Financial Analysis Report
Executive Summary
- Premium registered in 2021 was $9.3 billion for companies on the LASLI and $3.4 billion for companies not on the LASLI (Lloyd’s $2.0 billion). Premiums from LASLI and Non-LASLI companies increased by 12.2% and 17.0%, respectively, compared to 2020.
- Total number of LASLI companies stands at 130, an increase of two from December 31, 2020.
- Several companies applying for the LASLI are in the pipeline—four are currently with the California Department of Insurance (CDI), five are being reviewed by the SLA, and one additional application is pending a seasoning determination by CDI
- Multiple merger and acquisitions deals were completed in 2021 including two acquisitions of LASLI Insurers by private equity investors. ProSight Global, Inc. (Gotham Insurance Company) was acquired by TowerBrook Capital Partners LP and Further Global Capital Management. In addition, Vault E&S Insurance Company was acquired by Cornell Capital and Hudson Structured Capital Management.
- Statutory financial results for the US LASLI insurers that have submitted their 2021 results showed improved profitability, and a significant increase in direct writings, by 26.4%.
- Berkshire Hathaway group continued to be the largest insurance group for premiums registered by the SLA in 2021. Berkshire Hathaway Companies were 7.4% of the total registered premiums, while Markel Corporation represented 5.6% of the total. The next largest group was AIG with 4.8% of the total.
Premium Registered – 2021 (January through December)
| Total Premium Registered ($000's) | Market Share | Insurer Count | ||||
| 2021 | 2020 | 2021 | 2020 | 12/31/2021 | 12/31/2020 | |
| LASLI Insurers | ||||||
| US Insurers | 8,954,586 | 7,932,158 | 70.1% | 70.5% | 111 | 108 |
| Non-US Insurers (all IID listed) | 361,877 | 367,703 | 2.8% | 3.3% | 19 | 19 |
| SUBTOTAL | 9,316,464 | 8,299,862 | 73.0% | 73.8% | 130 | 128 |
| Non-LASLI Insurers | ||||||
| Lloyd's Syndicates | 1,996,175 | 1,836,669 | 15.6% | 16.3% | ||
| US Insurers | 1,031,334 | 660,894 | 8.1% | 5.9% | ||
| Non-US Insurers | 351,442 | 389,758 | 2.8% | 3.5% | ||
| Others (Suspense, Unknown Insurer, etc.) | 7,346 | 8,156 | 0.1% | 0.1% | ||
| SUBTOTAL | 3,386,297 | 2,895,478 | 26.5% | 25.7% | ||
| TOTAL - LASLI/Non-LASLI Insurers | 12,702,761 | 11,195,339 | 99.5% | 99.5% | ||
| Taxable Fees | 62,697 | 54,186 | 0.5% | 0.5% | ||
| TOTAL - Premium and Fees Registered 1 | 12,765,457 | 11,249,525 | 100.0% | 100.0% | ||
1Totals may not equal the sum of components due to rounding.
- Total premium and fees registered in 2021 increased 13.5% from prior year.
- Premium registered from LASLI insurers is primarily from US ($9.0 billion) versus Non-US ($0.4 billion) companies. The count of LASLI insurers is up two from 2020 to 130.
- Premium registered from Non-LASLI insurers continue to be led by Lloyd’s syndicates ($2.0 billion, up 8.7% from $1.8 billion in 2020).
- Besides Lloyd’s, the three largest Non-LASLI insurers by premiums registered are Progressive Corporation subsidiary, Blue Hill Specialty Insurance Company, Inc. (US; $313.1 million), Kinsale Insurance Company (US; $145.5 million), and Trisura Specialty Insurance Company (US; $115.4 million). Other Non-LASLI insurers with significant premium registered include Associated Electric & Gas Insurance Services Ltd. (Non-US; $112.9 million) and Homesite Insurance Company (US; $62.8 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
| Insurer | Domicile | Application Status |
| Bridgeway Insurance Company | Munich Re | Added to the LASLI on 07/1/2021 |
| AzGUARD Insurance Company | Berkshire Hathaway Inc. | Added to the LASLI on 08/26/2021 |
| Republic-Vanguard Insurance Company | Evergreen Parent, L.P. | Pending CDI CAB's review |
| Clear Blue Specialty Insurance Company | PBRA (Cayman) Company | Pending CDI CAB's review |
| QBE Europe SA/NV | QBE Insurance Group Limited | Pending CDI CAB's review |
| Professional Security Insurance Company | MAG Mutual Holding 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 | Application recently received |
| Summit Specialty Insurance Company | McCarthy Group, LLC | Review on hold pending further instructions from the CDI |
| Sutton Specialty Insurance Company | Brickell Ins. Holdings LLC | Application withdrawn on 05/3/2021 |
| Grant Assurance Corporation | United States Steel Corp. | Application withdrawn on 02/16/2022 |
- Two insurers added to the LASLI. CDI is reviewing four LASLI Applications and the SLA is reviewing five other LASLI Applications. One other application is currently being evaluated by CDI for LASLI seasoning requirements.
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 2021.
Premium Registered By AM BEST Financial Strength Rating January Through December 2021
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. As a % of premium registered by AM Best financial strength rating, credit quality of LASLI companies is somewhat stronger than Total (All Companies with premiums registered). Berkshire Hathaway, Chubb, and Tokio Marine are the largest A++ operating groups by premium registered for the last five years.
- Lloyd’s syndicates, including those with missing or invalid syndicate numbers, wrote $2.0 billion (15.6%) of 2021 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++ ratings wrote $26.2 million (0.2%) of 2021 premium registered and consisted of Knight Specialty Insurance Company (Knight Specialty) and Conifer Insurance Company (Conifer). Both are non-LASLI companies.
- Knight Specialty’s ($19.8 million premium registered) rating was affirmed in January 2021 and reflects Knight Specialty’s operating and process enhancements instituted by its management team, which have resulted in steadily improving operating performance and significantly reduced adverse prior year loss reserve development. The company has strengthened the monitoring and control of its general agent partners and third part adjusters in claims settling and enhanced its underwriting guidelines, which have contributed to the turnaround. While operating performance has shown improvement, the potential for volatility remains as open claims from terminated programs are settled and active programs mature. Volatility may also result from elevated common stock leverage relative to the industry.
- Conifer’s ($6.4 million premium registered) rating was affirmed in February 2021 and has a stable outlook. AM Best expects that the group’s business profile, focusing on its niche lines expertise, should generate sustainable underwriting and operating results such that minor volatility from any future adverse development will not materially impact capital adequacy in the negative. The group has spent the past two to three years exiting nearly all the segments that significantly underperformed management’s optimistic profitability expectations.
AM BEST Financial Strength Rating Actions and Outlook/Implication LASLI Insurers – 2021 and 2022
| AMB Financial Strength Rating Outlook / Implication 1 | AMB Financial Strength Rating Actions 1 | AMB Financial Strength Rating 1 | AMB Ultimate Parent 2 | 2021 Premium Registered ($000's) 3 | 2021 Premium Registered (% of Total) 3 |
| Stable | Affirmed | VARIOUS | 9,037,860 | 97.0% | |
| Upgraded | A+ | SELECTIVE INSURANCE GROUP, INC. | 45,361 | 0.5% | |
| AUTO-OWNERS INSURANCE COMPANY | 18,524 | 0.2% | |||
| Stable Total | 9,101,745 | 97.7% | |||
| Negative | Affirmed | A | UNITED FIRE GROUP, INC. | 35,336 | 0.4% |
| ROCKINGHAM MUTUAL GROUP, INC. | 7,561 | 0.1% | |||
| A - | HALLMARK FINANCIAL SERVICES, INC. | 70,697 | 0.8% | ||
| Downgraded Under Review | A u | AXA SA | 177 | 0.0% | |
| Negative Total | 113,770 | 1.2% | |||
| Positive | Affirmed | A | HDI V.A.G. | 78,977 | 0.8% |
| Positive Total | 78,977 | 0.8% | |||
| Unrated or Withdrawn-Pre 2021 Total | 21,971 | 0.2% | |||
| Grand Total | 9,316,464 | 100.0% | |||
1 AMB financial strength ratings, actions, and outlook/implication per AM Best as of 3/4/2022. 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 as of 3/4/2022.
3 Premiums registered through 12/31/2021.
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 (97.7% of 2021 Premium Registered)
- Most groups have AM Best ratings with a stable outlook, with most ratings affirmed stable (97.0% of 2021 premium registered). This amount is higher than prior year, which was 90.9%.
- The companies with a financial strength rating upgrade include:
- Selective Insurance Group, Inc./Mesa Underwriters Specialty Insurance Company (A+): Upgrade due the group’s balance sheet strength, strong operating performance, and favorable business profile. The group has improved underwriting results in its more challenged commercial auto and excess and surplus books of business through various underwriting initiatives and targeted rate increases.
- Auto-Owners Insurance Company/Atlantic Casualty Insurance Company (A+): Upgrade due to Atlantic Casualty Insurance Company’s 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.
Negative Outlook/Implication (1.2% of 2021 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 1.2% of 2021 registered premium compared to 6.5% of 2020 registered premium.
- Three groups and their respective LASLI companies had their ratings affirmed with negative outlooks:
- United States Fire Group Inc./Mercer Insurance Company (A): Downward trend in recent underwriting performance, stemming from numerous catastrophe events as well as reserve strengthening in the commercial auto liability line in 2019. While the group is executing on an enterprise-wide strategic plan to improve operation and financial performance, it faces execution risk due to 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 significant increases in the group’s underwriting leverage measures. Additionally, due to volatility in underwriting and operating performance over the past three years that compare unfavorably with the group’s peers.
- Hallmark Financial Services Inc./Hallmark Specialty Insurance Company (A-): volatility in the group’s operating performance, with five-year operating metrics comparing unfavorably with the commercial casualty composite drive by natural catastrophe losses and adverse loss development. AM Best expects improvement as the group transitions from a commercial auto writer to a specialty lines writer.
- One group and their respective LASLI company had their ratings downgraded and their ratings are under review with a negative outlook:
- AXA SA./Catlin Specialty Insurance Company (A u): Downgrade follows announcement that Catlin will be acquired by North American Casualty Group (NAC). The negative outlook reflects that NAC’s ratings are also currently on negative outlook.
Positive Outlook/Implication (0.8% of 2021 Premium Registered)
- Group and their respective LASLI insurer with a positive outlook on their financial strength ratings which were affirmed:
- HDI V.A.G/HDI Specialty Insurance Company (A): Reflects AM Best’s 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.
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 |
| Potential Offer | ||||
| Offered/Rejected | ||||
| Announced | ||||
| Applied Underwriters | Catlin Specialty Insurance Company (T) | $177 | Announced: 02/23/2022 Anticipated Completion date: Q22022 |
|
| Completed 2021 | ||||
| Liberty Mutual Holding Company Inc. | State Automobile Mutual Insurance Company & State Auto Financial Corporation | Ironshore Specialty Insurance Company (A) Liberty Mutual Insurance Europe SE (A) Liberty Specialty Markets Bermuda Limited (A) Liberty Surplus Insurance Corporation (A) | $140,020 $14,417 $1,507 $105,509 | Completed: 3/1/2022 |
| 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) ProAssurance Casualty Company (A) Noetic Specialty Insurance Company (A) | $4,672 $5,882 $4,314 | Completed: 05/05/2021 |
| 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) | $4,328 | Completed: 06/01/2021 |
| Arch Capital Group Ltd. | Watford Holdings Ltd. | Watford Specialty Insurance Company (T) Arch Specialty Insurance Company (A) Arch Insurance (UK) Limted (A) | $4,637 $114,905 $5,919 | Completed: 07/02/2021 |
| 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 3/1/2022.
2 Names of LASLI Subsidiaries or Applicants are followed by either a (T) for Target or an (A) for Acquirer.
- Catlin Specialty Insurance Company: Will be sold (pending regulatory approval) as a clean shell to Applied Underwriters Inc. Catlin Specialty Insurance Company is currently owned by AXA SA, and they have transferred its business to current LASLI affiliate, Indian Harbor Insurance Company. Applied Underwriters Inc. also owns LASLI Applicant Texas Insurance Company.
Hot Topics — Developing
- LASLI Insurer Financials: Most of the U.S. domiciled LASLI Insurers have submitted their financial statements for year-end 2021. Of those with financial data the following highlights were noted:
- Their overall capital and surplus grew 5.8% to $25.2 billion at year-end 2021. Of these insurers more than 80% saw their capital and surplus increase year over year.
- The LASLI Insurers wrote significantly more direct business, up 26.4% in 2021 compared to 2020.
- For the first time in the last five years the insurers reported a combined underwriting gain. In total the underwriting gain was $203.4 million compared to an underwriting loss of $286.4 million for 2020.
- Net income of the group also increased, by 53.0% to $2.2 billion. This was the largest net income reported for at least the last five years.
- Russian-Ukraine Conflict: The SLA Financial Analysis Department will closely monitor the impacts of the conflict. Based on the SLA’s assessment LASLI insurers will most likely have both direct and indirect impacts from this conflict. S&P Global Ratings acknowledges a high degree of uncertainty about the effects of this conflict on economies worldwide, the ramifications for financial and energy markets, and the impact on borrowing conditions and credit quality. With expansive sanctions, potential effects could include dislocated commodities markets—notably oil and gas—supply chain disruptions, inflationary pressures, weaker growth, and capital market volatility.
Direct impacts include investments in Russian sovereign debt, structured finance products (particularly aircraft asset-backed securities), covered losses, and global and regional reinsurers that have exposure to Russia. The SLA’s initial findings indicate that the LASLI insurers do not have significant investments or reinsurance recoverables that have Russian exposure.
However, the indirect impacts from the conflict are likely to be significant but are harder to measure or predict. Indirect impacts include macroeconomic, market, and credit implications (e.g., high inflation, increased cyber-attacks, disruptions across global markets, etc.). According to A.M. Best, U.S. insurers’ indirect exposure to Russia may be significant given they have exposure to companies that derive a share of earnings from Russia. A.M. Best noted, “Indirect investments through suppliers and customers of U.S. and European companies may still be impacted, similarly to the already substantial impact on commodity and energy markets.” The SLA will closely monitor these impacts on the LASLI insurers.
For insurers not headquartered in Russia that have exposure to the country, S&P believes most of these insurers have asset and insurance liability exposure that represents less than 2% of total adjusted capital or below 1% of total assets and liabilities or both. Therefore, S&P does not expect invested asset volatility in Russia or local liabilities to lead to negative rating actions.
- James River: The holding company of LASLI Insurer James River Insurance Company reported a $115 million adverse reserve development in the casualty and reinsurance segment in the fourth quarter of 2021. According to the company it was “unexpected and extremely disappointing.” Most of the charge emanated from the 2014 to 2018 underwriting years and the underlying coverage was mostly primary general liability. The company entered into a loss portfolio transfer with Fortitude Reinsurance Ltd. (FRL) Under the agreement, they will cede approximately $335 million of liabilities for business written during underwriting years 2011-2020. The coverage being provided by FRL is subject ot an aggregate limit of $400 million. James River recognized an after-tax loss associated with the loss portfolio transfer of approximately $6.8 billion. James River plans to significantly downsize its casualty reinsurance segment and will focus on its Excess and Surplus business.
We will closely monitor the financial results of James River and any subsequent rating actions. To date A.M. Best has commented that that ratings and outlooks for the company remain unchanged,
Premium Registered by Ultimate Parent1 – Top Groups – 2021 (January Through December)
| AMB Ultimate Parent 1 | Operating Company | Status 2 | AMB Financial Strength Rating 3 | YTD 2021 Premium REGISTERED ($000's) | YTD 2021 Premium REGISTERED (% of Total) |
| LLOYD'S | LLOYD'S OF LONDON | Non-LASLI | A | 1,996,175 | 15.64% |
| LLOYD'S Total | 1,996,175 | 15.64% | |||
| BERKSHIRE HATHAWAY INC. | NATIONAL FIRE & MARINE INSURANCE COMPANY | LASLI | A++ | 846,366 | 6.63% |
| GENERAL STAR INDEMNITY COMPANY | LASLI | A++ | 57,180 | 0.45% | |
| MOUNT VERNON FIRE INSURANCE COMPANY | LASLI | A++ | 19,656 | 0.15% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 17,244 | 0.14% | |||
| BERKSHIRE HATHAWAY INC. Total | 940,446 | 7.37% | |||
| MARKEL CORPORATION | UNITED SPECIALTY INSURANCE COMPANY | LASLI | A | 404,856 | 3.17% |
| EVANSTON INSURANCE COMPANY | LASLI | A | 282,756 | 2.22% | |
| MARKEL INTERNATIONAL INSURANCE COMPANY LIMITED | LASLI | A | 14,416 | 0.11% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 11,983 | 0.09% | |||
| MARKEL CORPORATION Total | 714,011 | 5.59% | |||
| AMERICAN INTERNATIONAL GROUP, INC. | LEXINGTON INSURANCE COMPANY | LASLI | A | 399,760 | 3.13% |
| AIG SPECIALTY INSURANCE COMPANY | LASLI | A | 153,831 | 1.21% | |
| WESTERN WORLD INSURANCE COMPANY | LASLI | A | 42,049 | 0.33% | |
| AMERICAN INTERNATIONAL GROUP UK LIMITED | Non-LASLI | A | 13,157 | 0.10% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 28 | 0.00% | |||
| AMERICAN INTERNATIONAL GROUP, INC. Total | 608,825 | 4.77% | |||
| NATIONWIDE MUTUAL INSURANCE COMPANY | SCOTTSDALE INSURANCE COMPANY | LASLI | A+ | 547,920 | 4.29% |
| NATIONWIDE MUTUAL INSURANCE COMPANY Total | 547,920 | 4.29% | |||
| FAIRFAX FINANCIAL HOLDINGS LIMITED | CRUM & FORSTER SPECIALTY INSURANCE COMPANY | LASLI | A | 129,637 | 1.02% |
| ALLIED WORLD SURPLUS LINES INSURANCE COMPANY | LASLI | A | 116,063 | 0.91% | |
| ALLIED WORLD NATIONAL ASSURANCE COMPANY | LASLI | A | 105,570 | 0.83% | |
| HUDSON EXCESS INSURANCE COMPANY | LASLI | A | 95,139 | 0.75% | |
| HILLTOP SPECIALTY INSURANCE COMPANY | LASLI | A | 20,941 | 0.16% | |
| SENECA SPECIALTY INSURANCE COMPANY | LASLI | A | 15,624 | 0.12% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 9,274 | 0.07% | |||
| FAIRFAX FINANCIAL HOLDINGS LIMITED Total | 492,248 | 3.86% | |||
| W. R. BERKLEY CORPORATION | ADMIRAL INSURANCE COMPANY | LASLI | A+ | 154,955 | 1.21% |
| GEMINI INSURANCE COMPANY | LASLI | A+ | 124,790 | 0.98% | |
| NAUTILUS INSURANCE COMPANY | LASLI | A+ | 76,643 | 0.60% | |
| BERKLEY ASSURANCE COMPANY | LASLI | A+ | 38,086 | 0.30% | |
| BERKLEY SPECIALTY INSURANCE COMPANY | LASLI | A+ | 12,006 | 0.09% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 28 | 0.00% | |||
| W. R. BERKLEY CORPORATION Total | 406,508 | 3.18% | |||
| CHUBB LIMITED | WESTCHESTER SURPLUS LINES INSURANCE COMPANY | LASLI | A++ | 181,101 | 1.42% |
| ILLINOIS UNION INSURANCE COMPANY | LASLI | A++ | 100,136 | 0.78% | |
| CHUBB CUSTOM INSURANCE COMPANY | LASLI | A++ | 51,974 | 0.41% | |
| CHUBB EUROPEAN GROUP SE | LASLI | A++ | 15,971 | 0.13% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 11 | 0.00% | |||
| CHUBB LIMITED Total | 349,192 | 2.74% | |||
| PROGRESSIVE CORPORATION | BLUE HILL SPECIALTY INSURANCE COMPANY INC. | Non-LASLI | A+ | 313,108 | 2.45% |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 111 | 0.00% | |||
| PROGRESSIVE CORPORATION Total | 313,219 | 2.45% | |||
| AXA SA | INDIAN HARBOR INSURANCE COMPANY | LASLI | A+ | 264,900 | 2.08% |
| XL CATLIN INSURANCE COMPANY UK LIMITED | Non-LASLI | A+ | 22,450 | 0.18% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 1,383 | 0.01% | |||
| AXA SA Total | 288,734 | 2.26% | |||
| SOMPO HOLDINGS, INC. | ENDURANCE AMERICAN SPECIALTY INSURANCE COMPANY | LASLI | A+ | 244,738 | 1.92% |
| ENDURANCE WORLDWIDE INSURANCE LIMITED | Non-LASLI | A+ | 28,065 | 0.22% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 799 | 0.01% | |||
| SOMPO HOLDINGS, INC. Total | 273,601 | 2.14% | |||
| ALLEGHANY CORPORATION | LANDMARK AMERICAN INSURANCE COMPANY | LASLI | A+ | 200,141 | 1.57% |
| CAPITOL SPECIALTY INSURANCE CORPORATION | LASLI | A | 47,092 | 0.37% | |
| FAIR AMERICAN SELECT INSURANCE COMPANY | LASLI | A+ | 13,197 | 0.10% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 9,735 | 0.08% | |||
| ALLEGHANY CORPORATION Total | 270,164 | 2.12% | |||
| TOKIO MARINE HOLDINGS, INC. | HOUSTON CASUALTY COMPANY | LASLI | A++ | 202,234 | 1.58% |
| TOKIO MARINE SPECIALTY INSURANCE COMPANY | LASLI | A++ | 44,430 | 0.35% | |
| SAFETY SPECIALTY INSURANCE COMPANY | Non-LASLI | A++ | 18,377 | 0.14% | |
| TOKIO MARINE HOLDINGS, INC. Total | 265,041 | 2.08% | |||
| LIBERTY MUTUAL HOLDING COMPANY INC. | IRONSHORE SPECIALTY INSURANCE COMPANY | LASLI | A | 140,020 | 1.10% |
| LIBERTY SURPLUS INSURANCE CORPORATION | LASLI | A | 105,509 | 0.83% | |
| LIBERTY MUTUAL INSURANCE EUROPE SE | LASLI | NR | 14,417 | 0.11% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 1,507 | 0.01% | |||
| LIBERTY MUTUAL HOLDING COMPANY INC. Total | 261,452 | 2.05% | |||
| MUNCHENER RUCKVERSICHERUNG AG | PRINCETON EXCESS AND SURPLUS LINES INSURANCE COMPANY | LASLI | A+ | 116,583 | 0.91% |
| GREAT LAKES INSURANCE SE | LASLI | A+ | 110,542 | 0.87% | |
| HSB SPECIALTY INSURANCE COMPANY | LASLI | A++ | 16,594 | 0.13% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 3,907 | 0.03% | |||
| MUNCHENER RUCKVERSICHERUNG AG Total | 247,626 | 1.94% | |||
| THE HARTFORD FINANCIAL SERVICES GROUP, INC. | NAVIGATORS SPECIALTY INSURANCE COMPANY | LASLI | A+ | 189,453 | 1.48% |
| PACIFIC INSURANCE COMPANY, LIMITED | LASLI | A+ | 11,828 | 0.09% | |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 9,780 | 0.08% | |||
| THE HARTFORD FINANCIAL SERVICES GROUP, INC. Total | 211,061 | 1.65% | |||
| QBE INSURANCE GROUP LIMITED | QBE SPECIALTY INSURANCE COMPANY | LASLI | A | 191,458 | 1.50% |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 6,680 | 0.05% | |||
| QBE INSURANCE GROUP LIMITED Total | 198,138 | 1.55% | |||
| EVERGREEN PARENT, L.P. | ASSOCIATED INDUSTRIES INSURANCE COMPANY, INC. | LASLI | A- | 180,136 | 1.41% |
| OTHER AFFILIATES WITH PREMIUM REGISTERED <$10.0M | 4,848 | 0.04% | |||
| EVERGREEN PARENT, L.P. Total | 184,984 | 1.45% | |||
| All Other Groups <$184.0M in Premium Registered | 4,133,416 | 32.38% | |||
| Taxable Fees | 62,697 | 0.49% | |||
| Total Premium Registered and Taxable Fees | 12,765,457 | 100.00% | |||
1Ultimate parent per AM Best as of 3/4/20222.
2Status as of 3/4/2022. An insurer merged with and into another LASLI carrier is reported as having a LASLI status if premiums registered are significant.
3AMB financial strength rating per AM Best as of 3/4/2022. Lloyd’s syndicate rating = AM Best rating of the Lloyd’s market.
Premium Registered by Lloyd’s Syndicates with Managing Agent1 – 2021 (January through December)
| LLOYD'S | YTD 2021 Premium Registered ($000's) | YTD 2021 Premium Registered (% of Total) |
| Lloyd's Syndicate - 2623 (Beazley Furlonge Limited) | 303,703 | 15.2% |
| Lloyd's Syndicate - 2987 (Brit Syndicates Limited) | 128,205 | 6.4% |
| Lloyd's Syndicate - 33 (Hiscox Syndicates Limited) | 120,191 | 6.0% |
| Lloyd's Syndicate - 1458 (RenaissanceRe Syndicate Management Limited) | 82,559 | 4.1% |
| Lloyd's Syndicate - 510 (Tokio Marine Kiln Syndicates Limited) | 75,540 | 3.8% |
| Lloyd's Syndicate - 3624 (Hiscox Syndicates Limited) | 72,355 | 3.6% |
| Lloyd's Syndicate - 623 (Beazley Furlonge Limited) | 67,187 | 3.4% |
| Lloyd's Syndicate - 4444 (Canopius Managing Agents Limited) | 57,094 | 2.9% |
| Lloyd's Syndicate - 1969 (Apollo Syndicate Management Limited) | 56,922 | 2.9% |
| Lloyd's Syndicate - 2001 (MS Amlin Underwriting Limited) | 44,981 | 2.3% |
| Lloyd's Syndicate - 1414 (Ascot Underwriting Limited) | 44,861 | 2.2% |
| Lloyd's Syndicate - 1084 (Chaucer Syndicates Limited) | 43,683 | 2.2% |
| Lloyd's Syndicate - 1225 (AEGIS Managing Agency Limited) | 42,428 | 2.1% |
| Lloyd's Syndicate - 2121 (Argenta Syndicate Management Limited) | 42,337 | 2.1% |
| Lloyd's Syndicate - 1686 (AXIS Managing Agency Limited) | 40,291 | 2.0% |
| Lloyd's Syndicate - 2488 (Chubb Underwriting Agencies Limited) | 38,497 | 1.9% |
| Lloyd's Syndicate - 457 (Munich Re Syndicate Limited) | 38,341 | 1.9% |
| Lloyd's Syndicate - 609 (Atrium Underwriters Limited) | 36,244 | 1.8% |
| Lloyd's Syndicate - 2003 (Catlin Underwriting Agencies Limited) | 33,509 | 1.7% |
| Lloyd's Syndicate - 4472 (Liberty Managing Agency Limited) | 30,778 | 1.5% |
| Lloyd's Syndicate - 1861 (Canopius Managing Agents Limited) | 30,507 | 1.5% |
| Lloyd's Syndicate - 1183 (Talbot Underwriting Ltd) | 29,527 | 1.5% |
| Lloyd's Syndicate - 1886 (QBE Underwriting Limited) | 28,299 | 1.4% |
| Lloyd's Syndicate - 1880 (Tokio Marine Kiln Syndicates Limited) | 27,099 | 1.4% |
| Lloyd's Syndicate - 1200 (Argo Managing Agency Limited) | 24,141 | 1.2% |
| Lloyd's Syndicate - 435 (Faraday Underwriting Limited) | 22,043 | 1.1% |
| Lloyd's Syndicate - 4711 (Aspen Managing Agency Limited) | 20,622 | 1.0% |
| Lloyd's Syndicate - 4000 (Hamilton Managing Agency Limited) | 19,613 | 1.0% |
| Lloyd's Syndicate - 4020 (Ark Syndicate Management Limited) | 18,189 | 0.9% |
| Lloyd's Syndicate - 1301 (Inigo Managing Agent Limited) | 15,990 | 0.8% |
| Lloyd's Syndicate - 2791 (Managing Agency Partners Limited) | 15,560 | 0.8% |
| Lloyd's Syndicate - 1729 (Asta Managing Agency Limited) | 14,962 | 0.7% |
| Lloyd's Syndicate - 1967 (W. R. Berkley Syndicate Management Limited) | 14,441 | 0.7% |
| Lloyd's Syndicate - 1274 (Antares Managing Agency Limited) | 14,402 | 0.7% |
| Lloyd's Syndicate - 1919 (Starr Managing Agents Limited) | 14,154 | 0.7% |
| Lloyd's Syndicate - 318 (Cincinnati Global Underwriting Agency Limited) | 14,023 | 0.7% |
| Lloyd's Syndicate - 2015 (Channel Managing Agency Limited) | 13,089 | 0.7% |
| Lloyd's Syndicate - 4242 (Asta Managing Agency Limited) | 12,551 | 0.6% |
| Lloyd's Syndicate - 5000 (Travelers Syndicate Management Limited) | 12,121 | 0.6% |
| Lloyd's Syndicate - 1618 (Brit Syndicates Limited) | 11,687 | 0.6% |
| Lloyd's Syndicate - 1856 (Arch Managing Agency Limited) | 11,215 | 0.6% |
| Lloyd's Syndicate - 382 (Hardy Underwriting Agencies Limited) | 11,071 | 0.6% |
| Lloyd's Syndicate - 3623 (Beazley Furlonge Limited) | 10,528 | 0.5% |
| Lloyd's Syndicate - 2988 (Brit Syndicates Limited) | 10,374 | 0.5% |
| All Other Lloyd's Syndicates with Premium Registered <$10.0M & Other2 | 180,261 | 9.0% |
| Lloyd's Total | 1,996,175 | 100.0% |
1Source: AM Best as of 3/4/2022 and Lloyd’s List of Active Syndicates & Managing Agents for 2021 Year of Account.
2All Other includes Lloyd’s premium registered with a missing or invalid syndicate number.