UW Submission Dashboard — The Cheesecake Factory Incorporated

The Cheesecake Factory Incorporated

NASDAQ: CAKE · Broker: Marsh Specialty (London), Lloyd's Broker 1149 · Proposed lead approach: Hiscox Syndicate 33

QUOTE — WITH CONDITIONS

Subject to RMS v23.0 cat model output, audited financials, and CA earthquake concentration review pre-bind.

Appetite composite score: 72 / 100

Total Insured Value

$707.9M

20 locations · SOV dated 1 Apr 2026

Limit Requested (This Layer)

$75M xs $0

Primary $25M + 1st Excess $50M

Master Programme Limit

$250M

4-layer tower, per occurrence

Indicated Premium (100%)

$4.50M

Rate on line (combined): 6.00%

Market Context

Target 15–25%

Also shared: Beazley 0623/2623, AXIS 1686

Appetite

Restaurant/F&B fits firming London appetite

Cat Exposure

5 Tier-1 wind locs; CA EQ = 25% of TIV

Loss History

$11.67M / 5yr, declining trend since 22/23

Data Quality

Cat model & financials referenced, not attached

The InsuredPanel 02

Legal NameThe Cheesecake Factory Inc.

ListingNASDAQ: CAKE (SmallCap 600)

DomicileDelaware · HQ Calabasas Hills, CA

Founded1972 (bakery) / 1978 (restaurant)

FY2024 Revenue$3,581.4M

FY2024 Net Income$156.8M

FY2024 Operating Margin4.98%

Employees~47,500

AuditorPricewaterhouseCoopers LLP

Public Credit RatingNone assigned (S&P/Moody's/Fitch)

Operations370 restaurants · 2 bakeries + 1 COC

Sources: Insured Information Pack; Form 10-K FY2024 94%

The SlipPanel 03

UMRB0507MSPRP26C4147

Period1 Jul 2026 – 1 Jul 2027

This Layer$75M xs $0 (Primary+1stXS)

AOP Deductible$250,000

Named Wind (Tier 1)2% TIV, min $250k, max $2M

CA Earthquake5% TIV, min $500k

WordingMarsh USA Manuscript MUS-PROP-MS-2025

Key sub-limits include Flood High-Hazard $25M, CA Earth Movement $50M, Course of Construction (Charlestown) $35M and Newly Acquired Locations $50M; the balance of ~20 operational sub-limits (E&O, transit, fine arts, EDP, debris removal, etc.) sit in the $2.5M–$10M range.

Comm. DiseaseExcludedLMA5394 — absolute exclusion.

NCBRExcludedLMA5401 / NMA1622.

CyberLimitedLMA5400 excl., property damage carved back LMA5403.

SanctionsExcludedLMA3100 sanctions limitation applies.

Source: MRC Slip v3, dated 14 May 2026 96%

Broker NarrativePanel 04

Broker / Producer

Marsh Specialty (London)

James Pemberton, SVP · Producing: Caroline Mitchell (Marsh USA, NY)

Placement Strategy

Primary + 1st Excess ($75M xs $0) tested in London for the first time; incumbent Zurich NA 2023–26. 2nd/3rd Excess marketed separately in the US (AIG, FM Global anticipated).

Other Markets Approached

Non-exclusive: Beazley (Syndicate 0623/2623), AXIS Managing Agency (Syndicate 1686). Hiscox remains lead approach.

Target Timeline

Firm order: 5 Jun 2026 · UW meeting w/c 8 Jun 2026 · Binding: 24 Jun 2026

Source: Broker Submission Email, 14 May 2026 92%

COPE AnalysisPanel 05

Construction

65% Class 4

13 Masonry NC · 4 Fire-Resistive · 3 Modified FR

Protection — Bakeries

3 / 3 ESFR

FM Global HPR, VESDA, 24/7 monitored

Protection — Restaurants

17 / 17 Wet

UL300 hood suppression, central station

Engineering Currency

< 18 mo

FM Global surveys Oct-24 & Mar-25

Both operational bakeries are FM Global-rated Highly Protected Risks with full ESFR sprinkler, VESDA early detection and 24/7 manned security; Charlestown (under construction) is being built to the same HPR standard from inception. The restaurant estate is predominantly Class 4 masonry non-combustible construction with full wet sprinkler and UL 300 kitchen suppression, operating under a documented group-wide Loss Prevention & Safety Programme.

Top Locations by TIV	Construction	Roof	Sprinkler	TIV ($M)
Rocky Mount Bakery, NC	Class 4 Masonry NC	Single-ply TPO (6yr)	ESFR + dry (freezers)	152.0
Calabasas Bakery & HQ, CA	Class 4 Masonry NC	Built-up mod. bitumen (7yr)	ESFR (full)	138.0
Charlestown Bakery (COC), IN	Class 5 Modified FR	Single-ply TPO (1yr)	ESFR (commissioned)	36.5
Royal Hawaiian Center, HI	Class 5 Modified FR	Concrete (mall)	Full wet	29.1
Columbus Circle, NYC	Class 6 Fire Resistive	Concrete high-rise	Full wet	27.1

Source: Statement of Values v3, 1 Apr 2026 (20 locations) 97%

TIV CompositionPanel 06

Buildings$154.0M

BPP / Contents$161.9M

Tenant Improvements$110.2M

BI / Extra Expense$281.8M

Time Element exposure (BI/EE) is the single largest component at 39.8% of TIV, reflecting the 24-month bakery indemnity period and high-AUV restaurant estate; no coinsurance applies to Buildings or BPP.

Source: SOV Grand Total; MRC Slip TIV block 99%

Geographic FootprintPanel 07 — 20 locations, 15 states + DC

Tier 1 Wind

5 locs

FL(2)·NC·TX·HI

Tier 2 Wind / SCS

5 locs

TX·CO·MA·DC·IN

EQ Zone 4 (CA-high)

3 locs

$178.5M · 25% of TIV

EQ Zone 3 (mod-high)

3 locs

WA · HI · NV

FEMA Flood Zone AE

3 locs

FL(2) · HI

Within 5mi of Coast

7 locs

Per SOV distance-to-coast field

California

$178.5M

North Carolina

$152.0M

Texas

$45.5M

Florida

$44.9M

Indiana (COC)

$36.5M

Arizona

$33.5M

Hawaii

$29.1M

Others (7 states+DC)

$187.9M

Loc #	Property	City, State	Occupancy	Wind Tier	EQ Zone	Flood Zone	TIV ($M)
1	Calabasas Bakery & Corporate HQ	Calabasas Hills, CA	Bakery/Office	Tier 4 (low)	Zone 4 (high)	X (minimal)	138.0
2	Rocky Mount Bakery & Distribution	Rocky Mount, NC	Bakery/Distribution	Tier 1 (severe)	Zone 1 (low)	X (minimal)	152.0
3	Charlestown Bakery (Under Construction)	Charlestown, IN	Bakery (COC)	Tier 3 (moderate)	Zone 2 (New Madrid mod.)	X (minimal)	36.5
4	Beverly Hills (Flagship)	Beverly Hills, CA	Restaurant	Tier 4 (low)	Zone 4 (high)	X (minimal)	19.5
5	Forum Shops at Caesars	Las Vegas, NV	Restaurant (mall)	Tier 4 (low)	Zone 3 (moderate)	X (minimal)	26.7
6	Shops at Columbus Circle	New York, NY	Restaurant (high-rise)	Tier 2 (moderate)	Zone 1 (low)	X (elevated)	27.1
7	Aventura Mall	Aventura, FL	Restaurant (mall)	Tier 1 (severe)	Zone 1 (low)	AE	23.3
8	The Galleria Houston	Houston, TX	Restaurant (mall)	Tier 1 (severe)	Zone 1 (low)	X (minimal)	23.2
9	Macy's Union Square	San Francisco, CA	Restaurant	Tier 4 (low)	Zone 4 (very high)	X (minimal)	21.0
10	John Hancock Center	Chicago, IL	Restaurant (high-rise)	Tier 3 (moderate)	Zone 1 (low)	X (minimal)	25.5
11	Perimeter Mall	Dunwoody, GA	Restaurant (mall)	Tier 3 (moderate)	Zone 1 (low)	X (minimal)	21.1
12	Friendship Heights	Washington, DC	Restaurant	Tier 2 (moderate)	Zone 1 (low)	X (minimal)	22.0
13	Prudential Center	Boston, MA	Restaurant (mall)	Tier 2 (moderate)	Zone 1 (low)	X (minimal)	23.0
14	Bellevue Square	Bellevue, WA	Restaurant (mall)	Tier 4 (low)	Zone 3 (mod-high)	X (minimal)	21.8
15	Fashion Square Scottsdale	Scottsdale, AZ	Restaurant (mall)	Tier 4 (low)	Zone 1 (low)	X (minimal)	20.3
16	International Plaza Tampa	Tampa, FL	Restaurant (mall)	Tier 1 (severe)	Zone 1 (low)	AE	21.6
17	NorthPark Center	Dallas, TX	Restaurant (mall)	Tier 2 (SCS-hail)	Zone 1 (low)	X (minimal)	22.3
18	Cherry Creek Shopping Center	Denver, CO	Restaurant (mall)	Tier 2 (SCS-hail)	Zone 2 (moderate)	X (minimal)	20.7
19	Royal Hawaiian Center	Honolulu, HI	Restaurant (mall)	Tier 1 (Pacific cyclone)	Zone 3 (mod-high)	AE (tsunami zone)	29.1
20	North Italia & Fox Restaurant Concepts HQ	Scottsdale, AZ	Office/Test Kitchen	Tier 4 (low)	Zone 1 (low)	X (minimal)	13.2
GRAND TOTAL — 20 locations							707.9

Source: Statement of Values v3, 1 Apr 2026; Summary by State tab. Geocoding: address-level only — lat/lng not derived in this bundle. 96%

Loss History · Burn AnalysisPanel 08 — 5yr / 29 claims

Avg Losses / Yr

$2.33M

$11.67M incurred ÷ 5 yrs

Avg Claims / Yr

5.8

29 claims ÷ 5 yrs

Avg Size of Loss

$402K

$11.67M ÷ 29 claims

Open Claims

$503K combined reserve

Incurred Trend

↘ −30%

Peak 22/23 → 25/26, YoY decline

Recoveries

$625K

5.4% of gross incurred recovered

Largest Single Loss

$1.72M

Hurricane Ian, Tampa (FY22/23)

Carrier Continuity

2 carriers / 5yr

FM Global (21-23) → Zurich NA (23-present)

Incurred Losses & Claim Count by Policy Year

$2.29M6 claims2021/22

$3.44M7 claims2022/23

$2.52M6 claims2023/24

$1.81M5 claims2024/25

$1.61M5 claims (2 open)2025/26

Incurred by Cause of Loss (5yr, $11.67M total)

Named Storm

32.9% · $3.84M

Water Damage

26.8% · $3.12M

Equip. Breakdown

24.2% · $2.82M

Fire

9.6% · $1.12M

Wind / Hail

3.8% · $438K

Earthquake

1.6% · $187K

Source: 5-Year Loss History, 1 Apr 2026 (Loss Detail, Summary by Year, Summary by Cause tabs) 98%

Pricing & Technical ViewPanel 09

Primary $25M xs $011.4% ROL

Premium

$2.85M

Limit

$25M

Attach

% of Total Prem.

63.3%

Loss-Layer Fit

Data-rich

Primary layer absorbs the bulk of attritional frequency (water damage, equipment breakdown, fire) seen in the 5yr loss run — best-supported layer for technical pricing.

1st Excess $50M xs $25M3.3% ROL

Premium

$1.65M

Limit

$50M

Attach

$25M

% of Total Prem.

36.7%

Loss-Layer Fit

Cat-dependent

No claim in the 5yr history penetrates above $25M; pricing here rests principally on the (not-yet-provided) RMS v23.0 AAL/PML output rather than the experience rate.

Combined Tower (This Contract)6.00% ROL

Premium

$4.50M

Limit

$75M

Rate / $100 TIV

$0.0636

Brokerage

12.5%

Net of Brokerage

$3.94M

Premium Basis

Flat annual premium, single instalment, 60 days from inception. No adjustment/deposit mechanism. FET 4% applies to non-US (re)insurers. Rate figures as stated verbatim in MRC — not independently recalculated.

Source: MRC Slip — Premium & Rating section 81%

Data QualityPanel 10 — honest audit of submission completeness

SOV Completeness

100% (20/20)

Geocode Match

Address-level only

Engineering Surveys

Current (<18mo)

Loss History

5 yrs provided

Financial Statements

Referenced, not attached

Cat Model Output

Referenced, not provided

MEDIUM

Solid on values & loss experience, thin on modelled risk

SOV, loss run and engineering survey dates are complete and current. RMS v23.0 cat model output and audited FY24/25 financial statements are referenced in the slip's Information section but were not included in this bundle.

HIGH

Outstanding items required before bind

RMS v23.0 AAL/PML output; FY2024/25 10-K & 10-Q; confirmed slip leader & signed lines; lat/lng geocoding for mapping/accumulation tools.

REVIEW

CA earthquake concentration flagged

3 locations in EQ Zone 4 (Calabasas Bakery, Beverly Hills, San Francisco) total $178.5M — 25.2% of TIV — the single largest concentration item in the submission.

Cross-panel audit of Panels 02–09 83%

Appetite Rule CheckPanel 11 — composite score 72/100

Class of businessRestaurant & bakery productionPASS

Risk domicileUSA, non-admitted (CA surplus lines)PASS

Financial strengthInvestment-grade profile; no public ratingREFER

Tier 1 named windstorm count5 locations (threshold ≤5)PASS

CA earthquake TIV concentration25.2% of TIV (threshold <20%)REFER

Single-location TIV$152.0M max (Rocky Mount)PASS

Open claims count2 open, $503K reservedPASS

5yr loss ratio (indicative)Cannot assess — annual premium history not itemisedREFER

Engineering survey currencyOct-24 / Mar-25 (threshold <24mo)PASS

Cat model output on fileRMS v23.0 referenced, not providedREFER

Communicable disease exclusionLMA5394 presentPASS

NCBR exclusionLMA5401 / NMA1622 presentPASS

Sanctions clauseLMA3100 presentPASS

9 Pass · 4 Refer · 0 Fail — unassessable rules reduce composite score 80%

Recommended ActionsPanel 12

HIGH

Obtain RMS v23.0 AAL / PML output

Referenced as a separate attachment in the slip's Information section but not received — required to price the 1st Excess layer on a modelled, not purely experience, basis.

HIGH

Confirm slip leader & firm order terms

Target firm order date 5 Jun 2026; slip leader currently "to be confirmed" across Hiscox/Beazley/AXIS approach.

MEDIUM

Request FY2024 / FY2025 audited financials

10-K and 10-Q filings referenced but not attached; confirm no material adverse change since FY2024 figures quoted.

MEDIUM

Clarify Charlestown course-of-construction treatment

Broker has asked whether the $35M COC sub-limit sits within this MRC or should be a separate placement — confirm before binding.

NOTE

Monitor 2 open claims to closure

Houston (water damage, Oct-25, $923K incurred) and Chicago (water damage, Jan-26, $274K incurred) — both tracking within reserve range.

NOTE

Confirm GUA v2.0 & LMA9150 claims arrangements

Broker has requested explicit confirmation that the proposed claims agreement framework is acceptable ahead of the underwriting meeting.

Derived from Panels 03, 08, 09, 10 & Broker Submission Email 90%