Praetorian Insurance Company (4-1-10) (2).doc 

March 29, 2010

TO: ALL OUR PROPERTY BROKERS

RE: Transition of Business Redland Insurance Company to Praetorian Insurance Company
Dear Friends:

As most of you are aware, QBE the Americas (QBE) acquired Praetorian Financial Group on June 1, 2007. With that acquisition, QBE became the parent of Redland Insurance Company (RIC) and Praetorian Insurance Company (PIC). After a comprehensive review of both companies and their filings, QBE has made the decision to consolidate all the admitted business into a single company.

Effective April 1, 2010, Praetorian Insurance Company (Admitted, AM Best: A X) will become the QBE group’s primary carrier for all admitted business. Business currently underwritten in Redland Insurance Company (Admitted, AM Best: A X) will be transitioned to Praetorian Insurance Company at renewal.

SIUManagers will continue to provide the same products, coverage forms and pay the same commission on the PIC policies as we currently offer on the RIC contracts.

Should you have any questions, please contact me or one of our underwriters. We appreciate your business and look forward to our continued partnership.

Sincerely,

Angela C. Urrutia
Executive Vice President