Alien forces at work.Now that the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community has agreed to a single reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. protocol to regulate the industry, some say the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. will face increased pressure to simplify its regulatory structure, including reducing or eliminating its collateral requirements for foreign reinsurers doing business within its borders. The European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Parliament's recent approval of the policy called the European Reinsurance Directive has set the stage for increased pressure on U.S. regulators and lawmakers to modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. , and harmonize, U.S. reinsurance regulation. "We are now creating a single minimum regulatory structure across the EU's 25 member states," said Dave Matcham, chief executive officer for the International Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. Association of London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. , a trade group that lobbied in support of the reinsurance directive. "If you are licensed in one of those states, you are actually licensed in the other 24. It's what we call a passport passport Document issued by a national government identifying a traveler as a citizen with a right to protection while abroad and a right to return to the country of citizenship. It is normally a small booklet containing a description and photograph of the bearer. system." The EU encompasses 25 European countries with 457 million people and 21 official languages. Member states have up to two years to implement the directive. Twelve more months may be granted to certain states--particularly those that impose collateral requirements, the European Commission European Commission, branch of the governing body of the European Union (EU) invested with executive and some legislative powers. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the European Community said. The European Council European Council, a consultative branch of the governing body of the European Union (EU). It is composed of the heads of government of the EU nations and their foreign ministers, in conjunction with the president and two additional members from the European of Ministers still must approve the directive, a step sponsors see as a formality Adv. 1. as a formality - in a set manner without serious attention; "they answered my letter pro forma"; "he kissed her cheek perfunctorily" perfunctorily, pro forma . The new system will reduce the regulatory costs with which companies have to comply, Matcham said. It also eliminates some countries' requirements that companies based in other countries must put up collateral in order to write business in that country. Pushing for Change Peter Skinner Peter Skinner (born June 1, 1959 in Oxford) is a Member of the European Parliament for the Labour Party for South East England. Educated at St. Josephs R.C. Secondary Modern School in Orpington he attended Bradford University between 1979 - 1982 where he attained a Bsc(hons) in , a member of the European Parliament Member of the European Parliament member n → Eurodéputé m who proposed the EU Reinsurance Directive, said Europe will soon become a level playing field See net neutrality. in the reinsurance market. As a result of Europe unifying its market, insurance regulators in the United States will have to reconsider re·con·sid·er v. re·con·sid·ered, re·con·sid·er·ing, re·con·sid·ers v.tr. 1. To consider again, especially with intent to alter or modify a previous decision. 2. their position on requiring alien reinsurers to post collateral to cover their U.S. obligations, said Skinner Skin·ner , B(urrhus) F(rederick) 1904-1990. American psychologist. A leading behaviorist, Skinner influenced the fields of psychology and education with his theories of stimulus-response behavior. . Collateral requirements amount to a "trade barrier," he said. With more sophisticated, and increasingly integrated, means of regulating international reinsurance business, the reasoning behind collateral requirements no longer exists, said Skinner. Many are hoping that U.S. regulators will follow their EU counterparts. The two main complaints against the U.S. reinsurance regulatory system are: * meeting the licensing requirements and regulations of all 50 states is too complicated; and * without a state license, it's too burdensome to post collateral to cover 100% of U.S. obligations. The new EU model is a direct comparison to the United States, Matcham said. "I would argue if you are licensed in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of as a reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , shouldn't that be good enough for the other 49?" he said. "'Given the experience of Europe, it can't be beyond the realm of possibility. And you've got a single language, and single legal system." The EU Reinsurance Directive "will certainly put pressure on U.S. regulators to accelerate their movement toward relaxing the requirements for alien reinsurers," said John Dearie, partner with Edwards & Angell. "However, solvency The ability of an individual to pay his or her debts as they mature in the normal and ordinary course of business, or the financial condition of owning property of sufficient value to discharge all of one's debts. solvency n. is still a key concern for U.S. regulators. The bottom line is the [National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. ] will probably take a cautious note. The directive doesn't take effect until 2007, and the U.S. will not change course overnight." State of the Union While those outside the United States complain that its state system of regulation is too burdensome, the criticism is unwarranted, said Alessandro Iuppa, NAIC NAIC See National Association of Investors Corporation (NAIC). president-elect and superintendent of the Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. Bureau of Insurance. "U.S. regulation of reinsurance is already harmonized har·mo·nize v. har·mo·nized, har·mo·niz·ing, har·mo·niz·es v.tr. 1. To bring or come into agreement or harmony. See Synonyms at agree. 2. Music To provide harmony for (a melody). with all states having enacted the NAIC credit for reinsurance model law which is a key component of the NAIC's state accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. program," Iuppa said in a statement. Alien, or foreign, reinsurers can enter the U.S. market in a number of ways. First, they can obtain a state license, just like any other insurance company. Or, a state insurance department can accredit To give official authorization or status. To recognize as having sufficient academic standards to qualify graduates for higher education or for professional practice. In International Law: a reinsurer to do business there if it agrees to comply with certain state regulations, or if it's already domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in another U.S. state A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and that maintains similar laws. Otherwise, an alien reinsurer--which can also mean a U.S. company that's operating in a state where it isn't licensed--must put up collateral to cover 100% of its U.S. obligations by establishing a trust fund or providing a letter of credit, Frank Nutter, president of the Reinsurance Association of America, said during congressional testimony in June. For 2004, reinsurers had posted about $98 billion in collateral, with about $88 billion coming from reinsurers outside the United States and the remaining $10 billion coming from U.S. reinsurers operating in states where they aren't licensed, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the RAA RAA Residential Accredited Appraiser (National Association of Realtors) RAA Reinsurance Association of America RAA Reeve Aleutian Airways RAA Regional Airline Association RAA Royal Australian Artillery . Eliminating the collateral requirements would level the playing field for international companies, Matcham said. "How would (U.S. insurers) like the idea of collateral proposed on them by other countries?" he said. Those based outside the United States may argue that the collateral is an impediment A disability or obstruction that prevents an individual from entering into a contract. Infancy, for example, is an impediment in making certain contracts. Impediments to marriage include such factors as consanguinity between the parties or an earlier marriage that is still valid. to trade, but with non-U.S. reinsurers carrying 80% of the U.S. reinsurance market, "this could not be the case," Nutter said. The point of requiring collateral is to give primary insurers, and ultimately, their policyholders, security that regulators can compel Compel - COMpute ParallEL payment from the reinsurer if necessary, said Mike Koziol, assistant vice president and counsel for the Property Casualty Insurers Association of America. "U.S. reinsurers have to file statutory accounting statements. We've seen on an accounting basis that some alien reinsurers have had significantly larger hits to their surplus, but they don't show up because of the way they do accounting in their country," Koziol said. That's where the new EU Reinsurance Directive might help change U.S. regulators' perspectives, Matcham said. "U.S. regulators will be happier to accept less collateral if they understand the home collateral requirements of the reinsurers. We'll have a single system, instead of a multiple system," he said. It's not just a question of having a sound balance sheet. U.S. regulators fear that legal judgments filed against foreign reinsurers may not be enforceable in other jurisdictions. "Say a U.S. company pays off on a punitive pu·ni·tive adj. Inflicting or aiming to inflict punishment; punishing. [Medieval Latin p  n damage award, and
wants their reinsurer to pay part of the cost. The reinsurer refuses,
and the primary company files suit. Even if the primary company wins,
they'd have to go to a foreign country to enforce the judgment.
Other countries may not recognize punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. ," Koziol said.The PCI (1) (Payment Card Industry) See PCI DSS. (2) (Peripheral Component Interconnect) The most widely used I/O bus (peripheral bus). is lobbying to modify a treaty to clarify that U.S. judgments would apply in other countries. "That's what we need before you can consider reducing collateral," Koziol said. Also, the collateral requirement is just one way of doing business in the United States. Several foreign reinsurers have a domestic subsidiary in the United States and also operate by posting collateral to do business in states where they are not licensed, said Cynthia Lamar, vice president of the Reinsurance Association of America. "Sometimes the collateral option is the better option," she said. An ad hoc committee ad hoc committee A committee formed with the purpose of addressing a specific issue or issues, which theoretically is disbanded once its raison d'etre is finished of the NAIC is considering two proposals to change collateral requirements. One would rate reinsurers by financial solvency, and then apply a sliding scale slid·ing scale n. A scale in which indicated prices, taxes, or wages vary in accordance with another factor, as wages with the cost-of-living index or medical charges with a patient's income. of collateral to companies based on their rating. For instance, a company with a top rating may need only to post 50% collateral on its U.S. obligations, while a less financially secure company would still have to post 100%. Another proposal would allow reinsurers to join an optional guarantee fund, which would pay for reinsurance claims of companies that became insolvent INSOLVENT. This word has several meanings. It signifies a person whose estate is not sufficient to pay his debts. Civ. Code of Louisiana, art. 1980.. A person is also said to be insolvent, who is under a present inability to answer, in the ordinary course of business, the responsibility . Who would regulate both options and what criteria they'd base the operations on haven't been ironed out yet, Koziol said. Michael McRaith, director of the Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. Department of Insurance and a member of the ad hoc committee, said the committee hopes to release a comprehensive report on the issue and possibly a recommended policy position before year end. Not So Fast Don't assume that the passage of the EU Reinsurance Directive equates to a unified reinsurance system in Europe, some said. "I don't think the EU is that close yet to harmonizing themselves," Koziol said. "France and the Netherlands just voted against the EU Constitution. We applaud them for moving to uniformity, but I don't think they are there yet." Even if you assume that Europe now has a unified system, it's a big leap to push for the elimination of collateral requirements in the United States, some groups said. The directive may put pressure on the collateral issue COLLATERAL ISSUE, practice, pleading. Where a criminal convict pleads any matter, allowed by law, in bar of execution; as pregnancy, a pardon, and the like. , but "several preliminary steps need to occur before the trade question is legitimate. It's apples to oranges at this point," Lamar said. The EU provides a single domestic regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. for each reinsurer--the regulator of the reinsurers' home country. "In the U.S., we don't have that. Whether it's a state or federal regulatory, the preliminary step is to get a single regulator for the United States. The EU could be seen as a model to move the U.S. in that direction," Lamar of RAA said. The RAA would like to see reinsurance companies regulated by a single authority, whether it be the regulator in their home state, or a federal regulator. That could happen if the federal SMART Act is passed. Congress is considering draft versions of the State Modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, and Regulatory Transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. Act, a sweeping proposal that includes the phasing out of most rate regulation within two years and would require states to enact certain models or updated laws within a certain time frame or risk having those laws pre-empted. "It would basically change the course of insurance regulation in the United States. It does so less intrusively than an optional federal charter, which would create a federal regulator," Koziol said. It should come as no surprise that both the National Association of Insurance Commissioners and the National Coalition of Insurance Legislators are opposed to the SMART Act. "The draft SMART Act incorporates unacceptable levels of federal pre-emption PRE-EMPTION, intern. law. The right of preemption is the right of a nation to detain the merchandise of strangers passing through her territories or seas, in order to afford to her subjects the preference of purchase. 1 Chit. Com. Law, 103; 1 Bl. Com. 287. 2. that we believe would create both legal and practical problems for the insurance industry and its customers," Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York Insurance Commissioner Diane Koken, who is president of the National Association of Insurance Commissioners, testified before a congressional subcommittee sub·com·mit·tee n. A subordinate committee composed of members appointed from a main committee. subcommittee Noun in June. She said the act would pre-empt pre·empt or pre-empt v. pre·empt·ed, pre·empt·ing, pre·empts v.tr. 1. To appropriate, seize, or take for oneself before others. See Synonyms at appropriate. 2. a. many state consumer protection laws consumer protection laws n. almost all states and the federal government have enacted laws and set up agencies to protect the consumer (the retail purchasers of goods and services) from inferior, adulterated, hazardous and deceptively advertised products, and . The NAIC and NCOIL NCOIL National Council of Insurance Legislators are currently considering other legislation, such as the Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Insurance Product Regulation Compact and the System for Electronic Rate and Form Filings, Koken said. Both show that the NAIC is willing and able to change long-standing procedures. "The states and the NAIC are on time and on target to modernize state regulation where improvements are needed, while preserving the benefits of consumer protection," Koken said. While some hope to see the states agree on common regulation, and hope that regulation will be less burdensome, at least one state is moving to increase regulation on alien reinsurers. California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). is considering a measure that would increase reporting requirements for reinsurers doing business in the state, and change how a primary company can take credit for reinsurance. If a reinsurer falls into a hazardous financial condition, the ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. company won't be allowed to credit the reinsurance on its book, and could be deemed insolvent, Koziol said. Also, California is considering increasing reinsurance collateral requirements. Baby Steps RAA said some form of mutual recognition between the United States and European Union might, in time, be appropriate. Nutter, in his testimony before Congress, suggested several conditions must occur before that could happen, including: * Non-U.S. reinsurers must report their financial statements on a U.S. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting basis, with certain statutory adjustments; * Non-U.S. reinsurers must meet a high standard of insurance regulation; * Non-U.S. reinsurers must submit to U.S. jurisdiction: * The U.S. reinsurer should not be subjected to greater regulation in the United States than the non-U.S. reinsurer is subject to in its home regulation: and * U.S. judgments must be subject to recognition and enforcement in the foreign jurisdiction. "The reinsurance market is clearly global," Iuppa said. "The market benefits as the diverse business models and cultures within it contribute to the spread of insurance risk. If buyers and sellers of reinsurance are best served by a single market, that is the direction it will move." Key Points * Non-U.S. reinsurers posted $88 billion in collateral to do business in the United States in 2004. * Some non-U.S. reinsurers opt to establish a U.S.-based subsidiary instead of posting collateral. * Including U.S.-based subsidiaries, non-U.S, reinsurers carry 80% of the U.S. reinsurance market. Learn More Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as A.M. Best Company # 85202 Distribution: Brokers Munich Re Munich Re AG, in German Münchener Rück AG (ISIN: DE0008430026), is the world's second largest reinsurance company with over 5,000 customers in 160 countries and has its headquarters in Munich, Germany. Group A.M. Best Company # 86577 (Muenchener Rueckversicherungs) Distribution: Direct and reinsurance brokers Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. Group A.M. Best Company # 85010 Distribution: Reinsurance brokers For ratings and other financial strength information about these companies, visit www.ambest.com. Learn More Lloyd's of London A.M. Best Company # 85202 Distribution: Brokers Munich Re Group A.M. Best Company # 86577 (Muenchener Rueckversicherungs) Distribution: Direct and reinsurance brokers Swiss Re Group A.M. Best Company # 85010 Distribution: Reinsurance brokers For ratings and other financial strength information about these companies, visit www.ambest.com. RELATED ARTICLE: Reinsurers react. In response to requests for comment, the following reinsurers offered these written responses to the European Union Reinsurance Directive: LLOYD'S: We support the proposed directive for the following reasons: * it will help to create a more level regulatory playing field between reinsurers in the EU; * it will enable the EU to speak with a single voice on reinsurance in regulatory and trade debates with other countries and trading blocs and in organizations like the WTO See World Trade Organization. ; * it will create a model of an intergovernmental in·ter·gov·ern·men·tal adj. Being or occurring between two or more governments or divisions of a government. in mutual recognition agreement that may be followed on a broader geographical basis; and * it firmly establishes the principle that gross reserving and collateral requirements should be abolished, throughout the EU, for EU reinsurers, and thereby strengthens the international case for abolition The destruction, annihilation, abrogation, or extinguishment of anything, but especially things of a permanent nature—such as institutions, usages, or customs, as in the abolition of Slavery. In U.S. of such collateral systems in third countries such as the United States. MUNICH RE: As far as reinsurance is concerned, the EU is on the right track. Once the Council of Ministers has adopted the directive, there will be a real EU-wide market for reinsurance. The reinsurance directive will shift the financial supervision of our EU branches to our home country supervisory authority. Another benefit is the abolition of collateral required by some member states. SWISS RE: Swiss Re believes that a harmonized, prudential Prudential is the name of two different companies and buildings named after them: Companies:
RELATED ARTICLE: Non-U.S reinsurers by the numbers--2003. 2,344 Number of non-U.S. reinsurance companies that assumed premium from U.S. companies $22.85 billion Amount of premiums U.S. companies ceded to unaffiliated non-U.S. reinsurers. $30.66 billion Amount of premiums U.S. companies ceded to non-U.S. reinsurers with U.S.-based subsidiaries $54.97 billion Amount of reinsurance recoverables unaffiliated non-U.S. reinsurers owe to U.S. companies $47.40 billion Amount of reinsurance recoverables non-U.S.-based reinsurers with U.S.-based subsidiaries owe to U.S. companies 46.8%* Percentage of U.S. reinsurance premiums assumed by non-U.S. reinsurance companies 53.2%* Percentage of U.S. reinsurance premiums assumed by U.S.-owned reinsurers * Refers to reinsurers that principally assume unaffiliated reinsurance. Excludes pools and associations, as well as premiums ceded to non-reinsurance companies. Source: Reinsurance Association of America What is the EU Reinsurance Directive? The European Parliament European Parliament, a branch of the governing body of the European Union (EU). It convenes on a monthly basis in Strasbourg, France; most meetings of the separate parliamentary committees are held in Brussels, Belgium, and its Secretariat is located in Luxembourg. passed the directive June 7, and it will take two years to implement. The directive: * Imposes the same minimum standards of regulation in all EU member nations; * Gives companies licensed in any member country a regulatory "passport" to operate anywhere in the European Union while reporting only to the regulator in their home country; * Eliminates deposit requirements in France, Spain and Portugal; and * Strengthens Europe's position to push for free trade access with other international markets, including the United States. Source: International Underwriting Association Alien Reinsurers Grow U.S. Presence Alien reinsurers, both those affiliated with U.S. operations--such as Munich Re, the parent company of American Re--and unaffiliated alien reinsurers, or those not related to a U.S. subsidiary, have been growing their business in the United States. Reinsurance Collateral Held In the United States in 2004* Companies not licensed to do business in a given state are required to post 100% collateral to back up their reinsurance recoverables. Collateral Posted by Reinsurers $98 Billion Posted by U.S. Reinsurers $10 Billion Posted by Non-U.S. Reinsurers $88 Billion * Does not include Lloyd's or any collateral voluntarily posted. Source: Reinsurance Association of America --David Pilla contributed to this article
Top 35 Global Reinsurance Groups
Ranked by consolidated gross premium written in 2004.
(US$ Millions)
2005 Prior Rankings (1)
Ranking (1) Group Name 2004 2003 2002
1 Munich Re 1 1 1
2 Swiss Re Group 2 2 2
3 Berkshire Hathaway Group 4 3 3
4 Hannover Re 3 4 5
5 Lloyd's of London 5 5 6
6 GE Global Ins Hldgs 6 6 4
7 XL Capital 9 9 11
8 Everest Re Group 8 13 15
9 Transatlantic Hldgs Inc Group 12 11 13
10 Partner Re Group 13 14 14
11 Converium Group (2) 11 10 10
12 RGA Reins Co 15 15 17
13 Scor Group (2 7 7 8
14 London Reins Group 14 12 12
15 Odyssey Re Group (Fairfax) 16 16 24
16 Korean Reins Co (3) 17 18 21
17 ING Group (2) 19 17 19
18 White Mountains Re 26 29 34
19 Ace Group 23 28 31
20 Caisse Centrale de Reassur 24 27 30
21 Endurance Specialty Ins Ltd 21 33 -
22 Platinum Underwriters Group 31 21 -
23 Arch Reins Ltd 20 32 -
24 QBE 18 23 25
25 Alea Groult 29 30 -
26 Mapfre 32 35 33
27 RenaissanceRe 27 24 35
28 Aegon 25 26 18
29 Axa Re Group 10 8 9
30 Toa Reins Group (3) 22 20 23
31 Assicurazioni Generali SpA 30 19 22
32 Chubb 34 - -
33 Aspen Insurance 28 - -
34 Axis Capital Holdings Limited - - -
35 W.R. Berkley 33 - -
Consolidated
2005 Premiums
Ranking (1) Group Name Gross Net
1 Munich Re $30,558 $26,408
2 Swiss Re Group 28,047 25,789
3 Berkshire Hathaway Group 13,085 11,816
4 Hannover Re 13,053 10,129
5 Lloyd's of London 11,883 7,654
6 GE Global Ins Hldgs 9,631 8,173
7 XL Capital 4,764 4,149
8 Everest Re Group 4,704 4,531
9 Transatlantic Hldgs Inc Group 4,141 3,749
10 Partner Re Group 3,888 3,853
11 Converium Group (2) 3,841 3,553
12 RGA Reins Co 3,649 3,347
13 Scor Group (2 3,449 3,298
14 London Reins Group 3,068 2,757
15 Odyssey Re Group (Fairfax) 2,657 2,363
16 Korean Reins Co (3) 2,209 1,523
17 ING Group (2) 2,037 N/A
18 White Mountains Re 1,933 1,246
19 Ace Group 1,795 1,745
20 Caisse Centrale de Reassur 1,784 1,719
21 Endurance Specialty Ins Ltd 1,711 1,697
22 Platinum Underwriters Group 1,660 1,646
23 Arch Reins Ltd 1,658 1,588
24 QBE 1,600 1,306
25 Alea Groult 1,583 1,338
26 Mapfre 1,545 1,053
27 RenaissanceRe 1,544 1,349
28 Aegon 1,494 1,254
29 Axa Re Group 1,459 1,441
30 Toa Reins Group (3) 1,455 1,279
31 Assicurazioni Generali SpA 1,381 N/A
32 Chubb 1,184 1,139
33 Aspen Insurance 1,178 1,009
34 Axis Capital Holdings Limited 1,093 1,060
35 W.R. Berkley 963 866
Total
2005 Shareholder
Ranking (1) Group Name Funds
1 Munich Re $26,445
2 Swiss Re Group 16,950
3 Berkshire Hathaway Group 64,099
4 Hannover Re 4,219
5 Lloyd's of London 26,242
6 GE Global Ins Hldgs 9,415
7 XL Capital 7,812
8 Everest Re Group 3,713
9 Transatlantic Hldgs Inc Group 2,587
10 Partner Re Group 3,352
11 Converium Group (2) 1,720
12 RGA Reins Co 2,279
13 Scor Group (2 2,056
14 London Reins Group 3,724
15 Odyssey Re Group (Fairfax) 1,586
16 Korean Reins Co (3) 401
17 ING Group (2) 38,310
18 White Mountains Re 3,884
19 Ace Group 9,836
20 Caisse Centrale de Reassur 1,224
21 Endurance Specialty Ins Ltd 1,863
22 Platinum Underwriters Group 1,133
23 Arch Reins Ltd 2,242
24 QBE 3,495
25 Alea Groult 706
26 Mapfre 734
27 RenaissanceRe 2,992
28 Aegon 978
29 Axa Re Group 38,698
30 Toa Reins Group (3) 1,320
31 Assicurazioni Generali SpA 16,134
32 Chubb 10,126
33 Aspen Insurance 1,482
34 Axis Capital Holdings Limited 3,238
35 W.R. Berkley 2,155
2005 Ratios
Ranking (1) Group Name Loss Expense Combined
1 Munich Re 71.8 33.4 105.2
2 Swiss Re Group 72.0 29.8 101.8
3 Berkshire Hathaway Group 69.9 25.2 95.1
4 Hannover Re 81.6 23.1 104.7
5 Lloyd's of London N/A N/A N/A
6 GE Global Ins Hldgs 91.4 26.8 118.2
7 XL Capital 66.3 28.8 95.1
8 Everest Re Group 74.4 24.5 98.8
9 Transatlantic Hldgs Inc Group 75.3 26.2 101.5
10 Partner Re Group 65.5 30.5 96.0
11 Converium Group (2) 90.3 27.7 118.0
12 RGA Reins Co N/A N/A N/A
13 Scor Group (2 68.5 33.4 101.9
14 London Reins Group N/A N/A N/A
15 Odyssey Re Group (Fairfax) 69.9 281.0 98.0
16 Korean Reins Co (3) 67.3 29.5 96.8
17 ING Group (2) N/A N/A N/A
18 White Mountains Re 72.6 31.2 103.8
19 Ace Group 69.7 24.1 93.8
20 Caisse Centrale de Reassur 76.8 12.2 88.9
21 Endurance Specialty Ins Ltd 57.4 28.4 85.8
22 Platinum Underwriters Group 70.4 27.2 97.7
23 Arch Reins Ltd 63.5 28.9 92.4
24 QBE 65.3 32.0 97.3
25 Alea Groult 70.5 32.7 103.2
26 Mapfre 58.4 33.1 91.6
27 RenaissanceRe 81.9 22.5 104.4
28 Aegon N/A N/A N/A
29 Axa Re Group 80.8 14.7 95.5
30 Toa Reins Group (3) 85.5 23.3 108.8
31 Assicurazioni Generali SpA N/A N/A N/A
32 Chubb 62.3 32.8 95.1
33 Aspen Insurance 59.6 25.1 84.8
34 Axis Capital Holdings Limited 63.4 21.1 84.6
35 W.R. Berkley 69.3 29.4 98.7
1 Rankings are based on prior-year gross written premium.
2 Operations were materially curtailed in 2005.
3 Year end is March 31, 2005.
Source: A.M. Best Co.
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