Ward's 50^® Certification Methodology

Life-Health Ward's 50® Criteria for Selection Must be an insurance company with at least five consecutive years of operating history. Must meet the following criteria: Surplus of at least $50 million for each of the five years analyzed Adjusted net income in at least 4 of the last 5 years. If applicable, the one loss year must be less than 10% of surplus Risk-based capital ratio of at least 150% for each of the five years analyzed Compound annual growth in premiums between -10% and +40% Must pass Ward Group's evaluation of company operations Companies are measured and ranked in performance based on the following metrics: Five year average Return on Average Equity Five year average Return on Average Assets Five year average Return on Total Revenue Five year growth in Total Revenue Five year growth in Surplus

Property-Casualty Ward's 50® Criteria for Selection Must be an insurance company with at least five consecutive years of operating history. Must meet the following criteria: Surplus and premiums of at least $50 million for each of the 5 years analyzed Net income in at least 4 of the last 5 years Risk-based capital ratio of at least 100% for each of the 5 years analyzed Compound annual growth in premiums between -10% and +40% Must pass Ward Group's evaluation of company operations Companies are measured and ranked in performance based on the following metrics: Five year average Return on Average Equity Five year average Return on Average Assets Five year average Return on Total Revenue Five year growth in Net Premiums Written Five year improvement in Leverage Ratio Five year average Combined Ratio