Despite 2011 castastrophe losses, the reinsurance sector ended the year with a dedicated capital position that was slightly up at around $178 billion. Examining the stable premium assumed from non-affiliates, PC360 has ranked the top 25 U.S. reinsurers for 2011.
Companies were included if premiums assumed from non-affiliates were more than 55 percent of gross premiums or if "Reinsurance," "Reins," or "Re" is part of the name. (Berkley is a member of the Reinsurance Association of America and is therefore included.)
Click "next" to see the top 25 U.S. Reinsurers based on underwriting results.
Editor's Note: The information in this slideshow appeared in the July 9/16, 2012 issue of National Underwriter Property & Casualty. For more complete information, see the story that appeared in that issue here.
25. Allied World Reinsurance Co.
Premium Assumed from Non-Affiliates:
2011: 241,567
2010: 264,221
Percent change year-over-year: -8.6%
Combined Ratio:
2011: 79.7
2010: 83.5
24. Sirius America Insurance Co.
Premium Assumed from Non-Affiliates:
2011: 302,857
2010: 275,972
Percent Change Year-Over-Year: 9.7%
Combined Ratio:
2011: 101.4
2010: 106.7
23. Arch Reinsurance Co.
Premium Assumed from Non-Affiliates:
2011: 327,691
2010: 307,301
Percent Change Year-Over-Year: 6.6%
Combined Ratio:
2011: 105.5
2010: 96
22. Toa Reinsurance Co. of America
Premium Assumed from Non-Affiliates:
2011: 360,083
2010: 306,374
Percent Change Year-Over-Year: 17.5%
Combined Ratio:
2011: 94.7
2010: 96.6
21. Agrinational Insurance Co.
Premium Assumed from Non-Affiliates:
2011: 367,403
2010: 198,153
Percent Change Year-Over-Year: 85.4%
Combined Ratio:
2011: 100.3
2010: 99.3
The largest jump -- from 25 to 21 -- was from Agrinational Insurance Co., which booked more than an 85 percent increase in premium assumed from non-affiliates.
20. Platinum Underwriters Re Inc.
Premium Assumed from Non-Affiliates:
2011: 382,620
2010: 440,017
Percent Change Year-Over-Year: -13%
Combined Ratio:
2011: 101.7
2010: 87.1
19. XL Reinsurance America Inc.
Premium Assumed from Non-Affiliates:
2011: 390,959
2010: 372,539
Percent Change Year-Over-Year: 4.9%
Combined Ratio:
2011: 114.5
2010: 106.9
18. Alterra Reinsurance USA Inc.
Premium Assumed from Non-Affiliates:
2011: 429,856
2010: 358,257
Percent Change Year-Over-Year: 20%
Combined Ratio:
2011: 102
2010: 100.3
17. Endurance Re Corp. of America
Premium Assumed from Non-Affiliates:
2011: 448,815
2010: 453,404
Percent Change Year-Over-Year: -1%
Combined Ratio:
2011: 121.2
2010: 91.5
16. QBE Reinsurance Corp.
Premium Assumed from Non-Affiliates:
2011: 482,413
2010: 459,851
Percent Change Year-Over-Year: 4.9%
Combined Ratio:
2011: 96.2
2010: 91.9
15. AXIS Reinsurance Co.
Premium Assumed from Non-Affiliates:
2011: 512, 993
2010: 504,251
Percent Change Year-Over-Year: 1.7%
Combined Ratio:
2011: 99.8
2010: 95.1
14. Berkley Insurance Co.
Premium Assumed from Non-Affiliates:
2011: 539, 293
2010: 458,182
Percent Change Year-Over-Year: 17.7%
Combined Ratio:
2011: 102.2
2010: 102.3
13. Hartford Steam Boiler Inspection & Insurance Co.
Premium Assumed from Non-Affiliates:
2011: 614,470
2010: 616,272
Percent Change Year-Over-Year: -0.3%
Combined Ratio:
2011: 78.3
2010: 80.1
12. Maiden Reinsurance Co.
Premium Assumed from Non-Affiliates:
2011: 653,905
2010: 662,169
Percent Change Year-Over-Year: -1.2%
Combined Ratio:
2011: 104.9
2010: 103.5
11. SCOR Reinsurance Co.
Premium Assumed from Non-Affiliates:
2011: 704,637
2010: 609,159
Percent Change Year-Over-Year: 15.7%
Combined Ratio:
2011: 102.8
2010: 101.7
10. American Agricultural Insurance Co.
Premium Assumed from Non-Affiliates:
2011: 1,010,337
2010: 917,453
Percent Change Year-Over-Year: 10.1%
Combined Ratio:
2011: 130.8
2010: 104.5
9. General Reinsurance Corp.
Premium Assumed from Non-Affiliates:
2011: 1,016,661
2010: 1,156,541
Percent Change Year-Over-Year: -12.1%
Combined Ratio:
2011: 94.5
2010: 91.4
8. Partner Reisurance Co. of the U.S.
Premium Assumed from Non-Affiliates:
2011: 1,158,781
2010: 880,783
Percent Change Year-Over-Year: 31.6%
Combined Ratio:
2011: 99.7
2010: 95.4
7. Odyssey Reinsurance Co.
Premium Assumed from Non-Affiliates:
2011: 1,517,637
2010: 1,399,637
Percent Change Year-Over-Year: 8.5%
Combined Ratio:
2011: 117.8
2010: 93.3
6. QBE Insurance Corp.
Premium Assumed from Non-Affiliates:
2011: 2,200,954
2010: 87,362
Percent Change Year-Over-Year: 70.8%
Combined Ratio:
2011: 89.7
2010: 108.7
QBE Insrance, which made a major jump to appear in the sixth slot, says its upward movement reflects its acquisition of the insurance portfolio of Balboa Insurance Group from Bank of America in 2011 (it assumed 100 percent of Balboa's insurance business).
5. Munich Reinsurance America Inc.
Premium Assumed from Non-Affiliates:
2011: 2,348,333
2010: 2,452,724
Percent Change Year-Over-Year: -4.3%
Combined Ratio:
2011: 100.1
2010: 91.4
4. Everest Reinsunce Co.
Premium Assumed from Non-Affiliates:
2011: 2,734,463
2010: 2,649,158
Percent Change Year-Over-Year: 3.2%
Combined Ratio:
2011: 133.1
2010: 107.8
3. Transatlantic Reinsurance Co.
Premium Assumed from Non-Affiliates:
2011: 3,608,099
2010: 3,669,221
Percent Change Year-Over-Year: -1.7%
Combined Ratio:
2011: 115.1
2010: 98.5
2. Swiss Reinsurance America Corp.
Premium Assumed from Non-Affiliates:
2011: 3,659,745
2010: 3,687,818
Percent Change Year-Over-Year: -0.8%
Combined Ratio:
2011: 84.4
2010: 87.4
1. National Indemnity Co.
Premium Assumed from Non-Affiliates:
2011: 4,727,654
2010: 3,597,948
Percent Change Year-Over-Year: 31.4%
Combined Ratio:
2011: 111.1
2010: 85.8
A notable difference between this and last year's list is the fact that Berkshire Hathaway's National Indemnity Co. moved from third to first after experiencing a 31 percent increase in premium assumed from non-affiliates.
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