Additional losses, including those relating to latent injuries and other exposures, which are as yet unrecognized, the type or magnitude of which cannot be foreseen by either the Company or the industry, may emerge in the future.
Such future emergence could have material adverse effects on the Company’s future financial condition, results of operations and cash flows.
Future Policy Benefit Reserves.
The Company wrote a limited amount of life and annuity reinsurance in its Bermuda segment.
Future policy benefit liabilities for annuities are reported at the accumulated fund balance of these contracts.
Reserves for those liabilities include mortality provisions with respect to life and annuity claims, both reported and unreported.
Actual experience in a particular period may be worse than assumed experience and, consequently, may adversely affect the Company’s operating results for that period.
See ITEM 8, “Financial Statements and Supplementary Data” - Note 1F of Notes to Consolidated Financial Statements.
Activity in the reserve for future policy benefits is summarized for the periods indicated:
## Table 0 ##
Investments.
The board of directors of each of the Company’s operating subsidiaries is responsible for establishing investment policy and guidelines and, together with senior management, for overseeing their execution.
The Company’s principal investment objectives are to ensure funds are available to meet its insurance and reinsurance obligations and to maximize after-tax investment income while maintaining a high quality diversified investment portfolio.
Considering these objectives, the Company views its investment portfolio as having two components: 1) the investments needed to satisfy outstanding liabilities (its core fixed maturities portfolio) and 2) investments funded by the Company’s shareholders’ equity.
For the portion needed to satisfy global outstanding liabilities, the Company generally invests in taxable and tax-preferenced fixed income securities with an average credit quality of Aa3.
For the U. S.  portion of this portfolio, our mix of taxable and tax-preferenced investments is adjusted periodically, consistent with the Company’s current and projected U. S.  operating results, market conditions and our tax position.
This global fixed maturity securities portfolio is externally managed by an independent, professional investment manager using portfolio guidelines approved by the Company.
Over the past several years, the Company has expanded the allocation of its investments funded by shareholders’ equity to include: 1) a greater percentage of publicly traded equity securities, 2) emerging market fixed maturities through mutual fund structures, as well as individual holdings, 3) high yield fixed maturities, 4) bank loan securities and 5) private equity limited partnership investments.
The objective of this portfolio diversification is to enhance the risk-adjusted total return of the investment portfolio by allocating a prudent portion of the portfolio to higher return asset classes, which are also less subject to changes in value with movements in interest rates.
The Company limits its allocation to these asset classes because of 1) the potential for volatility in their values and 2) the impact of these investments on regulatory and rating agency capital adequacy models.
The Company uses investment managers experienced in these markets and adjusts its allocation to these investments based upon market conditions.
At December 31, 2013, the market value of investments in these investment market sectors, carried at both market and fair value, approximated 62% of shareholders’ equity.
Incurred Losses and LAE.
The following table presents the incurred losses and LAE for the International segment for the periods indicated.
## Table 1 ##
Incurred losses and LAE increased by 15.2% to $675.4 million in 2013 compared to $586.3 million in 2012, representing 4.1 loss ratio points.
Current year catastrophe losses were $104.4 million in 2013, due to the Canadian floods ($75.2 million) and Typhoon Fitow ($29.2 million).
The current year catastrophe losses of $16.6 million in 2012 related primarily to Superstorm Sandy ($16.5 million).
The current year attritional losses increased by $42.6 million primarily due to the increase in premiums earned as the current year attritional loss ratio was relatively flat period over period.
Incurred losses and LAE decreased by 57.3% to $586.3 million in 2012 compared to $1,372.3 million in 2011, representing 62.0 loss ratio points.
The decrease was principally due to an $828.7 million (66.5 points) decrease in current year catastrophe losses for 2012 (outlined above) compared to 2011.
The $845.3 million of 2011 current year catastrophes related primarily to the Japanese earthquake and tsunami ($372.3 million), the 2011 Thailand floods ($180.0 million), the 2011 New Zealand earthquake ($177.0 million) and the 2011 Australian floods ($47.1 million).
Current years’ attritional losses decreased by $51.3 million (3.0 points) due to rate increases in the Asian markets, particularly for catastrophe-exposed risks and a shift in the mix of business towards property catastrophe and excess of loss business, which generally have lower loss ratios.
Segment Expenses.
Commission and brokerage decreased 1.4% to $295.9 million in 2013 compared to $300.1 million in 2012.
This decrease was primarily due to the shift in the mix of business towards property catastrophe and excess of loss business, which have lower commission rates, partially offset by the impact of the increase in premiums earned.
Segment other underwriting expenses increased to $33.9 million in 2013 compared to $29.3 million in 2012.
These increases relate to higher compensation expenses.
Commission and brokerage decreased 3.5% to $300.1 million in 2012 compared to $311.0 million in 2011.
This is consistent with the reduction in earned premium and a shift in the mix of business towards property catastrophe and excess of loss business which have lower commission rates.
Segment other underwriting expenses increased to $29.3 million in 2012 compared to $27.3 million for the same period in 2011.
The increase relates to higher personnel benefit costs
During the fixed rate interest period from May 3, 2007 through May 14, 2017, interest will be at the annual rate of 6.6%, payable semi-annually in arrears on November 15 and May 15 of each year, commencing on November 15, 2007, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.
During the floating rate interest period from May 15, 2017 through maturity, interest will be based on the 3 month LIBOR plus 238.5 basis points, reset quarterly, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, subject to Holdings’ right to defer interest on one or more occasions for up to ten consecutive years.
Deferred interest will accumulate interest at the applicable rate compounded semi-annually for periods prior to May 15, 2017, and compounded quarterly for periods from and including May 15, 2017.
Holdings can redeem the long term subordinated notes prior to May 15, 2017, in whole but not in part at the applicable redemption price, which will equal the greater of (a) 100% of the principal amount being redeemed and (b) the present value of the principal payment on May 15, 2017 and scheduled payments of interest that would have accrued from the redemption date to May 15, 2017 on the long term subordinated notes being redeemed, discounted to the redemption date on a semi-annual basis at a discount rate equal to the treasury rate plus an applicable spread of either 0.25% or 0.50%, in each case plus accrued and unpaid interest.
Holdings may redeem the long term subordinated notes on or after May 15, 2017, in whole or in part at 100% of the principal amount plus accrued and unpaid interest; however, redemption on or after the scheduled maturity date and prior to May 1, 2047 is subject to a replacement capital covenant.
This covenant is for the benefit of certain senior note holders and it mandates that Holdings receive proceeds from the sale of another subordinated debt issue, of at least similar size, before it may redeem the subordinated notes.
Effective upon the maturity of the Company’s 5.40% senior notes on October 15, 2014, the Company’s 4.868% senior notes, due on June 1, 2044, have become the Company’s long term indebtedness that ranks senior to the long term subordinated notes.
On March 19, 2009, Group announced the commencement of a cash tender offer for any and all of the 6.60% fixed to floating rate long term subordinated notes.
Upon expiration of the tender offer, the Company had reduced its outstanding debt by $161,441 thousand.
Interest expense incurred in connection with these long term subordinated notes is as follows for the periods indicated:
## Table 2 ##
8.
COLLATERALIZED REINSURANCE AND TRUST AGREEMENTS Certain subsidiaries of Group have established trust agreements, which effectively use the Company’s investments as collateral, as security for assumed losses payable to certain non-affiliated ceding companies.
At December 31, 2016, the total amount on deposit in trust accounts was $466,029 thousand.
The Company reinsures some of its catastrophe exposures with the segregated accounts of Mt.
Logan Re.
Mt.
Logan Re is a Class 3 insurer registered in Bermuda effective February 27, 2013 under The Segregated Accounts Companies Act 2000 and 100% of the voting common shares are owned by Group.
Separate segregated accounts for Mt.
Logan Re began being established effective July 1, 2013 and non-voting, redeemable preferred shares have been issued to capitalize the segregated accounts.
Each segregated account invests predominately in a diversified set of catastrophe exposures, diversified by risk/peril and across different geographic regions globally.

<table><tr><td></td><td colspan="3">At December 31,</td></tr><tr><td>(Dollars in millions)</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Balance at beginning of year</td><td>$66.1</td><td>$67.2</td><td>$63.0</td></tr><tr><td>Liabilities assumed</td><td>0.1</td><td>0.1</td><td>0.2</td></tr><tr><td>Adjustments to reserves</td><td>-3.1</td><td>2.4</td><td>8.4</td></tr><tr><td>Benefits paid in the current year</td><td>-3.6</td><td>-3.6</td><td>-4.4</td></tr><tr><td>Balance at end of year</td><td>$59.5</td><td>$66.1</td><td>$67.2</td></tr><tr><td>(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="8">Years Ended December 31,</td><td></td></tr><tr><td>(Dollars in millions)</td><td>Current Year</td><td colspan="2">Ratio %/ Pt Change</td><td>Prior Years</td><td colspan="2">Ratio %/ Pt Change</td><td>Total Incurred</td><td colspan="2">Ratio %/ Pt Change</td></tr><tr><td>2013</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$631.6</td><td>49.0%</td><td></td><td>$-57.3</td><td>-4.4%</td><td></td><td>$574.3</td><td>44.6%</td><td></td></tr><tr><td>Catastrophes</td><td>104.4</td><td>8.1%</td><td></td><td>-3.3</td><td>-0.3%</td><td></td><td>101.1</td><td>7.8%</td><td></td></tr><tr><td>Total segment</td><td>$736.0</td><td>57.1%</td><td></td><td>$-60.6</td><td>-4.7%</td><td></td><td>$675.4</td><td>52.4%</td><td></td></tr><tr><td>2012</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$589.0</td><td>48.5%</td><td></td><td>$-12.2</td><td>-1.0%</td><td></td><td>$576.8</td><td>47.5%</td><td></td></tr><tr><td>Catastrophes</td><td>16.6</td><td>1.4%</td><td></td><td>-7.1</td><td>-0.6%</td><td></td><td>9.5</td><td>0.8%</td><td></td></tr><tr><td>Total segment</td><td>$605.6</td><td>49.9%</td><td></td><td>$-19.3</td><td>-1.6%</td><td></td><td>$586.3</td><td>48.3%</td><td></td></tr><tr><td>2011</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$640.3</td><td>51.5%</td><td></td><td>$-108.2</td><td>-8.7%</td><td></td><td>$532.1</td><td>42.8%</td><td></td></tr><tr><td>Catastrophes</td><td>845.3</td><td>67.9%</td><td></td><td>-5.1</td><td>-0.4%</td><td></td><td>840.2</td><td>67.5%</td><td></td></tr><tr><td>Total segment</td><td>$1,485.6</td><td>119.4%</td><td></td><td>$-113.3</td><td>-9.1%</td><td></td><td>$1,372.3</td><td>110.3%</td><td></td></tr><tr><td>Variance 2013/2012</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$42.6</td><td>0.5</td><td>pts</td><td>$-45.1</td><td>-3.4</td><td>pts</td><td>$-2.5</td><td>-2.9</td><td>pts</td></tr><tr><td>Catastrophes</td><td>87.8</td><td>6.7</td><td>pts</td><td>3.8</td><td>0.3</td><td>pts</td><td>91.6</td><td>7.0</td><td>pts</td></tr><tr><td>Total segment</td><td>$130.4</td><td>7.2</td><td>pts</td><td>$-41.3</td><td>-3.1</td><td>pts</td><td>$89.0</td><td>4.1</td><td>pts</td></tr><tr><td>Variance 2012/2011</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Attritional</td><td>$-51.3</td><td>-3.0</td><td>pts</td><td>$96.0</td><td>7.7</td><td>pts</td><td>$44.7</td><td>4.7</td><td>pts</td></tr><tr><td>Catastrophes</td><td>-828.7</td><td>-66.5</td><td>pts</td><td>-2.0</td><td>-0.2</td><td>pts</td><td>-830.7</td><td>-66.7</td><td>pts</td></tr><tr><td>Total segment</td><td>$-880.0</td><td>-69.5</td><td>pts</td><td>$94.0</td><td>7.5</td><td>pts</td><td>$-786.0</td><td>-62.0</td><td>pts</td></tr><tr><td colspan="2">(Some amounts may not reconcile due to rounding.)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td>Years Ended December 31,</td></tr><tr><td>(Dollars in thousands)</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Interest expense incurred</td><td>$15,749</td><td>$15,749</td><td>$15,749</td></tr></table>

Question: As As the chart 1 shows,which Year(Ended December 31,which Year) is the value for Attritional for Total Incurred the lowest?
Answer: 2011