Reinsurer Domicile Of Choice: Where Is It Now? Sep 09
Standard & Poors, September 2009
Abstract
Bermuda has long attracted vacationers from around the world to its warm climate and pink-sand beaches. Over the past decade, the island has lured a different breed-global reinsurance writers-for different reasons. In 2008, Bermuda-based reinsurers accounted for about $13 billion, or 9.1%, of total global net reinsurance writings of $146 billion (according to Global Reinsurance Highlights' figures). Just 10 years before, they contributed a much more moderate $3 billion, or 3.7%, of the $87 billion total (see charts 1 and 2). The question now, in Standard & Poor's Ratings Services' view, is whether Bermuda can maintain its status as a key domicile of choice for global reinsurance companies (and particularly for new company formations) now that other countries, such as...
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Research Type: Commentary
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General Reinsurance Corp.,Hannover Rueckversicherung AG,Swiss Re Life & Health Ltd.,Everest Reinsurance Co.,Swiss Re Frankona Rueckversicherungs Aktiengesellschaft,Swiss Reinsurance America Corp.,Swiss Reinsurance Co. Ltd.,European Reinsurance Co. of Zurich,Munich Reins America Inc.,AXA Re,GE Reinsurance Corp.,Odyssey Reinsurance Co.,ACE Ltd.,GLOBALE Rueckversicherungs-AG,Royal & Sun Alliance Reinsurance Ltd.,National Indemnity Co.,AXA Corporate Solutions Reinsurance Co.,The Copenhagen Reinsurance Co. Ltd.,SCOR SE,Swiss Re Denmark Reinsurance A/S,Reassure America Life Insurance Co.,Allianz IARD,Gerling Global Re Corp. of America,Continental Reinsurance Corp.,Westport Insurance Corp.,Centre Solutions (Bermuda) Ltd.,Scandinavian Reinsurance Co. Ltd.,National Reinsurance Corp.,Munich Reinsurance Co.,E+S Rueckversicherung AG,Centreline Reinsurance Ltd.,Centre Reinsurance Ltd.,Centre Reinsurance International Co.,XL Reinsurance America Inc.,Trenwick America Reinsurance Corp.,Metropolitan Group Property & Casualty Insurance Co.,SPRE Ltd.,RGA Reinsurance Co.,Compagnie Generale de Reassurance de Monte Carlo,Alabama Reassurance Co. Inc. (Unsolicited Ratings),Atlanta Life Insurance Co. (Unsolicited Ratings),General Re Life Corp. ,Employers Reassurance Corp.,FFRL Re Corp.,Scottish Re Life Corp.,Guarantee Security Life Insurance Co. of AZ (Unsolicited Ratings),Investors Insurance Corp.,Swiss Re Life & Health America Inc.,LifeRe Insurance Co.,Manulife Reinsurance Corp. (U.S.A.),Phoenix Life and Reassurance Co. of NY,Generali USA Life Reassurance Co.,Munich American Reassurance Co.,Old United Reinsurance Co.,London Life Reinsurance Co.,Hannover Life Reassurance Co. of America,SCOR Life Insurance Co.,Southern Life & Health Insurance Co. (Unsolicited Ratings),Tennessee Farmers Life Reassurance Co. (Unsolicited Ratings),SCOR GLOBAL LIFE AMERICAS REINSURANCE COMPANY,American Agricultural Insurance Co. (Unsolicited Ratings),QBE Reinsurance Corp.,EMC Reinsurance Co. (Unsolicited Ratings),Mapfre Reinsurance Corp.,Excess Reinsurance Co.,Sirius America Insurance Co.,Interamerica Reinsurance Corp.,Berkley Insurance Co.,Philadelphia Reinsurance Corp.,PMA Capital Insurance Co.,Fair American Insurance and Reinsurance Co.,Insurance Corp. of NY,Partner Reinsurance Co. of U.S.,SCOR Reinsurance Co. ,Alea North America Insurance Co.,Shelter Reinsurance Co. (Unsolicited Ratings),General Security National Insurance Co.,Transatlantic Holdings Inc.,Transatlantic Reinsurance Co.,U.S. International Reinsurance Co.,Nichido Fire & Marine Insurance Co. Ltd. (U.S. branch),Finial Reins Co.,Swiss Re Life & Health America Holding Co.,International Insurance Co. of Hannover Ltd.,QBE Re Services Pty. Ltd.,QBE Reinsurance (Europe) Ltd.,Assured Guaranty Re Overseas Ltd.,Hartford International Life Reassurance Corp.,Trans Re Zurich ,Alea Europe AG,PXRE Reinsurance Co.,PartnerRe S.A.,Terra Nova (Bermuda) Insurance Co. Ltd.,NAC Re International Ltd. U.K.,Secura N.V.,General Reinsurance AG,Commercial Risk Re-Insurance Co.,Arig Reinsurance Co. B.S.C. ,Cologne Re of Dublin (The),Swiss Re Germany AG,Reinsurance Group of America Inc.,Swiss Re Mexico S.A.,General Reinsurance UK Ltd.,PARIS RE Asia-Pacific Pte. Ltd.,AXA Corporate Solutions Life Reinsurance Co.,SCOR Canada Reinsurance Co.,SCOR Deutschland Ruckversicherungs AG,SCOR Italia Riassicurazioni SpA,SCOR Reinsurance Co. (Asia) Ltd.,SCOR Reinsurance Asia-Pacific,SCOR U.K. Co. Ltd.,Arch Reinsurance Co.,Centre Reinsurance (U.S.) Ltd.,Gothaer Rueckversicherung AG,GE Frankona Reassurance Ltd.,Swiss Re Frankona Reinsurance Ltd.,Swiss Reinsurance Ireland Ltd.,Swiss Re Europe S.A.,Munich Reinsurance Co. of Australasia Ltd.,Swiss Re Australia Ltd.,Swiss Reinsurance Co. (Australian Branch),Swiss Re Australia Ltd. (New Zealand Branch),Partner Reinsurance Co. Ltd.,Renaissance Reinsurance Ltd.,LaSalle Re Ltd.,ACE Tempest Reinsurance Ltd.,Mapfre Re, Compania de Reaseguros, S.A.,Kot Insurance Co. A.G.,The Copenhagen Reinsurance Co. (U.K.) Ltd.,Sorema S.A.,General Reinsurance Australia Ltd.,Inter-Ocean Reinsurance Co. Ltd.,Vitodurum Reinsurance Co.,American Diversified Reinsurance Ltd.,Algemene Levensherverzekering Maatschappij N.V.,African Reinsurance Corp.,SCOR Rueckversicherung (Deutschland) AG,Arab Reinsurance Co.,Arab Union Reinsurance Co.,Asian Reinsurance Corp.,CA Reaseguradora Internacional de Venezuela,Caisse Centrale de Reassurance,Central Reinsurance Corp.,Taiping Reinsurance Co. Ltd.,Faraday Reinsurance Co. Ltd.,Compagnie Euro-Belge de Reassurances S.A.,Delvag Rueckversicherungs-AG,Deutsche Rueckversicherung AG,Egyptian Reinsurance Co.,Generali Rueckversicherung AG,Global General & Reinsurance Co. Ltd.,Gerling Global Reinsurance Co.,Globale Rueckversicherungs- AG, Zug.,Great Lakes Reinsurance (U.K.) PLC,Hanseatica Rueckversicherungs AG,Hannover Reinsurance Group Africa (Pty) Ltd.,Catalina London Ltd.,Koelnische Rueckversicherung Gesellschaft AG, Niederlassung Wien,Korean Reinsurance Co.,Kuwait Reinsurance Co. K.S.C. ,MNRB Holdings Bhd.,Milli Reasurans T.A.S.,Munich Reinsurance Co. of Canada,Nacional de Reaseguros S.A.,Qatar General Ins. & Reins. Co. S.A.Q.,Singapore Reinsurance Corporation Ltd.,Societe Centrale de Reassurance,Societe Tunisienne de Reassurance,Bestpark International Ltd.,Swiss Reinsurance Co. U.K. Ltd.,Swiss Reinsurance Co. Canada,Tate & Lyle Reinsurance Ltd.,Thai Reinsurance Public Co. Ltd.,Toa Reinsurance Co. ,Trust International Insurance & Reinsurance Co. B.S.C.(c) Trust Re,Universal Malayan Reinsurance Corp.,Hiscox Insurance Co. Ltd.,PartnerRe Ltd.,Oil Investment Corp. Ltd.,Oil Investment (Barbados) Ltd.,IPCRe Ltd.,Muenchener Rueck Italia SpA,New Reinsurance Co.,SPS Reassurance S.A.,BEST RE,SCOR Global Life Reinsurance U.K. Ltd.,Alea (Bermuda) Ltd.,Chevanstell Ltd.,Swiss Re Life & Health Canada,European Specialty Rueckversicherung AG,ESG Reinsurance Ireland Ltd.,ESG Reinsurance Bermuda Ltd.,Annuity & Life Reassurance Ltd.,Royal Bank of Canada Insurance Co. Ltd.,XL Re Ltd.,Forsikringsaktieselskabet K.a.B. International ,Allianz Risk Transfer AG,IRB-Brasil Resseguros S.A.,Swiss Re Life & Health Australia Ltd.,SaXum Reinsurance Ltd.,Gerling Global Life Reinsurance Co. of Australia Pty. Ltd.,Gerling Global Reinsurance Co., Toronto,Gerling Global Reinsurance Co. of Australia Pty. Ltd.,General Reinsurance Africa Ltd.,General Reinsurance Life Australia Ltd.,Munich Reinsurance Co. of Africa Ltd.,Swiss Re Ireland Ltd.,Gaviota Re S.A.,Top Layer Reinsurance Ltd.,Toa Reinsurance Co. of America ,Commercial Risk Reinsurance Co. Ltd.,ACE Bermuda International Reinsurance (Ireland) Ltd.,Aspen Insurance U.K. Ltd.,XL Re Europe SA,SCOR Re Far East PTE Ltd.,Validus Re Europe Ltd.,Tokio Marine Global Re Ltd.,Pacific Life Re Ltd.,Gerling Global International Reinsurance Co. Ltd.,PXRE Reinsurance Ltd.,Everest Reinsurance Holdings Inc.,XL Re Latin America Ltd.,Assured Guaranty Re Ltd.,Allianz Risk Transfer (Bermuda) Ltd.,Allianz Risk Transfer N.V.,RCA Syndicate #1 Ltd.,Tokio Millennium Re Ltd.,Hannover Reinsurance (Ireland) Ltd.,E+S Reinsurance (Ireland) Ltd.,Everest Reinsurance (Bermuda) Ltd.,ING Re (Netherlands) N.V.,Swiss Re Life & Health Nederland N.V.,Polskie Towarzystwo Reasekuracji S.A.,Versicherungskammer Bayern Konzern-Rueckversicherung AG,Mitsui Sumitomo Reinsurance Ltd.,XL Re Ltd. - U.K.,Alea Jersey Ltd.,Alea North America Specialty Insurance Co.,Alea Global Risk Ltd.,ACE Tempest Life Reinsurance Ltd.,SCOR Switzerland AG,DaVinci Reinsurance Ltd.,Omnium Insurance and Reinsurance Co. Ltd.,Scottish Re (U.S.) Inc.,Alea Group Holdings AG,SCOR Global P&C Ireland Ltd.,MS Frontier Reinsurance Ltd.,Equator Reinsurances Ltd.,UNIQA Towarzystwo Ubezpieczen SA,Sweden Reinsurance Co. Ltd.,Hannover Re Bermuda Ltd.,Aspen Insurance Ltd.,AXIS Specialty Reinsurance Co.,Axis Reinsurance Co.,Montpelier Reinsurance Ltd.,Endurance Specialty Insurance Ltd.,Endurance Reinsurance Corp. of America,Endurance Worldwide Insurance Ltd.,RGA Life Reinsurance Co. of Canada,SCOR Insurance (UK) Ltd.,QBE del Istmo Mexico Cia de Reaseguros S.A. de C.V.,SCOR Global Life Rueckversicherung AG,Revios Reinsurance International Barbados Ltd.,Revios Reinsurance Barbados Ltd.,SCOR Global Life Reinsurance Ireland Ltd.,Munich Mauritius Reinsurance Co. Ltd.,Hannover Life Reassurance (U.K.) Ltd.,Hannover Life Reassurance of Australasia Ltd.,Hannover Reinsurance Africa Ltd.,Channel Reinsurance Ltd.,Pozavarovalnica Sava d.d.,Atradius Reinsurance Ltd.,Flagstone Alliance Insurance & Reinsurance PLC,RGA International Reinsurance Co. Ltd.,AXIS Re Ltd.,Arab Insurance Group (B.S.C.),HCC Reinsurance Co. Ltd.,GuaranteedWeather Re Ltd.,SCOR Global Life SE,Tokio Millennium Re (UK) Ltd.,Moscow Reinsurance Co.,Arch Reinsurance Ltd.,Partner Re Ireland Insurance Ltd.,Malaysian Reinsurance Bhd.,Deutsche Rueckversicherung Schweiz AG,Unity Re,Amlin AG,UNIQA Re AG,RGA Global Reinsurance Co. Ltd.,Harbor Point Re Ltd.,Takaful Re Ltd. ,SCOR Global P&C SE,XL Re Europe Ltd.,Asia Capital Reinsurance Group Pte Ltd.,IAG Re Labuan (L) Berhad,Scor International Reinsurance Ireland Ltd.,Sirius International Group Ltd.,Lloyd's Insurance Co. (China) Ltd.,The Shipowners' Mutual Strike Assn. (Bermuda) Ltd.,LEXGARANT Insurance Co. Ltd.,PARIS RE S.A.,PARIS RE Switzerland Ltd.,HSBC Reinsurance Ltd.,Partner Reinsurance Europe plc,Tokio Marine Retakaful Pte. Ltd.,PARIS RE America Insurance Co.,Hannover ReTakaful B.S.C.,HDI-Gerling Welt Service AG,PARIS RE RISC Ltd.,Triglav Re, Reinsurance Co. Ltd.,DEVK Rueckversicherungs- und Beteiligungs-AG,Saudi Re for Cooperative Reinsurance Co.,VIG RE zajist'ovna a.s.,Hannover Life Reassurance Bermuda Ltd.,Munich Re of Malta PLC,Hannover Life Reassurance Ireland Ltd.,Arch Reinsurance Europe Underwriting Ltd.,Malath Cooperative Insurance & Reinsurance Co.,Everest Reinsurance Co. (Ireland) Ltd.,Aviva Re Europe Ltd.,SCOR Perestrakhovaniye,SCOR Africa Ltd.,Prevoyance Re
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