_________________
_________________
| For the fiscal year ended December 31, 2003 | Commission file number 1-15731 | ||
EVEREST RE GROUP, LTD.
(Exact
name of registrant as specified in its charter)
| Bermuda | 98-0365432 | ||
| (State or other jurisdiction | (I.R.S. Employer | ||
| of incorporation or organization) | Identification No.) | ||
(Address, including zip code, and
telephone number, including area code,
of registrant’s principal executive office)
_________________
Securities registered pursuant to Section 12(b) of the Act:
| Name of Each Exchange | |||
| Title of Each Class | on Which Registered | ||
| Common Shares, $.01 par value per share | New York Stock Exchange | ||
_________________
Securities registered pursuant to Section 12(g) of the Act: None _________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No___
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ]
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).
Yes X No___
The aggregate market value on June 30, 2003, the last business day of the registrant’s most recently completed second quarter, of the voting stock held by non-affiliates of the registrant was $4,242.5 million.
At March 1, 2004, the number of shares outstanding of the registrant’s common shares was 55,917,734.
Certain information required by Items 10, 11, 12, and 13 of Form 10-K is incorporated by reference into Part III hereof from the registrant’s proxy statement for the 2004 Annual General Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days of the close of the registrant’s fiscal year ended December 31, 2003.
| Item | Page | ||||
| PART I | |||||
| 1 | Business | 1 | |||
| 2 | Properties | 28 | |||
| 3 | Legal Proceedings | 28 | |||
| 4 | Submission of Matters to a Vote of Security Holders | 28 | |||
| PART II | |||||
| 5 | Market for Registrants Common Equity and Related Shareholder Matters | 28 | |||
| 6 | Selected Financial Data | 29 | |||
| 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 37 | |||
| 7A | Quantitative and Qualitative Disclosures About Market Risk | 81 | |||
| 8 | Financial Statements and Supplementary Data | 81 | |||
| 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 81 | |||
| 9A | Controls and Procedures | 81 | |||
| PART III | |||||
| 10 | Directors and Executive Officers of the Registrant | 81 | |||
| 11 | Executive Compensation | 81 | |||
| 12 | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters | 81 | |||
| 13 | Certain Relationships and Related Transactions | 81 | |||
| 14 | Principal Accountant Fees and Services | 81 | |||
| PART IV | |||||
| 15 | Exhibits, Financial Statement Schedules, and Reports on Form 8-K | 81 | |||
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Unless otherwise indicated, all financial data in this document have been prepared using generally accepted accounting principles (“GAAP”) in the United States of America. As used in this document, “Group” means Everest Re Group, Ltd. (formerly Everest Group, Ltd.); “Holdings” means Everest Reinsurance Holdings, Inc.; “Everest Re” means Everest Reinsurance Company and its subsidiaries (unless the context otherwise requires); “Capital Trust” means Everest Re Capital Trust; and the “Company” means Group and its subsidiaries, except when referring to periods prior to February 24, 2000, when it means Holdings and its subsidiaries.
The Company
Group, a Bermuda company, with its principal executive office in Barbados, was established in 1999 as a wholly-owned subsidiary of Holdings. On February 24, 2000, a corporate restructuring was completed and Group became the new parent holding company of Holdings, which remains the holding company for the Company’s U.S. based operations. Holders of shares of common stock of Holdings automatically became holders of the same number of common shares of Group. Prior to the restructuring, Group had no significant assets or capitalization and had not engaged in any business or prior activities other than in connection with the restructuring. The Company had gross written premiums in 2003 of $4.6 billion and shareholders’ equity at December 31, 2003 of $3.2 billion.
In connection with the restructuring, Group established a Bermuda-based reinsurance subsidiary, Everest Reinsurance (Bermuda), Ltd. (“Bermuda Re”), which commenced business in the second half of 2000. Group also formed Everest Global Services, Inc., a Delaware subsidiary, to perform administrative and back-office functions for Group and its U.S.-based and non-U.S. based subsidiaries.
Holdings, a Delaware corporation, was established in 1993 to serve as the parent holding company of Everest Re, a Delaware property and casualty reinsurer formed in 1973. Until October 6, 1995, Holdings was an indirect wholly-owned subsidiary of The Prudential Insurance Company of America (“The Prudential”). On October 6, 1995, The Prudential sold its entire interest in the shares of common stock of Holdings in an initial public offering (the “IPO”).
The Company’s principal business, conducted through its operating subsidiaries, is the underwriting of reinsurance and insurance in the U.S., Bermuda and international markets. The Company underwrites reinsurance both through brokers and directly with ceding companies, giving it the flexibility to pursue business regardless of the ceding company’s preferred reinsurance purchasing method. The Company underwrites insurance principally through general agent relationships and surplus lines brokers. Group’s operating subsidiaries, excluding Mt. McKinley Insurance Company (“Mt. McKinley”), which is in run-off, and Everest International Reinsurance, Ltd. (“Everest International”), which has limited business activity, are each rated A+ (“Superior”) by A.M. Best Company (“A.M. Best”), an independent insurance industry rating organization that rates insurance companies on factors of concern to policyholders.
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Following is a summary of the Company’s operating subsidiaries:
| o | Bermuda Re, a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and long-term insurer and is authorized to write property and casualty business and life and annuity business. Bermuda Re commenced business in the second half of 2000. In December 2000, Bermuda Re acquired all of the issued and outstanding shares of AFC Re Ltd. (“AFC Re”), a Bermuda long-term insurance company. AFC Re wrote annuity reinsurance business, which business has been assumed by Bermuda Re. In September 2001, AFC Re was sold to Group and renamed Everest International. Bermuda Re had shareholders’ equity at December 31, 2003 of $1.3 billion based on U.S. GAAP. |
| o | Everest International, a Bermuda insurance company and a direct subsidiary of Group, is registered in Bermuda as a Class 4 insurer and is authorized to write property and casualty business. Everest International had shareholders’ equity at December 31, 2003 of $120 million based on U.S. GAAP. |
| o | Everest Re, a Delaware insurance company and a direct subsidiary of Holdings, is a licensed property and casualty insurer and/or reinsurer in all states (except Nevada and Wyoming), the District of Columbia and Puerto Rico and is authorized to conduct reinsurance business in the United Kingdom, Canada and Singapore. Everest Re underwrites property and casualty reinsurance for insurance and reinsurance companies in the U.S. and international markets. Everest Re had statutory surplus at December 31, 2003 of $1.7 billion. |
| o | Everest National Insurance Company (“Everest National”), an Arizona insurance company and a direct subsidiary of Everest Re, is licensed in 47 states and the District of Columbia and is authorized to write property and casualty insurance in the jurisdictions in which it is licensed. This is called writing insurance on an admitted basis. The majority of Everest National’s business is reinsured by its parent, Everest Re. |
| o | Everest Indemnity Insurance Company (“Everest Indemnity”), a Delaware insurance company and a direct subsidiary of Everest Re, engages in the excess and surplus lines insurance business in the U.S. Excess and surplus lines insurance is specialty property and liability coverage that an insurer not licensed to write insurance in a particular jurisdiction is permitted to provide to insureds when the specific specialty coverage is unavailable from admitted insurers. This is called writing insurance on a non-admitted basis. Everest Indemnity is licensed in Delaware and is eligible to write business on a non-admitted basis in 49 states, the District of Columbia and Puerto Rico. The majority of Everest Indemnity’s business is reinsured by its parent, Everest Re. |
| o | Everest Security Insurance Company (“Everest Security”), formerly Southeastern Security Insurance Company, a Georgia insurance company and a direct subsidiary of Everest Re, was acquired in January 2000 and writes property and casualty insurance on an admitted basis in Georgia and Alabama. The majority of Everest Security’s business is reinsured by its parent, Everest Re. |
| o | Mt. McKinley Managers, L.L.C. (“Managers”), a New Jersey limited liability company and a direct subsidiary of Holdings, is licensed in New Jersey as an insurance producer. An insurance producer is any intermediary, such as an agent or broker, which acts as the conduit between an insurance company and an insured. Managers, which is licensed to act in New Jersey as an insurance producer in connection with policies written on both an admitted and a non-admitted basis, is the underwriting manager for Everest Indemnity. |
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| o | Mt. McKinley (f/k/a Gibraltar Casualty Company, “Gibraltar”), a Delaware insurance company and a direct subsidiary of Holdings, was acquired by Holdings in September 2000 from The Prudential. Mt. McKinley was formed by Everest Re in 1978 to engage in the excess and surplus lines insurance business in the U.S. In 1985, Mt. McKinley ceased writing new and renewal insurance and now its ongoing operations relate to servicing claims arising from its previously written business. Mt. McKinley was a subsidiary of Everest Re until 1991 when Everest Re distributed the stock of Mt. McKinley to a wholly-owned subsidiary of The Prudential. |
| o | Everest Re Holdings, Ltd. ("Everest Ltd."), a Bermuda company and a direct subsidiary of Everest Re, was formed in 1998 and owned Everest Re Ltd., a United Kingdom company that was dissolved after its reinsurance operations were converted into branch operations of Everest Re. Everest Ltd. holds $80.3 million of investments and cash, the management of which constitutes its principal operations. |
Reinsurance Industry Overview
Reinsurance is an arrangement in which an insurance company, the reinsurer, agrees to indemnify another insurance company, the ceding company, against all or a portion of the insurance risks underwritten by the ceding company under one or more insurance contracts. Reinsurance can provide a ceding company with several benefits, including a reduction in net liability on individual or classes of risks, catastrophe protection from large or multiple losses and assistance in maintaining acceptable financial ratios. Reinsurance also provides a ceding company with additional underwriting capacity by permitting it to accept larger risks and write more business than would be possible without a concomitant increase in capital and surplus. Reinsurance, however, does not discharge the ceding company from its liability to policyholders.
There are two basic types of reinsurance arrangements: treaty and facultative reinsurance. In treaty reinsurance, the ceding company is obligated to cede and the reinsurer is obligated to assume a specified portion of a type or category of risks insured by the ceding company. Treaty reinsurers do not separately evaluate each of the individual risks assumed under their treaties and, consequently, after a review of the ceding company’s underwriting practices, are largely dependent on the original risk underwriting decisions made by the ceding company. In facultative reinsurance, the ceding company cedes and the reinsurer assumes all or part of the risk under a single insurance contract. Facultative reinsurance is negotiated separately for each insurance contract that is reinsured. Facultative reinsurance normally is purchased by ceding companies for individual risks not covered by their reinsurance treaties, for amounts in excess of the dollar limits of their reinsurance treaties and for unusual risks.
Both treaty and facultative reinsurance can be written on either a pro rata basis or an excess of loss basis. Under pro rata reinsurance, the ceding company and the reinsurer share the premiums as well as the losses and expenses in an agreed proportion. Under excess of loss reinsurance, the reinsurer indemnifies the ceding company against all or a specified portion of losses and expenses in excess of a specified dollar amount, known as the ceding company’s retention or reinsurer’s attachment point, generally subject to a negotiated reinsurance contract limit.
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In pro rata reinsurance, the reinsurer generally pays the ceding company a ceding commission. The ceding commission generally is based on the ceding company’s cost of acquiring the business being reinsured (commissions, premium taxes, assessments and miscellaneous administrative expense). Premiums paid by the ceding company to a reinsurer for excess of loss reinsurance are not directly proportional to the premiums that the ceding company receives because the reinsurer does not assume a proportionate risk. There is usually no ceding commission on excess of loss reinsurance.
Reinsurers may purchase reinsurance to cover their own risk exposure. Reinsurance of a reinsurer’s business is called a retrocession. Reinsurance companies cede risks under retrocessional agreements to other reinsurers, known as retrocessionaires, for reasons similar to those that cause insurers to purchase reinsurance: to reduce net liability on individual or classes of risks, protect against catastrophic losses, stabilize financial ratios and obtain additional underwriting capacity.
Reinsurance can be written through intermediaries, generally professional reinsurance brokers, or directly with ceding companies. From a ceding company’s perspective, both the broker and the direct distribution channels have advantages and disadvantages. A ceding company’s decision to select one distribution channel over the other will be influenced by its perception of such advantages and disadvantages relative to the reinsurance coverage being placed.
Business Strategy
The Company’s underwriting strategies seek to capitalize on its financial strength and capacity, its employee expertise and its flexibility to offer multiple products through multiple distribution channels. The Company’s strategies include effective management of the property and casualty underwriting cycle, which refers to the tendency of insurance premiums, profits and the demand for and availability of coverage to rise and fall over time. The Company also seeks to manage its catastrophe exposures and retrocessional costs. Efforts to control expenses and to operate in a cost-efficient manner are also a continuing focus for the Company.
4
The Company’s products include: (1) the full range of property and casualty reinsurance and insurance coverages, including marine, aviation, surety, errors and omissions liability (“E&O”), directors’ and officers’ liability (“D&O”), medical malpractice, other specialty lines, accident and health (“A&H”), workers’ compensation and (2) reinsurance of life and annuity business. The Company’s product distribution includes direct and broker reinsurance channels; U.S., Bermuda and international markets; treaty and facultative reinsurance and admitted and non-admitted insurance.
The Company’s underwriting strategy emphasizes underwriting profitability rather than premium volume, writing specialized property and casualty risks and integration of underwriting expertise across all underwriting units. Key elements of this strategy are prudent risk selection, appropriate pricing through strict underwriting discipline and continuous adjustment of the Company’s business mix to respond to changing market conditions. The Company focuses on reinsuring companies that effectively manage the underwriting cycle through proper analysis and pricing of underlying risks and whose underwriting guidelines and performance are compatible with its objectives.
The Company’s underwriting strategy also emphasizes flexibility and responsiveness to changing market conditions, such as increased demand or favorable pricing trends. The Company believes that its existing strengths, including its broad underwriting expertise, U.S., Bermuda and international presence, strong financial ratings and substantial capital, facilitate adjustments to its mix of business geographically, by line of business and by type of coverage, allowing it to capitalize on those market opportunities that provide the greatest potential for underwriting profitability. The Company’s insurance operations complement these strategies by allowing the Company access to business that would not likely be available to it on a reinsurance basis. The Company carefully monitors its mix of business across all operations to avoid inappropriate concentrations of geographic or other risk.
Marketing
The Company writes business on a worldwide basis for many different customers and for many lines of business, providing a broad array of coverages. The Company is not materially dependent on any single customer, small group of customers, line of business or geographical area. For the 2003 calendar year, no single customer (ceding company or insured) generated more than 6.8% of the Company’s gross written premiums. The Company does not believe that a reduction of business from any one customer would have a material adverse effect on its future financial condition or results of operations due to the Company’s competitive position in the marketplace and the continuing availability of other sources of business.
Approximately 59.0%, 15.7% and 25.3% of the Company’s 2003 gross written premiums were written in the broker reinsurance, direct reinsurance and insurance markets, respectively. The Company’s ability to write reinsurance both through brokers and directly with ceding companies gives it the flexibility to pursue business regardless of the ceding company’s preferred reinsurance purchasing method.
The reinsurance broker market consists of several substantial national and international brokers and a number of smaller specialized brokers. Brokers do not have the authority to bind the Company with respect to reinsurance agreements, nor does the Company commit in advance to accept any portion of the business that brokers submit to it. Reinsurance business from any ceding company, whether new or renewal, is subject to acceptance by the Company. Brokerage fees are generally paid by reinsurers. The Company’s ten largest brokers accounted for an aggregate of approximately 49.5% of gross written premiums in 2003, with the two largest brokers accounting for approximately 17.4% (Marsh & McLennan Companies, Inc.) and 14.2% (AON Risk Services) of gross written premiums, respectively. The Company does not believe that a reduction of business assumed from any one broker would have a materially adverse effect on the Company due to its competitive position in the market place, relationships with ceding companies and the continuing availability of other sources of business.
The direct market remains an important distribution system for reinsurance business written by the Company. Direct placement of reinsurance enables the Company to access clients who prefer to place their reinsurance directly with reinsurers based upon the reinsurer’s in-depth understanding of the ceding company’s needs. The Company’s insurance business is written principally through general agent relationships and surplus lines brokers. The Company’s largest agency relationship American All-Risk Services, LLC, accounted for approximately 12.7% of gross written premiums, which consists of approximately 24,000 individual workers’ compensation policies.
The Company continually evaluates each business relationship, including the underwriting expertise and experience of each distribution channel selected, performs analyses to evaluate financial security, monitors performance and adjusts underwriting decisions accordingly.
5
Segment Information
The Company, through its subsidiaries, operates in five segments: U.S. Reinsurance, U.S. Insurance, Specialty Underwriting, International and Bermuda. The U.S. Reinsurance operation writes property and casualty reinsurance on both a treaty and facultative basis through reinsurance brokers as well as directly with ceding companies within the U.S. The U.S. Insurance operation writes property and casualty insurance primarily through general agent relationships and surplus lines brokers within the U.S. The Specialty Underwriting operation writes A&H, marine, aviation and surety business within the U.S. and worldwide through brokers and directly with ceding companies. The International operation writes property and casualty reinsurance through Everest Re’s branches in London, Canada and Singapore, in addition to foreign business written through the Company’s Miami and New Jersey offices. The Bermuda operation writes property, casualty, life and annuity business through brokers and directly with ceding companies.
These segments are managed in a carefully coordinated fashion with strong elements of central control, including with respect to capital, investments and support operations. As a result, management monitors and evaluates the financial performance of these operating segments principally based upon their underwriting results. The Company utilizes inter-affiliate reinsurance but such reinsurance does not impact segment results, since business is generally reported within the segment in which the business was first produced. For selected financial information regarding these segments, see Note 18 of Notes to Consolidated Financial Statements.
The Company has recently announced that one of its subsidiaries, Everest Re, has reached agreement, subject to regulatory approval, to sell its United Kingdom branch to another of the Company’s subsidiaries, Bermuda Re. Business for this branch is currently reported through the International segment; however, upon completion of the transaction, the business of this branch will be included in the Bermuda segment. Appropriate disclosures will be made in future filings to address the segment financial result fluctuations caused by the transfer.
The Company has also recently announced that another subsidiary, Everest National, has opened a regional office in California to better serve its western U.S. Insurance business. The additional office will not affect segment reporting.
Underwriting Operations
The following table presents the distribution of the Company’s gross written premiums by its U.S. Reinsurance, U.S. Insurance, Specialty Underwriting, International and Bermuda operations for the years ended December 31, 2003, 2002, 2001, 2000, and 1999, classified according to whether the premium is derived from property or casualty business and, for reinsurance business, whether it represents pro rata or excess of loss business:
| Gross Written Premiums by Operation | ||||||||||||||||||||||||||||||||||||||
| Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||||||||||||||||
| U.S. Reinsurance | ||||||||||||||||||||||||||||||||||||||
| Property | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | $ | 357 | .8 | 7 | .8% | $ | 148 | .7 | 5 | .2% | $ | 62 | .9 | 3 | .4% | $ | 60 | .2 | 4 | .3% | $ | 48 | .6 | 4 | .3% | |||||||||||||
| Excess | 241 | .0 | 5 | .3 | 177 | .8 | 6 | .2 | 104 | .0 | 5 | .5 | 75 | .6 | 5 | .5 | 67 | .0 | 5 | .9 | ||||||||||||||||||
| Casualty | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 625 | .7 | 13 | .7 | 219 | .2 | 7 | .7 | 191 | .2 | 10 | .2 | 151 | .1 | 10 | .9 | 152 | .9 | 13 | .4 | ||||||||||||||||||
| Excess | 527 | .8 | 11 | .5 | 348 | .9 | 12 | .3 | 252 | .3 | 13 | .5 | 194 | .7 | 14 | .1 | 222 | .1 | 19 | .5 | ||||||||||||||||||
| Total (2) | 1,752 | .3 | 38 | .3 | 894 | .6 | 31 | .4 | 610 | .4 | 32 | .6 | 481 | .6 | 34 | .8 | 490 | .6 | 43 | .0 | ||||||||||||||||||
| U.S. Insurance | ||||||||||||||||||||||||||||||||||||||
| Property | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 42 | .9 | 0 | .9 | 6 | .5 | 0 | .2 | 6 | .2 | 0 | .3 | 9 | .3 | 0 | .7 | 3 | .8 | 0 | .3 | ||||||||||||||||||
| Excess | -- | 0 | .0 | -- | 0 | .0 | -- | 0 | .0 | -- | 0 | .0 | -- | 0 | .0 | |||||||||||||||||||||||
| Casualty | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 1,026 | .6 | 22 | .5 | 815 | .0 | 28 | .6 | 496 | .1 | 26 | .5 | 241 | .2 | 17 | .4 | 66 | .6 | 5 | .8 | ||||||||||||||||||
| Excess | -- | 0 | .0 | -- | 0 | .0 | -- | 0 | .0 | -- | 0 | .0 | -- | 0 | .0 | |||||||||||||||||||||||
| Total (2) | 1,069 | .5 | 23 | .4 | 821 | .5 | 28 | .9 | 502 | .4 | 26 | .8 | 250 | .5 | 18 | .1 | 70 | .4 | 6 | .2 | ||||||||||||||||||
| Specialty Underwriting | ||||||||||||||||||||||||||||||||||||||
| Property | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 396 | .7 | 8 | .7 | 397 | .5 | 14 | .0 | 356 | .3 | 19 | .0 | 274 | .0 | 19 | .8 | 213 | .6 | 18 | .7 | ||||||||||||||||||
| Excess | 64 | .3 | 1 | .4 | 43 | .8 | 1 | .5 | 35 | .0 | 1 | .9 | 19 | .3 | 1 | .4 | 19 | .7 | 1 | .7 | ||||||||||||||||||
| Casualty | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 28 | .1 | 0 | .6 | 41 | .9 | 1 | .5 | 18 | .4 | 1 | .0 | 21 | .4 | 1 | .5 | 32 | .3 | 2 | .8 | ||||||||||||||||||
| Excess | 13 | .8 | 0 | .3 | 5 | .3 | 0 | .2 | 4 | .3 | 0 | .2 | 3 | .6 | 0 | .3 | 2 | .9 | 0 | .3 | ||||||||||||||||||
| Total (2) | 502 | .9 | 11 | .0 | 488 | .5 | 17 | .2 | 414 | .0 | 22 | .1 | 318 | .3 | 23 | .0 | 268 | .5 | 23 | .5 | ||||||||||||||||||
| Total U.S. | ||||||||||||||||||||||||||||||||||||||
| Property | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 797 | .4 | 17 | .4 | 552 | .7 | 19 | .4 | 425 | .5 | 22 | .7 | 343 | .4 | 24 | .8 | 266 | .0 | 23 | .3 | ||||||||||||||||||
| Excess | 305 | .3 | 6 | .7 | 221 | .6 | 7 | .8 | 139 | .0 | 7 | .4 | 94 | .9 | 6 | .9 | 86 | .7 | 7 | .6 | ||||||||||||||||||
| Casualty | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 1,680 | .4 | 36 | .8 | 1,076 | .1 | 37 | .8 | 705 | .8 | 37 | .6 | 413 | .8 | 29 | .9 | 251 | .8 | 22 | .1 | ||||||||||||||||||
| Excess | 541 | .6 | 11 | .8 | 354 | .2 | 12 | .4 | 256 | .7 | 13 | .7 | 198 | .3 | 14 | .3 | 225 | .1 | 19 | .7 | ||||||||||||||||||
| Total (2) | 3,324 | .7 | 72 | .7 | 2,204 | .6 | 77 | .4 | 1,526 | .8 | 81 | .4 | 1,050 | .4 | 75 | .9 | 829 | .5 | 72 | .7 | ||||||||||||||||||
| International | ||||||||||||||||||||||||||||||||||||||
| Property | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 471 | .7 | 10 | .3 | 328 | .4 | 11 | .5 | 171 | .0 | 9 | .1 | 143 | .4 | 10 | .3 | 124 | .6 | 10 | .9 | ||||||||||||||||||
| Excess | 218 | .8 | 4 | .8 | 122 | .9 | 4 | .3 | 60 | .0 | 3 | .2 | 55 | .6 | 4 | .0 | 54 | .8 | 4 | .8 | ||||||||||||||||||
| Casualty | ||||||||||||||||||||||||||||||||||||||
| Pro Rata (1) | 172 | .8 | 3 | .8 | 35 | .3 | 1 | .2 | 54 | .3 | 2 | .9 | 78 | .4 | 5 | .7 | 84 | .4 | 7 | .4 | ||||||||||||||||||
| Excess | 101 | .0 | 2 | .2 | 54 | .3 | 1 | .9 | 37 | .5 | 2 | .0 | 46 | .2 | 3 | .3 | 48 | .5 | 4 | .3 | ||||||||||||||||||
| Total (2) | ||||||||||||||||||||||||||||||||||||||