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2006 top 35 global reinsurance groups.

For the second year, Munich Re, Swiss Re Group, Berkshire Hathaway Group, Hannover Re and Lloyd's of London held their respective top five positions in A.M. Best's ranking of the top 35 global reinsurer groups. Despite shifts in the rankings of the remaining top 35, the overall market concentration among the upper tiers of the top 35 held relatively constant in the 2006 ranking vs. the year before, adjusted for currency volatility. Looking ahead, however, corporate changes in 2006 already promise a shakeup in 2007's rankings.

Ranked by 2005 gross written premium in U.S. dollars, 2006's top five groups accounted for 52% of total gross premium for the aggregate top 35, while the top 10 accounted for 74% of total gross premium. Those concentrations vary from 56% and 72% the year before; part of the shift was due to a strengthening U.S. dollar. Adjusted for the greenback's 16% increase against the euro, 12% rise against sterling, etc., the same concentrations in last year's report would have been 54% and 71%.

In like manner, the drop in aggregate gross premium to $158 billion in the 2006 ranking from $172 billion in the 2005 ranking primarily was a currency translation issue. Net of last year's dollar gains, the prior year's aggregate gross premiums would have been $160 billion on a comparable basis. Foreign exchange volatility, however, did not affect the rankings of the top five.

The top 10 gained two life reinsurance groups, London Reinsurance Group and RGA Reinsurance Co., which displaced Everest Re Group and Transatlantic Holdings Inc. Group. Assuring a shift in the top rankings for 2007, Swiss Re Group's acquisition of GE Insurance Solutions in June 2006 would have pushed the Swiss Re ranking to the top of the current list had it taken place in 2005.
Ranked by Consolidated Gross Premium Written in 2005 (US$ Millions)

2006
Ranking Prior Rankings (1)
(1) Group Name 2005 2004 2003 2002

1 Munich Re 1 1 1 1
2 Swiss Re Group 2 2 2 2
3 Berkshire Hathaway Group 3 4 3 3
4 Hannover Re 4 3 4 5
5 Lloyd's of London 5 5 5 6
6 GE Global Ins Hldgs (2) 6 6 6 4
7 XL Capital 7 9 9 11
8 London Reins Group 14 14 12 12
9 RGA Reins Co 12 15 15 17
10 Everest Re Group 8 8 13 15
11 Transatlantic Hldgs Inc Group 9 12 11 13
12 Partner Re Group 10 13 14 14
13 Korean Reins Co (3) 16 17 18 21
14 Scor Group 13 7 7 8
15 Odyssey Re Group (Fairfax) 15 16 16 24
16 Scottish Re (4) --- --- --- ---
17 Aegon (5) 28 25 26 18
18 Converium Group 11 11 10 10
19 White Mountains Re 18 26 29 34
20 Ace 19 23 28 31
21 RenaissanceRe 27 27 24 35
22 Platinum Underwriters Group 22 31 21 ---
23 Arch Reins Ltd 23 20 32 ---
24 Axa Re Group 29 10 8 9
25 Endurance Specialty Ins Ltd 21 21 33 ---
26 Mapfre 26 32 35 33
27 Assicurazioni Generali SpA 31 30 19 22
28 QBE 24 18 23 25
29 Caisse Centrale de Reassur 20 24 27 30
30 Axis Capital Holdings Limited 34 --- --- ---
31 Aspen Insurance 33 28 --- ---
32 Toa Reins Group (3) 30 22 20 23
33 Chubb/Harbor Point (8) 32 34 --- ---
34 Alea Group (7) 25 29 30 ---
35 Montpelier --- --- --- ---

2006
Ranking Consolidated Premiums
(1) Group Name Gross Net

1 Munich Re $26,482 $22,606
2 Swiss Re Group 23,151 21,229
3 Berkshire Hathaway Group 12,486 11,646
4 Hannover Re 11,452 N/A
5 Lloyd's of London 9,053 6,568
6 GE Global Ins Hldgs (2) 8,565 6,697
7 XL Capital 5,686 5,013
8 London Reins Group 4,243 3,730
9 RGA Reins Co 4,222 3,867
10 Everest Re Group 4,109 3,972
11 Transatlantic Hldgs Inc Group 3,888 3,466
12 Partner Re Group 3,665 3,616
13 Korean Reins Co (3) 2,975 2,068
14 Scor Group 2,851 2,692
15 Odyssey Re Group (Fairfax) 2,627 2,302
16 Scottish Re (4) 2,553 N/A
17 Aegon (5) 2,112 1,156
18 Converium Group 1,994 1,816
19 White Mountains Re 1,981 1,304
20 Ace 1,847 1,794
21 RenaissanceRe 1,809 1,543
22 Platinum Underwriters Group 1,765 1,717
23 Arch Reins Ltd 1,751 1,657
24 Axa Re Group 1,729 1,719
25 Endurance Specialty Ins Ltd 1,669 1,619
26 Mapfre 1,584 1,082
27 Assicurazioni Generali SpA 1,575 N/A
28 QBE 1,546 1,191
29 Caisse Centrale de Reassur 1,537 1,476
30 Axis Capital Holdings Limited 1,519 1,491
31 Aspen Insurance 1,443 1,129
32 Toa Reins Group (3) 1,346 1,299
33 Chubb/Harbor Point (8) 1,018 904
34 Alea Group (7) 998 1,087
35 Montpelier 979 757

2006 Total
Ranking Shareholder
(1) Group Name Funds

1 Munich Re $28,652
2 Swiss Re Group 17,430
3 Berkshire Hathaway Group 68,484
4 Hannover Re 3,740
5 Lloyd's of London 18,915
6 GE Global Ins Hldgs (2) 8,251
7 XL Capital 8,472
8 London Reins Group 554
9 RGA Reins Co 2,528
10 Everest Re Group 4,140
11 Transatlantic Hldgs Inc Group 2,544
12 Partner Re Group 3,093
13 Korean Reins Co (3) 515
14 Scor Group 2,036
15 Odyssey Re Group (Fairfax) 1,623
16 Scottish Re (4) 1,506
17 Aegon (5) N/A
18 Converium Group 1,653
19 White Mountains Re 3,833
20 Ace 11,812
21 RenaissanceRe 2,254
22 Platinum Underwriters Group 1,540
23 Arch Reins Ltd 2,481
24 Axa Re Group 40,090
25 Endurance Specialty Ins Ltd 1,873
26 Mapfre 737
27 Assicurazioni Generali SpA 20,792
28 QBE 3,767
29 Caisse Centrale de Reassur 1,973
30 Axis Capital Holdings Limited 3,512
31 Aspen Insurance 2,040
32 Toa Reins Group (3) 1,584
33 Chubb/Harbor Point (8) 12,407
34 Alea Group (7) 490
35 Montpelier 1,222

2006
Ranking <---------Ratios------>
(1) Group Name Loss Expense Combined

1 Munich Re 83.6 33.2 116.8
2 Swiss Re Group 82.1 30.9 113.0
3 Berkshire Hathaway Group 87.1 23.4 110.5
4 Hannover Re 85.6 26.8 112.5
5 Lloyd's of London 103.6 31.5 135.1
6 GE Global Ins Hldgs (2) 164.5 N/A N/A
7 XL Capital 99.7 27.3 127.0
8 London Reins Group N/A N/A N/A
9 RGA Reins Co N/A N/A N/A
10 Everest Re Group 94.0 26.2 120.2
11 Transatlantic Hldgs Inc Group 85.0 27.7 112.7
12 Partner Re Group 87.3 29.2 116.5
13 Korean Reins Co (3) N/A N/A N/A
14 Scor Group 74.7 21.9 96.7
15 Odyssey Re Group (Fairfax) 90.5 27.1 117.6
16 Scottish Re (4) N/A N/A N/A
17 Aegon (5) N/A N/A N/A
18 Converium Group 77.4 28.2 105.6
19 White Mountains Re 90.3 28.2 118.4
20 Ace 91.6 24.0 115.5
21 RenaissanceRe 116.6 23.1 139.7
22 Platinum Underwriters Group 87.8 27.6 115.4
23 Arch Reins Ltd 66.3 31.2 97.5
24 Axa Re Group 88.3 N/A N/A
25 Endurance Specialty Ins Ltd 95.8 27.7 123.5
26 Mapfre 67.6 32.0 99.6
27 Assicurazioni Generali SpA N/A N/A N/A
28 QBE 71.8 30.1 101.9
29 Caisse Centrale de Reassur 75.8 11.4 87.2
30 Axis Capital Holdings Limited 86.4 19.7 106.1
31 Aspen Insurance 100.8 27.2 128.0
32 Toa Reins Group (3) 86.7 28.4 115.1
33 Chubb/Harbor Point (8) 61.6 33.5 95.1
34 Alea Group (7) 84.6 41.5 126.1
35 Montpelier 178.0 22.7 200.7

(1) - Rankings based on prior year gross written premium. Deutsche
Ruckversicherung reports gross written premium at year-end 2004 of
894 million [euro], which would have qualified it for the top 35 last
year, and for this year, if the numbers held. Given the year's
information lag and exchange rate issues, the company is not included
in the current ranking.

(2) - GE Insurance Solutions acquired by Swiss Re in June 2006.

(3) - Year-end is March 31, 2006.

(4) - Acquired ING life reinsurance.

(5) - A.M. Best estimate based on statutory filings.

(6) - Harbor Point acquired Chubb Re book of business in December 2005.

(7) - Operations materially curtailed in 2005.

(N/A) - Information not applicable or not available at time of
publication.

Source: A.M. Best Co.
COPYRIGHT 2006 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Leading Writers: Reinsurance/Capital Markets
Publication:Best's Review
Article Type:Statistical table
Date:Aug 1, 2006
Words:1539
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