Supplemental IE Report RSAI Sun & Marine - Royal and Sun Alliance

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Milliman Client Report 7.11 My views, as set out in the Report for the MIC Scheme and the Report for the PAGI Schemes, were in summary that: • Prior to the Effective Date, the policyholders of Marine enjoy a strong level of security, which in turn is bound together with RSAI by the DMG; • On and after the Effective Date, the Schemes (in conjunction with the post-transfers reinsurance arrangements with RSAI) and the PAGI Schemes will not adversely affect to any material extent the security of the exiting policyholders of Marine or the policyholders (including PAGI policyholders) transferring to Marine; and • The post-transfers (re)insurance arrangements with RSAI covering the portfolios of Marine, Sun and RSA Re will have no material impact on RSAI’s overall risk exposure, and hence policyholder security and service levels for PAGI, Marine, RSAI, Sun and RSA Re. 7.12 I am informed by RSAI that the claim made by Blue Seas is being handled in the usual way and in accordance with RSAI/Marine protocols (which are intended to be TCF compliant). Further, I am informed that there is a substantial amount of information still outstanding from the claimant before Marine can proceed to an Examination under Oath of the claimant and other relevant parties. 7.13 I have updated my analysis of the Schemes as described in this Supplemental Report, and that for the PAGI Schemes as described in my supplemental report for the PAGI Schemes. Based on my updated analyses I continue to believe that the Schemes (and the PAGI Schemes) will not have a materially adverse impact on the security provided to Marine's existing policyholders and policyholders transferring to Marine; and that the proposed Schemes (and the PAGI Schemes) will not have a materially adverse impact on Marine's existing policyholders and policyholders transferring to Marine in relation to the way their policies are managed and administered, relative to their position prior to the Schemes (and the PAGI Schemes) being implemented. 7.14 I am not aware of any other policyholder concerns that I need to address at the date of this Supplemental Report. Supplemental Report of the Independent Expert 16 November 30, 2011
Milliman Client Report 8. CONCLUSION CONFIRMATION OF OPINION 8.1 I have further considered the effect of the proposed Schemes on policyholders of RSAI, RSA Re, Marine, Sun and the Transferors. I confirm that my overall opinion and conclusions as set out in Section 11 of the Reports are unchanged. DUTY TO THE COURT 8.2 As required by Part 35 of the Civil Procedure Rules, I hereby confirm that I understand my duty to the Court and have complied with that duty. STATEMENT OF TRUTH 8.3 I confirm that insofar as the facts stated in this Supplemental Report are within my own knowledge, I have made clear which they are and I believe them to be true, and that the opinions I have expressed represent my true and complete professional opinion. Gary G Wells Fellow of the Institute and Faculty of Actuaries Fellow of the Society of Actuaries in Ireland Independent Expert Supplemental Report of the Independent Expert 17 November 30, 2011
Page 1 and 2: Milliman Client Report Supplemental
Page 3 and 4: Milliman Client Report 1. INTRODUCT
Page 5 and 6: Milliman Client Report 2. BUSINESS
Page 7 and 8: Milliman Client Report 3.12 The mot
Page 9 and 10: Milliman Client Report 4.7 The RSA
Page 11 and 12: Milliman Client Report 4.16 The maj
Page 13 and 14: Milliman Client Report 6. POST-TRAN
Page 15: Milliman Client Report 7. OTHER CON
Page 19: Milliman Client Report APPENDIX B.

Supplemental IE Report RSAI Sun & Marine - Royal and Sun Alliance

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