Author Archives: Jared Wade

About Jared Wade

Jared Wade is a freelance writer and former editor of the Risk Management Monitor and senior editor of Risk Management magazine. You can find more of his writing at JaredWade.com.
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The 50 Largest Reinsurers

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It’s not a good time to be a reinsurer. These companies, which essentially offer insurance for insurance, often bear the brunt of natural disasters. And 2011 has been the worst catastrophe year in history by some measures. Just look at the graphic above, courtesy of the Insurance Information Institute, for proof. Add in the fact that investment returns, traditionally a windfall for these heavily capitalized reinsurers, have been sluggish and volatile since the market meltdown in 2008 and things could be better.

Still, plenty of companies are doing A-OK. Just look at the list below.

From AM Best, these are the 50 largest reinsurers in terms of gross premiums written in 2010 (in millions).

1. Munich Reinsurance Company—$31,280
2. Swiss Reinsurance Company Limited—24,756
3. Hannover Rueckversicherung AG—15,147
4. Berkshire Hathaway Inc. —14,374
5. Lloyd’s—12,977
6. SCOR S.E. — 8,872
7. Reinsurance Group of America Inc. — 7,201
8. Allianz S.E. — 5,736
9. PartnerRe Ltd.— 4,881
10. Everest Re Group Ltd. —4,201
11. Transatlantic Holdings Inc. —4,133
12. Korean Reinsurance Company —4,114
13. China Reinsurance (Group) Corporation —3,796
14. London Reinsurance Group Inc. —3,266
15. MAPFRE RE, Compania de Reaseguros, S.A. —3,143
16. General Insurance Corporation of India —2,573
17. Assicurazioni Generali SpA —2,463
18. AEGON N.V. —2,391
19. QBE Insurance Group Limited —2,280
20. XL Group plc—2,255
21. MS&AD Insurance Group Holdings Inc.—2,206
22. The Toa Reinsurance Company Limited—2,021
23. Axis Capital Holdings Limited—1,834
24. Caisse Centrale de Reassurance—1,814
25. Odyssey Re Holdings Corp.—1,625
26. Tokio Marine Holdings Inc.—1,466
27. Catlin Group Limited—1,290
28. RenaissanceRe Holdings Ltd.—1,165
29. Aspen Insurance Holdings Limited—1,162
30. ACE Limited—1,146
31. Validus Holdings Ltd.—1,101
32. Flagstone Reinsurance aHoldings Limited—1,098
33. White Mountains Insurance Group, Ltd.—1,079
34. Amlin plc—1,004
35. Manulife Financial Corporation—972
36. American Agricultural Insurance Company—941
37. Endurance Specialty Holdings Ltd.—941
38. Alterra Capital Holdings Ltd.—892
39. Arch Capital Group Ltd.—875
40. IRB – Brasil Resseguros S.A.—780
41. Platinum Underwriters Holdings Ltd.—780
42. ACR Capital Holdings Pte, Ltd.—752
43. Montpelier Re Holdings Ltd.—720
44. NKSJ Holdings Inc.—690
45. Ariel Holdings Ltd.—644
46. Sun Life Financial Inc.—554
47. Maiden Holdings Ltd.—554
48. Allied World Assurance Company Holdings, AG—524
49. Central Reinsurance Corporation—457
50. W. R. Berkley Corporation—425

The 5 Biggest Accomplishments in Increasing Public Health Awareness in the Past 10 Years

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The CDC is using the upcoming 9/11 anniversary to highlight the past decade’s achievements in increasing public awareness about major health issues. Fortunately, we have not seen a truly devastating pandemic sweep the globe, but H5N1, H1N1, SARS, many deadly food-borne pathogene outbreaks and other serious health threats have illustrated the need for better preparedness and response to public health crises.

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Here’s the agency’s number one accomplishment.

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Following the 2001 attacks there was a cultural shift in how we think about national security. It had become apparent that public health played an important role in national security. The terrorist attacks changed the way state and city health departments worked and interacted with other agencies and sectors.

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Health departments are increasingly becoming accepted as equal partners by traditional first responders, including law enforcement, fire departments and emergency medical services. These interactions are supported by the incorporation of public health components into the National Response Framework and Nation Incident Management System (the “playbooks” federal, state, and local responders use to plan for and respond to emergencies).  Our ability to respond to disasters is strengthened with each area of government working together.

This, more than anything else, says the organization, will be the key when the next major public health scare occurs.

Fan Death Re-Emphasizes MLB Ballpark Safety

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Risk, death and baseball: three exciting topics that have unfortunately converged to become a grave concern for Major League Baseball this season.

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One fan recently died in Rangers Ballpark in Arlington, Texas, while reaching over a railing for a ball. Last summer, another fan fell 30 feet and fractured his skull.

This, combined with some other high-profile incidents at ballparks in recent years, has led all teams to reconsider the height of their safety railings and ponder other potential solutions to keep spectators safe.

Yesterday, ESPN’s “Outside the Lines” program featured a great investigative report into the matter. You can watch Texas Rangers owner/legend Nolan Ryan discuss the controversy here. And below is the opening paragraphs of their written story.

Ronnie Hargis remembers his right hand brushing Shannon Stone’s shorts as he tried to grab the 6-foot-3-inch firefighter who went over a front-row railing in Section 5 of Rangers Ballpark in Arlington.

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But Hargis missed. Stone’s 6-year-old son Cooper, who had been standing next to Hargis, saw his dad fall 20 feet to the concrete below. Stone, 39, died about an hour later.

Even though Hargis struggles to come to terms with the events of July 7, he does not believe that the 33-inch railing that Stone fell over was too low. He joins a cadre of fans who disagree with the Rangers’ decision to raise all front-row railings to 42 inches in response to Stone’s fall and two other falls before it.

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As officials with other Major League Baseball ballparks say they’re currently reviewing their railings, baseball fans are divided on whether to raise the railings, keep them where they are, or implement alternative safety measures, such as nets.

It isn’t just the Worldwide Leader who is interested in how teams are keeping fans safe, however.

Our very our Morgan O’Rourke focused his September column in Risk Management magazine, “Last Word,” on the recent death. Look for that to go up online on Thursday.

The New Orleans Hurricane Protection System

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I’m a sucker for shows about disasters. “Mega Disasters” on the History Channel might be my favorite show. (With the one about the Yellowstone “Supervolcano” being my favorite.

Recently, I was watching another program in this genre, “Earth Under Water,” on Nat Geo. I’m not sure if this is a series or just a one-off, but it is pretty fascinating. It predictably discusses the coming climate change sea-level rise with the subtext being that we’re all pretty much, no pun intended, up the river without a paddle on this one. And if you live on the coast? Just move inland now.

Scientific sensationalism and wild prognostications aside, there was also a lot of great information. Watch the video segment taken from the show below for instance. Here, they discuss the New Orleans Hurricane and Storm Damage Risk Reduction System, an ongoing $15 billion project that has, predictably, proven contentious of late.