Beech Underwriting - Fair Value Assessments Feb 2023

Beech Underwriting Agencies Ltd Target Market and Product Fair Value Statements The purpose of this document is to explain the identified target market and the expected distribution strategy for each Commercial Lines Insurance product co-manufactured by Beech Underwriting Agencies Ltd. It also outlines our approach to Product Oversight and Governance to demonstrate how we design, monitor and review our products to ensure they continue to provide fair value and meet the needs, characteristics and objectives of the target market including vulnerable customers. Product Oversight and Governance Beech Underwriting Agencies Product Governance Policy sets out the standards that Beech Underwriting is required to implement to ensure the achievement of fair value and good customer outcomes by having robust product oversight and governance arrangements, systems, policies and procedures in place, which encourage a business culture with customers’ interests at its core. As Co-Manufacturers we identify and assess our target markets at an appropriate level, based on the nature and complexity of our products. As Co-Manufacturers we undertake appropriate testing of our new products before launch, to make sure they meet our customers’ needs and provide fair value. The design and performance of all our new, existing and legacy products are subject to regular assessment and review to ensure products provide fair value and that there is a continuing customer-centric focus, achieving good customer outcomes. The features, nature and complexity of our products are carefully matched to our intended distribution channels to ensure they reach our identified target market. The above requirements are in place to ensure that all Beech Underwriting customers receive fair value and that good customer outcomes are delivered in line with Beech’s defined customer outcome statements. Target Market Statements Target Market Statements provide information about all of the Beech Underwriting products distributed. This includes: The main features and optional covers associated with our products. Who our products are designed for and who they are not designed for. How our products should be distributed. How to ensure that our product provides fair value to customers as intended, including policy fees. The Insurance products and services we provide for both Commercial & Consumer customers are as follows: Residential Terrorism Commercial Terrorism Residential & Commercial European Terrorism SME Package Property Owners Unoccupied Property Owners