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WASHINGTON--Total U.S. premium ceded to offshore reinsurers was $54.7 billion in 2006, an 11.9% decrease from 2005, the Washington-based Reinsurance Assn. of America said in a special report.
According to an RAA statement issued about the report, "Offshore Reinsurance in the U.S. Market: 2006 Data," there was also a 7.8% decline in ceded recoverables between 2005 and 2006, to $114.2 billion.
Offshore companies' share of U.S. unaffiliated reinsurance premium, though, increased to 53.1% in 2006 from 51.8% in 2005, while offshore companies' and U.S. subsidiaries of offshore companies' market share decreased to 84.5% of U.S. unaffiliated reinsurance premium in 2006 from 85.4% in 2005.
The report, based on ceded reinsurance as reported in data filed with the National Assn. of Insurance Commissioners, presents data from more than 4,200 reinsurers from 95 jurisdictions in the U.S. market.
"This data suggests that the current U.S. regulatory environment and 100% collateral requirements for unauthorized reinsurers is not a significant barrier for offshore companies, as they account for more than half of the U.S. unaffiliated reinsurance market," said the RAA.
Copies of the report are available for $250 from the RAA Web site, www.reinsurance.org, or by calling 800-259-0199.