FAD Report

Financial Analysis Dept. Report: February 03, 2020

Table of Contents

Executive Summary

  • COVID-19–diligently monitoring underwriting impact, insurer investment portfolios, rating agency actions, and regulatory responses.
  • Premium registered in 2020 through September was $6.3 billion for LASLI companies and $2.2 billion for Non-LASLI companies (primarily Lloyd’s). Premiums from LASLI and Non-LASLI companies increased by 8.6% and 11.4%, respectively compared to the same period in the prior year. Non-LASLI companies with a large California presence are monitored, but not as extensively as LASLI companies.
  • Progressive Corporation was the sixth largest insurer group by premium registered ($295.7 million) during the first nine months of 2020 due to Transportation Network Company (TNC) business written by its subsidiary, Blue Hill Specialty Insurance Company Inc. (Blue Hill).
  • Total number of LASLI companies stands at 127, flat from December 31, 2019.
  • No new companies added to the List of Approved Surplus Line Insurers (LASLI) in the first nine months of 2020. Several companies applying for LASLI are in the pipeline—one is currently with California Department of Insurance (CDI), and two are being reviewed by the SLA, one additional application was voluntarily put on hold by the company.  

Financial Analysis Projects Update

Most projects are part of a multi-year effort to review, document and update Financial Analysis department processes and procedures (FA Dept Reengineering in the Master Innovation Plan). Focus is on improving efficiency, simplifying processes, enhancing team effectiveness, updating research tools and portfolio management capability, and shifting focus from compliance to risk management and monitoring (move from 50/50 compliance/risk management to 25/75).

Projects planned for 2020 or currently in progress include:

  • Creating externship opportunities for key staff to get broader exposure to the industry. First externship was completed by Glenn Leung in January 2020 with Sierra Specialty.
  • Updating the current Security Summary Review (SSR) template with a goal to simplify the process and make the analysis more consistent while still maintaining flexibility.
  • Redesign document checklist used to log receipt and compliance of required documents filed by the carriers with the Financial Analysis department. The document checklist is in the RAPID system and was designed years ago. Over time, filing requirements and business needs have changed.
  • Continuing to refine our automated compliance review process to confirm all LASLI companies meet the minimum capital and invested asset requirements under the California Insurance Code 1765.2. Project in progress to expand automated compliance review to quarterly results of US companies where less detailed information is available. Also, in progress of reviewing information available on Non-US companies to determine if an automated compliance review is possible. Even though NAIC requires Non-US companies to use a template, reporting is less consistent than for US companies.
  • Reconciling admitted companies in RAPID (for SL-2 form) to CDI list. Plan to check-in with Data Analysis periodically to ensure that revised process is meeting needs of data analysts and brokers.

Projects completed in 2019 include:

  • Review and update of the Company Profile templates used for US and Non-US companies. The Excel company profile is core to the LASLI company financial analysis process and is a combination of financial information downloaded from NAIC or RAPID and information input by the analyst. Improved run-time, organization and usability of the profile to support analysis and reporting. Reduced manual entry.
  • Updated prioritization descriptions to shift focus to overall financial strength of the LASLI companies, including financial support offered by the ultimate parent and/or overall group. Completed prioritization reviews of year-end 2018 results of US and Non-US LASLI companies. Applied revised prioritization descriptions as part of this process. Prioritization reviews help the financial analysts plan the sequence of their financial reviews and highlight companies that have financial or compliance concerns to management.
  • Implemented revised procedures to monitor and maintain admitted companies in the RAPID database, used by brokers to complete the Diligent Search report (SL-2).

Premium Registered – 2019 (January through December)

Total Premium Registered ($000's)Market ShareInsurer Count
201920182019201820192018
LASLI Insurers
US Insurers7,293,4215,194,39271.1%67.9%108106
Non-US Insurers (all IID listed)344,775324,4903.4%4.2%2120
SUBTOTAL7,638,196 5,518,88274.5%72.2%129126
Non-LASLI Insurers
Lloyd's Syndicates2,028,525 1,715,866 19.8%22.4%
US Insurers309,225250,4903.0%3.3%
Non-US Insurers214,304112,0522.1%1.5%
Others (Suspense, Unknown Insurer, etc.)11,2588,7150.1%0.1%
SUBTOTAL2,563,312 2,087,124 25.0%27.3%
TOTAL - LASLI/Non-LASLI Insurers10,201,5087,606,00599.4%99.5%
Taxable Fees57,07642,0260.6%0.5%
TOTAL - Premium and Fees Registered 110,258,5847,648,031100.0%100.0%

1 Totals may not equal the sum of components due to rounding.

2 Total includes $1,168,470,944 in captured backlog.

  • Total premium registered through December 2019 increased 34% year over year. Premium registered for 2019 includes an estimated $1.2 billion from the backlog reduction project (premium submitted in prior years).
  • Premium registered from LASLI insurers is primarily from US ($7.3 billion) versus Non-US ($0.3 billion) companies. The count of LASLI insurers is up three from December 2018 to 129 as of December 31, 2019. Two Non-US companies are in the process of voluntarily withdrawing from the LASLI.
  • Premium registered from Non-LASLI insurers continues to be dominated by Lloyd’s syndicates ($2.0 billion, up 18% from $1.7 billion year over year).
  • Outside of Lloyd’s, the two largest Non-LASLI insurers by premiums registered are Associated Electric & Gas Insurance Services Ltd. (Non-US; $191.2 million) and Kinsale Insurance Company (US; $88.3 million). Other Non-LASLI insurers with significant premium registered include Amtrust International Underwriters DAC (Non-US; $22.7 million), PartnerRe Ireland Insurance DAC ($22.6 million), Trisura Specialty Insurance Company ($22.1 million) and Falls Lake National Insurance Company ($18.8 million).
  • SLA Financial Analysis department monitors LASLI insurers closely—a benefit to the broker community as well as to the California home state insureds. Non-LASLI insurers with a significant California market presence are monitored, though reviews are more cursory.

LASLI Applicants

InsurerDomicileApplication Status
Accident Fund General Insurance CompanyMichiganPending CDI CAB's review
AzGUARD Insurance CompanyNebraskaPending CDI CAB’s review of request for seasoning exemption
Vault E&S Insurance Company ArkansasAdded to the LASLI on 12/13/2019
  • Four companies added to the LASLI during 2019.
  • Review by CDI CAB in progress for Accident Fund General insurance Company (Accident Fund). CDI CAB is also reviewing AzGuard Insurance Company’s (AzGuard’s) request for a seasoning exemption. SLA review of Accident Fund and AzGuard on hold, pending CDI CAB’s decision.

LASLI Withdrawals Since NRRA in 2011

Insurer TypeTotalWithdrew
Due to NRRA		Withdrew from
Surplus Line Market		Withdrew for
Other Reasons
Non-US181071
US191414
SUBTOTAL37111115
Lloyd's Syndicates787800
TOTAL115891115
  • One company (Rockhill Insurance Company, or Rockhill) opted to withdraw from the LASLI in 2019. Rockhill’s parent, State Auto, previously announced that they are exiting the surplus lines market. Rockhill ceased actively writing business in late 2018.
  • Two companies, Tokio Marine Kiln Insurance Limited and AXA Corporate Solutions Assurance, are in the process of withdrawing but are still included in the count of LASLI companies pending receipt of documentation and/or CDI approval. Tokio Marine Kiln Insurance Limited is withdrawing retroactive to October 2019. Per company announcements, non-Japanese business has been placed into run-off and Japanese business will be transferred to an affiliate. AXA Corporate Solutions Assurance is withdrawing due to a merger into a sister company.
  • Most recent withdrawals have been due to company status changes (e.g., merger, run-off or US market withdrawal) as opposed to NRRA.

Premium Registered By AM BEST Financial Strength Rating 2019 (January through December)

Chart excludes premiums in suspense and other premiums that are not allocated to a company

  • Overall credit quality is strong. As a % of premium registered by AM Best financial strength rating, credit quality of LASLI companies is somewhat stronger than Total (All Companies). Berkshire Hathaway, Chubb, and Tokio Marine are the largest A++ operating groups by premium registered.
  • Lloyd’s syndicates, including those with missing or invalid syndicate numbers, wrote $2.0 billion (19.8%) of 2019 premium and fees registered, making it the largest writer of the Non-LASLI insurers. All Lloyd’s syndicates reflect the Lloyd’s market AM Best financial strength rating of A.
  • Insurers with B++ ratings wrote $11.2 million (0.1%) of 2019 premium registered and consisted of Knight Specialty Insurance Company (Knight Specialty) and Conifer Insurance Company (Conifer). Both are non-LASLI companies.
    • Knight Specialty’s ($10.6 million premium registered) rating was affirmed in December 2018 and AM Best expects results to improve in the short to medium term. Knight Specialty has invested significant amounts of capital and human resources in bolstering its enterprise risk management platform based on underwriting losses sustained from program business written several years ago. While the company is profitable with a solid history in investment performance over the years, underwriting losses persist due to residual reserve development and decreased earned premium, as these items work through the earnings process.
    • Conifer’s ($0.5 million premium registered) rating was affirmed in December 2019 and has a negative outlook. AM Best expects the group will continue to make progress in returning to profitability as management refocuses its insurance operations toward the companies’ niche commercial specialty lines of business. Going forward, AM Best projects underwriting results to improve in the near to medium term as the group gains scale in the specialty lines segment and grows into the group’s infrastructure. Underwriting results reflect declining levels of adverse development through 2019, while management has significantly reduced catastrophe loss exposure by rapidly and efficiently exiting its troubled Florida homeowners line and other wind-exposed business.

AM BEST Financial Strength Rating Actions and Outlook/Implication LASLI Insurers – 2018 and 2019

AMB Financial Strength Rating Outlook /
Implication 1		AMB Financial Strength Rating Actions 1AMB Financial Strength Rating 1AMB Ultimate Parent 22019 Premium Registered
($000's) 3		2019 Premium Registered (% of Total) 3
StableAffirmed6,976,68391.3%
DowngradedA-HAMILTON INSURANCE GROUP, LTD.9,8260.1%
UpgradedA+THE HARTFORD FINANCIAL SERVICES GROUP, INC.130,1500.1%
INTACT FINANCIAL CORPORATION 33,9111.7%
OLD REPUBLIC INTERNATIONAL CORPORATION18,9150.4%
A-FOSUN INTERNATIONAL HOLDINGS LTD.7,1050.1%
Stable Total7,176,589 94.0%
NegativeAffirmedA+AXIS CAPITAL HOLDINGS LIMITED95,6381.3%
PROASSURANCE CORPORATION25,0450.3%
ACHINA MINSHENG INVESTMENT GROUP CORP., LTD.6,2040.1%
PROTECTIVE INSURANCE CORPORATION80.0%
A-WESTAIM HIIG L.P.46,6320.6%
GUIDEONE MUTUAL INSURANCE COMPANY18,1580.2%
Under ReviewA u ARGO GROUP INTERNATIONAL HOLDINGS, LTD.191,9672.5%
NORCAL MUTUAL INSURANCE COMPANY9,2020.1%
Negative Total392,8545.1%
PositiveAffirmedASELECTIVE INSURANCE GROUP, INC.39,0240.5%
Positive Total39,0240.5%
Unrated or Withdrawn-Pre 2018 Total29,7290.5%
Grand Total7,638,196 100.0%

1 AMB financial strength ratings, actions and outlook/implication per AM Best as of 1/2/2020. Ratings “under review” have a “u” indicator after the rating. Rating is for the AMB rating unit that includes the LASLI company.            

2 Ultimate parent per AM Best as of 1/2/2020.      

3 Premiums processed through 12/31/2019.              

In addition to a financial strength rating, AM Best includes a rating outlook (stable, negative or positive) indicating the potential future direction of the rating over an intermediate term (about 36 months). For ratings that are under review, the potential future direction is called a rating implication (negative, developing and positive) and the forward-looking timeframe is more near-term (typically 6 months).

Stable Outlook (94% of 2019 Premium Registered)

  • Most groups have AM Best ratings with a stable outlook, with most ratings affirmed stable (91.3% of 2019 premium registered). Merger activity drove downgrades or upgrades of three LASLI companies to reflect the financial strength of their new parent. Two groups had financial strength rating upgrades not related to merger activity.
  • The companies with merger-related financial strength rating changes include:
    • Hamilton Insurance Group, Ltd./Ironshore Europe DAC (now known as Hamilton Insurance DAC) (A-; Downgrade): Reflects financial strength of its new parent, Hamilton Insurance Group Ltd., with its very strong balance sheet, adequate operating performance, neutral business profile and appropriate risk management. AM Best expects the group’s rating fundamentals to remain unchanged in the medium to long term.
    • The Hartford Financial Services Group, Inc./Navigators Specialty Insurance Company (A+; Upgrade): Now owned by Hartford Financial Services Group, Inc. (Hartford), and so part of a larger and more diversified organization, AM Best expects the group’s operating performance will continue to be supported by Hartford’s very strong balance sheet.
    • Intact Financial Corporation/Homeland Insurance Company of New York (A+; Upgrade): Now part of Intact Financial Corporation (IFC), reflecting IFC’s balance sheet strength and profitable operating performance sustained over the long term. Through this acquisition, IFC broadened its geographic reach and product offerings through a multichannel distribution model. Homeland Insurance Company and the other former One Beacon affiliates will benefit from IFC’s investment management, reinsurance procurement and actuarial support.
  • The companies with stable outlooks and rating upgrades not related to merger activity include:
    • Old Republic International Corporation/Old Republic Union Insurance Company (A+; Upgrade): Reflects expectation that the group’s balance sheet (rated “strongest”) will continue to be supported by its strong operating performance, favorable business profile and appropriate enterprise risk management program. The group’s operating performance is supported by consistently profitable underwriting performance, which compares favorably to its peers.
    • Fosun International Holdings Ltd./Century Surety Company (A-; Upgrade): Reflects significant progress made in addressing unfavorable operating results and enterprise risk management procedures. Century Surety Company is part of the AmeriTrust Group rating unit and reflects the group’s very strong balance sheet, as well as its marginal operating performance which improved in 2018 due to significant corrective actions implemented over the past few years by the new management team.

Negative Outlook/Implication (5.1% of 2019 Premium Registered)

  • Several groups and their respective LASLI companies have negative outlooks or implications on their financial strength ratings (5.1% of 2019 premium registered). Most of groups had ratings affirmed though two are under review.
  • Groups and their respective LASLI companies with affirmed ratings and negative outlooks include:
    • AXIS Capital Holdings Limited/AXIS Surplus Insurance Company (A+) and AXIS Specialty Europe SE (A+): Unfavorable trend in operating performance by the group, including insurance underwriting results and overall return metrics, though the group continues to be well capitalized.
    • ProAssurance Corporation/ProAssurance Casualty Company (A+) and Noetic Specialty Insurance Company (A+): Downward trend in group’s operating performance towards a level that is similar to, instead of outperforming, its medical professional liability peers. AM Best expects the group to maintain the strongest level of risk-adjusted capitalization as measured by the Best Capital Adequacy Ratio, favorable business profile and appropriate enterprise risk management.
    • China Minsheng Investment Group Corp., Ltd./Sirius International Insurance Corporation (A): Deterioration in operating performance, primarily from catastrophe events, and concerns about debt and liquidity issues of ultimate parent China Minsheng Investment Group Corp., Ltd.
    • Protective Insurance Corporation/Protective Specialty Insurance Company (A): Concerns about the company’s ongoing role, integration and affiliation with Protective Insurance Company (PIC), including its dependence on PIC’s financial condition.
    • WestAim HIIG L.P./Houston Specialty Insurance Company (A-): Uncertainty over recent reserve volatility and execution risk associated with significant increase in premium writings.
    • GuideOne Mutual Insurance Company/GuideOne National Insurance Company (A-): Concerns about the ability to demonstrate and maintain a more favorable trend of operating performance; although, the balance sheet strength and 2018 operating performance have improved over the prior year.
  • Groups and their respective LASLI companies with negative implications and ratings under review include:
    • Argo Group International Holdings, Ltd./Colony Insurance Company, Peleus Insurance Company (A u): Concerns about the departure of Argo’s chief executive officer and a Securities and Exchange Commission inquiry relating to non-disclosure of certain compensation-related perquisites involving Argo and the departed CEO.
    • Norcal Mutual Insurance Company/Norcal Specialty Insurance Company (A u): Concerns about adverse loss reserve development for accident years 2016 through 2018, reflecting higher claims settlements following operational process changes in 2017.

Positive Outlook (0.5% of 2019 Premium Registered)

  • One group and its respective LASLI company has a positive outlook on its financial strength rating which was affirmed (0.5% of 2019 premium registered):
    • Selective Insurance Group/Mesa Underwriters Specialty Insurance Company (A): Reflects improved profitability over the past five years on an absolute basis and relative to its peers. The favorable business profile is based partly on the group’s close working relationship with its selected agencies, and the use of technology to enhance its underwriting and servicing capabilities.

Hot Topics – Merger Activity

Merger, Acquisition and Other Corporate Transactions - LASLI Insurance Groups - 20191
AcquirerTargetLASLI/Eligible Subsidiary2,3Premiums Registered by SLA - 2019
($000's)		Stage
Announced
Tokio Marine Holdings IncPrivilege Underwriters, IncHouston Casualty Company (A)$145,913Announced: 10/03/2019 Anticipated Completion Date: 1Q2020
Lloyd's Syndicate 510 (A)$97,307
Tokio Marine Specialty Insurance Company (A)$69,785
Lloyd's Syndicate 1880 (A)$39,043
Safety Specialty Insurance Company (A)$11,350
Lloyd's Syndicate 4141 (A)$8,214
Tokio Marine Kiln Insurance Limited (A)$1,801
Watford Holdings Ltd.Axeria IARDWatford Specialty Insurance Company (A)$13,649Announced: 12/6/2019 Anticipated Completion Date: Spring 2020
Completed 2019
Apollo Global Management, LLCAspen Insurance Holdings Ltd.Aspen Specialty Insurance Company (T)$98,046Completed: 2/15/2019
Aspen Insurance UK Limited (T)$6,656
Auto-OwnersCapital Insurance GroupAtlantic Casualty Insurance Company (A)$10,211Completed: 5/28/2019
Canopius GroupAmTrust at Lloyd'sLloyd's Syndicate 1861 (T)$47,325Completed: 10/3/2019
Lloyd's Syndicate 4444 (A)$34,439
Canopius US Insurance, Inc. (A)$14,072
Hamilton Insurance Group, Ltd.Pembroke Managing Agency Ltd., its platform at Lloyd's and Hamilton Insurance DAC (fka Ironshore Europe DAC)Lloyd's Syndicate 4000 (T)$16,054Completed: 8/20/2019
Hamilton Insurance DAC (T) (fka Ironshore Europe DAC)$9,826
Lloyd's Syndicate 2014 (T)$4,707
Lloyd's Syndicate 3334 (A)$12,051
Hartford Financial Services GroupThe Navigators GroupNavigators Specialty Insurance Co (T)$130,150Completed: 5/23/2019
Maxum Indemnity Company (A)$29,260
Pacific Insurance Company, Limited (A)$8,072
Nutmeg Insurance Company (A)$0
Prosight Global Inc. Gotham Insurance Company $20,604IPO completed: 7/25/2019
Watford Holdings Ltd.Watford Specialty Insurance Company$13,649IPO completed: 3/28/2019

1 Information as of 12/31/2019

2 Names of LASLI Subsidiaries or Applicants are followed by either a (T) for Target or an (A) for Acquirer.

3 LASLI/Eligible Subsidiaries includes LASLI companies but excludes Lloyd’s Syndicates and NRRA eligible subsidiaries with premium registered below a minimum threshold. Year-end 2019, the threshold is $2.5 million.

  • Merger activity for LASLI insurance groups appears to have slowed down recently, with only two potential deals currently announced and not yet closed.

Premium Registered By Ultimate Parent1 – Top Groups – 2019 (January through December)

AMB Ultimate Parent1Operating CompanyStatus2AMB Financial Strength Rating32019 Premium REGISTERED ($000's)2019 Premium REGISTERED (% of Total)
LLOYD'SLLOYD'S OF LONDONNon-LASLIA2,028,52519.77%
LLOYD'S Total2,028,52519.77%
BERKSHIRE HATHAWAY INC.NATIONAL FIRE & MARINE INSURANCE COMPANYLASLIA++505,3994.93%
GENERAL STAR INDEMNITY COMPANYLASLIA++33,8300.33%
MOUNT VERNON FIRE INSURANCE COMPANYLASLIA++19,4700.19%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M3,8180.04%
BERKSHIRE HATHAWAY INC. Total562,5175.48%
AMERICAN INTERNATIONAL GROUP, INC.LEXINGTON INSURANCE COMPANYLASLIA330,3663.22%
AIG SPECIALTY INSURANCE COMPANYLASLIA139,6511.36%
WESTERN WORLD INSURANCE COMPANYLASLIA59,3460.58%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M19,7030.19%
AMERICAN INTERNATIONAL GROUP UK LIMITEDNon-LASLIA10,6370.10%
AMERICAN INTERNATIONAL GROUP, INC. Total559,7035.46%
MARKEL CORPORATIONUNITED SPECIALTY INSURANCE COMPANYLASLIA317,2033.09%
EVANSTON INSURANCE COMPANYLASLIA217,9942.12%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M9,7220.09%
MARKEL CORPORATION Total544,9195.31%
NATIONWIDE MUTUAL INSURANCE COMPANYSCOTTSDALE INSURANCE COMPANYLASLIA+455,5034.44%
NATIONWIDE MUTUAL INSURANCE COMPANY Total455,5034.44%
JAMES RIVER GROUP HOLDINGS, LTD.JAMES RIVER INSURANCE COMPANYLASLIA418,3024.08%
FALLS LAKE NATIONAL INSURANCE COMPANYNon-LASLIA18,8180.18%
JAMES RIVER GROUP HOLDINGS, LTD. Total437,1204.26%
AXA SAINDIAN HARBOR INSURANCE COMPANYLASLIA+384,4433.75%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M12,2300.12%
AXA SA Total396,6733.87%
W. R. BERKLEY CORPORATIONADMIRAL INSURANCE COMPANYLASLIA+139,1691.36%
GEMINI INSURANCE COMPANYLASLIA+82,2070.80%
NAUTILUS INSURANCE COMPANYLASLIA+72,2880.70%
BERKLEY ASSURANCE COMPANYLASLIA+39,7260.39%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M5,3800.05%
W. R. BERKLEY CORPORATION Total338,7693.30%
FAIRFAX FINANCIAL HOLDINGS LIMITEDALLIED WORLD SURPLUS LINES INSURANCE COMPANYLASLIA75,6050.74%
ALLIED WORLD NATIONAL ASSURANCE COMPANYLASLIA63,1500.62%
CRUM & FORSTER SPECIALTY INSURANCE COMPANYLASLIA59,9240.58%
FIRST MERCURY INSURANCE COMPANYLASLIA38,9850.38%
HUDSON SPECIALTY INSURANCE COMPANYLASLIA31,5410.31%
HUDSON EXCESS INSURANCE COMPANYLASLIA27,6350.27%
SENECA SPECIALTY INSURANCE COMPANYLASLIA13,5560.13%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M400.00%
FAIRFAX FINANCIAL HOLDINGS LIMITED Total310,4353.03%
ZURICH INSURANCE GROUP LTD.STEADFAST INSURANCE COMPANYLASLIA+231,8962.26%
EMPIRE INDEMNITY INSURANCE COMPANYLASLIA+65,1920.64%
ZURICH INSURANCE GROUP LTD. Total297,0882.90%
CHUBB LIMITEDWESTCHESTER SURPLUS LINES INSURANCE COMPANYLASLIA++110,8221.08%
ILLINOIS UNION INSURANCE COMPANYLASLIA++102,8801.00%
CHUBB CUSTOM INSURANCE COMPANYLASLIA++40,4100.39%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M6,6380.06%
CHUBB LIMITED Total260,7502.54%
LIBERTY MUTUAL HOLDING COMPANY INC.IRONSHORE SPECIALTY INSURANCE COMPANYLASLIA142,9251.39%
LIBERTY SURPLUS INSURANCE CORPORATIONLASLIA91,9880.90%
LIBERTY MUTUAL INSURANCE EUROPE SELASLINR20,4370.20%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M2,3270.02%
LIBERTY MUTUAL HOLDING COMPANY INC. Total257,6772.51%
TOKIO MARINE HOLDINGS, INC.HOUSTON CASUALTY COMPANYLASLIA++145,9131.42%
TOKIO MARINE SPECIALTY INSURANCE COMPANYLASLIA++69,7850.68%
SAFETY SPECIALTY INSURANCE COMPANYNon-LASLIA+11,3500.11%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M1,8010.02%
TOKIO MARINE HOLDINGS, INC. Total228,8502.23%
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.COLONY INSURANCE COMPANYLASLIA155,1471.51%
PELEUS INSURANCE COMPANYLASLIA36,8200.36%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M2,2920.02%
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. Total194,2601.89%
ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITEDASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITEDNon-LASLIA191,2131.86%
ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED Total191,2131.86%
ALLEGHANY CORPORATIONLANDMARK AMERICAN INSURANCE COMPANYLASLIA+119,0791.16%
CAPITOL SPECIALTY INSURANCE CORPORATIONLASLIA33,9430.33%
COVINGTON SPECIALTY INSURANCE COMPANYLASLIA+13,7750.13%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M2,1750.02%
ALLEGHANY CORPORATION Total168,9731.65%
THE HARTFORD FINANCIAL SERVICES GROUP, INC.NAVIGATORS SPECIALTY INSURANCE COMPANYLASLIA+130,1501.27%
MAXUM INDEMNITY COMPANYLASLIA+29,2600.29%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M8,0720.08%
THE HARTFORD FINANCIAL SERVICES GROUP, INC. Total167,4811.63%
AMERICAN FINANCIAL GROUP, INC.GREAT AMERICAN E&S INSURANCE COMPANYLASLIA+136,7601.33%
AMERICAN EMPIRE SURPLUS LINES INSURANCE COMPANYLASLIA+11,9400.12%
GREAT AMERICAN FIDELITY INSURANCE COMPANYLASLIA+10,9870.11%
AMERICAN FINANCIAL GROUP, INC. Total159,6881.56%
QBE INSURANCE GROUP LIMITEDQBE SPECIALTY INSURANCE COMPANYLASLIA158,7371.55%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M340.00%
QBE INSURANCE GROUP LIMITED Total158,7711.55%
All Other Groups <$158.0M in Premium Registered2,482,59424.20%
Taxable Fees57,0760.56%
Total Premium Registered and Taxable Fees410,258,584100.00%

1 Ultimate parent per AM Best as of 1/2/2020.

2 Status as of 12/31/2019. An insurer merged with and into another LASLI carrier is reported as having a LASLI status if premiums registered are significant.

3 AMB financial strength rating per AM Best as of 1/2/2020. Lloyd’s syndicate rating = AM Best rating of the Lloyd’s market.

4 Total includes $1,168,470,944 in captured backlog.

Premium Registered By Lloyd’s Syndicates With Managing Agent1 – 2019 (January through December)

LLOYD'S2019 Premium Registered ($000's)2019 Premium Registered (% of Total)
Lloyd's Syndicate 2623 (Beazley Furlonge Limited)256,61512.70%
Lloyd's Syndicate 2987 (Brit Syndicates Limited)109,8085.40%
Lloyd's Syndicate 33 (Hiscox Syndicates Limited)107,8335.30%
Lloyd's Syndicate 3624 (Hiscox Syndicates Limited)103,0905.10%
Lloyd's Syndicate 510 (Tokio Marine Kiln Syndicates Limited)97,3074.80%
Lloyd's Syndicate 1969 (Apollo Syndicate Management Limited)81,3464.00%
Lloyd's Syndicate 1458 (RenaissanceRe Syndicate Management Limited)69,0813.40%
Lloyd's Syndicate 2001 (MS Amlin Underwriting Limited)63,6013.10%
Lloyd's Syndicate 2003 (Catlin Underwriting Agencies Limited)58,3972.90%
Lloyd's Syndicate 623 (Beazley Furlonge Limited)56,9402.80%
Lloyd's Syndicate 1861 (AmTrust Syndicates Limited)47,3252.30%
Lloyd's Syndicate 609 (Atrium Underwriters Limited)42,7202.10%
Lloyd's Syndicate 2488 (Chubb Underwriting Agencies Limited)42,0992.10%
Lloyd's Syndicate 1880 (Tokio Marine Kiln Syndicates Limited)39,0431.90%
Lloyd's Syndicate 1886 (QBE Underwriting Limited)35,1441.70%
Lloyd's Syndicate 4472 (Liberty Managing Agency Limited)35,1121.70%
Lloyd's Syndicate 4444 (Canopius Managing Agents Limited)34,4391.70%
Lloyd's Syndicate 1084 (Chaucer Syndicates Limited)33,7821.70%
Lloyd's Syndicate 2121 (Argenta Syndicate Management Limited)33,7651.70%
Lloyd's Syndicate 1225 (AEGIS Managing Agency Limited)31,5851.60%
Lloyd's Syndicate 2007 (Axis Managing Agency Limited)30,7921.50%
Lloyd's Syndicate 1183 (Talbot Underwriting Limited)27,4931.40%
Lloyd's Syndicate 1414 (Ascot Underwriting Limited)27,2871.30%
Lloyd's Syndicate 435 (Faraday Underwriting Limited)25,7541.30%
Lloyd's Syndicate 1200 (Argo Managing Agency Limited)24,0621.20%
Lloyd's Syndicate 1686 (Axis Managing Agency Limited)21,8961.10%
Lloyd's Syndicate 4711 (Aspen Managing Agency Limited)21,1681.00%
Lloyd's Syndicate 4242 (Asta Managing Agency Limited)20,9161.00%
Lloyd's Syndicate 1274 (Antares Managing Agency Limited)20,7811.00%
Lloyd's Syndicate 1980 (Asta Managing Agency Limited)19,4441.00%
Lloyd's Syndicate 2015 (The Channel Managing Agency Limited)17,7550.90%
Lloyd's Syndicate 1991 (Coverys Managing Agency Limited)17,7540.90%
Lloyd's Syndicate 1955 (Barbican Managing Agency Limited)16,2710.80%
Lloyd's Syndicate 5151 (Endurance at Lloyd's Limited)16,2510.80%
Lloyd's Syndicate 4000 (Pembroke Managing Agency Limited)16,0540.80%
Lloyd's Syndicate 3000 (Markel Syndicate Management Limited)15,7150.80%
Lloyd's Syndicate 2468 (Neon Underwriting Limited)14,3540.70%
Lloyd's Syndicate 2791 (Managing Agency Partners Limited)13,4830.70%
Lloyd's Syndicate 457 (Munich Re Syndicate Limited)13,2290.70%
Lloyd's Syndicate 1919 (Starr Managing Agents Limited)13,0860.60%
Lloyd's Syndicate 3334 (Hamilton Underwriting Limited)12,0510.60%
Lloyd's Syndicate 1036 (QBE Underwriting Limited)11,3720.60%
Lloyd's Syndicate 1729 (Asta Managing Agency Limited)11,3480.60%
Lloyd's Syndicate 1221 (Navigators Underwriting Agency Limited)11,0850.50%
Lloyd's Syndicate 4020 (Ark Syndicate Management Limited)11,0140.50%
Lloyd's Syndicate 318 (Cincinnati Global Underwriting Agency Limited)10,4550.50%
Lloyd's Syndicate 1967 (W. R. Berkley Syndicate Management Limited)10,3390.50%
Lloyd's Syndicate 5000 (Travelers Syndicate Management Limited)10,2930.50%
All Other Lloyd’s Syndicates with Premium Registered <$10.0M & Other ²167,9938.30%
Lloyd's Total2,028,525100.00%

1 Source: AM Best as of 1/2/2020 and Lloyd’s List of Active Syndicates & Managing Agents for 2019 Year of Account

2 All Other includes Lloyd’s premium registered with a missing or invalid syndicate number