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www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE24.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.??GlobalResearch16February2018Property&CasualtyandLifeInsuranceKeyQuestionsKeyquestionsandfocalpointsforP&CInsurancefirmsThisquarterlyreportprovidesthekeyquestionsandfocalpointsforthefirmsinourcoverageuniverse.Thedocumentisorganizedbysub-sectorandincludesquestionsforthefollowingcompanies:ACGL,AGO,AHL,AIG,ALL,AON,AXS,CB,GLRE,HIG,IFC-CA,JRVR,MMC,RE,RNR,TRV,WRB,WLTW,andXL.EquitiesNorthAmericaInsurance,Property&Cas