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Beaufort Underwriting Agency Ltd

Managing Agent Name: Beaufort Underwriting Agency Limited (BUAL)

Subject: Disclosures Auction Season 2018

Syndicates Affected: 318

This statement has been prepared by Beaufort Underwriting Agency Limited (BUAL) for the purpose of disclosing to existing and prospective underwriting members of Syndicate 318 (the Syndicate) information which may be of relevance to such members in considering their participation for the 2019 year of account of the Syndicate.

On 11 October 2018, Münchener Rückversicherungs Gesellschaft AG (Munich Re) as sole shareholder of MSP Underwriting Limited (the Company) entered into a definitive agreement (the SPA) with Cincinnati Financial Corporation (CinFin) (NASDAQ: CINF), a U.S. based property and casualty insurance provider, for the sale and purchase of the entire issued share capital of the Company (the Transaction). Under the SPA, CinFin agreed to purchase, and Munich Re agreed to sell to CinFin all of the issued and outstanding share capital of the Company and its subsidiaries, which includes the Lloyd's managing agent, BUAL, and certain Lloyd’s corporate members, including Beaufort Dedicated No 2 Limited which will participate on the 2019 year of account of the Syndicate. BUAL is the managing agent of the Syndicate.

CinFin has stated that the Company will continue to operate under its own brand. No alterations to the executive management team of the Company or BUAL are anticipated as a result of the Transaction. The Transaction has been approved by CinFin’s board of directors and is expected to close in the first quarter of 2019. Closing of the Transaction is subject to the satisfaction or waiver of customary closing conditions, such as receipt of regulatory approvals from Lloyd’s and the PRA.

Date issued: 19/10/2018

Contact Information

Agency contact name: Arthur Hoffmann

Agency contact no: + 44 (0) 207 220 8267

For auction office use only: D2018005

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