TECHNOLOGYPURCHASING POWER

MARKET LEADING FIRMSKNOWLEDGE

ACCOUNTABILITYCOLLABORATION

EXPERIENCEINDEPENDENCE

ANNUAL REVIEW

To WBN Members, Associate Members, Clients, Insurer Partners, and Friends:In April I had the double honor of representing Member Host EPIC at WBN’s 58th Global Conference in San Antonio, Texas, and of taking office as chairman of the board of WBN. Our Global Conference in San Antonio broke attendance records, and it was gratifying to be part of an event where not merely the numbers, but especially the energy and commitment of our Members was in tremendous evidence.

Stepping into the chairman’s role was an opportunity I eagerly embraced. Having served from 2016–2018 as treasurer of WBN and working closely with my predecessor, Daniel de Swaan, our mission remained clear to continue strengthen and grow WBN as we operate in an increasingly complex and fast-paced business climate.

The WBN Board plays a key role in determining not only the governance, but most importantly, the strategy and direction of the network. WBN governance has been a top priority. During 2018 we have optimized the size of our board and established its Executive Committee to make the board more efficient, thus enabling a sharper focus on network growth.

The ongoing merger and acquisition activity that’s taking place in the brokerage and risk-management industry remains a challenge, and one that we step up to boldly by working with the best independent brokers globally. Indeed, we embrace M&A within our own members and see how it creates added value. To grow our network, data analytics became increasingly important in 2018 as we focused on thoughtful membership expansion.

In 2018 Stephan Thurnherr of VZ Insurance Services of Zurich, Switzerland, concluded his term as a WBN board member, and received the much-deserved thanks of the entire organization at our Global Conference in Cartagena, Colombia. And I would like to express my appreciation for the valuable service of Joe Watts, formerly of Holmes Murphy, who departed the board in November when he began a new risk-management role outside the brokerage industry.

Continuing my thanks for the tremendous support during my first year as chairman, I would like to recognize my fellow board members, the WBN staff, our insurer sponsors, associate members, and above all, the leadership and staff of WBN’s member firms. We continue to deliver results for one another with unrivaled quality and cooperation, which sets us apart from any other network.

As this 2018 Annual Review goes to press, WBN is well underway with the celebration of its 30th anniversary, and I feel privileged and excited to be serving WBN as chairman as we look to past, present, and future during this important year.

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

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MESSAGE FROM THE CHAIRMAN

EUROPEAlbania | Balkan JSC · Austria | Koban Südvers · Azerbaijan | CINCo Group · Belgium | ADD NV · Bulgaria | Balkan JSCCroatia | KSG Broker · Cyprus | Comergon SA · Czech Republic | Renomia · Denmark | EnsureDenmark | Contea Assurance Forsikringsmæglerselskab P/S · Estonia | IIZI Kindlustusmaakler · Finland | FirstbrokersFrance | Verlingue Insurance · Germany | Lurse · Germany | Profion · Germany | Südvers Gruppe · Greece | Comergon SAHungary | Potter Broker Limited · Ireland | Frank Glennon · Italy | Andrea Scagliarini · Italy | De Besi Di GiacomoKazakhstan | CINCo Group · Latvia | IIZI SIA · Lithuania | Fillix Insurance Brokers · Luxembourg | ADD NV · Macedonia | Balkan JSCNetherlands | Meijers Assurantien B.V. · Norway | Arctic Insurance Broker AS · Poland | Mentor SA · Portugal | Median CorretoresRomania | Balkan JSC · Romania | London Brokers · Romania | Renomia · Russia | CINCo Group · Russia | Malakut Insurance BrokersSerbia | AGD d.o.o. · Slovakia | Renomia · Slovenia | AGD d.o.o. · Spain | Cogesa · Spain | Concentra GroupSweden | Factor Insurance Brokers · Sweden | Söderberg & Partners · Switzerland | S&P Insurance GroupSwitzerland | VZ Insurance Services · Turkey | Integra Insurance Broker · Ukraine | CINCo Group · U.K. | AFL Insurance BrokersU.K. | Finch Insurance Brokers · U.K. | Price Forbes · U.K. | Towergate Insurance Brokers · U.K. | Mattioli Woods plc

NORTH AMERICABermuda | Price Forbes · Canada | Hub International · Mexico | Fidex · Mexico | Protección DinámicaUSA | ABD Insurance · USA | AHT Insurance · USA | Associated Benefits & Risk ConsultingUSA | Beecher Carlson (Brown and Brown, Inc.) · USA | BXS Insurance · USA | Dealey, Renton & Associates · USA | EBCGUSA | EPIC Brokers · USA | GBS Benefits, Inc. · USA | The Hauser Group · USA | Hays Companies (Brown and Brown, Inc.)USA | HM Risk · USA | Holmes Murphy · USA | Hub International · USA | Hylant Group · USA | Insurance Management CompanyUSA | IMA, Inc. · USA | EPIC Brokers / Integro · USA | Ironwood Insurance Services LLC · USA | J. Smith LanierUSA | KMRD Partners, Inc. · USA | The Addis Group (McGriff Insurance Services) · USA | RutherfoordUSA | Servco Insurance Services (Brown and Brown, Inc.) · USA | Simkiss & Block · USA | Sterling Insurance GroupUSA | USI Insurance Services

MIDDLE EAST & AFRICAAfrica | Ascoma · Angola | Allied Insurance Brokers · Bahrain | Insure Direct · Egypt | Associated Insurance BrokersIsrael | B. Litay Risk Management 2011 Ltd · Israel | Madanes Insurance Agency Ltd · Lebanon | Holland Insurance Group s.a.l.Morocco | EPEGA SA · Nigeria | Ark Insurance Brokers Limited · Oman | Risk Management Services · Pakistan | Risk Management Services Qatar | Insure Direct · Saudi Arabia | Daman Insurance Brokers · South Africa | GIB HoldingsSouth Africa | Price Forbes (Pty) Ltd South Africa · U.A.E. | Associated Insurance Consultants · U.A.E. | Insure DirectU.A.E. | Millennium Insurance Broker Co LLC

SOUTH & CENTRAL AMERICAArgentina | Makler SA · Bolivia | Kieffer & Asociados S.A. · Brazil | Harmonia Corretora de Seguros · Brazil | SciathChile | Lilienfeld · Colombia | Correcol · Dominican Republic | Franco Fernandez · Ecuador | Ecuaprimas · Panama | Corporación Continental Peru | Gabel Corredores · Puerto Rico | Aegis International Ins · Uruguay | Makler SA · Venezuela | Makler, SA

ASIA PACIFICAustralia | Honan Insurance Brokers · China | Chang Cheng Ins. Brokers · China | Sino Insurance BrokersHong Kong | Pacific Prime Insurance Brokers · Hong Kong | Worldwide Insurance Services Enterprise · India | Prudent Insurance BrokersIndonesia | KBRU PT Kali. Raya · Japan | Marnix · Japan | Mojumdar & Company · Korea | Ace Risk ManagementKorea | HIS Insurance Services · Malaysia | Anika Insurance · Malaysia | Honan Insurance Brokers · New Zealand | Honan Insurance Brokers Philippines | Lacson & Lacson · Singapore | Honan Insurance Brokers · Sri Lanka | Senaratne Assoc. Taiwan | Worldwide Insurance Services Enterprise · Thailand | Chaz Ltd. · Vietnam | Malakut Insurance Brokers

ASSOCIATE MEMBERSAustralia | MSM Loss Management · Guernsey | Alternative Risk Management · U.K. | Axco Insurance Information ServicesUSA | BELFOR Property Restoration · USA | Globiana · USA | Hanover Stone Partners · USA | Marsh Berry · USA | Milliman, Inc.USA | Starboard International Consulting, Inc.

Jim WattChairman of the Board

As we look into 2019 and beyond, we will focus on three strategic imperatives for our network, including:

1. Continued thoughtful expansion of our network to enable an enhanced multi-national client experience;

2. Growth in revenues through the development of additional sponsorship opportunities, and;

3. Continued pursuit of the best available tools and resources to support our members’ success.

PARTNERS BY REGION APRIL 2019

of streamlined underwriting, claims management, and predictive analysis. Listening to the voice of the client is a strong goal of WBN and we strive to create meaningful opportunities for multinational clients to meet with our producing and servicing members. It’s a unique aspect of the conferences and the WBN value proposition.

WBN’s 30th anniversary in 2019 has already gotten off to a great start as I write this, as we pursue thoughtful growth strategies and deliver additional value-added services to help our members to increase their cross-border business opportunities, mindful of the traditions and long held values that have brought us to this milestone in our history.

I want to personally thank the entire WBN board for their tireless efforts this year particularly Jim Watt, chairman of the board of directors; Alex Gilmore, treasurer; and Alec Finch, corporate secretary.

Ours is an exceptional company with extraordinary members and a promising future and it continues to be my honor to work for the WBN.

To WBN Members, Associate Members, Clients and Sponsoring Carriers:Thank you for your many contributions in 2018. The WBN network has continued to exceed its year-over-year global revenue results for the sixth year in a row to remain the largest global network of independent insurance brokers and employee benefits consultants.

WBN is committed to the highest level of financial integrity and is proud to have closed 2018 with a very strong balance sheet to reflect that commitment. We are pleased to report that for the eighth consecutive year we received an unqualified financial audit conducted by Hinckley & Cook.

We are a service-focused network. The strong and deep working relationships among our members is visible to our clients ...as is the commitment to deliver the best insurance solutions for their clients...and deliver service that creates a seamless cross-border experience for each.

WBN remains committed to providing a comprehensive set of tools and resources for business development. From branding to benchmarking, WBN seeks to deliver information that will serve our members as they work with prospects and clients—complemented by specialized services offered by our Associate Members in critical resource areas such as prospecting, cultural awareness, and benchmarking.

Technology advancement was a top priority in 2018. Our partnership with Origami Risk continues to thrive and build momentum with usage of the WBNet in over 92 countries, 1,500 users, and 700+ clients. Our commitment is to offer better and more comprehensive tools that create unique global client relationships.

This past year we institutionalized business development representatives at the global steering committee level, and board ambassadors attached to key carrier sponsorships, to drive strategic engagement, which in turn drives stronger outcomes and increased

business activity.

The unabated pace of mergers and acquisitions has had a major impact in the insurance brokerage field. We have seen net growth through M&A activity among

our own global members in 2018, such as EPIC, Brown & Brown, Verlingue, AFL, and Honan. We welcome the growth and business opportunities these bring to the network. And organic growth in the network remains strong. WBN continues to seek member firms that can deliver on the WBN’s value proposition, deepen our geographic reach, and complement our existing strengths, while adhering to our rigorous entry requirements. We were delighted in 2018 to welcome four new members and one new associate member. Please read about these firms on the

facing page.

Compliance in an increasingly strict regulatory environment is a challenge that WBN embraces to help its members keep ahead with the knowledge-tools they need

to succeed. The European Union’s new General Data Protection Regulation (GDPR) has brought requirements with an impact on all our members, and the quality of our in-person

and webinar training on this critical topic has been highly valued. WBN is well-positioned to address the ramifications of BREXIT in 2019.

Our Global and regional conferences continue to see record turnout, in terms of delegates, carriers, and particularly steady increases in the numbers of clients. Business development panels were formalized to give greater focus to these conference sessions. We see more member-to-member prospect meetings, and member participation in panels ranging from business development to disrupters in the insurance sector. WBN kicked-off exploration of insurtech and the use of artificial intelligence at the Cartagena conference, and we’ll continue to focus on innovation in 2019 to help educate our members on management and delivery

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

MESSAGE FROM THE CHIEF

EXECUTIVE OFFICER

Francie Starnes Chief Executive Officer

EBCG is a leading Employee Benefits firm based in Bannockburn, Illinois with four field offices in Ann Arbor, Michigan, Phoenix, Arizona, Dallas, Texas and Ridgefield, Connecticut. Drawing on experience from across the benefits landscape, EBCG is known to deliver comprehensive solutions for clients’ employee benefit needs. They combine extensive benefit consulting and insurance carrier work experience with a commitment to transparent relationships centered on helping their clients compete.

GBS Benefits, Inc., based in Salt Lake City, Utah, with seven other offices in Vernal, Utah; Logan, Utah; St. George, Utah; Longmont, Colorado; Phoenix, Arizona; Las Vegas, Nevada; and Boise, Idaho, is a full-service insurance and employee benefits firm that has been building partnerships by providing reliable, quality service since 1989. The region’s largest benefits firm, GBS Benefits brings decades of partnerships with about 1,000 local and national companies, school districts, associations, and government entities.

Sciath, based in Sao Paulo, Brazil, was established in 2005. Since that time, it has distinguished itself as a leader in the employee benefits space, offering differentiated consulting services and products for the well-being of companies and their employees. In addition to expert market analysis and placement of insurance contracts for health, life, and disability coverage, Sciath offers comprehensive and highly cost-effective benefits and HR outsourcing services, with the goal creating efficiencies that promote a better quality of life at the workplace.

Towergate Insurance Brokers is headquartered in Maidstone, Kent, United Kingdom. Towergate employs over 4,000 specialists in offices nationwide. It was established in 1997 and has grown through acquisition of more than 300 specialist insurance brokerage firms, some with experience dating back more than 100 years. It offers a wide array services for traditional retail lines of individual and corporate coverage and is highly regarded for its knowledgeable team of experts who advise on the placement of specialty risk products.

ASSOCIATE MEMBER JOINING WBN IN 2018

Globiana brings a unique value in helping multinational businesses train, guide and support their globally mobile employees and their families. With a global footprint in over 140 countries, and offices in San Francisco, California and Stuttgart, Germany, it is one of the largest mobile support platforms in the industry. Globiana joined WBN as an Associate Member, with experience supporting and empowering companies via key trainings and support benefits for global workforces.

MEMBERS JOINING WBN IN 2018

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Educating our members on international business protocols that drive business activity is a core priority of my consulting role. This is further enhanced by tremendous opportunities to connect our members and sponsors—driving value through strategic engagement. Following are highlights from 2018.

STEERING COMMITTEESWe have advanced our business-driven agenda through our steering committees. These quickly have become a critical part of WBN, starting three years ago with the European Steering Committee (ESC). Its success led to the establishment of the US/Canada Steering committee one year ago.

We have effectively utilized the ESC to work on carrier, compliance, and business development relationships and opportunities. Members are assigned individual tasks to spearhead in these key areas.

For the US/Canada Steering Committee, the first projects focused on creating a Global Broker of Record Library, GDPR discussions, WBN Factsheet look and content, and discussing the potential of a Young Professionals exchange program.

CARRIER SPONSORSHIPSWe continue to provide focus and opportunity points between our members and our sponsoring carriers—AIG, Zurich, CNA, Hartford, and Lloyd’s. These connections offer invaluable education and assistance to build business. We look to discover new avenues by which WBN’s premier carrier sponsors can deepen their connections and increase revenues at the local level with WBN member firms.

TRAININGTraining has been a top priority for WBN, whether focused on members who are new to the network, our Young Professionals, or for experienced international executives pursuing growth opportunities.

In 2018 we provided international business development training to 44 WBN firms and over 650 of their professionals globally.

Training to drive business development was delivered through UNIWORLD and Online resource sessions.

MEMBERSHIP EXPANSION TO MEET THE EMERGING NEEDS OF WBN’S CLIENTSIn 2018 comprehensive due diligence work in multiple countries designated by the WBN Board of Directors enabled us to understand prospective new member opportunities.

GLOBAL INDUSTRY REPRESENTATION We have pursued valuable opportunities to advance the WBN brand at key industry events,

which have included representation at WBN’s Global and Regional Conferences, and RIMS, BISA, CIAB, and FERMA.

LOOKING TOWARDS 2019Educating our members in the protocols of conducting cross-border

business presents ongoing opportunities to stay ahead of changes in the regulatory landscape. At the same time, these challenges

bring us together and allow us to build our connections between members and with sponsors. Sharing our collective experiences deepen the engagement that makes association with WBN so unique and rewarding in today’s dynamic multinational insurance environment.

In 2018, Technology was a major focus for Employee Benefits:

• The usage of WBNet for EB members grew through the development of EB dashboard reports and the tremendous support from WBNet “Super Users.” WBN EB members have access to GLOWBN – EB, which is a test client populated with data from various countries to be used in prospect and client demonstrations.

• In response to strong desire for enhanced capabilities to benchmark employee benefits programs globally, WBN collaborated with sponsor United Healthcare to offer members a greatly reduced fee for the Mercer Talent All Access Portal. This is just one way that we have broadened our EB resources and tools.

• The dedicated EB section of the Members Forum of the WBN website has provided an active space for the ongoing exchange of news and ideas.

The Employee Benefits Steering Committee plays a key role in advancing the long-term goals and objectives for the EB value proposition within the network. In 2018, we revamped the Steering Committee Guidelines to formalize the way the network and growth of EB is supported at WBN. I want to thank the founding members of the committee who have served for over two years, and I look forward to welcoming a new team to continue this important work in 2019.

• At our Global Conferences, the collaboration among members has led to development of best practices that have resulted in successful sales across the network. At the San Antonio conference EB members enjoyed the learning opportunity of a dedicated lunch session where we hosted Stacy Apter of Coca-Cola. Sharing individual-country issues in EB breakout sessions provided valuable information for EB brokers and consultants to advise their clients and prospects making cross-border moves. In Cartagena “Regional Success Stories” in Central/South America were shared in a session moderated by Priscila Conduta Elias of Harmonia, with panelists Ana Carolina Conduta Losco of Harmonia, and Humberto Robles Herrera of Fidex.

WBN’s EB sponsorship expanded with the addition of CIGNA as a Silver level sponsor.

WBN’s thought leadership and expertise of our members was profiled in the numerous interviews and articles published through Global Benefits Vision—the only publication dedicated to the international employee benefits executive.

• Interviews

Jim Watt – WBN Chairman, EPIC Brokers – March 2018

Enrique Acevedo, Correcol – September 2018

Chris Burns, EBCG; Marc Reinhardt, Generali; Brian Quinn, Granite Management Limited – “Employee Benefits Captive Integration” – October 2018

• WBN Country Series

Susan Matthew Panicker – “Attracting Top Performers is Key to Employee Benefits in the Middle East” - Associated Insurance Consultants – March 2018

Saira Chambers – “Introduction to Employee Benefits in the UK” – Mattioli Woods – April 2018

Priscila Conduta Elias & Ana Carolina Lima Conduta Izzo Losco – “Benefits in Brazil” – Harmonia – June 2018

Nico Lacson & Cesar Ruperto P. Ong – “The Data Privacy Act of the Philippines and GDPR” – Lacson & Lacson – September 2018

In 2019 WBN EB is well-positioned to continue to compete with and against the other large and middle market brokers using our WBN Value Proposition. We plan to continue our use of technology, build new successful WIN case studies across the network, and showcase our throught leadership through Global Benefits Vision.

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

PROPERTY & CASUALTY

Antoinette “Toni” Gambonini

WBN Limited - Global Property & Casualty

Consultant

EMPLOYEE BENEFITS

LeAnne SteflDirector of Employee Benefits

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Technology continues to remain a top priority at WBN. This is demonstrated by the considerable investment of resources WBN and its membership spends in this area. Our vendor relationships focus on providing our members with a state-of-the-art technology tools, such as WBNet…powered by Origami Risk. In addition the WBN website offers a comprehensive suite of services including WBN member forum, AXCO Insurance Information Services, and UNIWORLD. WBN brokers are well positioned when they compete for and service multinational clients.

The WBN Website is a valuable resource tool containing up-to-date information on WBN Members, Associate Members, Sponsors, member resources, news and conferences. In addition, a members-only forum offers an interactive way for WBN partners to communicate and notify the membership with a weekly digest. Members are also provided compliance focused educational materials and recordings of webinars on subjects including GDPR, FATCA and BREXIT.

WBNet…powered by Origami Risk allows our members and their clients to share property & casualty and employee benefits policy information in a state-of-the-art collaborative system.

In 2018 we continued to enhance the employee benefits dashboard with a series of benefits-focused reports and charts. WBN partners with brokers and Origami Risk on data integration projects ensuring our members can use WBNet to complement their existing management systems with data import/export capabilities. It enables them to make available to clients in real time risk management, human resources, and claims information.

The number of WBN members choosing to use WBNet to service their multinational clients continues to grow year over year with over 750 now on the system and over 93 countries.

In 2019 we are committed to responding to our members needs with relation to international property & casualty and employee benefits technology solutions. I look forward to working with our membership and technology steering committee to ensure WBN brokers maintain a competitive advantage.

In 2018 the YP group marked the fifth anniversary of its establishment as the “next generation” of international executives from WBN member firms. As a cohort of rising leaders under the age of 35, the YPs seek to further connections within the Worldwide Broker Network. YPs work to attract and retain talent, engage in educational and thought-leadership activities, and contribute to WBN strategic initiatives.

The year started with a tremendous highlight in February. Lloyd’s hosted an intensive training for the WBN YP’s. We heard from executives at Lloyd’s on the state of the market, learned about innovative new market arrivals, and discussed the future of insurance. We also were privileged to tour Lloyd’s and spend a day in the box and sit with underwriters to see the inner workings on Lloyd’s.

The San Antonio Global Conference in April attracted the largest attendance by YPs, with 45 registered participants, where:

• Zurich conducted a Titan multinational training program—instrumental in teaching YP’s how to design and build international programs while imagining themselves in the shoes of each party of the transaction.

• CNA hosted an informative lunch where CNA’s expert Nickolas Graf spoke about cyber and ethical hacking

• AXCO demonstrated the value of its compliance tools and reports

• Stacy Apter of Coca-Cola spent quality time discussing her career and life progression, along with an insightful Q&A session

• The YPs looked back on the years since its creation, with reflections by Andrew Fluitsma, advice from Brian Hetherington on how to make the most of a career in the insurance industry, and Steve Pappas holding a working session to discuss how to take the YP group to the next level of contributions within WBN

At the Cartagena Global Conference in October, the YP-development focus remained sharp:

• CNA conducted a session on “Crisis Management,” with Kathleen Ellis of CNA, Mark Krumkick of CNA International Solutions; and Andrew Miller and Flayra Miliana of International SOS Assistance, Inc.

• Zurich Commercial’s Valerie Butt spoke at a dedicated YP session

• Generali’s Jonas Sandor presented “International Employee Benefits Solution: 1-Click Further”

• Social Media, a topic considered to be very much “in the YP wheelhouse” was a roundtable led by Richard Duffy, WBN’s director of communications. The strong value of LinkedIn was unquestioned; consensus on Facebook was that it was not suitable for WBN given the business-to-business nature of content the organization seeks to deliver; and using Twitter drew the most debate, with some members reporting that it was a platform on which many receive both business and general news, while also was cited limited risk of it being a platform for negative comments

• MarshBerry International provided a YP-focused update presented by John Wepler, Tommy McDonald, and Michel Schaft

It has been an honor to have had the opportunity to chair the YP group the last few years and as part of the group’s rotational leadership plan, I am pleased that Warren Lai of AFL (UK) is stepping up to serve in 2019, with the ongoing support of Steve Pappas of Honan (Australia), and Liz Yovich of IMA (USA) becoming a vice chair. I want to thank the YP members whose enthusiasm and commitment have been an inspiration within the group and in the WBN network.

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

TECHNOLOGY

Robert Sterngold Director of Technology

YOUNG PROFESSIONALS GROUP

Jamie NeumannHays Companies (Brown & Brown, Inc.) Chair, Young Professionals Group

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• GDPR: How to comply and prosper• Women in Insurance & Risk Management• Oil, gas & renewable energies panel• Re-thinking Financing & Managing Coca-Cola’s

Insurance Program with Captives• Benefits, Drawbacks & Opportunities of Private

Equity Acquisitions

• Consequences of Misplaced Insurance• Broker Perpetuation Workshop• Lloyd’s City Risk Index and Brexit Update• Food & Beverage Industry Client Panel• Insurtech: What, Where and How?

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

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San Antonio, Texas, USA

April 2018

Cartagena, ColombiaOctober 2018

European Regional Meeting• Challenges for Global EB Brokers with Privacy Laws• WBN Governance: Adequate Compensation and

Sales Initiative vs. Privacy Regulations• Roundtable on European Broker issues: Future

scope of “WBN Europe” and Sales Success Stories

Hamburg, GermanyJanuary 2018

Mid-Year Board Meeting• Five-year strategic plan• Optimizing size of Board of Directors• Prudent budgeting to strengthen balance sheet• Thoughtful membership expansion

Amsterdam, The Netherlands

July 2018 GLOBAL

HIGHLIGHTS

ANNUAL REVIEW 2017 · 11

JOINING HANDS WORLDWIDE

WBN SPEAKER SERIES

I joined WBN in June 2018 as director of communications, to re-launch the position and undertake a deep review to develop materials that are responsive to the fast-changing needs of WBN and its clients.

It was clear from the outset that many of our members felt the need to be better able to speak with one voice—complementing their individual firms’ brands with the WBN brand in ways that would be resonate with their clients and prospects. Moreover, merger and acquisition activity involving competitor networks presented opportunities for WBN to find new ways to convey its message of longevity in the marketplace and its extraordinary global capabilities.

A significant part of the communication director’s responsibilities is to serve in a leadership team role developing WBN’s Global Conferences. The WBN Speaker Series, “Joining Hands Worldwide” philanthropy program, and all conference branding and materials are under my management, as well as a wide array of behind-the-scenes activities before, during, and after the conferences. Our Global Conference model is a unique way to showcase WBN to members, clients and carriers. I quickly learned at the Cartagena conference how critical these gatherings are to advance the meaningful person-to-person communication that is a key differentiator between WBN and competing networks. And when WBN gains a new member, the onboarding platform of the Global Conference is indispensable for quickly making each an effective team player in our network.

Among my regular responsibilities, I host the relaunched Marketing Communications Steering Committee, onboard new WBN members on communication tools and

topics, and handle an array of special projects to advance the WBN brand.

Some highlights of these first several months include:• Improving messaging around the WBN Global Conference website and booklet content

• Leading the roundtable with WBN’s YPs at Cartagena in October to improve our organization’s social media strategy

• Launching communications on WBN’s employee-benefits tool Mercer Select Intelligence and its re-branding as Mercer Talent All Access Plus (TAAP+) and

promoting the value of this special benchmarking offering to WBN members

• Developing the WBN 30th Anniversary logo and planning for 30th-anniversary observances

• Developing and producing WBN’s first client-facing capabilities brochure, for launch at the European Regional Conference in Prague in January 2019. It’s an engaging print piece that delivers in a compact format all the essential information about WBN and what the network represents

• Working with LeAnne Stefl, employee benefits director, on WBN’s collaboration with Global Benefits Vision

• Laying the groundwork for numerous initiatives in 2019, to include:

– Developing a “brokers’ tool kit” as a “one-stop shop” on the “Resources” section of the WBN website

• Strategically increasing advertising in trade publications

• Refreshing WBN’s advertising design and messaging, while retaining the ranking theme

I look forward to deepening my relationships with our members in 2019 to advance our collective objective to increase WBN brand awareness and make clear the value WBN brings to clients and prospects so that our members can write and keep more business.

WBN inaugurated its Speaker Series at the Global Conference held in Chicago in May 2012. It has evolved into a signature event held on the eve of the start of the conference sessions, providing thought-leadership on issues affecting the world of insurance and global trade. Speakers have included renowned insurance leaders, academics, political analysts, and senior government officials.

WBN was privileged to hear addresses from two distinguished presenters for the 2018 Speaker Series events.

Since its inception at the October 2014 WBN Global Conference in Santiago, Chile, WBN’s philanthropy program, “Joining Hands Worldwide,” has made nine gifts to worthy causes in the cities where we have hosted our gatherings. The charities have ranged from healthcare, to hunger-prevention, to youth programming.

Dino Robusto April 11, 2018 | San Antonio, TexasInsurance industry leader Dino E. Robusto, CEO of CNA Financial, headlined WBN’s 13th Speaker Series. He shared his on the many disruptors emerging in

the insurance marketplace, international collaboration and the importance of the next generation of leaders. Robusto highlighted the value proposition of WBN as an independent broker network bringing together the power of many individual firms working together as one.

Juan Carlos Pinzón October 10, 2018 | Cartagena, ColombiaFormer Colombian Minister of Defense and former Ambassador to the United States Juan Carlos Pinzón headlined WBN’s

14th Speaker Series. He discussed how the peace accord with the revolutionary FARC insurgency freed Colombia to focus on economic growth. Despite the infamy of drugs and violence of media attention, Colombia has been an enduring democracy with a stable business environment—never defaulting on an international debt obligation. Pinzón illustrated the aggressive development trajectory making Colombia a leader among emerging economies.

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

MARKETING AND COMMUNICATIONS

Richard Duffy Director of Communications

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Founded in 1980 as the first food bank established in Texas, the San Antonio Food Bank served 58,000 individuals a week in one of the largest social service areas of Texas, comprising 16 counties. Its focus is for clients to have food for today, but to also have the resources to be self-sufficient in the future, through a variety of nutrition, farmer’s market, and social programs. At the WBN 58th Global Conference Gala Diner held at the renowned Briscoe Western Art Museum, WBN Chairman of the Board Jim Watt presents a check for $10,000 to a representative of the food bank.

Established in 1971, FANA translates in English to the Foundation for the Support of Abandoned Children. It is a comprehensive children’s social services organization, providing shelter, nutrition, early-education, and adoption placements. At the 59th Global Conference Gala Dinner at the Casa 1537, WBN Chairman Jim Watt presents a check for $10,000 to Maria Gabriela Cadena, Projects Coordinator of FANA, and to Annette Schwabe, a FANA volunteer for over 40 years and the mother of Member Host Correcol’s Enrique Acevedo Schwabe, at right.

San Antonio, Texas | April 2018 San Antonio Food Bank

Cartagena, Colombia | October 2018 FANA

2018 BOARD OF DIRECTORS AND STAFFJUAN CARLOS ARIAS Corporación Continental, Panama City, Panama Juan Carlos has been Managing Director of Corporación Continental, S.A. for 24 years. In 2013, he also served as Vice President of the Board of the Association of American Chambers of Commerce of Latin America in Washington, D.C.; President of The Board of the World Trade Center Panama; President of the American Chamber of Commerce and Industry of Panama; and President and Board Member of the American Chamber of Commerce and Industry of Panama (AmCham). In 1995–96, he was an International Executive with Sedgwick Group in London.

PRISCILA CONDUTA Harmonia, Sao Paolo, Brazil Priscila Conduta Elias has served as the President and CEO of Harmonia Brazil since 2011. Elias has more than 15 years of experience in the insurance industry and participates on the main CEO and entrepreneurial leadership forums in Brazil. She is also responsible for the reinsurance operations in Brazil (leading PlurisRe) and Benefit (a company specialized on benefits administration). Before joining Harmonia, Elias spent more than six years with Accenture do Brasil where she worked on several International projects.

DANIEL DE SWAAN Meijers Assurantien B.V., Amstelveen, the Netherlands Daniel joined Meijers, an early member of WBN, as CFO in 2005 and is responsible for all staff activities in Finance, IT, HR, Facilities and Legal & Compliance. In addition, he also heads up the private clients team, Meijers Assuradeuren, the in-house underwriting agent, and he serves as liaison between Meijers and Meijers Credit, the trade credit subsidiary. His prior experience was with Uni-Invest, a large real estate investment company in Amsterdam, and in London with J.P. Morgan Investment Bank’s Merger & Acquisitions team.

PAVANJIT SINGH DHINGRA Prudent Insurance Brokers, Mumbai, India Pavan is the CEO of Prudent Insurance Brokers, the largest independent Indian broking company focusing on commercial insurance. He has grown Prudent to a company with 7 offices and 410+ professionals and over 2,000 clients. He has a Bachelor of Science degree in Computer Science from Columbia University, New York.

ALEX GILMORE Price Forbes, London, UK Alex joined Price Forbes, formerly known as Prentis Donegan, in 1999, following careers with Gerling-Konzern and Sedgwick Cologne, both in Germany, and Sedgwick Group in London.

He started up the International side of Price Forbes and continues to be a Director of the International business, with responsibilities for strategy, developing new business and maintaining a role overseeing his long-term clients. During his time at Price Forbes Alex has seen the company grow from approximately 40 staff to around 400 today with business emanating from many countries around the world.

He graduated in mathematics at Sheffield University and is an Associate of the Chartered Insurance Institute.

ALEC FINCH Corporate Secretary AFL Insurance Brokers, London, UKA WBN founding member in 1989, Alec serves as the Board’s Corporate Secretary. He is Chairman of AFL Insurance Brokers Ltd and has worked in Lloyd’s and UK Regional markets for more than four decades. He also is a Freeman of The City of London, a member of the Worshipful Company of Insurers (which combines business and philanthropy), Deputy Chair of the Insurance Brokers’ Standards Council, and he has served on numerous industry boards and committees in the UK and U.S. Alec received the Lifetime Achievement Award in the 2008 UK Broker Awards.

BRIAN HETHERINGTON ABD Insurance, San Mateo, California, U.S. Brian is CEO and Co-Chairman of ABD, a specialty insurance and financial services firm serving global clients from their Northern California headquarters. Brian helped launch the ABD Team in 2012 to focus on providing the best advocacy while leveraging technology for the benefit of both clients and the firm. With 210 professionals located in 7 San Francisco Bay Area offices and Seattle, the ABD practice areas include Employee Benefits, Retirement Services, Property & Casualty, Executive Protection, Private Client Services, HR services, and more.

DAMIEN HONAN Honan Insurance Group, Victoria, Australia Damien started at Honan Insurance Group in 1984, helping to place Heavy Motor Insurance policies in Melbourne. With a vision to be a global insurance broker, in 1993, Damien purchased the business and continued to diversify Honan Insurance Group from life, general and heavy motor insurance broking to include corporate and business insurance broking. In 2001, Damien’s vision of becoming a global insurance broker became a reality when the company became a member of the Worldwide Broker Network, which enabled the business to place insurance for international companies expanding to Sydney and to the Gold Coast in 2007, Brisbane in 2008, New Zealand in 2009, Singapore, Asia’s financial and insurance hub, in 2010, and Malaysia in 2016. Today, the firm employs over 100 people in three countries. A former Chairman of WBN, Damien is now Director-Asia Pacific.

STEVE HYLANT Hylant Group, Toledo, Ohio, U.S. Steve is EVP at Hylant. In 1987, he formed and directed the Michigan office of the firm which traces its origins to 1935 and today is among the largest privately held insurance brokerage firms in the United States, with 700 employees in 14 offices in Florida, Illinois, Indiana, Michigan, Ohio, and Tennessee.

FLORIAN KARLE Südvers Gruppe, Au bei Freiburg, Germany Florian has been CEO and Managing Director of the Südvers Gruppe, one of the leading privately owned insurance brokers and sixth-ranked overall in Germany, since 2000. The Group generates about 300 million euros in premium and employs about 380 insurance experts in 6 branch offices around the country and 6 locations in Austria. Südvers was one of the founding members of WBN and Florian has served on the board since 2003 and was chairman in 2012–14.

EVA MADSEN Ensure International, Aarhus, Denmark Eva is CEO of Ensure, which traces its roots to 1999 when the company Dahlberg Aarhus started as a part of the Dahlberg Group. A student of business, commerce and insurance at the Danish Insurance Academy, she began her insurance career in 1996 as a broker with Aon in Denmark and joined Ensure’s predecessor firm in 2002. Today, in addition to serving on WBN’s board of directors, she is responsible for the Network’s Young Professionals Group.

LARRY MOJUMDAR Mojumdar, Tokyo, Japan Larry is CEO of Mojumdar & Company, which was established in 1955 in Tokyo. The company sells insurance products to both commercial and personal clients and provides professional assistance for personal insurance needs such as automobile, homeowner’s, liability, life and annuity insurance. Mojumdar & Company Limited represents more than 20 different local and foreign insurers in Japan.

MARKHAM MCKNIGHT BancorpSouth, Baton Rouge, Louisiana, U.S. Markham was chairman of the Council of Insurance Agents and Brokers in 2008. He has been a leading commercial insurance executive for three decades, serving as executive vice president of Wright & Percy Insurance, one of Louisiana’s oldest and largest insurance agencies, from 1982–1994, and president and CEO of Wright & Percy Insurance from 1994 to 2005. BancorpSouth Bank, a subsidiary of BancorpSouth, Inc., acquired Wright & Percy in 2003. He has served as President of BancorpSouth Insurance since 2005. He has an MBA from Louisiana State University, serves as treasurer of the Louisiana Insurance Guaranty Association (by appointment of the Louisiana Commissioner of Insurance), and is a member of the board of directors of the American Bankers Insurance Association.

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

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LEANNE STEFL Employee Benefits Director

LeAnne joined WBN in April 2016 as Director of Employee Benefits to focus on growing employee benefits revenue through increasing membership, expanding carrier relationships, training and development, and enhancing the employee benefits value proposition of our network.

With more than 25 years of experience in the insurance industry, LeAnne brings a broad depth of knowledge covering both U.S. and Global Employee Benefits. She has held executive and leadership positions with Mercer, Willis and HUB International. LeAnne is a recognized leader in the industry and has served as a faculty member, guest speaker, and published author, lending her extensive industry knowledge and expertise.

ROBERT STERNGOLD Director of TechnologyRobert has been WBN’s Technology Director since 2013, developing WBN’s new website and WBNet 3.0…powered by Origami Risk, our online insurance collaboration software, for which he also provides demonstrations at the request of WBN members. Additionally, he developed and maintains WBN’s 360° Peer Review Surveys, WBN Conference Satisfaction Surveys, and sets up and manages the software application that is used at the semi-annual WBN member Conferences, as well as providing IT support for the WBN main office administration.

FRANCIE STARNES Chief Executive OfficerFrancie joined WBN in July 2015 as President and Chief Operating Officer following a 23-year career at AIG, first as a Senior Multinational Account Executive, followed by 7 years as Vice President of Global Commercial Distribution, where she managed AIG’s Independent Broker Network relationships. She also previously served as Director of Cross Selling at ALICO, working closely with AIG’s Property Casualty and Benefits Division. Appointed CEO in mid-2016, she is responsible for representing WBN in industry relations, promoting and expanding WBN membership, carrier relationships, governance, conference development and member activities.

ANTOINETTE (TONI) GAMBONINI Consultant, European OfficeIn March 2016, Toni joined WBN as European Office Consultant, based in London, where she works with WBN’s European members and the European Steering Committee on cross-border training, new business opportunities and strategic engagement with WBN’s premier sponsors. Toni previously spent 4 years with Assurex Global as Director of its Europe, Middle East and Africa Region. Before that, she was Director of Operations, Commercial & International for Barney & Barney in San Diego from 1985 to 2008 and built their International desk. Toni has also written a book on International Business Development and provides one-day courses for insurance brokers and agents.

RICHARD DUFFY Director of CommunicationsRichard joined WBN in June 2018, after 35 years of executive experience in employee benefits, general lines, and special-product insurance at leading U.S. multinational organizations. He expands WBN’s visibility through branding initiatives, among a wide variety of other opportunities to communicate the WBN value proposition. He works with key sponsors to promote their strategic engagement with WBN and provides communication tools for the WBN conferences. Richard teams with WBN members in leading the Communication Advisory Committee, onboarding new members, and developing client testimonials that speak to the value of WBN in their cross-border business.

SCHYLER TOLLMANN Administration/Office ManagementSchyler joined WBN In 2012. In addition to managing the Central Office and providing administrative support to the Management Staff, she coordinates the extensive activities involved with WBN’s primary meetings, including the semiannual Global Conferences and the midyear Board Meeting, as well as most of the communications with members, insurers and other stakeholders.

SUSAN MURPHY HUB International, Toronto, Ontario, Canada Susan is President of the Ontario region at HUB International, coming from the role of President and CEO of HUB’s Totten Insurance Group, where she was responsible for providing leadership and direction and for managing the profitability of Totten as well as its partner insurance carriers. Susan started her career in the life insurance industry with Sun Life Assurance Company before moving to property and casualty sector, holding executive leadership positions with CNA Canada, GCAN Insurance (an OTPP company) and RSA Canada. Areas of specialty include product and program development, distribution management and market relationships. In 2012, Susan moved to the broker side of the business. Susan is a graduate of Harvard Business School. She has written and contributed to many industry articles in national insurance publications.

WALID NEHME Associated Insurance Consultants, Dubai/Abu Dhabi, UAE & Cairo, Egypt; Daman Insurance Services, Riyadh, Saudi Arabia CEO of AIC, which also operates as Daman Insurance Services, Walid has held positions with both insurance companies and insurance brokerage firms, as well as memberships in the Risk & Insurance Management Society (RIMS) – USA; the International Employee Benefits Association – Belgium; and Association Internationale du Droit des Assurances (AIDA). In 1995, he was appointed by the Lebanese Ministry of Justice to a committee charged with updating the country’s Insurance Law. Fluent in French, English and Arabic, he received a diploma in Insurance from Beirut’s St-Joseph University in 1991, followed by a degree in Advanced Mathematics from Lebanese University.

MATTEO SCAGLIARINI Andrea Scagliarini SpA, Bologna, Italy Matteo is CEO of Andrea Scagliarini SpA, the brokerage founded by his uncle, Andrea. Matteo joined the firm as a director in 1999, after working as a reinsurance broker in Paris. The fourth generation of his family to pursue a career in insurance brokerage, he has been in the CEO role since 2004 and has led the firm to become a prominent broker for multinational clients in the Italian marketplace. A graduate of the University of Bologna, Matteo has been chairman of the WBN European Steering Committee and board member of the Italian Brokers Association.

STEFAN THURNHERR VZ Insurance Services, Zurich, Switzerland Stefan is a member of the Executive Board and Managing Director of VZ Insurance Services at VZ Holding AG. He has been a member of the Executive Board of the Company since 1998. He joined VZ Holding AG in 1994 and was, inter alia, Head of Insurance Advisory Services. He also serves as Chairman of the Foundation Boards of VZ Freizuegigkeitsstiftung, VZ Ammelstiftung, VZ Anlagestiftung and VZ Vorsorgestiftung 3a (VZ Vested Benefits Foundation, VZ Joint Foundation, VZ Investment Foundation and VZ Pension Foundation 3a). Stefan retired from the WBN board in October 2018 after two distinguished terms of service.

JAMES WATT | WBN BOARD CHAIRMAN EPIC Insurance Brokers, Houston, Texas, U.S. Jim Watt is Regional President - Southwest of EPIC Insurance Brokers and Consultants. He was the founder of Ascende and its CEO until its acquisition by EPIC in 2016. He provides his team the insight and guidance to develop creative solutions that anticipate emerging needs, and oversees client engagement. He has over 25 years of experience in the design, communication, administration and funding of employee benefits plans for startups to Fortune 1000s. Jim previously was a sales and marketing senior account executive at CIGNA HealthCare in Los Angeles. In October 1993, he was instrumental in engineering the development of the first market-based Health Insurance Purchasing Cooperative (HIPC).

JOE WATTS Holmes Murphy, Inc., Kansas City, Missouri, U.S.Joe was a Vice President and Leader of Holmes Murphy’s International Practice Group (HMA Worldwide) as well as a leader in the Architects and Engineers Design Professional Insurance Practice. His 25-year career has been spent developing solutions and placing coverage worldwide from Latin America to Asia, Africa, Europe and North America. His specialties include Architects and Engineers, International, Mining, Construction, Railroads - Contract Review, Risk Assessment, and Insurance Placement. In November 2018 Joe left the WBN board after accepting a risk management executive role in private industry.

WORLDWIDE BROKER NETWORK 2018 ANNUAL REVIEW

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Rank Company Revenues (bns)*

1 Marsh & McLennan $14.04

2 AON, PLC $9.97

3 Willis Towers Watson PLC $8.12

4 Worldwide Broker Network 64.5$

5 Arthur J. Gallagher & Co. $4.54

6 BB&T Insurance Holdings $1.92

7 Hub International, Ltd. $1.87

8 Jardine Lloyd Thompson $1.87

9 Brown & Brown, Inc. $1.86

10 USI Insurance Services, LLC $1.64

* Based on most recently reported revenues for insurance premiums and employee

benefits fees.

Superior Service to Clients.Unmatched Local Expertise.

Seamless Collaboration.That’s the World’s Largest

Independent Broker Network.That’s WBN.

· Local knowledge and experience in 500 offices in 100+ countries on 6 continents

· Firm quality, size and independence· Rigorous entry requirements and ongoing accountability

· Extensive cross-border collaboration· State-of-the-art information

management technology· Combined purchasing power

The Worldwide Broker Network™ of 100+ member firms provides:

WBN CHAIRMEN OF THE BOARD1989–90 Olivier Favre (France)1990–91 Eric Kiefhaber (Austria)1991–93 Alec Finch (UK)1993–94 Manfred Karle (Germany)1994–96 Douglas Smith (Scotland)1996–98 Wolfgang Koppitz (Germany)1998–02 Jaap Meijers (the Netherlands)2002–05 Jacques Verlingue (France)2005–07 Alec Finch (UK)2007–09 Gary Griffiths (U.S.)2009–10 Damien Honan (Australia)2010–12 Neil Morrison (Canada)2012–14 Florian Karle (Germany)2014–16 Markham McKnight (U.S.)2016–18 Daniel de Swaan (the Netherlands)2018–20 James Watt (U.S.)

EMPLOYEE BENEFITS STEERING COMMITTEELeAnne Stefl, WBN—Host Walid Nehme, Associated Insurance Consultants (Middle East)—Board LiaisonMichael Atta, Honan (Australia)Ed Cha, ABD (U.S.)Saira Chambers, Mattioli Woods (U.K.)Priscila Lima Conduta, Harmonia (Brazil) Nico Lacson, Lacson & Lacson (Philippines)Ana Carolina Conduta Losco, Harmonia (Brazil)Stefan Thurnherr, VZ Insurance Services, (Switzerland) Joe Watts, Holmes Murphy (U.S.) Peter Weber, Proteccion Dinamica (Mexico)Tim Witchell, Hub International (Canada)Javier Yturralde, EPIC (U.S.)

EUROPEAN STEERING COMMITTEEToni Gambonini, WBN—HostMatteo Scagliarini, Scagliarini (Italy) —Board LiaisonSaira Chambers, Mattioli Woods (UK)Alex Gilmore, Price Forbes (UK)Eva Madsen, Ensure (Denmark)Helene Paounov, Verlingue (France)Reinhard Riehl, Südvers (Germany)Dirk Van Liempt, ADD nv (Belgium)Bart Vanoorbeek, ADD nv (Belgium)Guido Verheijden, Meijers (the Netherlands)George Zafiriou, Comergon (Greece)

U.S./CANADA STEERING COMMITTEEToni Gambonini, WBN—Host Susan Murphy, HUB International (Canada) —Board LiaisonCheryl Cohen, ABD (U.S.)Olga Collins, Beecher Carlson (U.S.)Sean Jackson, IMA (U.S.)Scott McKnight, BXS Insurance (U.S.)Jamie Neumann, Hays Companies (U.S.)Kevin O’Donnell, Hylant (U.S.)Henry Shurling, EPIC (U.S.)Laura Tesoriero, Integro (U.S.)

IT STEERING COMMITTEERobert Sterngold, WBN—Host Breia Foston, EPIC (US)Lauren Golden, EPIS (US)Aurore Livet, Verlingue (France)Alan Taylor, Honan Insurance Group (Australia) Bart Vanoorbeek, ADD nv (Belgium) Vincent Verhagen, Meijers (the Netherlands)Dirk Wenning, Südvers Gruppe (Germany)

MARKETING COMMUNICATIONS STEERING COMMITTEERichard Duffy, WBN—Host Priscilla Conduta, Harmonia (Brazil) Bob Finch, AFL (U.K.)Martin Flink, Söderberg (Sweden) Sabrina Hanitz Timmins, Honan (Australia) Scott McKnight, BXS Insurance (U.S.)Jamie Neumann, Hays Companies (U.S.)Reinhard Riehl, Südvers (Germany)Leslie de Swaan, Meijers (the Netherlands) Cristina de Uriarte, Concentra (Spain)Bart Vanoorbeek, ADD nv (Belgium) Peter Weber, Proteccion Dinamica (Mexico)

YOUNG PROFESSIONALS ORGANIZING COMMITTEEJamie Neumann, Hays Companies (U.S.)—Chair Eva Madsen, Ensure (Denmark)—Board LiaisonAndrew Fluitsma, Honan Insurance Group (Australia)Warren Lai, AFL, Vice Chair (U.K.)Steve Pappas, Honan, Vice Chair (Australia)

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