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lld:.. -19' ul;:'dUwl id ty L;IWUFFICES <br />STATEMENT OF ACTUARIAL OPINION <br />Annual Statement of the Frontier Insurance Company <br />For the Year Ended December 31.2000 <br />Page 5 of 5 <br />VAAIABILITY <br />P. O1' <br />In evaluating whether the reserves make a reasonable provision for unpaid losses <br />and loss expenses, it is necessary to project future loss and loss adjustment expense <br />payments. Actual future losses and loss adjustment expenses will not develop <br />exactly as projected and may, in fact, vary significantly from the projections. <br />Further, my projections make no provision for extraordinary future emergence of <br />new classes of losses or types of losses not sufficiently represented in FIC's historical <br />database or which are not yet quantifiable. <br />My opinion on the loss and loss adjustment expense reserves implicitly assumes that <br />the Company remains operational. If the Company ceases to be operational, <br />reserves may be affected in ways that cannot be determined at this time. <br />An actuarial report, including underlying workpapers supporting the findings <br />expressed in this statement of actuarial opinion, will be provided to FIC and available <br />for regulatory examination. <br />This statement of opinion is solely for the use of, and only to be relied upon by, FIC <br />and the New York Insurance Department, <br />Date: March 15, 2001 U~ ~ ~/iG"v"f~ <br />Ollie L. Sherman, Jr., FCAS, MAAA <br />Tillinghast-Towers Perrin <br />2107 Wilson Boulevard, Suite 500 <br />Arlington, VA 22201-3062 <br />(703)351-4870 <br />r:u:r~h~r- <br />Towersl'trrin <br />