Swiss Re takes top global reinsurer slot.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 edged out 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. for the top position in A.M. Best's 2007 ranking of the top 35 global 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. groups based on 2006 gross premium written. In addition to Swiss Re and Munich Re, Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Group, Hannover Re Hannover Re (FWB: HNRGn), in German Hannover Rückversicherung AG, with gross premium of around €9 billion in 2006, is one of the five largest reinsurance groups in the world. Its headquarters are in Hanover, Germany. and 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 comprised the top five reinsurance underwriters for the fifth consecutive year, with each consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: 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. group topping the $10 billion mark in annual reinsurance gross premium written. The shift in the top two was due to Swiss Re's June June: see month. 2006 acquisition of GE Insurance Solutions, which had been ranked sixth. Joining RGA RGA Reinsurance Group of America RGA Return Goods Authorization RGA Republican Governors Association RGA Residual Gas Analyzer RGA Royal Garrison Artillery RGA Restricted Growth Association (UK) RGA Rate Gyro Assembly Reinsurance Co., Everest Re and the top five reinsurers, Transatlantic Holdings Inc. Group, Scot Group and Panner Re Group moved into the top 10, replacing GE Global Insurance Holdings and overtaking o·ver·take tr.v. o·ver·took , o·ver·tak·en , o·ver·tak·ing, o·ver·takes 1. a. To catch up with; draw even or level with. b. To pass after catching up with. 2. XL Capital and 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. Reinsurance Group. Ranked by 2006 reinsurance GPW GPW Gridded Population of the World GPW Gross Premiums Written GPW Gross Product Worth GPW Geneva Convention Relative to the Treatment of Prisoners of War, 12 August 1949 GPW General Purpose Warehouse GPW Grand Prix White (Honda) in U.S. dollars, 2007's top five groups accounted for 59% of total GPW for the aggregate top 35, up from a market sham False; without substance. A sham Pleading is one that is good in form but is so clearly false in fact that it does not raise any genuine issue. of 52% the year before. In dollars, the top five had total GPW of $93.0 billion, up from $82.6 billion the prior year, but the increase was accounted for by a combination of the decline in the value of the U.S. dollar again,st the Swiss franc Noun 1. Swiss franc - the basic unit of money in Switzerland franc - the basic monetary unit in many countries; equal to 100 centimes centime - a fractional monetary unit of several countries: France and Algeria and Belgium and Burkina Faso and Burundi and , euro and pound sterling, and by Swiss Re's acquisition.
Top 35 Global Reinsurance Groups
Ranked by consolidated gross premium written in 2006.
(US$ Millions)
Prior Rankings (1)
2007
Ranking (1) Group Name 2006 2005 2004 2003 2002
1 Swiss Re Group (2) 2 2 2 2 2
2 Munich Re 1 1 1 1 1
3 Berkshire Hathaway 3 3 4 3 3
Group
4 Hannover Re 4 4 3 4 5
5 Lloyd's of London 5 5 5 5 6
6 RGA Reins Co 9 12 15 15 17
7 Everest Re Group 10 8 8 13 15
8 Transatlantic Hldgs 11 9 12 11 13
Inc Group
9 Scor Group 14 13 7 7 8
10 Partner Re Group 12 10 13 14 14
11 XL Capital 7 7 9 9 11
12 Korean Reins Co (3) 13 16 17 18 21
13 London Reins Group 8 14 14 12 12
14 Assicurazioni Generali 27 31 30 19 22
SpA
15 Odyssey Re Group 15 15 16 16 24
(Fairfax)
16 Scottish Re 16 -- -- -- --
17 Mapfre 26 26 32 35 33
18 Aegon (4) 17 28 25 26 18
19 Converium Group 18 11 11 10 10
20 Renaissance Re 21 27 27 24 35
21 ACE 20 19 23 28 31
22 Endurance Specialty 25 21 21 33 --
Ins Ltd
23 Arch Reins Ltd 23 23 20 32 --
24 White Mountains Re 19 18 26 29 34
25 Paris Re (AXA Re 24 29 10 8 9
Group) (5)
26 Axis Capital Holdings 30 34 -- -- --
Limited
27 Platinum Underwriters 22 22 31 21 --
Group
28 Toa Reins Group (3) 32 30 22 20 23
29 Aspen Insurance 31 33 28 -- --
30 QBE 28 24 18 23 25
31 W.R. Berkley -- 35 33 -- --
32 American Ag -- -- -- -- --
33 Montpelier 35 -- -- -- --
34 Harbor Point 33 32 34 -- --
35 Allied World -- -- -- -- --
Consolidated Total
Premiums Share-
2007 holder
Ranking (1) Group Name Gross Net Funds
1 Swiss Re Group (2) $28,415 $25,808 $25,340
2 Munich Re $27,337 $25,453 $34,894
3 Berkshire Hathaway $14,126 $13,474 $108,419
Group
4 Hannover Re $12,265 $9,361 $4,629
5 Lloyd's of London $10,887 $8,726 $26,121
6 RGA Reins Co $4,732 $4,346 $2,815
7 Everest Re Group $4,001 $3,876 $5,108
8 Transatlantic Hldgs $3,983 $3,633 $2,958
Inc Group
9 Scor Group $3,875 $3,620 $2,975
10 Partner Re Group $3,734 $3,689 $3,786
11 XL Capital $3,682 $2,960 $10,131
12 Korean Reins Co (3) $3,413 $2,373 $573
13 London Reins Group $3,287 $2,979 $615
14 Assicurazioni Generali $2,853 N/A $13,778
SpA
15 Odyssey Re Group $2,336 $2,161 $2,084
(Fairfax)
16 Scottish Re $2,177 $1,842 $1,057
17 Mapfre $2,159 $1,547 $4,505
18 Aegon (4) $2,146 $1,203 N/A
19 Converium Group $1,981 $1,852 $1,846
20 Renaissance Re $1,944 $1,530 $3,280
21 ACE $1,841 $1,824 $14,278
22 Endurance Specialty $1,790 $1,586 $2,298
Ins Ltd
23 Arch Reins Ltd $1,704 $1,365 $3,591
24 White Mountains Re $1,625 $1,290 $5,059
25 Paris Re (AXA Re $1,550 N/A $2,091
Group) (5)
26 Axis Capital Holdings 1,539 $1,529 $4,413
Limited
27 Platinum Underwriters 1,275 $1,177 $1,858
Group
28 Toa Reins Group (3) 1,198 $1,010 $1,473
29 Aspen Insurance 1,185 $1,029 $2,389
30 QBE 1,159 N/A $5,011
31 W.R. Berkley 941 $893 $3,335
32 American Ag 837 $429 $485
33 Montpelier 728 $579 $1,493
34 Harbor Point 643 $590 $1,462
35 Allied World 573 $572 $2,220
Ratios
2007
Ranking (1) Group Name Loss Expense Combined
1 Swiss Re Group (2) 63.6 31.5 95.1
2 Munich Re 65.5 33.8 99.3
3 Berkshire Hathaway N/A N/A 74.6
Group
4 Hannover Re 73.7 27.5 101.2
5 Lloyd's of London 50.7 30.2 80.9
6 RGA Reins Co N/A N/A N/A
7 Everest Re Group 63.2 26.5 89.7
8 Transatlantic Hldgs 68.3 27.9 96.2
Inc Group
9 Scor Group 66.2 33.0 99.1
10 Partner Re Group 55.0 29.9 84.8
11 XL Capital 55.1 28.3 83.4
12 Korean Reins Co (3) N/A N/A N/A
13 London Reins Group N/A N/A N/A
14 Assicurazioni Generali N/A N/A N/A
SpA
15 Odyssey Re Group 66.7 27.8 94.5
(Fairfax)
16 Scottish Re N/A N/A N/A
17 Mapfre N/A N/A N/A
18 Aegon (4) N/A N/A N/A
19 Converium Group 65.1 31.4 96.4
20 Renaissance Re 29.2 25.5 54.7
21 ACE 50.5 23.5 74.1
22 Endurance Specialty 50.5 31.0 81.5
Ins Ltd
23 Arch Reins Ltd 52.2 28.5 80.7
24 White Mountains Re 71.3 30.8 102.0
25 Paris Re (AXA Re N/A N/A 76.0
Group) (5)
26 Axis Capital Holdings 56.8 20.8 77.6
Limited
27 Platinum Underwriters 56.9 26.7 83.6
Group
28 Toa Reins Group (3) 60.9 27.9 88.8
29 Aspen Insurance 48.5 30.0 78.5
30 QBE N/A N/A N/A
31 W.R. Berkley 72.0 27.8 99.8
32 American Ag 85.2 17.6 102.8
33 Montpelier 29.6 30.7 60.3
34 Harbor Point 43.7 49.1 92.8
35 Allied World 55.5 26.6 82.1
(1)--Rankings based on prior year gross written premium. Excluded are
state-sponsored reinsurers.
(2)--Premiums are pro forma, including those of GE Insurance Solutions
in 2006 prior to acquistion (GPW $2,325.9 millio, NPW of $1,948.5
million; ratios and shareholders' equity are per Swiss Re 2006 annual
report.
(3)--Year-end is March 31, 2007
(4)--A.M. Best estimate based on statutory filings.
(5)--Paris Re closed on AXA Re Group in December 2006. Numbers shown
are pro forma per Paris Re as to what the company would have looked
like for full year ended 12/31/06.
(N/A)--Information not applicable or not available at time of
publication.
Source: A.M. Best Co.
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