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Standard & Poor's Corp. has doubled the number of companies in its annual list of the "Top Global Business Insurers."
To provide risk managers or other users of this list with sufficient information to put together a global insurance program, S&P has included information on some lesser-known insurers that might play a role in covering risks around the world.
In all, S&P's list now includes 200 companies from 40 countries, up from 100 companies from 38 countries a year ago (BI, Nov. 18, 1996).
"Notably, this year we have included Lloyd's, a clear global player in many lines; indeed, Lloyd's vaults to the second spot in this year's lineup," noted Alan M. Levin, managing director of insurance ratings for Standard & Poor's Corp. in New York.
S&P last week also unveiled its first marketwide rating for Lloyd's (see story, page 1).
The 200 companies in the list of global insurers range from Tokio Marine & Fire Insurance Ltd., with $12 billion of net premiums written in 1996 and $31 billion of adjusted shareholder funds (surplus), to Abu Dhabi National Insurance Co., with $24 million of net premiums and $240 million of ASF.
In total, these 200 companies wrote $307 billion in premiums and held $314 billion of ASF. In most cases, figures are for fiscal 1996; a few companies' data is older but the most recent available.
The largest companies dominate the list, with the Top 10 companies writing $90 billion, or 29% of the total, and holding $97 billion of ASF, or 31% of the total.
The Top 25 wrote $160 billion, or 52% of the total, and hold ASF of $176 billion, or 56% of the total ASF.
Ratings range from a high of AAA (superior), to a low of CCC (extremely vulnerable).
Among the Top 200, 171 companies, or 86%, have ratings in one of the secure ranges, as follows: AAA (superior) nine companies, or 4.5%; AA (excellent), 39, or 19.5%; A (good), 64, or 32%; and BBB (adequate), 59, or 29.5%.
Vulnerable ratings include: BB (may be adequate), 10, or 5%; B (vulnerable), two, or 1%; and CCC (extremely vulnerable), one, or 0.5%. Sixteen companies, or 8%, are not rated.
The data for this report was taken from Standard & Poor's CLASSIC Ratings Database of 1400 international insurers.
"The companies that have been chosen for inclusion in this report are based on suggestions we have received from several large commercial insurance brokers, risk managers and other market participants, whose assistance we gratefully acknowledge," said Mr. Levin.
For more information, or copies of the S&P list, contact Alan M. Levin, Standard & Poor's, 25 Broadway, New York. N.Y. 10004-1010; phone: 212-208-1316; or David Anthony, Standard & Poor's, Garden House, 18 Finsbury Circus, London EC2M 7BP, England; phone: 44-171-826-3553.