10 

-5% 

10-11* 

9% 

8% 7% 


44% 

46%

Argentina - Surety: Premiums as % GDP & % of Public Expense 

0,40% 

0,35% 

0,30% 

0,25% 

0,20% 

0,15% 

0,10% 

0,05% 

0,00% 

0,33% 




0,36% 

0,36% 

0,35% 

0,35% 

0,040% 0,045% 0,047% 0,047% 0,054% 

0,29% 

0,043% 

0,35% 

0,052% 

2005 2006 2007 2008 2009 2010 2011* 


Argentina - Surety: Loss Ratio & Technical Result (% Written 

Premiums) 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

5% 

49% 


14% 



Argentina: Loss Ratio Written Premium, Figures from 2009 

43% 44% 45% 

11% 

9% 9% 

25% 

40% 

-1% 

3% 

46% 45% 

2005 2006 2007 2008 2009 2010 2011* 


1% 

9%

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

Argentina - Surety: Net Combined Ratio 

51% 

60% 


52% 

69% 

4% 

5% 

4% 

14% 

4% 

11% 9% 

4% 

9% 

4% 

-1% 

8% 

1% 

2005 2006 2007 2008 

-1% 

2009 2010 2011* 


61% 

47% 55% 



62% 

60% 

73% 

63% 

66% 

61% 

71% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

Argentina - Surety: Gross Combined Ratio 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

75% 

29% 

22% 

25% 



57% 

31% 

23% 

3% 

64% 

32% 

23% 

2009 2010 2011* 



9% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

60% 

50% 

40% 

30% 

20% 

10% 

0% 

Argentina - Surety: % Ceded Premiums 

45% 


49% 


47% 

51% 

52% 51% 

2005 2006 2007 2008 2009 2010 2011* 

47%

USD thousands 

* Figures as of December 2011 12 months 

Argentina - Surety: Insurers Ranking 


Dec 2011* Jun 2010 Jun 2009 Jun 2008 


ACG 1 30.063 13% 1 25.406 16% 1 28.576 17% 1 27.435 18% 

Surety 2 24.259 11% 2 19.645 12% 2 20.556 12% 3 17.121 11% 

CHUBB 3 20.034 9% 3 16.528 10% 4 17.432 11% 2 18.599 12% 

ASEGCAUC 4 17.358 8% 4 16.057 10% 3 18.088 11% 4 16.956 11% 

TESTIMONIO 5 17.225 8% 22 1.171 1% 39 191 0% 44 50 0% 

AFIANZADORA 6 16.913 7% 5 12.154 8% 5 12.920 8% 5 11.338 7% 

ZURICH 7 11.570 5% 7 7.542 5% 7 7.769 5% 7 6.008 4% 

ALBA 8 10.677 5% 6 7.733 5% 6 10.469 6% 6 10.868 7% 

PRUDENCIA 9 7.741 3% 15 2.460 2% 15 2.626 2% 14 2.600 2% 

ALLIANZ 10 6.985 3% 10 4.308 3% 9 4.241 3% 12 2.964 2% 



Total Market 227.357 100% 158.176 100% 165.881 100% 152.793 100%

Argentina - Surety: Insurers’ Market Share 227,4 US$ MM 2011 (2010) 

ALLIANZ 

3% (3%) 

PRUDENCIA 

3% (2%) 

ALBA 

5% (5%) 

Figures as of December 2011 12 months 

Others 53 

28% (29%) 

ZURICH 

5% (5%) 


AFIANZADORA 

7% (8%) 

ACG 

13% (16%) 

Surety 

11% (12%) 

CHUBB 

9% (10%) 

ASEGCAUC 

8% (10%) 

TESTIMONIO 

8% (1%)

Argentina - Surety: Relevant Figures 

USD thousands 



Argentina Region 












Argentina - Surety: Conclusions 

• Surety Premiums as of December 2011 12ms USD 227,4 millions � 44% from 2010 (� 54% 

pesos), while All Lines of Business Premiums � 46% (� 57% pesos). 



• Concentrates 10,6% of the Premium amount in the Region (9% 2010) 


• Excellent Loss Ratio Earned Premium 1% (2011) � -1% (2010) & Excellent Technical Result 45% 

(2011) � 46% (2010) 






5,8% 



Annual growth 







Conclusions 

Panama 


% Ceded Premiums

'000 USD 


Panama - Surety: Premiums & Growth 

140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

- 

05-06 06-07 07-08 08-09 09-10 10-11* 

85% 

23.923 

44.307 47.290 

26% 

59.510 

68.820 

100.345 

125.130 

2005 

7% 

2006 2007 2008 2009 2010 2011* 

16% 

46% 


25% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

Panama - Surety: Premiums, Loss Ratio & Results Trend 

'000 USD 


140.000 

120.000 

100.000 

80.000 

60.000 

40.000 

20.000 

0 

26% 

100.345 

22% 

18% 

17% 

114.952 

18% 

18% 

29% 

118.806 

24% 

15% 3% -12% 

42% 

30% 

104.283 

38% 

125.130 

16% 17% 16% 

20% 

36% 

Dc.10* Mr.11* Jn.11* Sp.11* Dc.11* 




50% 

40% 

30% 

20% 

10% 

0% 

-10% 

-20%

Panama - Surety: Premiums as % of All Lines of Business 

12,00% 

10,00% 

8,00% 

6,00% 

4,00% 

2,00% 

0,00% 


5,38% 

8,38% 

7,34% 

7,46% 

7,87% 

10,37% 

11,32% 

2005 2006 2007 2008 2009 2010 2011*

Panama - Surety: Premiums Annual Growth vs. All Lines of Business 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

85% 


19% 

7% 

22% 

26% 

24% 

05-06 06-07 07-08 08-09 09-10 10-11* 

16% 

10% 

46% 


11% 

25% 

14%

Panama - Surety: Premiums as % GDP & % of Public Expense 

3,50% 

3,00% 

2,50% 

2,00% 

1,50% 

1,00% 

0,50% 

0,00% 


1,18% 

0,155% 


2,09% 

2,11% 

2,49% 

2,24% 

0,259% 0,239% 0,257% 0,277% 

2,80% 

0,374% 

3,09% 

0,414% 

2005 2006 2007 2008 2009 2010 2011* 


Panama - Surety: Loss Ratio & Technical Result (% Written 

Premiums) 

50% 

45% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

2% 


37% 


Loss Ratio Gross Premium: Not available 

41% 

22% 

30% 

25% 

34% 

2005 2006 2007 2008 2009 2010 2011* 

27% 

43% 

20% 

26% 

18% 

Loss Ratio Earned Premium(Net) Technical Result / Written Premiums 

38% 

16%

150% 

100% 

50% 

0% 

-50% 

-100% 

-150% 

Panama - Surety: Net Combined Ratio 

54% 

2% 

-79% 

-22% 

43% 


41% 30% 34% 43% 

-8% 

-92% 

56% 

-88% 

-1% 

66% 

-105% 

-5% 

72% 

-99% 

17% 

64% 22% 

26% 

-69% 

62% 

38% 

-64% 

2005 2006 2007 2008 2009 2010 2011* 



36% 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 

-30%

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

Panama - Surety: % Ceded Premiums 

78% 


84% 84% 84% 

87% 87% 87% 

2005 2006 2007 2008 2009 2010 2011*

USD thousands 


Panama - Surety: Insurers Ranking 

2011 2010 2009 2008 


ASSA 1 24.186 19% 2 17.161 17% 4 7.246 11% 4 9.708 16% 

ANCON 2 23.925 19% 1 27.876 28% 1 21.421 31% 3 10.594 18% 

CHARTIS 3 20.072 16% 5 6.932 7% 6 5.722 8% 6 4.388 7% 

INTERNACIONAL 4 11.717 9% 3 16.409 16% 2 9.044 13% 2 11.041 19% 

NACIONAL 5 10.618 8% 8 3.573 4% 18 0 0% 18 0 0% 

CONSTITUCION 6 9.573 8% 7 4.781 5% 10 1.538 2% 15 0 0% 

QBE 7 9.312 7% 4 7.148 7% 5 6.404 9% 5 5.408 9% 


HSBC 9 1.969 2% 12 1.676 2% 7 3.365 5% 9 1.245 2% 

SURAMERICANA 10 1.798 1% 9 2.931 3% 9 1.656 2% 7 1.749 3% 



Total Market 125.130 100% 100.345 100% 68.820 100% 59.510 100%

Panama - Surety: Insurers’ Market Share 125,1 US$ MM 2011 (2010) 


5% (6%) 

QBE 

7% (7%) 

CONSTITUCION 

8% (5%) 

NACIONAL 

8% (4%) 


HSBC SURAMERICANA 

2% (2%) 1% (3%) 

INTERNACIONAL 

9% (16%) 

Others 9 

5% (6%) 

ASSA 

19% (17%) 

CHARTIS 

16% (7%) 

ANCON 

19% (28%)

Panama - Surety: Relevant Figures 

USD thousands 


Panama Region 












Panama - Surety: Conclusions 

• Surety Premiums as of December 2011 USD 125,1 millions � 25% from 2010, while All Lines of 



• Represents 0,41% of GDP & 3,09% of Public Expense 

• Concentrates 5,8% of the Premium amount in the Region 


• High Loss Ratio Earned Premium 38% (2011) � 26% (2010) & Low Technical Result 16% (2011) � 

18% (2010) 



Technical Result (stable), Net Combined Ratio (� 4 p.p.)


8,9% 



Annual growth 







Conclusions 

Venezuela 


% Ceded Premiums

'000 USD 

* Figures projected to December 2011 

Venezuela - Surety: Premiums & Growth 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

- 

05-06 06-07 07-08 08-09 09-10 10-11* 

101% 

60.267 

105% 

31% 

31% 

121.064 

159.164 

66% 

66% 

263.577 

250.638 

-5% 

-5% 

154.454 

-38% 

23% 

24% 

190.981 

24% 

2005 2006 2007 2008 2009 2010 2011* 


120% 

100% 

80% 

60% 

40% 

20% 

0% 

-20% 

-40% 

-60%

Venezuela - Surety: Premiums as % of All Lines of Business 

3,00% 

2,50% 

2,00% 

1,50% 

1,00% 

0,50% 

0,00% 


1,83% 

2,47% 

2,22% 

2,55% 

1,94% 

1,78% 1,78% 

2005 2006 2007 2008 2009 2010 2011*

Venezuela - Surety: Premiums Annual Growth vs. All Lines of 

Business 

120% 

100% 

80% 

60% 

40% 

20% 

0% 

-20% 

-40% 

-60% 

101% 


31% 

66% 

49% 47% 44% 

05-06 06-07 07-08 08-09 09-10 10-11* 

-5% 

25% 

-38% 


-33% 

24% 

24%

Venezuela - Surety: Premiums as % GDP & % of Public Expense 

0,80% 

0,70% 

0,60% 

0,50% 

0,40% 

0,30% 

0,20% 

0,10% 

0,00% 

0,37% 

0,042% 



0,56% 0,55% 

0,70% 

0,56% 

0,066% 0,070% 0,085% 0,077% 

0,58% 

0,053% 

0,67% 

0,062% 

2005 2006 2007 2008 2009 2010 2011* 


Venezuela - Surety: Loss Ratio & Technical Result (% Written 

Premiums) 

45% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

40% 

Available figures as of December 2010 

36% 

38% 

3% 

3% 3% 

4% 4% 

2% 1% 1% 

1% 

3% 3% 3% 


34% 

38% 38% 

2005 2006 2007 2008 2009 2010 

Loss Ratio Earned Premium(Net) Technical Result / Written Premiums Loss Ratio Written Premium

60% 

50% 

40% 

30% 

20% 

10% 

0% 


Venezuela - Surety: Net Combined Ratio 

13% 

30% 

54% 

42% 

6% 

23% 

30% 

10% 12% 11% 

50% 

8% 

47% 

6% 

2% 1% 1% 3% 3% 3% 

2005 2006 2007 2008 2009 2010 

31% 

7% 

51% 

5% 



39% 

4% 

46% 

5% 

34% 

4% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

60% 

50% 

40% 

30% 

20% 

10% 

Venezuela - Surety: Gross Combined Ratio 

0% 

48% 

8% 

19% 

17% 


36% 

5% 

16% 

14% 

39% 

4% 

17% 

40% 

38% 38% 

3% 2% 2% 

17% 18% 15% 

15% 16% 14% 16% 

3% 1% 3% 3% 4% 4% 

2005 2006 2007 2008 2009 2010 



60% 

50% 

40% 

30% 

20% 

10% 

0%

60% 

50% 

40% 

30% 

20% 

10% 

0% 


Venezuela - Surety: % Ceded Premiums 

44% 

34% 

48% 

49% 

57% 57% 

2005 2006 2007 2008 2009 2010

USD thousands 


Venezuela - Surety: Insurers Ranking 

2010 2009 2008 

Rank. Valor % Merc. Rank. Valor 

% 

Merc. 

Rank. Valor 

% 

Merc. 

HighMIRA 1 26.417 17% 3 22.040 9% 2 28.318 11% 

PIRAMIDE 2 24.133 16% 2 32.655 13% 3 24.917 9% 

CORPORATIVOS 3 15.965 10% 1 43.245 17% 1 54.491 21% 

OCCIDENTAL 4 11.517 7% 4 17.950 7% 5 18.830 7% 

ESTAR 5 11.470 7% 9 9.308 4% 17 3.858 1% 

TRANSEGURO 6 10.194 7% 7 11.715 5% 7 9.458 4% 

CARONI 7 9.413 6% 5 13.326 5% 18 3.658 1% 

HORIZONTE 8 5.154 3% 31 1.332 1% 15 4.228 2% 

CONSTITUCION 9 3.972 3% 10 7.722 3% 20 3.402 1% 

CATATUMBO 10 3.738 2% 19 3.164 1% 10 6.888 3% 

Selected Market 121.972 79% 162.458 65% 158.050 60% 

Remaining Market 32.482 21% 88.180 35% 105.527 40% 

Total Market 154.454 100% 250.638 100% 263.577 100%

Venezuela - Surety: Insurers’ Market Share 154,4 US$ MM 2010 (2009) 

CATATUMBO 

2% (1%) 

CONSTITUCION 

3% (3%) 

HORIZONTE 

3% (1%) 

CARONI 

6% (5%) 


Others 27 

21% (35%) 

TRANSEGURO 

7% (5%) 

ESTAR 

7% (4%) 

OCCIDENTAL 

7% (7%) 

HighMIRA 

17% (9%) 

PIRAMIDE 

16% (13%) 

CORPORATIVOS 

10% (17%)

Venezuela - Surety: Relevant Figures 

USD thousands 


Venezuela: Figures projected to December 2011 

Venezuela Region 












Venezuela - Surety: Conclusions 

• Surety Premiums as of December 2010 USD 154 millions � 38% from 2009 (� 23% bolívares fuertes), 

while All Lines of Business Premiums � 33% (� 34% bolívares fuertes). As of December 2011 All Lines of 

Business Premiums � 24% (� 24% bf) 

• Surety Premiums projected as of December 2011 USD 191,0 millions � 24% from 2010 (� 24% bolívares 

fuertes) 




• 11 Companies concentrate 80% Market (2010) 

• Excellent Loss Ratio Earned Premium 3% (2010) 3% (2009) & Very Good Technical Result 38% (2010) 38% 

(2009) 


• Average Exchange Rate for the year 4,30 (2011) (stable) 4,30 (2010) 2,15 (2009)


4,3% 



Annual growth 







Conclusions 

Ecuador 


% Ceded Premiums

'000 USD 


Ecuador - Surety: Premiums & Growth 

100.000 

90.000 

80.000 

70.000 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

- 

05-06 06-07 07-08 08-09 09-10 10-11* 

29% 

27.195 

16% 

35.145 

40.916 

88% 

76.964 76.155 

-1% 

4% 

78.969 

92.898 

18% 

2005 2006 2007 2008 2009 2010 2011* 


100% 

80% 

60% 

40% 

20% 

0% 

-20%

Ecuador - Surety: Premiums, Loss Ratio & Results Trend 

'000 USD 

•Figures as of 12 months 

100.000 

90.000 

80.000 

70.000 

60.000 

50.000 

40.000 

30.000 

20.000 

10.000 

0 

34% 

34% 

78.969 80.039 

21% 

17% 

19% 

13% 

36% 

86.750 

11% 

34% 

90.134 

23% 

17% 

1% 8% 4% 3% 

4% 

36% 

92.898 

19% 

Dc.10* Mr.11* Jn.11* Sp.11* Dc.11* 




7% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0%

Ecuador - Surety: Premiums as % of All Lines of Business 

10,00% 

9,00% 

8,00% 

7,00% 

6,00% 

5,00% 

4,00% 

3,00% 

2,00% 

1,00% 

0,00% 


5,01% 

5,70% 

6,03% 

8,71% 

8,08% 

7,13% 6,95% 

2005 2006 2007 2008 2009 2010 2011*

Ecuador - Surety: Premiums Annual Growth vs. All Lines of Business 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

29% 


14% 

16% 

10% 

88% 

30% 

05-06 06-07 07-08 08-09 09-10 10-11* 

-1% 


7% 

4% 

18% 

18% 

21%

Ecuador - Surety: Premiums as % GDP & % of Public Expense 

1,40% 

1,20% 

1,00% 

0,80% 

0,60% 

0,40% 

0,20% 

0,00% 


0,66% 


0,76% 

0,79% 

0,074% 0,084% 0,090% 

1,29% 

1,19% 

1,16% 

1,22% 

0,142% 0,146% 0,134% 0,141% 

2005 2006 2007 2008 2009 2010 2011* 


Ecuador - Surety: Loss Ratio & Technical Result (% Written 

Premiums) 

50% 

45% 

40% 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

15% 

23% 


42% 

14% 

12% 

39% 


6% 

28% 

42% 

10% 

18% 

32% 

34% 34% 

27% 

2005 2006 2007 2008 2009 2010 2011* 


25% 

21% 

44% 

32% 

19% 

36%

100% 

50% 

0% 

-50% 

-100% 

-150% 


Ecuador - Surety: Net Combined Ratio 

5% 

49% 

15% 12% 6% 10% 

1% 

-12% 

-81% -22% 

-84% 

Ecuador: Admin. Expenses of All lines of Business 

5% 4% 4% 

45% 49% 48% 

-104% 

-44% 

-61% -60% 

4% 

22% 4% 3% 

52% 

17% 

45% 45% 

7% 

25% 21% 19% 

-52% 

-60% 

2005 2006 2007 2008 2009 2010 2011* 



30% 

20% 

10% 

0% 

-10% 

-20% 

-30% 

-40% 

-50%

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 


Ecuador - Surety: Gross Combined Ratio 

54% 

12% 

56% 

47% 

13% 

10% 

36% 

11% 

50% 

11% 

10% 

43% 

12% 

14% 

12% 

11% 

12% 

11% 

23% 

1% 

10% 

14% 

1% 

28% 

1% 

11% 

18% 

1% 

27% 

1% 

44% 

1% 

32% 

1% 

2005 2006 2007 2008 2009 2010 2011* 



Ecuador: Admin. Expenses of All lines of Business 

68% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 


Ecuador - Surety: % Ceded Premiums 

75% 

77% 

79% 

76% 75% 75% 74% 

2005 2006 2007 2008 2009 2010 2011*

USD thousands 


Ecuador - Surety: Insurers Ranking 

2011 2010 2009 2008 


CONFIANZA 1 17.856 19% 1 15.006 19% 1 14.981 20% 1 14.008 18% 

ORIENTE 2 11.963 13% 2 10.126 13% 2 9.847 13% 2 8.048 10% 

EQUINOCCIAL 3 11.020 12% 3 7.843 10% 4 6.565 9% 3 5.976 8% 

TOPSEG 4 8.410 9% 5 6.927 9% 5 5.700 7% 6 5.301 7% 

ASUR 5 8.377 9% 6 5.432 7% 7 4.584 6% 5 5.524 7% 

QBE 6 7.222 8% 4 7.053 9% 3 7.099 9% 4 5.904 8% 

LATINA 7 4.148 4% 7 3.650 5% 8 3.914 5% 11 2.851 4% 

CAUCIONES 8 3.654 4% 12 2.083 3% 19 368 0% 33 0 0% 

COLON 9 3.033 3% 9 2.704 3% 11 2.934 4% 10 2.929 4% 

INTEROCEANICA 10 1.890 2% 10 2.475 3% 9 3.721 5% 8 4.001 5% 



Total Market 92.898 100% 78.969 100% 76.155 100% 76.964 100%

Ecuador - Surety: Insurers’ Market Share 90,1 US$ MM 2011 (2010) 

INTEROCEANICA 

2% (3%) 

COLON 

3% (3%) 

CAUCIONES 

4% (3%) 

LATINA 

4% (5%) 


QBE 

8% (9%) 

Others 22 

16% (20%) 

ASUR 

9% (7%) 

TOPSEG 

9% (9%) 

CONFIANZA 

19% (19%) 

ORIENTE 

13% (13%) 

EQUINOCCIAL 

12% (10%)

Ecuador - Surety: Relevant Figures 

USD thousands 


Ecuador Region 












Ecuador - Surety: Conclusions 

• Surety Premiums as of December 2011 USD 92,9 millions � 18% from 2010, while All Lines of 






• Very Good Loss Ratio Earned Premium 19% (2011) � 21% (2010) & Very Good Technical Result 

36% � (2011) 34% (2010) 


• Quarterly Trend Dec. 2010 - Dec. 2011: Premiums (� 4%), Loss Ratio Earned Premium (stable), 

Technical Result (� 1 p.p.), Net Combined Ratio (� 2 p.p.)

Credit Insurance

:: Conclusions 

Latin America 

Credit Insurance Premiums & Growth 



% of All Lines of Business by country 

Annual growth 

Growth 2009 - 2010 

Growth 2010 - 2011 

Average Growth 2005 - 2011 

% GDP 

% GDP by country 

% of Surety & Credit by Country 


Loss Ratio by country 

Technical Result by country 


Combined Ratio by country 

% Ceded Premiums by country 

Market share by country 

Regional Ranking Indiv. Companies 

Market share Top 10 Indiv. Companies 

Regional Ranking International Companies 

Market Share International Companies 

Available Info by Line of Business 

Relevant Figures

Latin America - Credit Ins.: Premiums & Growth 

'000 USD 

*Figures as of December 2011, except for Uruguay September 2011 12 ms. 


300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

- 

05-06 06-07 07-08 08-09 09-10 10-11* 

26% 

24% 

30% 

-4% 

20% 

21% 

97.202 122.268 151.870 197.772 190.474 228.775 276.134 

2005 2006 2007 2008 2009 2010 2011* 

Credit Premiums USD Growth 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

-5% 

-10%

Latin America - Credit Ins.: Premiums, Loss Ratio & Results Trend 



'000 USD 

300.000 

250.000 

200.000 

150.000 

100.000 

50.000 

- 

49% 

29% 

31% 

28% 

38% 

25% 

62% 

66% 

32% 34% 

22% 

22% 

28% 

24% 

24% 

7% 8% 4% 0% 

228.775 244.963 265.733 275.477 276.134 

Dic.2010 Mar.2011* Jun.2011* Sep.2011* Dic.2011 

Credit Premiums Technical Result Loss Ratio Earned Premium 

Combined Ratio Quarterly Growth 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0%

Latin America – Credit Ins.: Credit Premiums (% All Lines of 

Business) 

* Figures as of December 2011, except for Uruguay September 2011 12 ms. 


0,25% 

0,20% 

0,15% 

0,10% 

0,05% 

0,00% 

0,18% 0,19% 0,19% 

0,21% 

0,19% 0,19% 0,19% 

2005 2006 2007 2008 2009 2010 2011*

Latin America - Credit Ins.: Credit Premiums (% All Lines of 

Business) by country 

0,80% 

0,70% 

0,60% 

0,50% 

0,40% 

0,30% 

0,20% 

0,10% 

0,00% 

0,75% 

Figures as of December 2011, except for Uruguay September 2011 12 ms. 


0,41% 

0,30% 

Venezuela: Figures provided by La Mundial (CESCE) 

0,24% 

0,19% 0,19% 

0,12% 0,12% 

0,06% 0,05% 0,03% 

Chi Ecu Col Méx Arg Reg Bol Bra Per Uru Ven

Latin America - Credit Ins.: Annual growth Credit Premiums vs. All 

Lines of Business 

35% 

30% 

25% 

20% 

15% 

10% 

5% 

0% 

-5% 

-10% 

26% 



23% 

24% 

24% 

30% 

20% 

05-06 06-07 07-08 08-09 09-10 10-11* 

-4% 

5% 

20% 

Credit Premiums Growth All Lines of Business Premiums Growth 

16% 

21% 

23%

Latin America - Credit Ins.: Premiums Growth 2009 - 2010 by country 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 

-30% 

-40% 

39% 


31% 

27% 26% 


22% 

20% 

12% 12% 

Arg Méx Ecu Chi Bol Reg Bra Col Uru Per Ven 

9% 

5% 

-34%

Latin America - Credit Ins.: Premiums Growth 2010-2011 by country 

200% 

150% 

100% 

50% 

0% 

-50% 

-100% 

168% 



81% 

35% 


27% 25% 21% 21% 20% 

12% 9% 

Uru Ecu Arg Chi Per Ven Reg Bra Col Méx Bol 

-43%

Latin America - Credit Ins.: Premiums Average Growth 2005-2011 by 

country 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

67% 



30% 

28% 


23% 22% 22% 

20% 20% 

13% 11% 8% 

Ecu Bol Arg Bra Chi Uru Col Reg Méx Per Ven

Latin America – Credit Ins.: Premiums (% GDP) 

60,000% 

50,000% 

40,000% 

30,000% 

20,000% 

10,000% 

0,000% 

•Figures as of December 2011, except for Uruguay September 2011 12 ms. 



0,39 

0,42 

0,44 

0,49 

2005 2006 2007 2008 2009 2010 2011* 

0,51 

0,50 

0,52

Latin America – Credit Ins.: Premiums as % of GDP by country 

0,04% 

0,03% 

0,03% 

0,02% 

0,02% 

0,01% 

0,01% 

0,00% 

0,030% 





0,008% 

0,007% 

0,006% 0,005% 

0,005% 

0,004% 

0,002% 0,001% 0,001% 0,001% 

Chi Ecu Col Arg Reg Méx Bra Bol Ven Per Uru

Latin America – Credit Ins. : % of Surety & Credit Insurance by 

Country 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

25% 

75% 



16% 13% 10% 10% 8% 6% 6% 4% 3% 2% 

Chi Bra Reg Méx Arg Per Col Ecu Uru Bol Ven 


84% 87% 90% 90% 92% 94% 94% 96% 97% 98% 

Surety Credit Ins.

Latin America - Credit Ins.: Loss Ratio & Technical Result (% Written 

Premiums) 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 



Bolivia: Not available 

32% 

34% 

58% 

38% 

50% 

46% 

28% 29% 30% 

76% 


53% 

72% 

83% 

20% 19% 

2005 2006 2007 2008 2009 2010 2011* 

Loss Ratio Earned Premium Technical Result (% Written Premium) Loss Ratio Written Premium 

22% 

29% 

13% 

34% 

24% 

22%

Latin America - Credit Ins.: Loss Ratio Earned Premium by country 

400% 

350% 

300% 

250% 

200% 

150% 

100% 

50% 

0% 





2% 4% 6% 12% 15% 

29% 

34% 

52% 

78% 

124% 

Per Arg Ecu Bra Ven Méx Reg Col Chi Uru Bol 

349%

Latin America - Credit Ins.: Loss Ratio Written Premium by country 

400% 

350% 

300% 

250% 

200% 

150% 

100% 

50% 

0% 

5% 





8% 

15% 18% 20% 22% 28% 29% 

Per Arg Ecu Méx Ven Reg Col Bra Uru Chi Bol 

37% 

61% 

359%

Latin America - Credit Ins.: Technical Result (% Written Premiums) by 

country 

50% 

40% 

30% 

20% 

10% 

0% 

-10% 

-20% 




40% 38% 

35% 


32% 

29% 


25% 24% 

Arg Ven Ecu Per Col Bra Reg Méx Chi Uru 

22% 

18% 

-12%

Latin America - Credit Ins.: Net Combined Ratio 




150% 

100% 

50% 

0% 

-50% 

-100% 

2% 

82% 

32% 

-70% 

47% 

70% 

68% 

58% 50% 

-60% -57% 

Brazil, Chile , Peru: % of Admin. Expenses of Credit Insurance Companies 

-4% 

2% 

64% 62% 

1% 

48% 

76% 72% 

-41% 

85% 

2% 

55% 

96% 

-33% 

2% 

61% 

22% 

-36% 

49% 

0% 

58% 

66% 

2005 2006 2007 2008 2009 2010 2011* 

34% 

-25% 

Loss Ratio Earned Premium Acquisition Expense Administrative Expenses 

Non Proportional Reinsurance Net Combined Ratio

Latin America - Credit Ins.: Net Combined Ratio by country 





200% 

180% 

160% 

140% 

120% 

100% 

80% 

60% 

40% 

20% 

0% 

34% 

42% 

49% 


62% 64% 66% 68% 

127% 

134% 

182% 

Bra Arg Ecu Méx Col Reg Per Chi Ven Uru

Latin America - Credit Ins.: Gross Combined Ratio 




120% 

100% 

80% 

60% 

40% 

20% 

0% 

-20% 

60% 61% 

22% 20% 

4% 

34% 

38% 

46% 

1% -1% 0% 0% 1% 1% 0% 


4% 

72% 

20% 

5% 

76% 

17% 

6% 

53% 

109% 

17% 

8% 

83% 

39% 

16% 

9% 

13% 

48% 

17% 

2005 2006 2007 2008 2009 2010 2011* 

Non Proportional Reinsurance Gross Loss Ratio Written Premium Comisiones Pagadas / Primas Emitidas 

Admin. Expenses Gross Gross Combined Ratio 

8% 

22%

Latin America - Credit Ins.: Gross Combined Ratio by country 





100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 

30% 

36% 

40% 

41% 


47% 48% 48% 

72% 72% 

Per Bra Arg Ecu Méx Reg Col Ven Uru Chi 

87%

Latin America - Credit Ins.: % Ceded Premiums by country 

100% 

90% 

80% 

70% 

60% 

50% 

40% 

30% 

20% 

10% 

0% 



26% 

55% 

55% 


59% 

62% 64% 66% 67% 

70% 

83% 83% 

Chi Per Ecu Uru Bra Bol Arg Col Reg Ven Méx

Latin America - Credit Ins.: Premiums Market Share by country 276,1 

US$ MM 2011 (2010) 

Colombia 8,1% (8,7%) 

Argentina 8,9% (7,9%) 

México 19,9% (22,0%) 




* Includes: Bolivia, Peru,, Uruguay, 

Ecuador 2,0% (1,3%) 

Venezuela 1,3% (1,3%) 

Others* 0,8% (0,9%) 

Chile 26,5% (25,2%) 

Brazil 32,5% (32,6%)

Latin America - Credit Ins.: Premiums Regional Ranking 

(International Companies) 

2011 2010 2009 2008 

Company Rank. Val. % L,A. Rank. Val. % L,A. Rank. Val. % L,A. Rank. Val. % L,A. 

COFACE 1 109.491 40% 1 82.278 36% 1 69.327 36% 1 67.895 34% 

Atradius 2 70.688 26% 2 57.984 25% 2 40.618 21% 2 46.272 23% 

Euler Hermes 3 38.773 14% 3 32.925 14% 4 26.859 14% 5 23.177 12% 

CESCE 4 30.628 11% 4 29.408 13% 3 28.571 15% 4 28.823 15% 


Total Int. 267.027 97% 223.995 98% 188.070 99% 195.562 99% 

Others 9.108 3% 4.780 2% 2.403 1% 2.210 1% 

Total L.A. 276.134 100% 228.775 100% 190.473 100% 197.772 100% 


ATRADIUS: Includes the Crédito & Caución Company

Latin America - Credit Ins.: Premiums Regional Market Share 

(International Companies) 276,1 US$ MM 2011 (2010) 

Before joint venture Euler Hermes - Mapfre After joint venture Euler Hermes - Mapfre 

CESCE 

11% (13%) 

Euler H 

14% (14%) 


6% (9%) 

Others 10: 

3% (2%) 

Atradius 

26% (25%) 

ATRADIUS: Includes the Crédito & Caución Company 

COFACE 

40% (36%) 

Euler H. + 

Mapfre 20% 

(24%) 

CESCE 

11% (13%) 

Others 10: 

3% (2%) 

Atradius 

26% (25%) 

COFACE 

40% (36%)

Latin America - Credit Ins.: Available Info by Line of Business 

Arg Bol Bra Chi Col Ecu Méx Per Uru Ven 

Credit √ √ √ √ √ √ √ √ √ √ 

Export Credit √ √ √ √ √ √ 

Political Risk √ 

Commercial Risk √ 

Domestic Credit √ √ √ √ √ √ 

Commercial Risk √

Figures USD Thousands 

Credit 

Premiums 

Latin America - Credit Ins.: Relevant Figures 

Market 

Share 

Num. 

Companies 

Premiums / 

Num. 

Companies 

Num. 

Companies 

80% Market 

Growth 10- 

11* Credit 

Premiums 

Growth 10- 

11* All Lines 

of Business 

Premiums 

Technical 

Result (% 

Premiums) 

Earned 

Premium Loss 

Ratio 

Combined 

Ratio 

% Ceded 

Premiums 

Argentina 24.518 8,9% 6 4.086 2 35% 46% 40% 4% 42% 66% 

Bolivia 372 0,1% 3 124 2 -43% 20% - 349% - 64% 

Brazil 89.841 32,5% 5 17.968 2 20% 23% 25% 12% 34% 62% 

Chile 73.086 26,5% 6 12.181 2 27% 17% 18% 78% 127% 26% 

Colombia 22.251 8,1% 5 4.450 3 12% 18% 29% 52% 64% 67% 

Ecuador 5.526 2,0% 2 2.763 1 81% 21% 35% 6% 49% 55% 

Mexico 54.922 19,9% 6 9.154 3 9% 16% 22% 29% 62% 83% 

Peru 1.512 0,5% 2 756 1 25% 15% 32% 2% 68% 55% 

Uruguay 411 0,1% 1 411 1 168% 20% -12% 124% 182% 59% 

Venezuela 3.695 1,3% 1 3.695 1 21% 24% 38% 15% 134% 83% 

Region 276.134 100% 37 7.463 18 21% 23% 24% 34% 66% 70%

Latin America - Credit Ins.: Conclusions 

• Credit Premiums as of December 2011 USD 276,1 millions � 21% from December 2010, while All 

Lines of Business Premiums � 23% 

• Countries with highest growth (2010-2011): Uruguay 168%, Ecuador 81%, Argentina 35% 

• Credit Ins. represents 0,19% of insurance portfolio, Chile (0,75%), Ecuador (0,41%) 

• International companies (5) concentrate 97% mercado (98% 2010) 

• Brazil (33%), Chile (27%) & Mexico (20%) concentrate 80% of Credit Insurance in the Region 

• 37 Insurance Groups operate in the Region with an average premium of USD 7.4 millions 

• Credit Insurance + Surety : Credit Insurance 13% (Chile 75%) 

• Loss Ratio Earned Premium 34% (2011) � 22% (2010) & Technical Result 24% (2011) � 29% 

(2010) 

• Net Combined Ratio 66% (2011) � (49% 2010) 


Technical Result (� 1 p.p.), Net Combined Ratio (� 4 p.p.)

ANNEXES 

:: Exchange Rates 

:: Glossary of Indices 

:: Official Sources

Average Exchange Rate for the year 

* December 2011 

Exchange Rates 

Country Currency 2005 2006 2007 2008 2009 2010 2011* 

Argentina Peso 2,94 3,00 3,09 3,14 3,41 3,95 4,21 

Bolivia Boliviano 8,06 8,01 7,83 7,22 7,02 7,02 6,94 

Brazil Real 2,42 2,18 2,00 1,85 2,00 1,76 1,67 

Chile Peso 559,77 530,28 522,47 522,46 559,61 510,25 483,67 

Colombia Peso 2.320,77 2.357,98 2.078,00 1.989,35 2.180,19 1.901,45 1.854,02 

Dominicana Peso 30,17 33,19 33,08 34,41 35,89 36,74 - 

Ecuador Dólar 1,00 1,00 1,00 1,00 1,00 1,00 1,00 

El Salvador Dólar 1,00 1,00 1,00 1,00 1,00 1,00 1,00 

Guatemala Quetzal 7,64 7,60 7,68 7,56 8,14 8,06 7,77 

Honduras Lempira 19,00 19,03 19,03 19,03 19,03 19,03 19,05 

Mexico Peso 10,89 10,90 10,93 11,15 13,50 12,63 12,49 

Nicaragua Córdoba 17,15 18,00 18,44 19,37 20,34 21,36 22,42 

Panama Balboa 1,00 1,00 1,00 1,00 1,00 1,00 1,00 

Paraguay Guaraní 6.125,13 5.963,33 5.250,14 4.651,69 4.684,14 4.786,52 4.510,30 

Peru Nuevo Sol 3,43 3,20 3,00 3,14 2,89 2,81 2,69 

Puerto Rico Dólar 1,00 1,00 1,00 1,00 1,00 1,00 - 

Uruguay Peso 24,20 24,45 23,44 20,95 22,57 20,06 19,11 

Venezuela Bolívar 2,11 2,15 2,15 2,15 2,15 4,30 4,30

Glossary of Financial Indices 

• Earned Premium Loss Ratio: Losses reported by the company versus earned premium or 

accrued proportionately to the life of the policy. Total Cost of Net Losses / (Net Premiums 

Earned – Cost of Technical Reserves) 

• Combined Ratio: Ratio that measures the operational perfomance of a company as a 

function of it’s technical costs. Earned Premium Loss Ratio + Administrative Expenses (% of 

Premiums Earned) + Net Intermediation Cost (% of Premiums Earned) 

• Technical Result : Income - Technical Costs (excluding Admin Costs)

Sources of Official Information 

• Argentina: Superintendencia de Seguros de la Nación 

• Bolivia: Superintendencia de Pensiones, Valores y Seguros 

• Brazil: Superintendencia de Seguros Privados 

• Chile: Superintendencia de Valores y Seguros 

• Colombia: Superintendencia Financiera de Colombia 

• Dominicana: Superintendencia de Seguros de República Dominicana 

• Ecuador: Superintendencia de Bancos y Seguros 

• El Salvador: Superintendencia de Seguros y Fianzas 

• Guatemala: Superintendencia de Bancos de Guatemala 

• Honduras: Comisión Nacional de Bancos y Seguros 

• Mexico: Comisión Nacional de Seguros y Fianzas 

• Nicaragua: Superintendencia de Bancos y Otras Instituciones Financieras 

• Panama: Superintendencia de Seguros y Reaseguros 

• Paraguay: Superintendencia de Seguros 

• Peru: Superintendencia de Banca Seguros y Pensiones 

• Puerto Rico: Oficina del Comisionado de Seguros 

• Uruguay: Banco Central 

• Venezuela: Cámara de Aseguradores de Venezuela

Surety - APF

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