<br /> Emerging Markets Private Equity Eyes ILS Outlook ISSUES & ANSWERS:<br /> Draw Investor Interest Variable Annuities Post Catastrophes Risk Modeling<br /> Page 32 Page 38 Page 68 Pages 25-31<br /> !PRILs6OLUMEs)SSUE WWWBESTREVIEWCOM<br /> A.M. BEST'S MONTHLY INSURANCE MAGAZINE<br /> THEEDGE OF<br /> INSURABILITY<br /> In today's digital, connected and social media-driven world, corporate assets are increasingly<br /> intangible. To expand beyond their comfort zone, insurers are now pushing the boundaries<br /> of insurability. <a title="Best's Review - April 2018 Edition page 1" href="http://viewer.zmags.com/publication/3c334ae3?page=1"> Emerging Markets Private Equit</a> <a title="Best's Review - April 2018 Edition page 2" href="http://viewer.zmags.com/publication/3c334ae3?page=2"> The blue sea. True love. Our commitment to your</a> <a title="Best's Review - April 2018 Edition page 3" href="http://viewer.zmags.com/publication/3c334ae3?page=3"> From the Editor's Desk An Intangible Shift </a> <a title="Best's Review - April 2018 Edition page 4" href="http://viewer.zmags.com/publication/3c334ae3?page=4"> THE EDGE OF INSURABILITY Contents 45-63 Insuri</a> <a title="Best's Review - April 2018 Edition page 5" href="http://viewer.zmags.com/publication/3c334ae3?page=5"> </a> <a title="Best's Review - April 2018 Edition page 6" href="http://viewer.zmags.com/publication/3c334ae3?page=6"> Contents 32 Emerging Opportunity 38 Exit Strateg</a> <a title="Best's Review - April 2018 Edition page 7" href="http://viewer.zmags.com/publication/3c334ae3?page=7"> ©2018 Conning, Inc. All Rights Reserved. </a> <a title="Best's Review - April 2018 Edition page 8" href="http://viewer.zmags.com/publication/3c334ae3?page=8"> Best's Review Interactive @ www.bestreview.com D</a> <a title="Best's Review - April 2018 Edition page 9" href="http://viewer.zmags.com/publication/3c334ae3?page=9"> ® NASA's Perera: Examine Risks Across Mul</a> <a title="Best's Review - April 2018 Edition page 10" href="http://viewer.zmags.com/publication/3c334ae3?page=10"> Executive Changes Department Distribution </a> <a title="Best's Review - April 2018 Edition page 11" href="http://viewer.zmags.com/publication/3c334ae3?page=11"> sHeritage Insurance Holdings Inc.HAS APPOINT</a> <a title="Best's Review - April 2018 Edition page 12" href="http://viewer.zmags.com/publication/3c334ae3?page=12"> Insurance Marketing This Is Us Department </a> <a title="Best's Review - April 2018 Edition page 13" href="http://viewer.zmags.com/publication/3c334ae3?page=13"> </a> <a title="Best's Review - April 2018 Edition page 14" href="http://viewer.zmags.com/publication/3c334ae3?page=14"> Best's Calendar Best's Calendar: Trade Shows/Con</a> <a title="Best's Review - April 2018 Edition page 15" href="http://viewer.zmags.com/publication/3c334ae3?page=15"> A Global Conversation Risk Matters Industry exper</a> <a title="Best's Review - April 2018 Edition page 16" href="http://viewer.zmags.com/publication/3c334ae3?page=16"> Department “The industry really nee</a> <a title="Best's Review - April 2018 Edition page 17" href="http://viewer.zmags.com/publication/3c334ae3?page=17"> We believe every customer deserves person-to-pers</a> <a title="Best's Review - April 2018 Edition page 18" href="http://viewer.zmags.com/publication/3c334ae3?page=18"> Next Wave Department Be Nimble! T his</a> <a title="Best's Review - April 2018 Edition page 19" href="http://viewer.zmags.com/publication/3c334ae3?page=19"> Spotlight on Regulation Bill Would End Fed Overs</a> <a title="Best's Review - April 2018 Edition page 20" href="http://viewer.zmags.com/publication/3c334ae3?page=20"> Spotlight on Fintech UK, US Regulators Form Alli</a> <a title="Best's Review - April 2018 Edition page 21" href="http://viewer.zmags.com/publication/3c334ae3?page=21"> Spotlight on Trade Credit Trade Credit Consortiu</a> <a title="Best's Review - April 2018 Edition page 22" href="http://viewer.zmags.com/publication/3c334ae3?page=22"> At Large Retooling Insight Corporate Finance </a> <a title="Best's Review - April 2018 Edition page 23" href="http://viewer.zmags.com/publication/3c334ae3?page=23"> Risk Adviser Trust the Intangible Insight Insu</a> <a title="Best's Review - April 2018 Edition page 24" href="http://viewer.zmags.com/publication/3c334ae3?page=24"> Technology Insight The Time Is Here Artificial </a> <a title="Best's Review - April 2018 Edition page 25" href="http://viewer.zmags.com/publication/3c334ae3?page=25"> </a> <a title="Best's Review - April 2018 Edition page 26" href="http://viewer.zmags.com/publication/3c334ae3?page=26"> Regulatory/Law Insight Seeing Clearly Adapting </a> <a title="Best's Review - April 2018 Edition page 27" href="http://viewer.zmags.com/publication/3c334ae3?page=27"> Special Advertising Section ISSUES & ANSWERS: </a> <a title="Best's Review - April 2018 Edition page 28" href="http://viewer.zmags.com/publication/3c334ae3?page=28"> </a> <a title="Best's Review - April 2018 Edition page 29" href="http://viewer.zmags.com/publication/3c334ae3?page=29"> SPECIAL ADVERTISING SECTION ssues &</a> <a title="Best's Review - April 2018 Edition page 30" href="http://viewer.zmags.com/publication/3c334ae3?page=30"> STATUS QUO HOLDS YOU BACK. </a> <a title="Best's Review - April 2018 Edition page 31" href="http://viewer.zmags.com/publication/3c334ae3?page=31"> SPECIAL ADVERTISING SECTION ssues &</a> <a title="Best's Review - April 2018 Edition page 32" href="http://viewer.zmags.com/publication/3c334ae3?page=32"> Commitment Beyond Numbers. The operative word is </a> <a title="Best's Review - April 2018 Edition page 33" href="http://viewer.zmags.com/publication/3c334ae3?page=33"> SPECIAL ADVERTISING SECTION ssues &</a> <a title="Best's Review - April 2018 Edition page 34" href="http://viewer.zmags.com/publication/3c334ae3?page=34"> Asset Management EMERGING Opportunity Emerging m</a> <a title="Best's Review - April 2018 Edition page 35" href="http://viewer.zmags.com/publication/3c334ae3?page=35"> For instance, Blackstone created an Insu</a> <a title="Best's Review - April 2018 Edition page 36" href="http://viewer.zmags.com/publication/3c334ae3?page=36"> Asset Management “Within EM, there is an investm</a> <a title="Best's Review - April 2018 Edition page 37" href="http://viewer.zmags.com/publication/3c334ae3?page=37"> categories with a flattening yield curve. “Th</a> <a title="Best's Review - April 2018 Edition page 38" href="http://viewer.zmags.com/publication/3c334ae3?page=38"> Asset Management “We expect insurance companies </a> <a title="Best's Review - April 2018 Edition page 39" href="http://viewer.zmags.com/publication/3c334ae3?page=39"> Strategic Insight Powered by A.M. Best </a> <a title="Best's Review - April 2018 Edition page 40" href="http://viewer.zmags.com/publication/3c334ae3?page=40"> Life Insurance Strategy? Insurers seeking to she</a> <a title="Best's Review - April 2018 Edition page 41" href="http://viewer.zmags.com/publication/3c334ae3?page=41"> annuities to a group of private investors, includ</a> <a title="Best's Review - April 2018 Edition page 42" href="http://viewer.zmags.com/publication/3c334ae3?page=42"> Life Insurance “The question really is not will </a> <a title="Best's Review - April 2018 Edition page 43" href="http://viewer.zmags.com/publication/3c334ae3?page=43"> “A handful of players” probably will be i</a> <a title="Best's Review - April 2018 Edition page 44" href="http://viewer.zmags.com/publication/3c334ae3?page=44"> Life Insurance “They're looking for opportunitie</a> <a title="Best's Review - April 2018 Edition page 45" href="http://viewer.zmags.com/publication/3c334ae3?page=45"> The Struggles Continue for the Variable Annuity I</a> <a title="Best's Review - April 2018 Edition page 46" href="http://viewer.zmags.com/publication/3c334ae3?page=46"> Best's Insurance Reports® Gives You a Panoramic </a> <a title="Best's Review - April 2018 Edition page 47" href="http://viewer.zmags.com/publication/3c334ae3?page=47"> Intangible Risks 51 46 </a> <a title="Best's Review - April 2018 Edition page 48" href="http://viewer.zmags.com/publication/3c334ae3?page=48"> Intangible Risks THEEDGE OF INSURABILITY Cover</a> <a title="Best's Review - April 2018 Edition page 49" href="http://viewer.zmags.com/publication/3c334ae3?page=49"> “If you look back 20 years ago, 80% of wha</a> <a title="Best's Review - April 2018 Edition page 50" href="http://viewer.zmags.com/publication/3c334ae3?page=50"> Intangible Risks “A lot of these intangibles are</a> <a title="Best's Review - April 2018 Edition page 51" href="http://viewer.zmags.com/publication/3c334ae3?page=51"> How does your capitalization stack up? Best</a> <a title="Best's Review - April 2018 Edition page 52" href="http://viewer.zmags.com/publication/3c334ae3?page=52"> Intangible Risks “Intangible risks put greater e</a> <a title="Best's Review - April 2018 Edition page 53" href="http://viewer.zmags.com/publication/3c334ae3?page=53"> Intangible Risks Taking Cover A rise in corporat</a> <a title="Best's Review - April 2018 Edition page 54" href="http://viewer.zmags.com/publication/3c334ae3?page=54"> Intangible Risks “Much like directors and office</a> <a title="Best's Review - April 2018 Edition page 55" href="http://viewer.zmags.com/publication/3c334ae3?page=55"> Companies are no longer sitting back and waiting </a> <a title="Best's Review - April 2018 Edition page 56" href="http://viewer.zmags.com/publication/3c334ae3?page=56"> Intangible Risks with a strong reputation, so wh</a> <a title="Best's Review - April 2018 Edition page 57" href="http://viewer.zmags.com/publication/3c334ae3?page=57"> “There's already coverage under cyber policies fo</a> <a title="Best's Review - April 2018 Edition page 58" href="http://viewer.zmags.com/publication/3c334ae3?page=58"> Intangible Risks DIGITAL Espionage Intellectual </a> <a title="Best's Review - April 2018 Edition page 59" href="http://viewer.zmags.com/publication/3c334ae3?page=59"> “Industrial espionage going digital is a reality.</a> <a title="Best's Review - April 2018 Edition page 60" href="http://viewer.zmags.com/publication/3c334ae3?page=60"> Intangible Risks “The most critical data for our</a> <a title="Best's Review - April 2018 Edition page 61" href="http://viewer.zmags.com/publication/3c334ae3?page=61"> way that made it clear they had inside knowledge </a> <a title="Best's Review - April 2018 Edition page 62" href="http://viewer.zmags.com/publication/3c334ae3?page=62"> Intangible Risks An Analytical Approach Intangib</a> <a title="Best's Review - April 2018 Edition page 63" href="http://viewer.zmags.com/publication/3c334ae3?page=63"> There's a common frustration among customers that</a> <a title="Best's Review - April 2018 Edition page 64" href="http://viewer.zmags.com/publication/3c334ae3?page=64"> Intangible Risks could even say operational risk</a> <a title="Best's Review - April 2018 Edition page 65" href="http://viewer.zmags.com/publication/3c334ae3?page=65"> for standard anomalies that would trigger concern</a> <a title="Best's Review - April 2018 Edition page 66" href="http://viewer.zmags.com/publication/3c334ae3?page=66"> Technology The $IFFERENCE Most insurers strugg</a> <a title="Best's Review - April 2018 Edition page 67" href="http://viewer.zmags.com/publication/3c334ae3?page=67"> Keep Up to Date in Today's Ever-Changing Insuranc</a> <a title="Best's Review - April 2018 Edition page 68" href="http://viewer.zmags.com/publication/3c334ae3?page=68"> (Continued from page 64) Technology years. It i</a> <a title="Best's Review - April 2018 Edition page 69" href="http://viewer.zmags.com/publication/3c334ae3?page=69"> interviewed for our study was aware of or using o</a> <a title="Best's Review - April 2018 Edition page 70" href="http://viewer.zmags.com/publication/3c334ae3?page=70"> Insurance-Linked Securities K </a> <a title="Best's Review - April 2018 Edition page 71" href="http://viewer.zmags.com/publication/3c334ae3?page=71"> A Bigger Picture Swiss Re Capital ILS co-head: I</a> <a title="Best's Review - April 2018 Edition page 72" href="http://viewer.zmags.com/publication/3c334ae3?page=72"> Insurance-Linked Securities Looking Ahead PCS c</a> <a title="Best's Review - April 2018 Edition page 73" href="http://viewer.zmags.com/publication/3c334ae3?page=73"> A New Combination Willis Towers Watson managing </a> <a title="Best's Review - April 2018 Edition page 74" href="http://viewer.zmags.com/publication/3c334ae3?page=74"> Work Issues Conference Coverage Employment prac</a> <a title="Best's Review - April 2018 Edition page 75" href="http://viewer.zmags.com/publication/3c334ae3?page=75"> Court Orders Merger-objection suits help to stir</a> <a title="Best's Review - April 2018 Edition page 76" href="http://viewer.zmags.com/publication/3c334ae3?page=76"> Marketing Making Conversation The choice of wo</a> <a title="Best's Review - April 2018 Edition page 77" href="http://viewer.zmags.com/publication/3c334ae3?page=77"> you want them to be for that conversation. </a> <a title="Best's Review - April 2018 Edition page 78" href="http://viewer.zmags.com/publication/3c334ae3?page=78"> What A.M. Best Says Best's Special Report Offers</a> <a title="Best's Review - April 2018 Edition page 79" href="http://viewer.zmags.com/publication/3c334ae3?page=79"> Exhibit 2 A.M. Best Survey - Needed Technology Im</a> <a title="Best's Review - April 2018 Edition page 80" href="http://viewer.zmags.com/publication/3c334ae3?page=80"> Department methods and predictive modeling. Pape</a> <a title="Best's Review - April 2018 Edition page 81" href="http://viewer.zmags.com/publication/3c334ae3?page=81"> Best's Credit Rating Actions T his</a> <a title="Best's Review - April 2018 Edition page 82" href="http://viewer.zmags.com/publication/3c334ae3?page=82"> Rating Action Business Type Company Name/ Ultim</a> <a title="Best's Review - April 2018 Edition page 83" href="http://viewer.zmags.com/publication/3c334ae3?page=83"> Rating Action Business Type Company Name/ Ultim</a> <a title="Best's Review - April 2018 Edition page 84" href="http://viewer.zmags.com/publication/3c334ae3?page=84"> Rating Action Business Type Company Name/ Ultim</a> <a title="Best's Review - April 2018 Edition page 85" href="http://viewer.zmags.com/publication/3c334ae3?page=85"> BEST'S FINANCIAL STRENGTH RATING GUIDE – (FSR) A </a> <a title="Best's Review - April 2018 Edition page 86" href="http://viewer.zmags.com/publication/3c334ae3?page=86"> BEST'S ISSUER CREDIT RATING GUIDE – (ICR) Depart</a> <a title="Best's Review - April 2018 Edition page 87" href="http://viewer.zmags.com/publication/3c334ae3?page=87"> Industry Updates In Wake of School Shootings, I</a> <a title="Best's Review - April 2018 Edition page 88" href="http://viewer.zmags.com/publication/3c334ae3?page=88"> Insurance Groups Ask NY Regulator Department I </a> <a title="Best's Review - April 2018 Edition page 89" href="http://viewer.zmags.com/publication/3c334ae3?page=89"> Coming in June 2018 Asset managers, a</a> <a title="Best's Review - April 2018 Edition page 90" href="http://viewer.zmags.com/publication/3c334ae3?page=90"> Department The Last Word Putting Fears to Rest </a> <a title="Best's Review - April 2018 Edition page 91" href="http://viewer.zmags.com/publication/3c334ae3?page=91"> </a> <a title="Best's Review - April 2018 Edition page 92" href="http://viewer.zmags.com/publication/3c334ae3?page=92"> Expect big things in workers' compensation. Most </a>