Financial Analysis Market Report
Executive Summary
- Premium registered in 2022 through April (YTD) was $4.1 billion for companies on the LASLI and $1.7 billion for companies (primarily Lloyd’s) not on the LASLI. Premiums from LASLI and Non-LASLI companies increased by 63.4% and 76.1%, respectively, compared to the same period in 2021. One non-LASLI company, Palms Insurance Company, Ltd. began writing significant business in 2021.
- Total number of LASLI companies as of April 30, 2022 was 131, an increase of one from December 31, 2021. Addition of two new applicants to the LASLI occurred on June 3, 2022, further increasing the total to 133.
- Eight companies applying for the LASLI are in the pipeline—one is currently with the California Department of Insurance (CDI), and seven are being reviewed by the SLA.
- Two merger and acquisition (M&A) deals were completed in 2022 affecting the following LASLI groups: ProSight Global, Inc and Liberty Mutual Holding Company Inc.
- Multiple M&A deals were announced in 2022 including Accident Fund’s acquisition of AmeriTrust Group, Applied Underwriters’ purchase of Catlin Specialty Insurance Company from AXA Insurance Group, and Berkshire Hathaway’s acquisition of Alleghany Corporation.
- All LASLI insurers with a financial strength rating from AM Best are rated A- (excellent) or better. One notable downgrade recently occurred. Catlin Specialty Insurance Company’s rating was downgraded to A due to the company being sold as a shell to North American Casualty Group, a subsidiary of Applied Underwriters. The downgrade also reflected the removal of the implicit and explicit support from its parent organization, AXA S.A. The outlook on the rating is negative.
Premium Registered — 2022 (January through April)
| Total Premium Registered ($000's) | Market Share | Insurer Count As Of | ||||
| YTD 2022 | YTD 2021 | YTD 2022 | YTD 2021 | 4/30/2022 | 4/30/2021 | |
| LASLI Insurers | ||||||
| US Insurers | 3,890,463 | 2,376,081 | 67.8% | 69.1% | 112 | 109 |
| Non-US Insurers (all IID listed) | 168,621 | 107,906 | 2.9% | 3.1% | 19 | 19 |
| SUBTOTAL | 4,059,084 | 2,483,988 | 70.8% | 72.2% | 131 | 128 |
| Non-LASLI Insurers | ||||||
| Lloyd's Syndicates | 818,669 | 600,508 | 14.3% | 17.5% | ||
| US Insurers | 493,632 | 214,732 | 8.6% | 6.2% | ||
| Non-US Insurers | 331,629 | 118,983 | 5.8% | 3.5% | ||
| Others (Suspense, Unknown Insurer, etc.) | 7,307 | 3,408 | 0.1% | 0.1% | ||
| SUBTOTAL | 1,651,237 | 937,631 | 28.8% | 27.2% | ||
| TOTAL - LASLI/Non-LASLI Insurers | 5,710,321 | 3,421,619 | 99.6% | 99.4% | ||
| Taxable Fees | 25,482 | 19,237 | 0.4% | 0.6% | ||
| TOTAL - Premium and Fees Registered 1 | 5,735,802 | 3,440,856 | 100.0% | 100.0% | ||
1 Totals may not equal the sum of components due to rounding.
Note: The breakdown of premium registered for prior year by insurer type is based on insurers’ status as of the prior year.
The LASLI company insurer count includes all companies on the LASLI regardless of whether they had premium registered.
- Total premium and fees registered through April 2022 increased 66.7% year-to-date compared to the same period prior year.
- Premium registered from LASLI insurers is primarily from US ($3.9 billion) versus Non-US ($0.2 billion) companies.
- As of April 30, 2022, the count of LASLI insurers is up by three from April 2021 to 131.
- Premium registered from Non-LASLI insurers continue to be led by Lloyd’s syndicates ($0.8 billion, up 36.3% from $0.6 billion in the same period for 2021).
- Besides Lloyd’s, the two largest Non-LASLI insurers by premiums registered are Associated Electric & Gas Insurance Services Ltd. (Non-US; $136.3 million) and Kinsale Insurance Company (US; $66.6 million). Other Non-LASLI insurers with significant premium registered include Palms Insurance Company Ltd. (Non-US; $60.7 million), Blue Hill Specialty Insurance Company Inc. (US; $60.3 million), and Trisura Specialty Insurance Company (US; $54.3 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
| Insurer | Ultimate Parent | Application Status |
| Professional Security Insurance Company | MAG Mutual Holding Company | Added to the LASLI on 6/3/2022 |
| QBE Europe SA/NV | QBE Insurance Group Limited | Added to the LASLI on 6/3/2022 |
| Clear Blue Specialty Insurance Company | PBRA (Cayman) Company | Pending CDI CAB's review |
| American Inter-Fidelity Exchange | American Inter-Fidelity Corporation | SLA review in progress |
| Transverse Specialty Insurance Company | Virgo Transverse Core, LLC | SLA review in progress |
| Texas Insurance Company | AU Holding Company, Inc. | SLA review in progress |
| Third Coast Insurance Company | Blue Cross Blue Shield of Michigan Mutual Insurance Company | SLA review in progress |
| Harleysville Insurance Company of New York | Nationwide Mutual Insurance Company | SLA review in progress |
| Summit Specialty Insurance Company | McCarthy Group, LLC | SLA review in progress |
| Homesite Insurance Company | American Family Insurance Group | SLA review in progress |
- CDI is reviewing one LASLI application and the SLA is reviewing seven other LASLI applications.
- Two LASLI applications were added to the LASLI on 6/3/2022.
LASLI Withdrawals Since NRRA in 2011
| Insurer Type | Total | Withdrew Due to NRRA | Withdrew from Surplus Line Market | Withdrew for Other Reasons |
| Non-US | 20 | 10 | 7 | 3 |
| US | 19 | 1 | 4 | 14 |
| SUBTOTAL | 39 | 11 | 11 | 17 |
| Lloyd's Syndicates | 78 | 78 | 0 | 0 |
| TOTAL | 117 | 89 | 11 | 17 |
- No LASLI withdrawals during the first four months of 2022.
Premium Registered by AM Best Financial Strength Rating Year-to-Date 2022 (January through April)
Totals may not equal the sum of components due to rounding.
Chart excludes premiums in suspense and other premiums that are not allocated to a company.
- Overall credit quality of rated LASLI companies is strong with AM Best financial strength rating of Excellent or stronger. Berkshire Hathaway, Chubb, and Tokio Marine are the largest operating groups with financial strength rating of A++ by premium registered for the last five years.
- Lloyd’s syndicates, including those with missing or invalid syndicate numbers, wrote $0.8 billion (14.3%) of 2022 year-to-date premium and fees registered, making it the largest portion of the Non-LASLI category. All Lloyd’s syndicates reflect the Lloyd’s market AM Best financial strength rating of A.
- Insurers with B++ or lower financial strength ratings wrote $3.4 million (0.1%) of 2022 year-to-date premium registered and consisted of Conifer Insurance Company (Conifer) and General Insurance Corporation of India (GICI). Both are non-LASLI companies.
- Conifer’s ($3.4 million premium registered) B+ financial strength rating was affirmed in April 2022 with a stable outlook reflective of persistent adverse loss development and an inability to organically grow capital and surplus, limited financial flexibility of parent company. However, management is exploring capital management initiatives and the group attempts to gain greater economies of scale, invest in technology, seek more attractive reinsurance ceding commissions and explore other expense-saving efforts.
- GICI’s ($0.02 million premium registered) B++ financial strength rating was affirmed in September 2021 with a stable outlook and reflects GICI’s notable recovery in the company’s shareholders’ equity, exposure to heightened political, economic and financial risk emanating from India, underwriting performance consistently loss-making over the past five years, and overall operating results reliance on investment income.
AM BEST Financial Strength Rating Actions and Outlook/Implication LASLI Insurers – 2021 and 2022
| AMB Financial Strength Rating Outlook / Implication1 | AMB Financial Strength Rating Actions1 | AMB Financial Strength Rating1 | AMB Ultimate Parent2 | YTD 2022 Premium Registered ($000's)3 | YTD 2022 Premium Registered (% of Total)3 |
| Stable | Affirmed - Various Insurers | 3,895,770 | 96.0% | ||
| Upgraded | A+ | SELECTIVE INSURANCE GROUP, INC. | 19,439 | 0.5% | |
| AUTO-OWNERS INSURANCE COMPANY | 8,597 | 0.2% | |||
| Assigned | A | INTACT FINANCIAL CORPORATION | 512 | 0.0% | |
| Stable Total | 3,924,317 | 96.7% | |||
| Negative | Affirmed | A | UNITED FIRE GROUP, INC. | 17,907 | 0.4% |
| ROCKINGHAM MUTUAL GROUP, INC. | 2,755 | 0.1% | |||
| A- | HALLMARK FINANCIAL SERVICES, INC. | 29,102 | 0.7% | ||
| Under Review | A- u | CORNELL CAPITAL GP II GP LLC | 8,445 | 0.2% | |
| Downgraded Under Review | A u | AXA SA | 2,776 | 0.1% | |
| Negative Total | 60,986 | 1.5% | |||
| Positive | Affirmed | A | HDI V.A.G. | 39,737 | 1.0% |
| A- | HAMILTON INSURANCE GROUP, LTD. | 10,794 | 0.3% | ||
| Under Review | A- u | FOSUN INTERNATIONAL HOLDINGS LTD. | 17,372 | 0.4% | |
| Positive Total | 67,904 | 1.7% | |||
| Unrated or Withdrawn-Pre 2021 Total | 5,877 | 0.1% | |||
| Grand Total | 4,059,084 | 100.0% | |||
- AMB financial strength ratings, actions, and outlook/implication per AM Best as of May 11, 2022. Ratings “under review” have a “u” indicator after the rating. Rating is for the AMB rating unit that includes the LASLI company.
- Ultimate parent as of May 11, 2022.
- Premiums registered through April 30, 2022.
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 (96.7% of 2022 YTD Premium Registered)
- Most groups have AM Best ratings with a stable outlook, with most ratings affirmed stable (96.0% of 2022 YTD premium registered).
- The companies with a financial strength rating upgrade were:
- Auto-Owners Insurance Company/Atlantic Casualty Insurance Company (A+): Upgrade due to increased level of integration, as well as tangible operating benefits and synergies derived from ownership by Auto-Owners in various functions, including, but not limited to: investments, actuarial services, product development, reinsurance, claims, marketing, and information technology. Additionally, this rating action recognizes Atlantic Casualty’s strategic importance within the Auto-Owners’ organization, particularly evident in Atlantic Casualty’s access to Auto-Owners’ distribution channel, which has contributed to growth in premiums, while maintaining favorable operating performance.
- Selective Insurance Group, Inc./Mesa Underwriters Specialty Insurance Company (A+): Upgrade due to strong levels of profitability over the past five years on an absolute basis and improved profitability relative to its peers.
Negative Outlook/Implication (1.5% of 2022 YTD Premium Registered)
Several groups and their respective LASLI companies have negative outlooks or implications on their financial strength ratings. The percentage of premium written by insurers with a negative outlook or implication decreased to 1.5% of 2022 YTD registered premium compared to 1.9% for the same period in 2021.
- Three groups and their respective LASLI companies with affirmed ratings and negative outlooks:
- Hallmark Financial Services, Inc./Hallmark Specialty Insurance Company (A-): Volatility in the group’s operating performance, with five-year operating metrics comparing unfavorable with the commercial casualty composite driven by natural catastrophe losses and adverse reserve development.
- United Fire Group, Inc./Mercer Insurance Company (A): Execution risk associated with the implementation of the enterprise-wide strategic plan to improve operational and financial performance given competitive market conditions and ongoing exposure to catastrophe events.
- Rockingham Mutual Group, Inc./Rockingham Insurance Company (A): Decline in the group’s risk-adjusted capitalization and overall balance sheet strength as a result of expanding premium writings without a corresponding increase in capital resulting in elevated premium leverage metrics. Volatility in underwriting and operating performance over the past three years that compares somewhat unfavorably to the group’s peers.
- One group and its respective LASLI company’s rating was downgraded and under review with negative outlook:
- AXA S.A./Catlin Specialty Insurance Company (A u): Acquisition of Catlin Specialty by North American Casualty Group; sold as a shell, while being licensed to write excess and surplus business in all states except Oklahoma. Rating downgrade reflects the removal of the implicit and explicit support from its parent organization, AXA S.A. The negative outlook on the North American Casualty Group’s rating is based on continued conservation by the State of California and any possible negative impact on the group’s operating performance or enterprise risk management.
- One group and its respective LASLI company with negative implications as rating being under review:
- Cornell Capital GP II GP LLC/Vault E&S Insurance Company (A- u): Material deterioration in its risk-adjusted capitalization combined with significant volatility in operating performance (influenced by Winter Storm Uri, Hurricane Ida, costs related to the organization’s separation from Allied World Assurance Company Holdings, Ltd., reserve strengthening, and a larger than expected impact from large losses), which led to substantial surplus erosion from mid-year highs that followed a $100 million capital contribution. However, management has communicated near-term capital action plans intended to return risk-adjusted capitalization to the strongest level and improve overall balance sheet strength.
Positive Outlook/Implication (1.7% of YTD 2022 Premium Registered)
- Groups and their respective LASLI insurers with a positive outlook on their financial strength ratings which were affirmed:
- HDI V.a.G/HDI Specialty Insurance Company & HDI Global Specialty SE (A): Reflects expectation that HDI V.a.G.’s prudent risk culture and strong and stable operating performance, supported by improved profitability of its primary business segment, will further enhance the resilience of its balance sheet.
- Hamilton Insurance Group, Ltd./Hamilton Insurance DAC (A-): Reflects the expectation that Hamilton will maintain its improving trend of profitability and continue generating earnings that are accretive to the group’s balance sheet strength.
- One group and its respective LASLI insurer with positive implications as rating being under review:
- Fosun International Holdings Ltd./Century Surety Company (A- u): Reflects the announcement on April 12, 2022, of a definitive agreement under which Accident Fund Insurance Company of America and its subsidiaries will acquire Star Insurance Company and its subsidiaries (collectively, AmeriTrust Group).
Hot Topics – Merger Activity
| Merger, Acquisition and Other Corporate Transactions - LASLI Insurance Groups - 2021-2022 1 | ||||
| Acquirer | Target | LASLI | Premiums Registered by SLA - 2021 ($000's) | Stage |
| Announced | ||||
| Accident Fund | AmeriTrust Group | Century Surety Company (T) | $56,967 | Announced: 04/12/2022 Anticipated Completion date: Before the end of 2022 |
| Accident Fund General Insurance Company (A) | $9,671 | |||
| Applied Underwriters | Catlin Specialty Insurance Company (T) | $177 | Announced: 02/23/2022 Anticipated Completion date: 2Q2022 |
|
| Berkshire Hathaway | Alleghany Corporation | Landmark American Insurance Company (T) | $200,141 | Announced: 03/21/2022 Anticipated Completion date: 4Q2022 |
| Capitol Specialty Insurance Corporation (T) | $47,092 | |||
| Fair American Select Insurance Company (T) | $13,197 | |||
| Covington Specialty Insurance Company (T) | $9,735 | |||
| National Fire & Marine Insurance Company (A) | $846,366 | |||
| General Star Indemnity Company (A) | $57,180 | |||
| Mount Vernon Fire Insurance Company (A) | $19,656 | |||
| AZGuard Insurance Company (A) | $9,599 | |||
| Berkshire Hathaway International Insurance Limited (A) | $1,385 | |||
| Completed 2022 | ||||
| Liberty Mutual Holding Company Inc. | State Automobile Mutual Insurance Company & State Auto Financial Corporation | Ironshore Specialty Insurance Company (A) | $140,020 | Completed: 3/1/2022 |
| Liberty Surplus Insurance Corporation (A) | $105,509 | |||
| Liberty Mutual Insurance Europe SE (A) | $14,417 | |||
| Liberty Specialty Markets Bermuda Limited (A) | $1,507 | |||
| Completed 2021 | ||||
| Third Point Reinsurance Ltd. | Sirius International Insurance Group, Ltd. | Siriuspoint International Insurance Corporation (T) | $5,190 | Completed: 02/26/2021 |
| ProAssurance Corporation | Norcal Group | NORCAL Specialty Insurance Company (T) | $4,672 | Completed: 05/05/2021 |
| ProAssurance Casualty Company (A) | $5,882 | |||
| Noetic Specialty Insurance Company (A) | $4,314 | |||
| Progressive Corporation | Protective Insurance Corporation | Protective Specialty Insurance Company (T) | $111 | Completed: 06/01/2021 |
| Intact Financial Corp., Tryg A/S | RSA Insurance Group PLC | The Marine Insurance Company Limited (T) | $1,238,711 | Completed: 06/01/2021 |
| Arch Capital Group Ltd. | Watford Holdings Ltd. | Watford Specialty Insurance Company (T) | $4,637 | Completed: 07/02/2021 |
| Arch Specialty Insurance Company (A) | $114,905 | |||
| Arch Insurance (UK) Limted (A) | $5,919 | |||
| Pedal Parent Inc. (owned by affiliates of TowerBrook Capital Partners LP and Further Global Capital Management) | ProSight Global, Inc. | Gotham Insurance Company (T) | $18,464 | Completed: 8/4/2021 |
| Cornell Capital (private equity investor) and Hudson Structured Capital Management (asset manager doing its reinsurance business as HSCM Bermuda) | Vault E&S Insurance Company | Vault E&S Insurance Company (T) | $17,598 | Completed: 03/01/2021 |
| Lancer Financial Group, Inc. | Core Specialty Insurance Holdings, Inc | StarStone Specialty Insurance Company (T) | $58,924 | Completed: 12/31/2021 |
1 Information as of 4/30/2022.
• Names of LASLI Subsidiaries or Applicants are followed by either a (T) for Target or an (A) for Acquirer.
• LASLI/Eligible Subsidiaries includes LASLI companies but excludes Lloyd’s Syndicates and NRRA eligible subsidiaries with premium registered below a minimum threshold. For 2021, the threshold is $5.0 million.
Hot Topics – Developing
Russian-Ukraine Conflict: With the ongoing war between Russia and Ukraine, the global insurance industry disclosed roughly $1.3 billion in collective losses and reserve charges in the first quarter of 2022. The largest hits were to insurers and reinsurers in Europe. Among the European insurers, Swiss Re AG sustained the largest war-related impact to their reserves for potential claims of $283.0 million. Swiss Re AG’s CFO John Dacey estimated the industry claims losses toward the lower end of a $10 billion–$20 billion range, akin to a small catastrophe.
During the first quarter of 2022, a few insurers (as shown in the chart below) recorded certain realized losses or wrote down the value of Russian-related assets. The largest write down was by Munich Re, whom wrote down the value of Russian and Ukrainian bonds by roughly $785.5 million during the first quarter of 2022.
Cybersecurity: Recent comments by Swiss Re AG indicate that the reinsurance industry may be nearing it capacity for cyberrisk. According to John Coletti, head of cyber reinsurance at Swiss Re AG, the industry needs to understand and manage its exposure to accumulation risk in the cyber market – the risk of a single attack causing widespread losses at the same time. Reinsurance is a key tool for insurers to manage their own exposure, so further growth in the cyber market is partially dependent on reinsurance capacity.
According to S&P, the global cyber insurance market currently generates $10 billion in premiums. However for it to grow further, risk models capable of predicting losses from systemic events and policy language changes that define a widespread event may be needed.
Cryptocurrency: There is growing interest in cryptocurrency insurance with some insurers already beginning to accept premium payment in cryptocurrency and others may include it in their investment portfolios. However, only an estimated 2% of cryptocurrency assets are insured, according to experts’ estimate.
Lloyd’s of London syndicates, other London market insurers, and insurers in Bermuda and elsewhere are currently offering cryptocurrency-related insurance. Many insurers are interested in underwriting the business, however, there is hesitancy due to limited knowledge of the risk and historical loss data activity. Regulators are exploring requiring insurers to disclose if they accept payment of premiums in cryptocurrency and if any is held for investment.
Lloyd’s of London: Material turnaround in performance reported by Lloyd’s driven by a focus on underwriting profitability, as well as leveraging favorable trading conditions to achieve premium growth. Premium rates increased by 10.9% on £39.2 billion of gross premiums. Lloyd’s reported overall profit of £2.3 billion for 2021 compared to a loss of £0.9 billion loss for 2020. Their combined ratio also improved to 93.5% from 110.3% in 2020 the lowest it has been in the past six years.
Premium Registered by Ultimate Parent1 – Top 20 Insurer Groups – 2022 (January through April)
| AMB Ultimate Parent1 | Operating Company | Status2 | AMB Financial Strength Rating3 | YTD 2022 Premium Registered ($000's) | YTD 2022 Premium Registered (% of Total) |
| LLOYD'S | LLOYD'S OF LONDON | Non-LASLI | A | 818,669 | 14.3% |
| LLOYD'S Total | 818,669 | 14.3% | |||
| MARKEL CORPORATION | UNITED SPECIALTY INSURANCE COMPANY | LASLI | A | 132,055 | 2.3% |
| EVANSTON INSURANCE COMPANY | LASLI | A | 127,937 | 2.2% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 6,881 | 0.1% | |||
| MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED | LASLI | A | 6,129 | 0.1% | |
| MARKEL CORPORATION Total | 273,002 | 4.8% | |||
| FAIRFAX FINANCIAL HOLDINGS LIMITED | ALLIED WORLD NATIONAL ASSURANCE COMPANY | LASLI | A | 81,254 | 1.4% |
| CRUM & FORSTER SPECIALTY INSURANCE COMPANY | LASLI | A | 71,837 | 1.3% | |
| HUDSON EXCESS INSURANCE COMPANY | LASLI | A | 57,674 | 1.0% | |
| ALLIED WORLD SURPLUS LINES INSURANCE COMPANY | LASLI | A | 41,846 | 0.7% | |
| HILLTOP SPECIALTY INSURANCE COMPANY | LASLI | A | 10,344 | 0.2% | |
| SENECA SPECIALTY INSURANCE COMPANY | LASLI | A | 5,201 | 0.1% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 3,628 | 0.1% | |||
| FAIRFAX FINANCIAL HOLDINGS LIMITED Total | 271,783 | 4.7% | |||
| AMERICAN INTERNATIONAL GROUP, INC. | LEXINGTON INSURANCE COMPANY | LASLI | A | 164,012 | 2.9% |
| AIG SPECIALTY INSURANCE COMPANY | LASLI | A | 65,570 | 1.1% | |
| WESTERN WORLD INSURANCE COMPANY | LASLI | A | 9,847 | 0.2% | |
| AMERICAN INTERNATIONAL GROUP UK LIMITED | Non-LASLI | A | 6,761 | 0.1% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 422 | 0.0% | |||
| AMERICAN INTERNATIONAL GROUP, INC. Total | 246,611 | 4.3% | |||
| NATIONWIDE MUTUAL INSURANCE COMPANY | SCOTTSDALE INSURANCE COMPANY | LASLI | A+ | 242,542 | 4.2% |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 88 | 0.0% | |||
| NATIONWIDE MUTUAL INSURANCE COMPANY Total | 242,629 | 4.2% | |||
| W. R. BERKLEY CORPORATION | ADMIRAL INSURANCE COMPANY | LASLI | A+ | 72,123 | 1.3% |
| GEMINI INSURANCE COMPANY | LASLI | A+ | 67,663 | 1.2% | |
| NAUTILUS INSURANCE COMPANY | LASLI | A+ | 32,435 | 0.6% | |
| BERKLEY ASSURANCE COMPANY | LASLI | A+ | 28,979 | 0.5% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 3,245 | 0.1% | |||
| W. R. BERKLEY CORPORATION Total | 204,445 | 3.6% | |||
| BERKSHIRE HATHAWAY INC. | NATIONAL FIRE & MARINE INSURANCE COMPANY | LASLI | A++ | 149,244 | 2.6% |
| GENERAL STAR INDEMNITY COMPANY | LASLI | A++ | 25,897 | 0.5% | |
| MOUNT VERNON FIRE INSURANCE COMPANY | LASLI | A++ | 7,595 | 0.1% | |
| AZGUARD INSURANCE COMPANY | LASLI | A+ | 6,348 | 0.1% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 2,896 | 0.1% | |||
| BERKSHIRE HATHAWAY INC. Total | 191,980 | 3.3% | |||
| SOMPO HOLDINGS, INC. | ENDURANCE AMERICAN SPECIALTY INSURANCE COMPANY | LASLI | A+ | 132,797 | 2.3% |
| ENDURANCE WORLDWIDE INSURANCE LIMITED | Non-LASLI | A+ | 17,871 | 0.3% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 583 | 0.0% | |||
| SOMPO HOLDINGS, INC. Total | 151,251 | 2.6% | |||
| AXA SA | INDIAN HARBOR INSURANCE COMPANY | LASLI | A+ | 133,194 | 2.3% |
| AXA XL INSURANCE COMPANY UK LTD | Non-LASLI | A+ | 7,403 | 0.1% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 3,061 | 0.1% | |||
| AXA SA Total | 143,659 | 2.5% | |||
| CHUBB LIMITED | WESTCHESTER SURPLUS LINES INSURANCE COMPANY | LASLI | A++ | 55,551 | 1.0% |
| ILLINOIS UNION INSURANCE COMPANY | LASLI | A++ | 51,991 | 0.9% | |
| CHUBB CUSTOM INSURANCE COMPANY | LASLI | A++ | 25,829 | 0.5% | |
| CHUBB EUROPEAN GROUP SE | LASLI | A++ | 6,545 | 0.1% | |
| EXECUTIVE RISK SPECIALTY INSURANCE COMPANY | LASLI | A++ | 0 | 0.0% | |
| CHUBB LIMITED Total | 139,916 | 2.4% | |||
| ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED | ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED | Non-LASLI | A | 136,336 | 2.4% |
| ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED Total | 136,336 | 2.4% | |||
| ALLEGHANY CORPORATION | LANDMARK AMERICAN INSURANCE COMPANY | LASLI | A+ | 88,512 | 1.5% |
| CAPITOL SPECIALTY INSURANCE CORPORATION | LASLI | A | 26,459 | 0.5% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 7,045 | 0.1% | |||
| ALLEGHANY CORPORATION Total | 122,016 | 2.1% | |||
| TOKIO MARINE HOLDINGS, INC. | HOUSTON CASUALTY COMPANY | LASLI | A++ | 83,704 | 1.5% |
| TOKIO MARINE SPECIALTY INSURANCE COMPANY | LASLI | A++ | 23,835 | 0.4% | |
| SAFETY SPECIALTY INSURANCE COMPANY | Non-LASLI | A++ | 12,728 | 0.2% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | -137 | 0.0% | |||
| TOKIO MARINE HOLDINGS, INC. Total | 120,130 | 2.1% | |||
| LIBERTY MUTUAL HOLDING COMPANY INC. | IRONSHORE SPECIALTY INSURANCE COMPANY | LASLI | A | 56,684 | 1.0% |
| LIBERTY SURPLUS INSURANCE CORPORATION | LASLI | A | 56,558 | 1.0% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 4,504 | 0.1% | |||
| LIBERTY MUTUAL HOLDING COMPANY INC. Total | 117,746 | 2.1% | |||
| THE ALLSTATE CORPORATION | NORTH LIGHT SPECIALTY INSURANCE COMPANY | LASLI | A+ | 109,257 | 1.9% |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 0 | 0.0% | |||
| THE ALLSTATE CORPORATION Total | 109,257 | 1.9% | |||
| MUNCHENER RUCKVERSICHERUNG AG | GREAT LAKES INSURANCE SE | LASLI | A+ | 41,617 | 0.7% |
| PRINCETON EXCESS AND SURPLUS LINES INSURANCE COMPANY | LASLI | A+ | 41,272 | 0.7% | |
| HSB SPECIALTY INSURANCE COMPANY | LASLI | A++ | 12,586 | 0.2% | |
| BRIDGEWAY INSURANCE COMPANY | LASLI | A+ | 5,950 | 0.1% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 0 | 0.0% | |||
| MUNCHENER RUCKVERSICHERUNG AG Total | 101,426 | 1.8% | |||
| THE HARTFORD FINANCIAL SERVICES GROUP, INC. | NAVIGATORS SPECIALTY INSURANCE COMPANY | LASLI | A+ | 88,305 | 1.5% |
| PACIFIC INSURANCE COMPANY, LIMITED | LASLI | A+ | 6,773 | 0.1% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 2,782 | 0.0% | |||
| NUTMEG INSURANCE COMPANY | LASLI | A+ | 0 | 0.0% | |
| THE HARTFORD FINANCIAL SERVICES GROUP, INC. Total | 97,860 | 1.7% | |||
| QBE INSURANCE GROUP LIMITED | QBE SPECIALTY INSURANCE COMPANY | LASLI | A | 76,920 | 1.3% |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 4,248 | 0.1% | |||
| QBE INSURANCE GROUP LIMITED Total | 81,168 | 1.4% | |||
| AXIS CAPITAL HOLDINGS LIMITED | AXIS SURPLUS INSURANCE COMPANY | LASLI | A | 63,681 | 1.1% |
| AXIS SPECIALTY EUROPE SE | LASLI | A | 14,915 | 0.3% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$5.0M | 235 | 0.0% | |||
| AXIS CAPITAL HOLDINGS LIMITED Total | 78,830 | 1.4% | |||
| AMERICAN FINANCIAL GROUP, INC. | GREAT AMERICAN E&S INSURANCE COMPANY | LASLI | A+ | 67,556 | 1.2% |
| AMERICAN EMPIRE SURPLUS LINES INSURANCE COMPANY | LASLI | A+ | 5,560 | 0.1% | |
| GREAT AMERICAN FIDELITY INSURANCE COMPANY | LASLI | A+ | 5,360 | 0.1% | |
| AMERICAN FINANCIAL GROUP, INC. Total | 78,476 | 1.4% | |||
| Top 20 Insurer Groups Total | 3,727,191 | 65.0% | |||
| All Other Insurers with Premiums Registered | 1,983,130 | 34.6% | |||
| Taxable Fees | 25,482 | 0.4% | |||
| Total Premium Registered and Taxable Fees | 5,735,802 | 100.0% | |||
- Ultimate parent per AM Best as of May 11, 2022.
- Status as of May 11, 2022. An insurer merged with and into another LASLI carrier is reported as having a LASLI status if premiums registered are significant.
- AMB financial strength rating per AM Best as of May 11, 2022. Lloyd’s syndicate rating = AM Best rating of the Lloyd’s market.
Premium Registered by LLOYD’S Syndicates with Managing Agent1 – 2022 (January through April)
| LLOYD'S | YTD 2022 Premium Registered ($000's) | YTD 2022 Premium Registered (% of Total) |
| Lloyd's Syndicate - 2623 (Beazley Furlonge Limited) | 129,784 | 15.9% |
| Lloyd's Syndicate - 1969 (Apollo Syndicate Management Limited) | 66,457 | 8.1% |
| Lloyd's Syndicate - 2987 (Brit Syndicates Limited) | 46,265 | 5.7% |
| Lloyd's Syndicate - 33 (Hiscox Syndicates Limited) | 38,102 | 4.7% |
| Lloyd's Syndicate - 1458 (RenaissanceRe Syndicate Management Limited) | 32,087 | 3.9% |
| Lloyd's Syndicate - 623 (Beazley Furlonge Limited) | 28,342 | 3.5% |
| Lloyd's Syndicate - 510 (Tokio Marine Kiln Syndicates Limited) | 24,152 | 3.0% |
| Lloyd's Syndicate - 3624 (Hiscox Syndicates Limited) | 23,741 | 2.9% |
| Lloyd's Syndicate - 4444 (Canopius Managing Agents Limited) | 21,597 | 2.6% |
| Lloyd's Syndicate - 1886 (QBE Underwriting Limited) | 19,636 | 2.4% |
| Lloyd's Syndicate - 1414 (Ascot Underwriting Limited) | 17,436 | 2.1% |
| Lloyd's Syndicate - 609 (Atrium Underwriters Limited) | 15,774 | 1.9% |
| Lloyd's Syndicate - 1225 (AEGIS Managing Agency Limited) | 15,755 | 1.9% |
| Lloyd's Syndicate - 2488 (Chubb Underwriting Agencies Limited) | 15,481 | 1.9% |
| Lloyd's Syndicate - 457 (Munich Re Syndicate Limited) | 15,394 | 1.9% |
| Lloyd's Syndicate - 2001 (MS Amlin Underwriting Limited) | 15,278 | 1.9% |
| Lloyd's Syndicate - 1686 (Axis Managing Agency Limited) | 13,845 | 1.7% |
| Lloyd's Syndicate - 1084 (Chaucer Syndicates Limited) | 13,596 | 1.7% |
| Lloyd's Syndicate - 2121 (Argenta Syndicate Management Limited) | 12,639 | 1.5% |
| Lloyd's Syndicate - 2003 (AXA XL Underwriting Agencies Limited) | 11,982 | 1.5% |
| Lloyd's Syndicate - 4711 (Aspen Managing Agency Limited) | 11,872 | 1.5% |
| Lloyd's Syndicate - 1183 (Talbot Underwriting Ltd.) | 10,578 | 1.3% |
| Lloyd's Syndicate - 4472 (Liberty Managing Agency Limited) | 10,044 | 1.2% |
| Lloyd's Syndicate - 1618 (Brit Syndicates Limited) | 9,830 | 1.2% |
| Lloyd's Syndicate - 435 (Faraday Underwriting Limited) | 8,911 | 1.1% |
| Lloyd's Syndicate - 1301 (Inigo Managing Agent Limited) | 8,765 | 1.1% |
| Lloyd's Syndicate - 4000 (Hamilton Managing Agency Limited) | 7,941 | 1.0% |
| Lloyd's Syndicate - 1200 (Argo Managing Agency Limited) | 7,487 | 0.9% |
| Lloyd's Syndicate - 1609 (Asta Managing Agency Limited) | 7,032 | 0.9% |
| Lloyd's Syndicate - 1880 (Tokio Marine Kiln Syndicates Limited) | 7,019 | 0.9% |
| Lloyd's Syndicate - 1955 (Arch Managing Agency Limited) | 6,510 | 0.8% |
| Lloyd's Syndicate - 1967 (W. R. Berkley Syndicate Management Limited) | 6,034 | 0.7% |
| Lloyd's Syndicate - 1919 (Starr Managing Agents Limited) | 5,813 | 0.7% |
| Lloyd's Syndicate - 2791 (Managing Agency Partners Limited) | 5,646 | 0.7% |
| Lloyd's Syndicate - 4020 (Ark Syndicate Management Limited) | 5,473 | 0.7% |
| Lloyd's Syndicate - 1910 (Argo Managing Agency Limited) | 5,472 | 0.7% |
| Lloyd's Syndicate - 1274 (Antares Managing Agency Limited) | 5,363 | 0.7% |
| Lloyd's Syndicate - 1729 (Asta Managing Agency Limited) | 5,275 | 0.6% |
| Lloyd's Syndicate - 1861 (Canopius Managing Agents Limited) | 5,243 | 0.6% |
| Lloyd's Syndicate - 2288 (Asta Managing Agency Limited) | 5,141 | 0.6% |
| All Other Lloyd's Syndicates with Premium Registered <$5.0M & Other ² | 95,876 | 11.7% |
| Lloyd's Total | 818,669 | 100.0% |
- Source: Standard & Poor’s as of May 11, 2022, and Lloyd’s List of Active Syndicates & Managing Agents for 2022 Year of Account.
- All Other includes Lloyd’s premium registered with a missing or invalid syndicate number.