Reinsurers Doing Business in Connecticut

Topic:
INSURANCE (GENERAL); LICENSING; PROPERTY INSURANCE;
Location:
INSURANCE;

OLR Research Report


November 26, 2007		2007-R-0680
REINSURERS DOING BUSINESS IN CONNECTICUT

By: Janet L. Kaminski Leduc, Associate Legislative Attorney

You asked for an overview of the reinsurance market in Connecticut.

SUMMARY

There are 102 reinsurers doing business in Connecticut, according to the Connecticut Insurance Department (see tables below). Of these, 41 are licensed reinsurers (six life and health, 35 property and casualty) and 61 are reinsurers approved to conduct business here but which the Insurance Department does not license. Connecticut is the state of domicile (i. e. , principal legal location) for nine of the 41 licensed reinsurers.

The Connecticut Insurance Department regulates or monitors all reinsurers doing business in Connecticut, according to law and regulations. A licensed company is subject to the department's full regulatory scrutiny. The department has primary regulatory responsibility (versus other states) for monitoring a domiciled company's solvency and taking necessary action as conditions warrant. An approved company must be licensed to transact business in at least one other state, file financial information with the department, and, in some cases, maintain a minimum level of surplus.

A reinsurance company sells insurance policies to other insurers. The reinsurer assumes and the insurer cedes (transfers) some portion of the insurer's risk (potential claims for payment) as mutually agreed to in a reinsurance treaty (policy).

APPROVED REINSURERS

The Insurance Department categorizes approved reinsurers into three main types: those who (1) are accredited, (2) are part of a pooled arrangement, or (3) maintain trust funds.

Accredited Reinsurer

There are 42 accredited reinsurers approved to do business in Connecticut. An accredited reinsurer is one that:

1. submits to this state's jurisdiction and authority to examine the company's books and records by properly executing a form the department provides;

2. files annually by March 1 with the commissioner a certified copy of a certificate of authority or other evidence that it is licensed to transact insurance or reinsurance in at least one other state;

3. files annually by March 1 with the commissioner a copy of its annual statement filed with its state of domicile's insurance department and a copy of its most recent audited financial statement; and

4. maintains a surplus of (a) at least $ 20 million and whose accreditation the commissioner has not denied within 90 days of its submission or (b) less than $ 20 million and whose accreditation the commissioner has approved.

The commissioner may revoke a company's accreditation if he determines that it did not meet or maintain the qualifications (CGS § 38a-85 and Conn. Agencies Regs. § 38a-88-2).

Pooled Arrangement

There are nine pooled reinsurer arrangements approved to do business in Connecticut. Under a pooled arrangement, companies within the same holding company system enter an arrangement to assume and share risk. The majority of the pooling members are licensed to transact business in Connecticut. The members are (1) subject to several or joint and several liability and (2) each file annually by March 1 with the commissioner a copy of its annual statement filed with its state of domicile's insurance department.

(“Several liability” means liability is separate and distinct from another's, so that a plaintiff may bring a separate action against one defendant without joining the other parties. “Joint and several liability” means liability may be apportioned either among two or more parties or to only one or a few select members of the group, at the plaintiff's discretion. )

Trust Funds

There are 10 reinsurers approved to do business in Connecticut that maintain trust funds for their customer's (i. e. , the ceding insurer) benefit. The trust is a way to maintain the reserves needed to pay valid claims. Connecticut regulations set out requirements that apply to the trust funds and trust instrument, including the amount that must be maintained in trust, how funds may be invested, and documentation that must be filed with the commissioner. Trusts are subject to the commissioner's examination (Conn. Agencies Regs. § 38a-88-4).

Licensed Property-Casualty Reinsurers

As of November 8, 2007

Company	*Address*	*Domicile*
Advanta Insurance Company	PO Box 429 Spring House, PA 19477	Arizona
AXA Corporate Solutions Reinsurance Company	17 State Street New York, NY 10004	Delaware
Berkley Insurance Company	475 Steamboat Road Greenwich, CT 06902	Delaware
Clearwater Insurance Company	300 First Stamford Place Stamford, CT 06902	Delaware
Clearwater Select Insurance Company	300 First Stamford Place Stamford, CT 06902	Delaware
Cologne Reinsurance Company of America	696 East Main Street Stamford, CT 06901	Connecticut
Converium Insurance (North America) Inc.	3024 Harney Street Omaha, NE 68131	New Jersey
Deerfied Insurance Company	Ten Parkway North Deerfield, IL 60015	Illinois
Employers Reinsurance Corporation	PO Box 2991 Overland Park, KS 66201	Missouri
Everest Reinsurance Company	PO Box 830 Liberty Corner, NJ 07938	Delaware
Finial Reinsurance Company	3024 Harney Street Omaha, NE 68131	Connecticut
Folksamerica Reinsurance Company	One Liberty Plaza, 19th Fl. New York, NY 10006	New York
General Reinsurance Corporation	Financial Centre PO Box 10350 Stamford, CT 06904	Delaware
Global Reinsurance Corporation of America	1345 Avenue of the Americas New York, NY 10105	New York
Global Reinsurance Corporation - U. S. Branch	1345 Avenue of the Americas New York, NY 10105	New York
Harbor Point Reinsurance U. S. , Inc.	15 Mountain View Road Warren, NJ 07061	Connecticut
Munich Reinsurance America, Inc.	555 College Road East Princeton, NJ 08543	Delaware
National Reinsurance Corporation	695 East Main Street Stamford, CT 06901	Delaware
New England Reinsurance Corporation	150 Federal Street Boston, MA 02110	Connecticut
North American Elite Insurance Company	650 Elm Street Manchester, NH 03101	New Hampshire
North Star Reinsurance Corporation	695 East Main Street Stamford, CT 06901	Delaware
Odyssey America Reinsurance Corporation	300 First Stamford Place Stamford, CT 06902	Connecticut
PartnerRe Insurance Company of New York	One Greenwich Plaza Greenwich, CT 06830	New York
Permanent General Assurance Corporation	PO Box 305054 Nashville, TN 37230	Tennessee
PMA Capital Insurance Company	1735 Market Street Philadelphia, PA 19103	Pennsylvania
R & Q Reinsurance Company	2 Central Square Cambridge, MA 02139	Pennsylvania
RSUI Indemnity Company	945 Paces Ferry Road Atlanta, GA 30326	New Hampshire
San Francisco Reinsurance Company	777 San Marin Drive Novato, CA 94998	California
SCOR Reinsurance Company	199 Water Street New York, NY 10038	New York
Swiss Reinsurance America Corporation	175 King Street Armonk, NY 10504	New York
Toa Reinsurance Company of America	177 Madison Avenue Morristown, NJ 07962	Delaware
Transatlantic Reinsurance Company	80 Pine Street New York, NY 10005	New York
Trenwick America Reinsurance Corporation	1499 Post Road Fairfield, CT 06824	Connecticut
XL Insurance Company of New York, Inc.	70 Seaview Avenue Stamford, CT 06902	New York
XL Reinsurance America, Inc.	70 Seaview Avenue Stamford, CT 06902	New York

Licensed Life and Health Reinsurance

As of November 8, 2007

Company	*Address*	*Domicile*
Equitrust Life Insurance Company	5400 University Avenue West Des Moines, IA 50266	Iowa
General Re Life Corporation	695 East Main Street Stamford, CT 06901	Connecticut
Hartford International Life Reassurance Corp.	PO Box 2999 Hartford, CT 06104	Connecticut
Munich American Reassurance Company	PO Box 3210 Atlanta, GA 30302	Georgia
RGA Reinsurance Company	1370 Timberlake Manor Parkway Chesterfield, MO 63017	Missouri
Swiss Re Life & Health America, Inc.	175 King Street Armonk, NY 10504	Connecticut

Approved Reinsurers

As of November 8, 2007

Company	*Address*	*Type*	*Domicile*
ACE Capital Tile Reinsurance Company	436 Walnut Street Philadelphia, PA 19102	Accredited	New York
Alamance Insurance Company	238 International Road Burlington, NC 27215	Accredited	Illinois
American Accident Reinsurance Group c/o AUL Reinsurance Management Services, LLC	502 Valley Road Wayne, NJ 07470	Pool
American Agricultural Insurance Company	1501 E. Woodfield Road Schaumburg, IL 60173	Accredited	Indiana
American Disability Reinsurance Underwriters Syndicate Custom Disability Solutions	50 Stanford Drive Farmington, CT 06032	Pool
American Long Term Care Reinsurance Group c/o AUL Reinsurance Management Services, LLC	20 Security Drive Avon, CT 06001	Pool
Aspen Insurance UK Limited c/o Lord, Bissell & Brook	885 Third Avenue, 26th Floor New York, NY 10022	Trust	New York
Associated Accident and Health Reinsurance Underwriters International Solutions, LLC	7901 4th St. North, Suite 203 St. Petersburg, FL 33702	Pool
Associated Inland Marine	7 First Avenue Peabody, MA 01960	Pool
Associated International Insurance Company	Ten Parkway North Deerfield, IL 60015	Accredited	Illinois
Auto-Owners Insurance Company	PO Box 30660 Lansing, MI 48909	Accredited	Michigan
Canadian Aircraft Insurance Group c/o United States Aviation Underwriters	1999 Water Street New York, NY 10038	Pool
CareAmerica Life Insurance Company	50 Beale Street San Francisco, CA 94195	Accredited	California
Columbia Insurance Company	3024 Harney Street Omaha, NE 68131	Accredited	Nebraska
Commercial Risk Re-Insurance Company	199 Water Street New York, NY 10038	Accredited	Vermont
Constitution Insurance Company	1345 Avenue of the Americas New York, NY 10105	Accredited	New York
CX Reinsurance Company Limited	London Underwriting Centre 3 Minister Court London, EC3R 7DD	Trust
Dorinco Reinsurance Company	1320 Waldo Avenue Midland, Michigan 48642	Accredited	Michigan
Endurance American Insurance Company	767 Third Avenue New York, NY 10017	Accredited	Delaware
Endurance Reinsurance Corporation of America	333 Westchester Avenue White Plains, NY 10604	Accredited	New York
Evanston Insurance Company	Ten Parkway North Deerfield, IL 60015	Accredited	Illinois
Excess Reinsurance Company	Two Logan Square Philadelphia, PA 19103	Accredited	Delaware
Executive Risk Indemnity, Inc.	15 Mountain View Road Warren, NJ 07061	Accredited	New Jersey
FCCI Insurance Company	6300 University Parkway Sarasota, FL 34240	Accredited	Florida
General Fidelity Insurance Company	201 North Tryon Street Charlotte, NC 28255	Accredited	South Carolina
Generali USA Life Reinsurance Company	PO Box 419076 Kansas City, MO 64141	Accredited	Missouri
Global Surety & Insurance Company	3555 Farnam Street Omaha, NE	Accredited	Nebraska
Hannover Re (U. S. Reinsurance Trust) c/o Lord, Bissell & Brook	885 Third Avenue, 26th Floor New York, NY 10022	Trust	New York
Hanover Life Reassurance Company of America	800 N. Magnolia Avenue Orlando, FL 32803	Accredited	Florida
Houston Casualty Company	13403 Northwest Freeway Houston, TX 77040	Accredited	Texas
HPHC Insurance Company, Inc.	93 Worcester Street Wellesley, MA 02481	Accredited	Massachusetts
Kentucky Farm Bureau Mutual Insurance Company	PO Box 20700 Louisville, KY 40220	Accredited	Kentucky
Lexington Insurance Company	100 Summer Street Boston, MA 02110	Accredited	Delaware
Mapfre Re, Compania de Reaseguros, S. A. (U. S. Reinsurance Trust) c/o Katten Muchin Rosenman LLP	575 Madison Avenue New York, NY 10022	Trust
Mapfre Reinsurance Corporation	100 Campus Drive Florhaqm Park, NJ 07932	Accredited	New Jersey
Markel International Insurance Company Limited	Ten Parkway North Deerfield, IL 60015	Trust	New York
Medmarc Mutual Insurance Company	PO Box 10809 Chantilly, VA 20153	Accredited	Vermont
Motorists Mutual Insurance Company	471 East Broad Street Columbus, OH 43215	Accredited	Ohio
New Jersey Re-Insurance Company	301 Sullivan Way West Trenton, NJ 08628	Accredited	New Jersey
NLC Mutual Insurance Company	1301 Pennsylvania Avenue, NW Washington, DC 20004	Accredited	Vermont
Optimum Re Insurance Company	PO Box 660010 Dallas, TX 75266	Accredited	Texas
Partner Reinsurance Company of the U. S.	One Greenwich Plaza Greenwich, CT 06830	Accredited	New York
Pinehurst Accident Reinsurance Group c/o AUL Reinsurance Management Services, LLC	502 Valley Road Wayne, NJ 07470	Pool
Platinum Underwriters Reinsurance, Inc.	Two World Financial Center 225 Liberty Street New York, NY	Accredited	Maryland
Protective Life and Annuity Insurance Company	PO Box 2606 Birmingham, AL 35202	Accredited	Alabama
Putnam Reinsurance Company	80 Pine Street New York, NY 10005	Accredited	New York
QBE Reinsurance Corporation	88 Pine Street New York, NY 10005	Accredited	Pennsylvania
Republic Underwriters Insurance Company	PO Box 809076 Dallas, TX 75380	Accredited	Texas
RiverStone Insurance (UK) Limited c/o Lord, Bissell & Brook	885 Third Avenue, 26th Floor New York, NY 10022	Trust
Sagicor Life Insurance Company	PO Box 52121 Phoenix, AZ 85072	Accredited	Texas
SCOR Life U. S. Re Insurance Company	15305 Dallas Parkway Addison, TX 75001	Accredited	Texas
Scottish Re (U. S. ), Inc.	13840 Ballantyne Corporate Pl. Charlotte, NC 28277	Accredited	Delaware
Scottish Re Life Corporation	13840 Ballantyne Corporate Pl. Charlotte, NC 28277	Accredited	Delaware
Selected Insurance Risk Plans c/o NLC Insurance Companies	PO Box 40 Norwich, CT 06360	Pool
St. Paul Reinsurance Company, Ltd. (U. S. Reinsurance Trust) c/o Lord, Bissell & Brook	885 Third Avenue, 26th Floor New York, NY 10022	Trust	New York
Suecia Insurance Company c/o The Dobson Companies	25 Smith Street Nanuet, NY 10954	Accredited	New York
Underwriters at Lloyds London Lloyds America, Inc.	Museum Office Building New York, NY 10019	Trust
Unionamerica Insurance Company Limited (U. S. Reinsurance Trust) c/o Lord, Bissell & Brook	885 Third Avenue, 26th Floor New York, NY 10022	Trust	New York
United National Insurance Company	Three Bala Plaza, East Bala Cynwyd, PA 19004	Accredited	Pennsylvania
United States Aircraft Insurance Group c/o United States Aviation Underwriters	199 Water Street New York, NY 10038	Pool
Zurich Specialities London Limited c/o LeBoeuf, Lamb, Greene & MacRae	125 West 55th Street New York, NY 10019	Trust

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