Reinsurance companies ratings in the world and the emerging countries

Magazine Issue:

Morocco: Serious Fall out Between BTP and Insurance Companies [3]

Magazine date:

Sep 2003

Ranking by 2001 net written premiums (companies rated by Standard & Poor's)

in millions USD

	Companies	Country	Rating at 01/08/2002	Net written premium	Pre-tax technical result	Combined Ratio
1	Korean Re Co.	South Korea	BBB-	930.2	73.5%	94.0%
2	Central Re Corp.	Taiwan	BBB+	279.2	20.0%	96.4%
3	Hannover Re Group Africa (Pty)	South Africa	BBpi	157.3	8.5%	101.0%
4	Milli Reasurans T.A.S.	Turkey	B-pi	148.0	20.0%	105.8%
5	Société Centrale de Réassurance	Morocco	BBpi	115.9	11.5%	116.6%
6	China International Re Co.	Hong Kong	BBB+	85.8	8.8%	100.0%
7	African Re Corp.	Nigeria	BBB	75.5	5.8%	91.1%
8	Egyptian Re Co.	Egypt	BBBpi	58.8	17.7%	120.0%
9	Munich Re Co. of Africa	South Africa	BBBpi	56.6	6.8%	111.3%
10	Swiss Re Southern Africa	South Africa	BBBpi	49.5	12.0%	28.5%
11	Thai Re Publi Co.	Thailand	BBpi	42.5	53.5%	87.7%
12	B.E.S.T. Re Co.	Tunisia	BBB-	38.8	5.2%	81.3%
13	Singapore Re Corp.	Singapore	BBB+	26.8	5.9%	98.4%
14	General & Cologne Re Co. South Africa	South Africa	AAA	20.6	8.3%	118.0%
15	Compagnie Centrale de Réassurance	Algeria	NR	18.9	7.5%	91.1%
16	Gerling Global Re Co. of South Africa	South Africa	A-	16.7	0.9%	111.1%
17	PT. Reasuransi Nasional Indonesia (ReIndo)	Indonesia	NR	11.6	0.7%	96.1%
18	Arab Re Co.	Lebanon	B-pi	11.2	3.0%	107.0%
19	Société Tunisienne de Réassurance	Tunisia	NR	10.1	2.9%	104.7%
20	Trust International Insurance Co.	Bahrain	NR	7.1	1.8%	167.0%
21	Kuwait Re Co. KSC	Kuwait	BBBpi	5.9	1.4%	180.0%
22	Universe Re Co.	Nigeria	NR	2.3	0.4%	92.1%

Source: Standard & Poor’s Global Reinsurance Highlights 2002 Edition Companies rated 'NR' are NOT RATED, which implies no opinion about the insurer's financial security. + or - signs following ratings from 'AA' to 'CCC' show relative standing within the major rating categories. 'pi' ratings, denoted with a 'pi' subscript, are insurer financial strength ratings based on an analysis of published financial informa-tion . They are therefore based on less comprehensive information than ratings without a 'pi' subscript.