Financial Analysis Market Report

Financial Analysis Market Report

Table of Contents

Executive Summary

  • Premium registered January to August 2021 was $6.1 billion for companies on the LASLI and $2.1 billion for companies not on the LASLI (Lloyd’s $1.3 billion). Premiums from LASLI and Non-LASLI companies increased by 12.0% and 15.1%, respectively, compared to the same period in 2020. Non-LASLI companies with a large California presence are monitored, but do not undergo the extensive financial review as LASLI companies.
  • All LASLI Insurers with a Financial Strength Rating from AM Best are rated A- (excellent) or better. One notable rating action recently occurred. James River Insurance Company’s financial strength rating was affirmed and the rating outlook on the rating was revised to stable from negative. The change in outlook reflected the announced loss portfolio transfer that the company entered into for their commercial auto business.
  • 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—two 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. Potential lines of business identified by the applicants include Homeowners, Earthquake, Commercial Auto, Inland Marine, and closure/post closure coverage. 
  • Multiple merger and acquisitions deals have been 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 and Vault E&S Insurance Company was acquired by Cornell Capital and Hudson Structured Capital Management.
  • Statutory financial results for the US LASLI Insurers and Applicants for the first half of 2021 showed improved profitability with an aggregate underwriting gain of $195.7 million.
  • Berkshire Hathaway group continued to be the largest insurance group for premiums registered by the SLA in 2021. Premiums registered from by the SLA for Berkshire Hathaway Companies were almost twice as much as the next largest group, Markel Corporation. However, nationwide Berkshire Hathaway and American International Group Inc. controlled very similar shares of surplus market during the second quarter of 2021. According to Standard & Poor’s, Berkshire Hathaway wrote $1.145 billion of direct written premiums, compared to AIG’s $1.143 billion.

Premium Registered — 2021 (January through August)

Total Premium Registered ($000's)Market ShareInsurer Count
YTD 2021YTD 2020YTD 2021YTD 20208/31/20218/31/2020
LASLI Insurers
US Insurers5,877,7435,235,99270.90%71.20%111108
Non-US Insurers (all IID listed)229,580219,0322.80%3.00%1919
SUBTOTAL6,107,3235,455,02573.60%74.20%130127
Non-LASLI Insurers
Lloyd's Syndicates1,304,8531,192,54315.70%16.20%
US Insurers592,991490,5027.10%6.70%
Non-US Insurers242,885177,1752.90%2.40%
Others (Suspense, Unknown Insurer, etc.)6,4955,3950.10%0.10%
SUBTOTAL2,147,2241,865,61525.90%25.40%
TOTAL - LASLI/Non-LASLI Insurers8,254,5467,320,63999.50%99.50%
Taxable Fees40,86034,0020.50%0.50%
TOTAL - Premium and Fees Registered 18,295,4067,354,641100.00%100.00%

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 August 2021 increased 12.8% year-to-date compared to the same period prior year.
  • Premium registered from LASLI insurers is primarily from US ($5.9 billion) versus Non-US ($0.2 billion) companies. The count of LASLI insurers is up three from August 2020 to 130.
  • Premium registered from Non-LASLI insurers continue to be led by Lloyd’s syndicates ($1.3 billion, up 9.4% from $1.2 billion in the same period for 2020).  
  • Besides Lloyd’s, the three largest Non-LASLI insurers by premiums registered are Progressive Corporation subsidiary, Blue Hill Specialty Insurance Company, Inc. (US; $180.5 million), Associated Electric & Gas Insurance Services Ltd. (Non-US; $99.2 million) and Kinsale Insurance Company (US; $90.5 million). Other Non-LASLI insurers with significant premium registered include Trisura Specialty Insurance Company (US; $73.1 million) and Homesite Insurance Company (US; $38.5 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
Bridgeway Insurance CompanyMunich ReAdded to the LASLI on 07/1/2021
AzGUARD Insurance CompanyBerkshire Hathaway Inc.Added to the LASLI on 08/26/2021
Republic-Vanguard Insurance CompanyEvergreen Parent, L.P.Pending CDI CAB's review
Clear Blue Specialty Insurance CompanyPBRA (Cayman) CompanyPending CDI CAB's review
Grant Assurance CorporationUnited States Steel Corp.SLA review in progress
Professional Security Insurance CompanyMAG Mutual Holding CompanySLA review in progress
QBE Europe SA/NVQBE Insurance Group LimitedSLA review in progress
American Inter-Fidelity ExchangeAmerican Inter-Fidelity CorporationSLA review in progress
Transverse Specialty Insurance CompanyRoyal & Sun Alliance Ins. Group PLCRecently received by SLA
Sutton Specialty Insurance CompanyBrickell Ins. Holdings LLCReview on hold pending further instructions from the CDI
  • Two insurers added to the LASLI. CDI is reviewing two 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 TypeTotalWithdrew
Due to NRRA		Withdrew from
Surplus Line Market		Withdrew for
Other Reasons
Non-US201073
US191414
SUBTOTAL39111117
Lloyd's Syndicates787800
TOTAL117891117
  •  No LASLI withdrawals during the first eight months of 2021.

Premium Registered By AM BEST Financial Strength Rating Year-To-Date 2021 (January through August)

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 $1.3 billion (15.7%) of 2021 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++ ratings wrote $16.7 million (0.2%) of 2021 year-to-date premium registered and consisted of Knight Specialty Insurance Company (Knight Specialty) and Conifer Insurance Company (Conifer). Both are non-LASLI companies.
    • Knight Specialty’s ($12.8 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 ($3.9 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- 2020 and 2021

AMB Financial Strength Rating Outlook /
Implication 1		AMB Financial Strength Rating Actions 1AMB Financial Strength Rating 1AMB Ultimate Parent 2YTD 2021 Premium Registered
($000's) 3		YTD 2021 Premium Registered (% of Total) 3
StableAffirmedVARIOUS5,942,06597.30%
Stable Total5,942,06597.30%
NegativeAffirmedAUNITED FIRE GROUP, INC.23,2410.40%
Under ReviewA- uWATFORD HOLDINGS LTD.3,5080.10%
Negative Total26,7490.40%
DevelopingUnder ReviewA- uHALLMARK FINANCIAL SERVICES, INC.48,8370.80%
CORE SPECIALTY INSURANCE HOLDINGS, INC.36,7460.60%
Developing Total85,5831.40%
PositiveAffirmedASELECTIVE INSURANCE GROUP, INC.29,7880.50%
AUTO-OWNERS INSURANCE COMPANY11,0230.20%
Positive Total40,8110.70%
Unrated or Withdrawn-Pre 2020 Total12,1160.20%
Grand Total6,107,323100.00%

1 AMB financial strength ratings, actions, and outlook/implication per AM Best as of 9/27/2021. 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 9/27/2021.

3 Premiums registered through 8/31/2021.

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 (97.3% of 2021 YTD Premium Registered)

Most groups have AM Best ratings with a stable outlook, with most ratings affirmed stable (95.9% of 2021 YTD premium registered). James River Group Holdings, Ltd./James River Insurance Company (A-): Outlook was revised to stable from negative to reflect the additional protection afforded to the group’s balance sheet strength following the implementation of a loss portfolio transfer on the commercial auto line. Previously this line has had recurring adverse reserve development in recent quarters. The loss portfolio transfer helps reduce uncertainty and mitigates the potential for ongoing adverse reserve development.

Negative Outlook/Implication (0.4% of 2021 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 1.8% of 2021 YTD registered premium compared to 6.5% of 2020 registered premium.

  • One Group and their respective LASLI company with an affirmed ratings and 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.
  • One group and its respective LASLI company with negative implications as rating being under review:
    • Watford Holdings Ltd./Watford Specialty Insurance Company (A- u): Significant exposure to investment losses stemming mostly from its non-investment grade bond portfolio, which is subject to significant unrealized losses if credit spreads widen. However, Watford continues to take steps to lower the risk profile on its investment portfolio, and could benefit by a proposed merger transaction with Arch Capital Group Ltd.

Developing Implication (1.4% of 2021 YTD Premium Registered)

  • Groups and their respective LASLI companies with their ratings under review with developing implications:
    • Hallmark Financial Services, Inc./Hallmark Specialty Insurance Company (A- u): Rating placed under review following the announcement of a planned IPO of the specialty commercial business. Hallmark Financial Services plans to offer a noncontrolling ownership stake in the core business of its specialty commercial business segment. The ratings are expected to remain under review until AM Best can assess the ultimate organization structure of the group and its risk-adjusted capital position.
    • Core Specialty Insurance Holdings, Inc./StarStone Specialty Insurance Company (A- u): Rating place under reviewing following the announced planned merger agreement with Lancer Insurance Group. The status reflects the potential execution risks associated with the two group’s merging, the need to fully assess the financial and operational impacts of the merger, offset by the potential synergies recognized from this transaction. AM Best does not anticipate positive rating movement at the immediate close of the merger, however the diversification of the business profile and the fortified management team could favorably impact rating dynamics as the new combined business model matures.

Positive Outlook/Implication (0.7% of YTD 2021 Premium Registered)

  • Groups and their respective LASLI insurers with a positive outlook on their financial strength ratings which were affirmed:
    • 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.
    • Auto-Owners Insurance Company/Atlantic Casualty Insurance Company (A): Reflects improved underwriting performance in recent years, consistently favorable reserve development and increased efficiencies through investments in technology.

Hot Topics – Merger Activity

Merger, Acquisition and Other Corporate Transactions - LASLI Insurance Groups - 2021 1
AcquirerTargetLASLIPremiums Registered by SLA - YTD 2021
($000's)		Stage
Potential Offer
Allianz SEHartford Financial Services Group Inc.(Hartford)Navigators Specialty Insurance Company (T)$124,357 Allianz SE is exploring an offer for The Hartford.
Pacific Insurance Company, Limited (T)$6,153
Maxum Indemnity Company (T)$7,061
Nutmeg Insurance Company (T)$0
Interstate Fire & Casualty Company (A)$44,177
Allianz Global Corporate & Specialty SE (A)$3,477
Offered/Rejected
Chubb LimitedHartford Financial Services Group Inc. (Hartford)Navigators Specialty Insurance Company (T)$124,357 Chubb Limited made three offers (on March 11th & 30th and on April 14th, 2021) to aquire Hartford group, Hartford rejected all three offers. On April 28th, 2021, Chubb Limited announced that it is no longer interested in pursuing a takeover of Hartford group.
Pacific Insurance Company, Limited (T)$6,153
Maxum Indemnity Company (T)$7,061
Nutmeg Insurance Company (T)$0
Westchester Surplus Lines Insurance Company (A)$126,007
Illinois Union Insurance Company (A)$63,207
Chubb Custom Insurance Company (A)$31,274
Chubb European Group SE (A)$10,307
Executive Risk Specialty Insurance Company (A)$0
Announced
Lancer Financial Group, Inc.Core Specialty Insurance Holdings, IncStarStone Specialty Insurance Company (T)$36,745,654 Announced: 4/16/2021
Anticipated Completion date: 3Q2021
Liberty Mutual Holding Company Inc.State Automobile Mutual Insurance Company
&
State Auto Financial Corporation		Ironshore Specialty Insurance Company (A)$98,663 Announced: 7/12/2021 Anticipated Completion date: 2022
Liberty Mutual Insurance Europe SE (A)$8,433
Liberty Specialty Markets Bermuda Limited (A)$534
Liberty Surplus Insurance Corporation (A)$57,562
Completed 2021
Third Point Reinsurance Ltd.Sirius International Insurance Group, Ltd.Siriuspoint International Insurance Corporation (T)$2,687,778 Completed: 02/26/2021
ProAssurance CorporationNorcal GroupNORCAL Specialty Insurance Company (T)$3,903 Completed: 05/05/2021
ProAssurance Casualty Company (A)$5,141
Noetic Specialty Insurance Company (A)$2,723
Arch Insurance (UK) Limted (A)$1,340
Progressive CorporationProtective Insurance CorporationProtective Specialty Insurance Company (T)
$67,877 Completed: 06/01/2021
Intact Financial Corp., Tryg A/SRSA Insurance Group PLCThe Marine Insurance Company (T)$1,239 Completed: 06/01/2021
Arch Capital Group Ltd.Watford Holdings Ltd.Watford Specialty Insurance Company (T)$3,508 Completed: 07/02/2021
Arch Specialty Insurance Company (A)$76,957
Arch Insurance (UK) Limted (A)$2,658
Pedal Parent Inc. (owned by affiliates of TowerBrook Capital Partners LP and Further Global Capital Management)ProSight Global, Inc.Gotham Insurance Company (T)$11,409,706 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 CompanyVault E&S Insurance Company (T)$8,981 Completed: 03/01/2021

1 Information as of 9/28/2021.

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

  • ProSight Global, Inc.: Was taken private by a group owned by affiliates of TowerBrook Capital Partners LP and Further Global Capital Management,
  • Vault E&S Insurance Company: Was acquired by private equity investor Cornell Capital and Hudson Structured Capital Management, an asset manager doing its reinsurance business as HSCM Bermuda.

Hot Topics – Developing

  • LASLI Insurer Financials: Statutory financials for the US LASLI Insurers and Applicants for the first half of 2021 show strong growth compared to the prior year. Direct premiums written increased by 25.6% for the period compared to the same period in 2020, with 87.4% having an increase and only 12.6% having a decrease in direct writings. This growth outpaced the growth in the overall P&C market which saw net premiums written increase by 7%. Capital also increased by 5.9% compared to year-end 2020, with 81% of the insurers having an increase.

    Profitability was a key factor in the growth of capital, with the LASLI Insurers and Applicants reporting almost $1.2 billion in net income for the first half of 2021. The majority of the income was from investments and other income, the aggregate underwriting gain was $195.7 million. However, this was a significant improvement compared to a gain of $11.0 million for the same period in 2020.
  • Lloyd’s Syndicates: For 2020 the Lloyd’s Syndicates collectively reported an underwriting loss of £2.7 billion and a combined ratio of 110.3%. Lloyd’s introduced its Decile 10 initiative to address deteriorating underwriting performance in 2018. As part of the initiative syndicates with three consecutive years of profit loss were ordered to identify their worst performing 10% of business and establish a remediation plan. Below are the top 10 Syndicate’s by SLA registered premium and their combined ratios for 2020.
RankTop Lloyd's SyndicatesSLA Premiums Registered 2021 YTD ($ in thousands)2020 Combined Ratio¹
1Lloyd's Syndicate - 2623 (Beazley Furlonge Limited) 197,916,569 110%
2Lloyd's Syndicate - 33 (Hiscox Syndicates Limited) 80,126,057 113%
3Lloyd's Syndicate - 2987 (Brit Syndicates Limited) 75,983,379 114%
4Lloyd's Syndicate - 510 (Tokio Marine Kiln Syndicates Limited) 55,797,082 114%
5Lloyd's Syndicate - 3624 (Hiscox Syndicates Limited) 53,037,823 154%
6Lloyd's Syndicate - 1458 (RenaissanceRe Syndicate Management Limited) 52,897,869 117%
7Lloyd's Syndicate - 623 (Beazley Furlonge Limited) 44,025,704 110%
9Lloyd's Syndicate - 1969 (Apollo Syndicate Management Limited) 34,854,865 99%
8Lloyd's Syndicate - 4444 (Canopius Managing Agents Limited) 33,785,031 112%
10Lloyd's Syndicate - 2001 (MS Amlin Underwriting Limited) 28,977,003 119%

¹ Source: Standard & Poors as of 9/8/2021

Initial results for the first half of 2021 indicate stronger underwriting performance with a pretax profit of £1.4 billion compared to a £400 million loss for the same period last year.

Premium Registered by Ultimate Parent1 – Top Groups – 2021 (January through August)

AMB Ultimate Parent 1Operating CompanyStatus 2AMB Financial Strength Rating 3YTD 2021
Premium REGISTERED ($000's)		YTD 2021 Premium REGISTERED
(% of Total)
LLOYD'SLLOYD'S OF LONDONNon-LASLIA1,304,85315.73%
LLOYD'S Total1,304,85315.73%
BERKSHIRE HATHAWAY INC.NATIONAL FIRE & MARINE INSURANCE COMPANYLASLIA++744,2858.97%
GENERAL STAR INDEMNITY COMPANYLASLIA++36,9530.45%
MOUNT VERNON FIRE INSURANCE COMPANYLASLIA++13,4490.16%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M11,6830.14%
BERKSHIRE HATHAWAY INC. Total806,3719.72%
MARKEL CORPORATIONUNITED SPECIALTY INSURANCE COMPANYLASLIA264,8743.19%
EVANSTON INSURANCE COMPANYLASLIA182,8972.20%
MARKEL INTERNATIONAL INSURANCE COMPANY LIMITEDLASLIA7,7060.09%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M6,5400.08%
MARKEL CORPORATION Total462,0175.57%
NATIONWIDE MUTUAL INSURANCE COMPANYSCOTTSDALE INSURANCE COMPANYLASLIA+360,1564.34%
NATIONWIDE MUTUAL INSURANCE COMPANY Total360,1564.34%
AMERICAN INTERNATIONAL GROUP, INC.LEXINGTON INSURANCE COMPANYLASLIA204,3072.46%
AIG SPECIALTY INSURANCE COMPANYLASLIA83,6891.01%
WESTERN WORLD INSURANCE COMPANYLASLIA32,2790.39%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M6,5180.08%
AMERICAN INTERNATIONAL GROUP, INC. Total326,7933.94%
FAIRFAX FINANCIAL HOLDINGS LIMITEDCRUM & FORSTER SPECIALTY INSURANCE COMPANYLASLIA83,9971.01%
ALLIED WORLD SURPLUS LINES INSURANCE COMPANYLASLIA70,4890.85%
ALLIED WORLD NATIONAL ASSURANCE COMPANYLASLIA70,1160.85%
HUDSON EXCESS INSURANCE COMPANYLASLIA63,3800.76%
HILLTOP SPECIALTY INSURANCE COMPANYLASLIA18,4650.22%
SENECA SPECIALTY INSURANCE COMPANYLASLIA10,3530.12%
FIRST MERCURY INSURANCE COMPANYLASLIA7,7740.09%
FAIRFAX FINANCIAL HOLDINGS LIMITED Total324,5743.91%
W. R. BERKLEY CORPORATIONADMIRAL INSURANCE COMPANYLASLIA+101,3711.22%
GEMINI INSURANCE COMPANYLASLIA+82,1190.99%
NAUTILUS INSURANCE COMPANYLASLIA+49,6000.60%
BERKLEY ASSURANCE COMPANYLASLIA+23,0610.28%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M4,6520.06%
W. R. BERKLEY CORPORATION Total260,8043.14%
CHUBB LIMITEDWESTCHESTER SURPLUS LINES INSURANCE COMPANYLASLIA++126,0071.52%
ILLINOIS UNION INSURANCE COMPANYLASLIA++63,2070.76%
CHUBB CUSTOM INSURANCE COMPANYLASLIA++31,2740.38%
CHUBB EUROPEAN GROUP SELASLIA++10,3070.12%
CHUBB LIMITED Total230,7962.78%
SOMPO HOLDINGS, INC.ENDURANCE AMERICAN SPECIALTY INSURANCE COMPANYLASLIA+170,3482.05%
ENDURANCE WORLDWIDE INSURANCE LIMITEDNon-LASLIA+13,8650.17%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M530.00%
SOMPO HOLDINGS, INC. Total184,2652.22%
PROGRESSIVE CORPORATIONBLUE HILL SPECIALTY INSURANCE COMPANY INC.Non-LASLIA+180,4832.18%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M680.00%
PROGRESSIVE CORPORATION Total180,5512.18%
AXA SAINDIAN HARBOR INSURANCE COMPANYLASLIA+164,7921.99%
XL CATLIN INSURANCE COMPANY UK LIMITEDNon-LASLIA+13,9130.17%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M8550.01%
AXA SA Total179,5602.16%
ALLEGHANY CORPORATIONLANDMARK AMERICAN INSURANCE COMPANYLASLIA+126,8891.53%
CAPITOL SPECIALTY INSURANCE CORPORATIONLASLIA32,7770.40%
FAIR AMERICAN SELECT INSURANCE COMPANYLASLIA+8,6660.10%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M6,0080.07%
ALLEGHANY CORPORATION Total174,3392.10%
LIBERTY MUTUAL HOLDING COMPANY INC.IRONSHORE SPECIALTY INSURANCE COMPANYLASLIA98,6631.19%
LIBERTY SURPLUS INSURANCE CORPORATIONLASLIA57,5620.69%
LIBERTY MUTUAL INSURANCE EUROPE SELASLINR8,4330.10%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M5340.01%
LIBERTY MUTUAL HOLDING COMPANY INC. Total165,1921.99%
TOKIO MARINE HOLDINGS, INC.HOUSTON CASUALTY COMPANYLASLIA++121,0501.46%
TOKIO MARINE SPECIALTY INSURANCE COMPANYLASLIA++27,2990.33%
SAFETY SPECIALTY INSURANCE COMPANYNon-LASLIA++8,7670.11%
TOKIO MARINE HOLDINGS, INC. Total157,1151.89%
THE HARTFORD FINANCIAL SERVICES GROUP, INC.NAVIGATORS SPECIALTY INSURANCE COMPANYLASLIA+124,3571.50%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M13,2130.16%
THE HARTFORD FINANCIAL SERVICES GROUP, INC. Total137,5711.66%
QBE INSURANCE GROUP LIMITEDQBE SPECIALTY INSURANCE COMPANYLASLIA117,2231.41%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M4,6440.06%
QBE INSURANCE GROUP LIMITED Total121,8671.47%
ARGO GROUP INTERNATIONAL HOLDINGS, LTD.COLONY INSURANCE COMPANYLASLIA-84,2751.02%
PELEUS INSURANCE COMPANYLASLIA-34,3850.41%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M1,4640.02%
ARGO GROUP INTERNATIONAL HOLDINGS, LTD. Total120,1241.45%
ZURICH INSURANCE GROUP LTD.STEADFAST INSURANCE COMPANYLASLIA+98,5371.19%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M16,9170.20%
ZURICH INSURANCE GROUP LTD. Total115,4541.39%
EVERGREEN PARENT, L.P.ASSOCIATED INDUSTRIES INSURANCE COMPANY, INC.LASLIA-111,5421.34%
OTHER AFFILIATES WITH PREMIUM REGISTERED <$7.5M2,8710.03%
EVERGREEN PARENT, L.P. Total114,4121.38%
All Other Groups <$110.0 M in Premium Registered2,527,73330.47%
Taxable Fees40,8600.49%
Total Premium Registered and Taxable Fees8,295,406100.00%

1 Ultimate parent per AM Best as of 9/27/2021.

2 Status as of 9/27/2021. 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 9/27/2021. Lloyd’s syndicate rating = AM Best rating of the Lloyd’s market.

Premium Registered by Lloyd’s Syndicates With Managing Agent1 – 2021 (January through August)

LLOYD'S YTD 2021
Premium Registered
($000's)		YTD 2021
Premium Registered
(% of Total)
Lloyd's Syndicate - 2623 (Beazley Furlonge Limited)197,91715.2%
Lloyd's Syndicate - 33 (Hiscox Syndicates Limited)80,1266.1%
Lloyd's Syndicate - 2987 (Brit Syndicates Limited)75,9835.8%
Lloyd's Syndicate - 510 (Tokio Marine Kiln Syndicates Limited)55,7974.3%
Lloyd's Syndicate - 3624 (Hiscox Syndicates Limited)53,0384.1%
Lloyd's Syndicate - 1458 (RenaissanceRe Syndicate Management Limited)52,8984.1%
Lloyd's Syndicate - 623 (Beazley Furlonge Limited)44,0263.4%
Lloyd's Syndicate - 1969 (Apollo Syndicate Management Limited)34,8552.7%
Lloyd's Syndicate - 4444 (Canopius Managing Agents Limited)33,7852.6%
Lloyd's Syndicate - 2001 (MS Amlin Underwriting Limited)28,9772.2%
Lloyd's Syndicate - 1686 (AXIS Managing Agency Limited)27,5342.1%
Lloyd's Syndicate - 1414 (Ascot Underwriting Limited)27,5012.1%
Lloyd's Syndicate - 1084 (Chaucer Syndicates Limited)26,9812.1%
Lloyd's Syndicate - 2121 (Argenta Syndicate Management Limited)26,8702.1%
Lloyd's Syndicate - 2488 (Chubb Underwriting Agencies Limited)26,0542.0%
Lloyd's Syndicate - 1225 (AEGIS Managing Agency Limited)24,6221.9%
Lloyd's Syndicate - 457 (Munich Re Syndicate Limited)22,5631.7%
Lloyd's Syndicate - 609 (Atrium Underwriters Limited)22,3401.7%
Lloyd's Syndicate - 2003 (Catlin Underwriting Agencies Limited)21,8151.7%
Lloyd's Syndicate - 1861 (Canopius Managing Agents Limited)21,1221.6%
Lloyd's Syndicate - 1880 (Tokio Marine Kiln Syndicates Limited)20,2641.6%
Lloyd's Syndicate - 1183 (Talbot Underwriting Ltd)19,9581.5%
Lloyd's Syndicate - 1886 (QBE Underwriting Limited)19,6671.5%
Lloyd's Syndicate - 4472 (Liberty Managing Agency Limited)17,7951.4%
Lloyd's Syndicate - 1200 (Argo Managing Agency Limited)16,8981.3%
Lloyd's Syndicate - 4711 (Aspen Managing Agency Limited)14,1461.1%
Lloyd's Syndicate - 435 (Faraday Underwriting Limited)13,9431.1%
Lloyd's Syndicate - 4000 (Hamilton Managing Agency Limited)12,2920.9%
Lloyd's Syndicate - 4020 (Ark Syndicate Management Limited)11,7350.9%
Lloyd's Syndicate - 1729 (Asta Managing Agency Limited)10,9700.8%
Lloyd's Syndicate - 1274 (Antares Managing Agency Limited)9,9520.8%
Lloyd's Syndicate - 318 (Cincinnati Global Underwriting Agency Limited)9,2540.7%
Lloyd's Syndicate - 1967 (W. R. Berkley Syndicate Management Limited)8,9450.7%
Lloyd's Syndicate - 2791 (Managing Agency Partners Limited)8,8530.7%
Lloyd's Syndicate - 1919 (Starr Managing Agents Limited)8,5630.7%
Lloyd's Syndicate - 4242 (Asta Managing Agency Limited)8,4810.6%
Lloyd's Syndicate - 2015 (Channel Managing Agency Limited)8,3620.6%
Lloyd's Syndicate - 1301 (Inigo Managing Agent Limited)8,2760.6%
Lloyd's Syndicate - 382 (Hardy (Underwriting Agencies) Limited)8,0580.6%
Lloyd's Syndicate - 5000 (Travelers Syndicate Management Limited)7,8590.6%
All Other Lloyd’s Syndicates with Premium Registered <$7.5M & Other2155,77811.9%
Lloyd's Total1,304,853100.0%

1Source: AM Best as of 9/27/2021 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.