WTM » Topics » Top Reinsurers

This excerpt taken from the WTM 8-K filed May 16, 2007.

Top Reinsurers

        Reinsurance contracts do not relieve the Company of its obligation to its ceding companies. Therefore, collectibility of balances due from its retrocessional reinsurers is critical to the Company's financial strength. The following table provides a listing of the Company's top reinsurers based upon recoverable amounts, the percentage of total recoverables and the reinsurer's A.M. Best Rating.

Top Reinsurers
($ in millions)

  Balance at
March 31, 2007

  % of
Total

  A.M. Best
Rating(2)

  %
Collateralized

 
Olympus(1)(3)   $ 491.7   43 % NR-4   100 %
Imagine(1)     186.8   16 % A-   100 %
London Life(1)     93.1   8 % A   100 %
Berkshire Hathaway Group     88.2   8 % A++   3 %
The Travelers Companies     60.7   5 % A+   0 %

(1)
Represents non-U.S. insurance entities which balances are fully collateralized through Funds Held, Letters of Credit or Trust Agreements.

(2)
A.M. Best ratings as detailed above are: "A++" (Superior, highest of fifteen ratings), "A+" (Superior, second highest of fifteen ratings), "A" (Excellent, third highest of fifteen ratings), "A-" (Excellent, fourth highest of fifteen ratings), and "NR-4" (not rated at company's request)

(3)
Gross of amounts due to Olympus under the Olympus Indemnity Agreement.
This excerpt taken from the WTM 8-K filed Mar 13, 2007.

Top Reinsurers

        Reinsurance contracts do not relieve the Company of its obligation to its ceding companies. Therefore, collectibility of balances due from its retrocessional reinsurers is critical to the Company's financial strength. The following table provides a listing of the Company's top reinsurers based upon recoverable amounts, the percentage of total recoverables and the reinsurer's A.M. Best Rating.

Top Reinsurers
($ in millions)

  Balance at
December 31, 2006

  % of
Total

  A.M. Best
Rating(2)

  %
Collateralized

 
Olympus(1)(3)   $ 655.0   52 % NR-4   100 %
Imagine(1)     186.9   15 % A-   100 %
London Life(1)     118.9   9 % A   100 %
Berkshire Hathaway Group     71.2   6 % A++   3 %
St. Paul Travelers     63.3   5 % A+   0 %

(1)
Represents non-U.S. insurance entities which balances are fully collateralized through Funds Held, Letters of Credit or Trust Agreements.

F-30


(2)
A.M. Best ratings as detailed above are: "A++" ("Superior", highest of fifteen ratings), "A+" ("Superior", second highest of fifteen ratings), "A" ("Excellent", third highest of fifteen ratings), "A-" ("Excellent", fourth highest of fifteen ratings), and "NR-4" ("Not Rated at company's request").

(3)
Grossed up for amounts due to Olympus under the Olympus Indemnity Agreement.

EXCERPTS ON THIS PAGE:

8-K
May 16, 2007
8-K
Mar 13, 2007
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