The Financial Condition Report (FCR) provides an overview of an insurance company’s financial condition including business performance, governance structure, risk profile, solvency valuation and capital management process. On June 30, 2017, PartnerRe, along with two of its Bermuda subsidiaries, submitted their first required FCRs for the year ended December 31, 2016 to the Group’s regulator, the Bermuda Monetary Authority. The FCR includes, among other disclosures, each Company’s required and available statutory capital. PartnerRe uses the standard Bermuda Solvency Capital Requirement (BSCR) model to assess the Enhanced Capital Requirement (ECR), the required statutory capital and surplus. Effective January 1, 2016, Bermuda was deemed Solvency II equivalent under the European Union’s (EU) Solvency II initiative.