<SEC-DOCUMENT>0001193125-19-144226.txt : 20190716
<SEC-HEADER>0001193125-19-144226.hdr.sgml : 20190716
<ACCEPTANCE-DATETIME>20190510160455
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-144226
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chubb Ltd
		CENTRAL INDEX KEY:			0000896159
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41 0 43 456 7600

	MAIL ADDRESS:	
		STREET 1:		BARENGASSE 32
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHUBB Ltd
		DATE OF NAME CHANGE:	20160115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE Ltd
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACE LTD
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chubb Limited</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B&auml;rengasse 32</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">CH-8001</FONT> Zurich</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Switzerland</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">chubb.com</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; text-indent:4.00em; font-size:10pt; font-family:Times New Roman">@Chubb</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May&nbsp;10, 2019</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g738590001.jpg" ALT="LOGO">
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Jim B.
Rosenberg</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief Accountant</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Office of Healthcare and Insurance</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">USA</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>Re:&#8201;&#8201;Chubb Limited</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2018</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;28, 2019</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">8-K</FONT> dated February&nbsp;5, 2019</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;5, 2019</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-11778</FONT></B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Rosenberg,</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your letter dated April&nbsp;29, 2019, setting forth comments of the
staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) on the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2018
(the &#147;Form <FONT STYLE="white-space:nowrap">10-K&#148;),</FONT> and the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on February&nbsp;5, 2019 (the &#147;Form <FONT STYLE="white-space:nowrap">8-K&#148;),</FONT> of Chubb Limited (the
&#147;Company&#148;, &#147;we&#148; or &#147;our&#148;).</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have considered the
Staff&#146;s comments on the Form <FONT STYLE="white-space:nowrap">10-K</FONT> and the Form <FONT STYLE="white-space:nowrap">8-K</FONT> carefully. Our written responses are set forth below. To facilitate the Staff&#146;s review, the responses set
forth below correspond to the paragraphs of your letter (set forth in <B>bold</B> type).</P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2018</U></B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>6. Unpaid losses and loss expenses</U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>c) Loss
Development Tables, page <FONT STYLE="white-space:nowrap">F-47</FONT></U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman"><B>1.&#8195;&#8201;Please represent to us that in future filings you will include &#147;reported claims&#148; as a
column within the &#147;Net Incurred Loss and Allocated Loss Adjustment Expenses&#148; tables rather than within the &#147;Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses&#148; tables. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">944-40-50-4D</FONT></FONT></FONT> and ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">944-40-55-9E.</FONT></FONT></FONT></B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">We confirm and represent to you that, beginning with the Company&#146;s Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2019, we will revise our disclosure to address the Staff&#146;s comment and include &#147;Reported Claims&#148; as a column within the &#147;Net Incurred Loss and
Allocated Loss Adjustment Expenses&#148; tables rather than within the &#147;Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses&#148; tables.</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> dated February&nbsp;5, 2019 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit 99.2 </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Regulation <FONT
STYLE="white-space:nowrap">G&#151;Non-GAAP</FONT> Financial Measures </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Core Operating Income measures, page 33 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We refer to your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Core operating income
excluding catastrophe losses&#148; and as further adjusted to exclude prior period development as well as your rationale discussed on page 31 for presenting these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures. While we note that you
generally define loss events as catastrophic if they cause damage of $25&nbsp;million or more and affect a certain number of insureds (consistent with the definition of the Property Claims Service), it appears that the nature of these losses are
integral to your operating results. Please tell us how you considered Question 100.01 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. Further, by excluding prior year development expenses recognized
in the current period, it appears that you may be substituting individually tailored recognition and measurement methods for those of GAAP. Please tell us how you considered Question 100.04 of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT>
Compliance and Disclosure Interpretations. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge and considered Questions 100.01 and 100.04 of the <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations, as well as Regulation G Rule 100 (specifically, subsection (b)) to which such Questions relate. For the reasons discussed in this response, we respectfully assert
that our use of &#147;Core operating income excluding catastrophe losses,&#148; including as further adjusted to exclude prior period development, do not create misleading disclosure as contemplated and prohibited by Rule 100(b). Rather, these core
operating income measures provide greater clarity around the results of our insurance operations as a whole for the period(s) presented by excluding distortions created by the unpredictability and volatility of both catastrophe losses and prior
period development. Chubb management utilizes these metrics to evaluate our performance and believes providing them to the investor community enhances transparency in understanding how we manage our business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chubb is the world&#146;s largest publicly traded property and casualty insurance company by market capitalization, and the diversity, balance and breadth of
products and services we offer make our business (and financial results) highly complex. We have one of the largest product portfolios in the industry. Catastrophe losses, while important to Chubb&#146;s results, only relate to a portion of our
business &#150; commercial and personal property and reinsurance. We also offer, among other things, a wide variety of casualty, surety and financial lines products, accident and supplemental health insurance, and life insurance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Catastrophe losses in a given period can obscure the underlying performance of these other very important businesses for which the primary exposure is not
natural catastrophe losses. Large catastrophes are typically known, public events, whereas factors that influence our <FONT STYLE="white-space:nowrap">non-catastrophe-affected</FONT> businesses are often less obvious. Catastrophes are also
unpredictable and in accordance with actuarial and accounting rules cannot be reserved for in advance of an occurrence. For all these reasons, disclosure of core operating income without catastrophes helps a reader more easily identify trends and
assess the underlying performance of these businesses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Similarly, prior period development relates to business from different periods and is by its
nature unpredictable and subject to significant volatility. Our management assesses our current underwriting performance exclusive of unexpected loss developments on historical reserves, which can be either income or expense. Analysts and others who
follow the insurance industry are also interested in &#147;current accident year&#148; results and ratios to understand current business and trends. Providing a core operating income metric that excludes prior period development facilitates this
review of current accident year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Core operating income excluding catastrophe losses, and as further adjusted for prior period development, are not
intended to supplant net income or core operating income or their significance in evaluating our results on an absolute basis and relative to our competitors; it is merely to supplement readers with <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">easy-to-understand</FONT></FONT> metrics to better assess Chubb, in line with how our management evaluates our business. We believe these additional metrics (i)&nbsp;enable us to be more transparent with respect to key
businesses over discrete reporting periods; (ii)&nbsp;augment disclosure in a way that does not mislead the reader; and (iii)&nbsp;does not (alone or taken together with the entirety of disclosures) constitute an untrue statement of a material fact
or omit to state a material fact necessary in order to make the presentation not misleading. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We refer to your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure &#147;Core operating income with
expected level of catastrophe losses&#148; which excludes catastrophe losses above or below management&#146;s view of typical catastrophe losses for that period. The adjustment is intended to present a performance measure with normalized catastrophe
activity. By excluding a portion of the losses incurred, it appears that you have substituted individually tailored recognition and measurement methods for those of GAAP. Please tell us how you considered Question 100.04 of the <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations. </B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge and considered Question 100.04
of the <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Compliance and Disclosure Interpretations, as well as Regulation G Rule 100 (specifically, subsection (b)) to which such Question relates. For the reasons discussed in this response, we believe
our use of &#147;Core operating income with expected level of catastrophe losses&#148; does not create misleading disclosure as contemplated in Question 100.04 and prohibited by Rule 100(b). Rather, the disclosure presents information of interest to
the investor community. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As stated above, catastrophes cannot be reserved for in advance of an occurrence. The investor community often seeks to
understand how insurance companies incorporate catastrophe risk and potential losses into their product pricing and into their financial plans. We believe our disclosure of core operating income with an expected level of catastrophe losses helps
investors make estimates and form opinions with respect to business and profitability for future periods. We have been informed by the investor community there is value in this disclosure for that reason. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As compared to core operating income excluding catastrophe losses (described in response #2 above) which removes all catastrophe losses, this metric retains
an expected level of catastrophe losses in the calculation. We believe presenting our expected level of catastrophes in an easily understandable and distinguishable <FONT STYLE="white-space:nowrap">non-GAAP</FONT> metric is useful and valuable to
investors to understand what our results would be if losses were consistent with what we considered in pricing our products and formulating our business plans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The use of the core operating income with an expected level of catastrophes metric is not intended to be an individually tailored measurement of a financial
statement line item to improve GAAP income disclosure. Rather, it is a means to provide as clearly as possible information that we firmly believe is desired by and valuable to the investor community. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We would like to express our
appreciation for your thoughtful comments and are available to discuss any of our responses with you at your earliest convenience. Please do not hesitate to contact the undersigned at <FONT STYLE="white-space:nowrap">(441)&nbsp;295-5200.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Philip V.
Bancroft&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Philip V. Bancroft </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc:&nbsp;&nbsp;&nbsp;&nbsp;Christine A.
Torney &#150; Division of Corporation Finance, Office of Healthcare&nbsp;&amp; Insurance </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g738590001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g738590001.jpg
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M Q$!_\0 ?@   P " P              " D*! <%!@L! 0
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<J8+S5:<\H#8GR*K(G2[C5B@5>\J:1@KUV#__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
