August 19, 2009

Dear Business Colleagues:

Last month, we announced several milestones on our path toward building stand-alone capabilities for our worldwide property-casualty businesses, including the formation of a special purpose vehicle for our Foreign General, Commercial Insurance and Private Client Group operations, the introduction of our new brand, Chartis, and, significantly, the appointment of Kris Moor as Chief Executive Officer of Chartis.

This is an exciting time for our business, and I want to make sure that we keep you updated on the latest developments and provide the information you need to help make your risk management choices. With this in mind, I have attached our most current Business Update presentation, which includes highlights of our second quarter 2009 results and a summary of Chartis U.S. and Chartis International’s financials. I have also included a link to a Chartis overview brochure, which speaks to the power of our combined worldwide operations.

I hope you find the information helpful.

As always, thank you for your support and your business.

Best regards,

JDoyle_sig.gif

John Q. Doyle
EVP, Chartis
President and Chief Executive Officer, Chartis U.S.