Structured Finance Holdings by Company as of Sep 30, 2021

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CompanyStructured Prod Par Value ($)Structured Prod Book Value ($)% S&P Rated% No S&P but Moody's, Fitch% No S&P, Moody's, Fitch
1st Auto & Casualty Insurance Company4,108,2214,224,91052.61%38.92%8.47%
360 Insurance Company1,418,7641,484,17427.88%69.70%2.43%
4086 Advisors, Inc.5,702,552,8685,731,231,53340.84%50.20%8.96%
Academic Health Professionals Insurance Assurance17,911,33018,726,57931.25%68.37%0.38%
Acadia Insurance Company24,986,49725,193,12664.19%32.83%2.98%
ACSTAR Insurance Company2,430,9152,460,93499.03%0.97%0.00%
Advance Insurance Company of Kansas9,592,6399,970,12135.19%57.22%7.59%
Aegis Healthcare Risk Retention Group, Inc.37,23138,03161.12%11.48%27.40%
Aegon USA Investment Management, LLC111,065,02699,936,75272.68%8.69%18.63%
Aetna, Inc. (Asset Management)2,638,176,4862,744,085,71253.38%46.00%0.62%
Affiliates Insurance Reciprocal, A Risk Retention Group7727990.00%100.00%0.00%
Agricultural Workers Mutual Auto Insurance7,0834,712100.00%0.00%0.00%
AII Insurance Management, LTD5,273,1035,371,87052.65%46.99%0.37%
Aioi Nissay Dowa Insurance Company, LTD5,750,0005,875,16646.87%53.13%0.00%
Alabama Municipal Insurance Corporation1,161,540142,43551.07%0.00%48.93%
Alaska National Insurance Co.13,984,90514,409,87138.30%11.85%49.85%
Alaska Timber Insurance Exchange7,5958,0920.00%98.22%1.78%
Alfa Insurance Corporation347,121,024337,260,56352.11%44.95%2.94%
Alliance Health And Life Insurance Company1,607,2631,652,54342.13%54.72%3.15%
Alliance Insurance Group743,439751,8250.00%100.00%0.00%
Alliance Of Nonprofits For Insurance Risk Retention Group8,935,5279,054,51560.50%31.17%8.34%
Alliant Health Plans Inc.29,189,99330,144,83936.59%63.41%0.00%
Allied Services Risk Retention Group1,355,8801,409,97463.92%36.08%0.00%
Allstate Investment Management Company2,505,007,2962,475,580,25952.40%42.82%4.77%
Allways Health Partners, Inc.65,239,28018,971,15041.61%57.09%1.30%
Amalgamated Casualty Insurance Company00
Ambac Investments, Inc.755,998,317554,113,94869.50%11.48%19.02%
American Access Casualty Company48,690,46348,994,18769.71%30.29%0.00%
American Agricultural Insurance Company157,544,630163,261,89440.93%52.32%6.75%
American Alliance Casualty Company3,946,4224,107,12558.29%41.71%0.00%
American Equity Advisors, Inc.316,390,985318,994,20841.71%48.89%9.40%
American Federated Insurance Company775,000794,93216.79%26.61%56.60%
American Fidelity Assurance Co.341,161,380342,433,39153.76%40.57%5.67%
American Integrity Insurance Company14,324,75715,513,9158.38%91.62%0.00%
American Inter-Fidelity Exchange22,068,03322,968,16945.39%46.68%7.94%
American Liberty Insurance Company100,000115,3670.00%100.00%0.00%
American Life and Accident Insurance Company of Kentucky3,0873,1980.00%100.00%0.00%
American Money Management Corporation13,906,544,73113,523,398,94743.19%43.96%12.86%
American National Registered Investment Advisor, Inc.306,899,142313,470,43563.75%3.84%32.41%
American Resources Insurance Company, Inc.850,000709,2210.00%100.00%0.00%
American Transit Insurance Company14,475,02915,217,6895.52%94.48%0.00%
Americo Life, Inc.701,234,139645,810,06844.28%46.11%9.61%
Amerigroup Corporation (Asset Management)1,109,757,1051,127,443,49332.14%61.68%6.18%
Amerisure Mutual Insurance Company533,153,253533,256,10631.60%59.81%8.59%
Ameritas Life Insurance Corp. of New York110,240,192111,946,65933.93%41.92%24.15%
Amfed National Insurance Company6,691,1277,346,64041.75%56.97%1.28%
Amica Mutual Insurance Company606,922,399632,770,28211.78%88.10%0.12%
AmTrust Financial Services, Inc. (Asset Management)862,993,993874,708,60152.78%44.06%3.16%
Ansur America Insurance Company5,136,7735,596,39452.94%46.97%0.10%
Apollo Insurance Solutions Group, L.P.19,071,820,02918,278,688,47446.62%37.85%15.53%
AQS Asset Management, LLC154,925,581158,711,68143.32%25.84%30.85%
Arbella Mutual Insurance Company, Inc.237,895,901256,429,40044.32%52.38%3.30%
ARCOA Risk Retention Group Inc.715,239764,65329.18%70.82%0.00%
ARECA Insurance Exchange2,453,5942,540,87551.89%48.11%0.00%
ARI Casualty Company189,000193,12174.67%25.33%0.00%
ARI Insurance Company5,944,0985,976,79233.55%66.45%0.00%
ASI Preferred Insurance Corporation28,358,37128,664,83256.75%43.25%0.00%
Asset Allocation & Management Company, LLC1,198,490,8001,221,038,22041.30%54.53%4.17%
Associated Mutual Insurance Cooperative16,07111,408100.00%0.00%0.00%
Assurant, Inc. (Asset Management)624,089,942620,948,87136.52%56.62%6.86%
Assurity Life Insurance Company24,66628,9290.00%0.00%100.00%
Atlantic American Corporation (Asset Management)7,403,3337,404,09967.61%32.39%0.00%
Atlantic Casualty Insurance Company33,804,69434,057,41159.12%25.49%15.39%
Attorneys Insurance Mutual of the South, Inc. RRG26,24327,1630.00%100.00%0.00%
Auto Club Group164,735,398167,490,19438.40%59.04%2.55%
Auto Club Property-Casualty Insurance Company17,506,70417,982,54830.88%69.12%0.00%
Auto-Owners Insurance Company872,107,819868,945,29247.93%36.02%16.05%
Aviva Investors Americas, LLC3,453,0543,164,9840.00%100.00%0.00%
Badger Mutual Insurance Company40,235,24841,942,02133.40%50.73%15.87%
Bar Plan Surety and Fidelity Company1,034,9071,066,32337.71%57.96%4.33%
Barnstable County Mutual Insurance Company2,335,7222,351,70039.25%52.07%8.68%
Beneficial Life Insurance Company141,767,914106,852,81887.67%12.33%0.00%
Berkley Dean & Company, Inc.4,320,938,2424,332,601,95955.09%40.48%4.43%
Blue Advantage Plus Of Kansas City Inc.3,824,5813,897,86734.05%62.44%3.51%
Blue Cross & Blue Shield of Alabama (Asset Management)226,733,588229,396,16846.99%48.82%4.19%
Blue Cross & Blue Shield of Kansas City254,140,566197,736,51454.15%34.54%11.31%
Blue Cross & Blue Shield of Kansas, Inc.176,193,451173,325,21646.35%50.24%3.41%
Blue Cross & Blue Shield of Massachusetts (Asset Management)456,922,521410,986,16039.04%58.67%2.28%
Blue Cross & Blue Shield of Nebraska15,380,23616,014,3129.16%75.10%15.74%
Blue Cross & Blue Shield of North Carolina323,133,823337,494,23539.54%56.96%3.50%
Blue Cross & Blue Shield of Tennessee, Inc.812,749,417829,835,45837.51%57.70%4.79%
Blue Cross & Blue Shield of Vermont5,903,5815,859,35367.17%32.83%0.00%
Blue Cross Blue Shield of Michigan Mutual Insurance Company7,047,4898,060,78529.64%70.36%0.00%
Blue Cross Blue Shield of Wyoming64,372,31366,784,88542.71%53.04%4.25%
Blue Cross of Idaho Health Service., Inc.65,938,39468,984,69329.66%70.06%0.27%
Blue Hill Specialty Insurance Company Inc.3,500,0003,499,8330.00%100.00%0.00%
Bluebonnet Life Insurance Company13,153,26113,668,68739.37%54.68%5.95%
Bonded Builders Insurance Company, a Risk Retention Group195,974200,6420.00%100.00%0.00%
Boston Medical Center Health Plan, Inc.67,727,99269,320,70738.32%52.76%8.91%
Bremen Farmers Mutual Insurance Company11,100,98811,440,09645.16%29.37%25.46%
Brethren Mutual Insurance Company6,673,0726,593,66325.26%74.74%0.00%
British American Insurance Company1,040,0001,089,2120.00%100.00%0.00%
Builders Mutual Insurance Company124,021,724131,930,61340.22%56.22%3.56%
Capital BlueCross17,143,62218,044,09137.34%62.66%0.00%
Capital Insurance Group106,312,076103,911,13167.06%26.78%6.15%
Capitol Casualty Company3,013,1322,950,1690.00%100.00%0.00%
Capitol Insurance Company2,173,6712,306,85446.37%39.66%13.97%
Care Wisconsin Health Plan, Inc.781,260897,92933.08%62.98%3.93%
CareMore Health Plan of Arizona, Inc.9,403,6159,681,77652.94%42.27%4.79%
Caresource157,777,119160,917,45946.30%44.70%9.00%
Carolina Mutual Insurance Inc.5,550,6735,676,90373.64%26.36%0.00%
Catawba Insurance Company12,54411,821100.00%0.00%0.00%
Catholic Family Fraternal Of Texas19,75820,2110.00%100.00%0.00%
Catholic Ladies Of Columbia398,250401,67825.66%25.31%49.03%
Catholic Life Insurance133,814,342143,892,12037.09%61.34%1.57%
Catholic Order of Foresters500,035,788318,158,61158.73%24.87%16.40%
CATIC Financial Insurance Group1,355,0001,360,428100.00%0.00%0.00%
CBIA Comp Services Inc2,072,3882,149,08527.54%72.46%0.00%
CDPHP Universal Benefits, Inc.32,701,12733,735,19639.70%53.43%6.87%
Centene Corporation (Asset Management)418,912,377427,732,83738.49%43.18%18.33%
Centennial Casualty Company1,025,5781,039,18370.21%23.41%6.38%
Center Mutual Insurance Company1,606,8521,591,91524.32%75.68%0.00%
Central Insurance Companies344,164,104356,274,86341.20%58.80%0.00%
Central Security Life Insurance Co.7,122,3977,538,52841.64%42.86%15.50%
Chesapeake Employers Insurance Company499,042,426502,969,25447.57%49.00%3.43%
Chesterfield Reinsurance Company12,250,00013,858,21621.28%78.72%0.00%
Childrens Community Health Plan Inc.1,984,6302,026,36285.45%6.89%7.66%
Chubb Asset Management, Inc.614,046,897637,454,32938.55%59.69%1.75%
CIGNA Investments, Inc.30,065,46730,628,72945.83%42.22%11.95%
Cincinnati Financial Corp. (Asset Management)328,443,714344,429,20020.93%62.05%17.02%
Citizens Security Life Insurance Company3,672,9931,643,02015.82%84.18%0.00%
Citizens, Inc. (Asset Management)16,619,77116,448,71254.01%45.99%0.00%
Clear Spring Life Insurance Company44,326,11443,219,54752.75%32.60%14.64%
CM Vantage Specialty Insurance Company8,070,1688,475,75158.48%41.18%0.34%
College Risk Retention Group Inc.5,670,2016,038,41141.51%45.75%12.73%
Colorado Dental Service, Inc.65,86671,7320.00%0.00%100.00%
Columbia Insurance Group, Inc. (Asset Management)20,892,96721,643,96934.16%65.84%0.00%
Columbia Lloyds Insurance Company185,000194,821100.00%0.00%0.00%
Columbian Mutual Life Insurance Company (Asset Management)88,285,18491,980,10447.29%49.41%3.30%
Common Ground Healthcare Cooperative4,177,3754,186,06640.79%50.30%8.92%
Community Care Behavioral Health Organization17,695,13817,920,71853.83%42.33%3.84%
Community Health Alliance Reciprocal177,056,926181,539,64230.81%69.19%0.00%
Community Hospital Alternative for Risk Transfer4,058,1604,156,24874.55%6.42%19.03%
Community Insurance Corporation670,394675,09670.38%29.62%0.00%
Communitycare Government Programs, Inc.2,937,2083,050,02743.43%53.44%3.13%
CommunityCare HMO, Inc.11,597,57212,076,43448.53%48.31%3.16%
Compcare Health Services Insurance Corporation47,190,76350,226,40330.15%69.85%0.00%
ConnectiCare Insurance Company17,578,20018,415,68636.28%63.72%0.00%
Conning, Inc.6,180,162,6076,306,721,54538.62%53.64%7.74%
Contractors Bonding and Insurance Company2,563,3792,688,21877.40%22.60%0.00%
Controlled Risk Insurance Company of Vermont, Inc.14,656,96114,695,85742.82%55.97%1.21%
Co-Operative Insurance Companies4,340,0004,552,51539.73%60.27%0.00%
CopperPoint Mutual Insurance Company (USA)281,710,257293,539,30439.37%56.80%3.83%
Country Trust Bank (Investment Advisor)2,035,090,4472,053,577,82156.12%30.12%13.76%
Coventry Health Care of Missouri, Inc.27,250,00027,323,71266.95%33.05%0.00%
Coventry Insurance Company49,918,73750,311,40327.94%71.58%0.48%
Coverys RRG, Inc.9,001,6109,423,09435.85%64.15%0.00%
Cox Insurance Group6,120,4616,240,26124.83%55.31%19.86%
CrossFit Risk Retention Group Inc.182,000182,6400.00%100.00%0.00%
Crusader Insurance Company9,893,83410,233,40153.30%46.70%0.00%
Cumberland Insurance Group24,561,14725,786,98538.93%51.78%9.29%
Czech Catholic Union4,9074,888100.00%0.00%0.00%
Dakota Capital Life Insurance Company1,675,0001,754,92911.80%88.20%0.00%
Danbury Insurance Company2,280,5932,406,89740.56%59.44%0.00%
DB Insurance Company, LTD (US)52,355,00054,861,76052.08%47.92%0.00%
Delek Insurance Group9,171,9579,216,95556.46%43.54%0.00%
Delphi Capital Management, Inc.4,258,185,2103,562,345,75351.83%43.58%4.59%
Delta Dental of Illinios Insurance Group3,059,9013,131,50878.10%21.90%0.00%
Delta Dental of Kansas, Inc.309,768318,88337.03%15.93%47.03%
Delta Dental of New York, Inc.14,200,00014,211,26560.24%29.20%10.55%
Delta Dental of Virginia181,463185,063100.00%0.00%0.00%
Delta Dental Plan of Michigan, Inc.16,639,88317,110,17831.20%52.40%16.40%
Delta Dental Plan Of South Dakota100,000109,6880.00%100.00%0.00%
Delta Life Insurance Company.4,965,0004,966,42569.94%30.06%0.00%
DentaQuest USA Insurance Company, Inc8,791,6328,985,66436.26%62.01%1.73%
Deseret Mutual Insurance Company.269,866291,7490.00%100.00%0.00%
Direct Auto Insurance Company6,071,9396,494,56978.73%21.27%0.00%
Districts Mutual Insurance2,169,9232,207,22534.97%40.15%24.88%
Donegal Mutual Insurance Co.4,575,8804,898,83417.27%74.30%8.43%
Dorchester Insurance Company1,200,0001,307,39470.45%29.55%0.00%
Dorchester Mutual Insurance Company673,478701,71958.78%41.22%0.00%
Dryden Mutual Insurance Company27,866,23929,208,53449.02%48.29%2.69%
DTF Holdings, LLC12,420,86912,502,90550.55%49.45%0.00%
Ecole Insurance Company150,435154,05892.81%7.19%0.00%
Edison Insurance Company11,536,31411,808,34150.88%49.12%0.00%
ELCO Mutual Life and Annuity195,172,684200,943,80954.86%41.21%3.93%
Elephant Insurance Company6,547,7146,607,81954.27%45.45%0.28%
EmblemHealth74,138,13380,205,24747.39%51.95%0.66%
EMC Insurance Group, Inc.44,519,12249,470,5120.00%90.42%9.58%
Enterprise Life Insurance Company3,857,6654,254,68937.95%61.11%0.94%
Erie Insurance Group937,461,816959,519,29437.35%61.41%1.24%
Essence Healthcare, Inc.25,521,93827,009,44334.33%63.14%2.53%
Excellus Health Plan, Inc.240,738,666251,383,10440.65%57.55%1.80%
Executive Insurance Company3,112,0973,025,88542.44%42.65%14.91%
Fair American Select Insurance Company19,788,19120,011,09444.42%55.58%0.00%
Falcon Insurance Company255,000260,689100.00%0.00%0.00%
Fallon Community Health Plan, Inc.76,071,06378,284,24634.97%59.45%5.59%
Family Security Insurance Company, Inc.19,430,20420,306,57539.76%56.33%3.90%
Farm Bureau Mutual Insurance Company of Michigan10,517,03810,839,60056.71%19.93%23.36%
Farm Bureau Town & Country Insurance Company Of Missouri4,000,0004,013,3690.00%100.00%0.00%
Farmers Alliance Mutual Insurance Co.90,035,13692,292,10045.16%52.18%2.67%
Farmers And Mechanics Mutual Insurance Company of WV3,362,8393,700,58163.87%36.13%0.00%
Farmers Mutual Insurance Company (West Virginia)81,63085,5660.00%52.70%47.30%
FBAlliance Insurance Company1,500,0001,632,94330.94%69.06%0.00%
FBL Investment Management Services, Inc.1,604,006,0501,622,314,39344.04%42.05%13.91%
Federal Life Insurance Company (Mutual)18,465,66118,956,21643.44%56.56%0.00%
Federated Mutual Insurance827,765,500837,172,42749.98%30.18%19.83%
FedNat Holding Company (Asset Management)51,757,29555,356,08936.89%60.29%2.82%
FFVA Mutual Insurance Company46,905,92947,793,66526.47%42.90%30.62%
Fidelity Security Life Insurance Company (Asset Management)279,292,938281,535,11544.20%54.94%0.87%
Fire Districts of New York Mutual Insurance Company, Inc.3,776,6984,087,21057.36%42.64%0.00%
First Acceptance Insurance Company, Inc.1,552,007757,44481.92%18.08%0.00%
First Chicago Insurance Company227,377234,26231.99%68.01%0.00%
First Command Life Insurance Company919,624986,80131.71%68.29%0.00%
First Dakota Indemnity Company15,216,05715,848,83340.14%58.55%1.32%
First Dimension Life Insurance Company1,322,5431,286,61732.99%67.01%0.00%
First Guaranty Insurance Company950,0001,004,7920.00%0.00%100.00%
First Medical Insurance Company7,938,4608,092,52266.21%33.79%0.00%
First National Life Insurance Company of the U.S.A.1,810,7371,726,3150.00%83.23%16.77%
Florida Family Home Insurance Company5,729,7545,954,46440.62%54.40%4.97%
FM Global267,661,112291,395,01935.38%51.72%12.90%
Fort Washington Investment Advisors, Inc.2,833,823,4482,738,935,13236.58%59.60%3.82%
Frankenmuth Insurance Group694,380771,88813.85%86.15%0.00%
Frederick Mutual Insurance Company4,037,5214,368,62980.53%19.47%0.00%
GBU Financial Life87,435,67190,812,26034.71%54.92%10.36%
Geisinger Health Plan, Inc41,932,53742,915,06645.12%53.39%1.49%
Genworth Financial Investment Management, LLC85,224,94091,143,39749.07%50.25%0.69%
Georgia Farm Bureau Mutual Insurance Company121,230,267124,856,56846.11%52.87%1.03%
Gleaner Life Insurance Society, Inc.175,729,950179,874,51451.08%41.43%7.49%
Globe Life, Inc.225,897,419136,469,38130.83%41.15%28.02%
GNY Custom Insurance Company14,147,41514,727,89747.05%52.95%0.00%
Government Personnel Mutual Life Insurance Company11,443,65411,925,0100.00%14.79%85.21%
GPM Health and Life Insurance Company2,475,9142,571,6720.00%9.72%90.28%
Grange Indemnity Insurance Company5,959,8266,225,82261.14%35.00%3.87%
Granite RE, Inc.13,457,53913,550,34031.40%61.25%7.36%
Great American Fidelity Insurance Company16,174,43416,357,08321.35%62.88%15.77%
Great Plains Casualty, Inc225,000231,6090.00%100.00%0.00%
Greater New York Mutual Insurance Company363,413,615366,516,82457.79%38.46%3.74%
Great-West Life & Annuity Insurance Company (Asset Management)5,902,822,4096,052,182,49947.13%47.99%4.88%
Grinnell Mutual Reinsurance Company27,243,37825,590,1370.00%7.48%92.52%
Guardian Investor Services, LLC87,232,15793,391,84232.38%67.62%0.00%
GuideOne Mutual Insurance Company182,375,958189,198,88735.28%59.17%5.56%
Haludu Corporation Insurance Group8,507,6338,906,65756.11%43.89%0.00%
Harleysville Group, Inc.37,793,32640,547,31543.55%53.60%2.85%
Hartford Investment Management Company8,607,324,5678,898,350,62036.80%56.59%6.60%
Harvard Pilgram Health Care, Inc.45,666,28947,952,72246.25%49.86%3.88%
Hawaii Medical Service Association22,696,11923,574,99131.67%66.48%1.85%
Hawkeye Life Insurance Group Inc.165,000164,97039.40%60.60%0.00%
Haymarket Insurance Company438,047,619416,752,52546.30%49.32%4.39%
Health Care Insurance Reciprocal101,957105,5930.00%0.00%100.00%
Health Care Service Corp. (Asset Management)4,179,779,6414,271,689,92839.40%52.03%8.56%
Health New England, Inc.23,752,33524,300,27538.56%59.36%2.08%
Health Partners Plans, Inc.2,509,1472,535,7050.00%99.91%0.09%
Healthcare Industry Liability Reciprocal Insurance Company8,853,1799,139,25645.77%50.28%3.95%
Healthcare Providers Insurance Company Risk Retention Group4,409,7384,518,65068.04%26.26%5.71%
Healthcare Underwriters Group, Inc.1,487,7951,669,27082.20%17.80%0.00%
HealthNow New York, Inc.33,025,97731,594,74928.42%59.26%12.32%
HealthPartners, Inc.67,095,27967,715,02066.93%28.26%4.81%
Healthplex, Inc.35,38335,8520.00%100.00%0.00%
Heritage Property & Casualty Insurance Company450,000468,7000.00%100.00%0.00%
Highmark, Inc. (Asset Management)95,582,53398,278,23433.89%59.96%6.15%
Hingham Mutual Fire Insurance Company6,028,7176,351,84050.41%49.59%0.00%
Hiscox, LTD80,877,59481,413,36459.22%40.78%0.00%
Hochheim Prairie Insurance (Asset Management)1,085,0851,133,5944.20%95.80%0.00%
Home and Farm Insurance Company439,934452,61723.36%60.94%15.70%
Homeowners of America Insurance Company10,061,12610,498,85443.89%47.42%8.69%
Homeshield Fire & Casualty Insurance Company201,000211,3310.00%100.00%0.00%
Horizon Healthcare of New Jersey, Inc.127,103,520132,109,24941.99%57.85%0.16%
Hospitality Mutual Insurance Company3,527,6173,649,00046.69%51.43%1.88%
Hospitals Insurance Company, Inc.239,325,178245,726,92836.20%63.69%0.11%
Housing Specialty Insurance Company, Inc.5,893,1975,955,62368.57%29.17%2.25%
Houston Specialty Insurance Company68,370,82468,573,89537.88%56.26%5.86%
Humana, Inc. (Asset Management)223,422,531229,261,69438.24%61.59%0.17%
IAT Reinsurance Company, LTD29,21232,6400.00%0.00%100.00%
Illinois Casualty Company27,476,56628,486,13947.27%49.61%3.12%
Independence Blue Cross, Inc.295,255,125306,805,52435.40%61.33%3.27%
Independence Holding Company (Asset Management)6,890,2627,423,17911.12%75.27%13.61%
Indiana Healthcare Reciprocal Risk Retention Group1,272,5751,312,85356.00%37.66%6.35%
Individual Assurance Company, (Life Health & Accident)823,375818,2070.00%0.00%100.00%
Industrial Alliance Insurance & Financial Services, Inc.1,411,8231,495,91429.14%70.86%0.00%
InsureMax Insurance Company725,000746,725100.00%0.00%0.00%
Integrity Insurance Company501,097537,1750.00%100.00%0.00%
Integrity Property and Casualty Insurance Company300,000305,8860.00%100.00%0.00%
Interboro Insurance Co.17,355,06718,036,49043.67%52.66%3.67%
Intrepid Insurance Company18,904,10619,117,78764.49%30.65%4.86%
Investors Life Insurance Company of North America24,669,33923,829,77255.28%44.72%0.00%
IOF Foresters Investment Management81,895,00187,067,24761.42%38.58%0.00%
Island Insurance Company, LTD21,474,29622,054,86962.79%31.24%5.97%
Kansas City Life Insurance Co.149,672,137154,013,26860.32%30.36%9.32%
Kemper Corp. (Asset Management)518,381,631509,031,54863.59%36.11%0.30%
Kentuckiana Medical Reciprocal RRG7,687,3868,178,72524.42%64.63%10.95%
Kentucky Employers' Mutual Insurance Authority164,332,135169,796,22440.35%56.95%2.70%
Keystone National Insurance Company2,325,3482,437,72640.90%47.02%12.08%
Kilpatrick Life Insurance Company2,709,4992,682,75635.36%5.92%58.72%
Knightbrook Insurance Company10,325,74010,574,17515.41%0.00%84.59%
KSKJ Life American Slovenian Catholic Union4,438,1194,370,72030.89%69.11%0.00%
Lebanon Valley Insurance Company4,667,9754,881,16038.12%53.57%8.31%
Legal & General Investment Management America, Inc.72,879,35877,421,07920.03%78.90%1.07%
Lexon Insurance Company42,645,51843,946,74540.86%46.85%12.29%
Liberty Bankers Life Insurance Company218,782,175205,586,08656.36%37.14%6.50%
Liberty Mutual Group Asset Management, Inc.4,756,247,4564,826,238,13444.63%39.56%15.81%
Life Assurance Company Of America257,333258,738100.00%0.00%0.00%
LifeShield National Insurance Company14,929,13614,224,6361.17%63.83%35.00%
Lighthouse Property Insurance Corporation2,159,1032,255,68038.27%61.73%0.00%
Lincoln Mutual Life And Casualty Insurance Company1,079,4211,046,61864.12%35.88%0.00%
Little River Insurance Company1,350,0001,341,15366.82%33.18%0.00%
Loews Corp. (Asset Management)4,583,656,1104,491,805,93647.65%34.26%18.08%
Louisiana Health Service & Indemnity Company139,201,050140,945,41847.50%44.48%8.02%
Louisiana Workers Compensation Corp.19,604,04519,993,6230.00%100.00%0.00%
Loya Insurance Company101,666,415101,304,35556.81%34.50%8.69%
LUBA Casualty Insurance Company379,601420,7340.00%0.00%100.00%
Lyndon Southern Insurance Company32,929,05630,669,05565.51%31.69%2.80%
M Life Insurance Company15,896,85616,198,03548.77%51.23%0.00%
Madison Mutual Insurance Company2,753,4293,000,87058.99%29.58%11.43%
Madison Scottsdale, L.C.9,627,0679,897,24458.67%32.37%8.96%
MAG Mutual Insurance Company7,720,9117,766,90536.51%34.19%29.31%
Markel-Gayner Asset Management Corporation357,626,226404,361,28014.24%85.76%0.00%
Marquette Indemnity & Life Insurance Company20,24818,045100.00%0.00%0.00%
Martins Point Group12,672,87713,179,87049.76%46.68%3.56%
Marysville Mutual Insurance Company14,168,71914,551,62145.15%37.63%17.23%
MCIC Vermont, Inc. Risk Retention Group87,510,22986,636,43937.35%50.53%12.12%
MCNA Insurance Company26,000,00026,752,38051.61%48.39%0.00%
MD Risk Retention Group, Inc.3,825,0003,900,12057.80%42.20%0.00%
MEAG New York Corp.54,350,81754,898,76548.99%48.35%2.66%
Med Mal Risk Retention Group, Inc.196,339193,11152.72%10.88%36.40%
Medica Health Plans22,751,58223,219,96341.66%57.51%0.83%
Members Capital Advisors, Inc.1,736,410,6351,755,729,85939.17%56.22%4.61%
Merchants Mutual Insurance Company113,955,889117,891,76461.53%35.84%2.64%
Mercury Insurance Co.441,055,290442,791,68055.45%44.35%0.20%
MGIC Investment Corporation (Asset Management)803,693,539830,790,47728.38%70.89%0.72%
Michigan Commercial Insurance Mutual2,400,0002,493,57079.34%0.00%20.66%
Midwest Builders Casualty Mutual Company18,053,37118,576,74156.31%35.86%7.83%
Midwest Family Mutual Insurance Company34,139,77634,406,86916.21%67.67%16.12%
Midwest Holding Inc.310,455,716299,474,74647.45%49.10%3.45%
Millville Mutual Insurance Company3,798,6923,782,06223.81%50.14%26.06%
Missouri Care, Inc.41,821,18843,278,19752.65%38.10%9.24%
Missouri Hospital Plan1,700,0001,843,51240.97%59.03%0.00%
Modern Woodmen of America1,701,139,3191,730,123,83360.20%28.58%11.21%
Molina Healthcare, Inc. (Asset Management)32,957,57333,370,81049.63%50.37%0.00%
Montana Health Cooperative846,977872,7980.09%99.91%0.00%
Motorists Mutual Insurance Group296,135,105317,378,00949.18%49.59%1.23%
Mount Carmel Health Plan,Inc9,073,4999,209,60461.11%37.45%1.44%
Mountain States Healthcare Rrrg1,130,1501,185,9600.00%100.00%0.00%
Municipal Property Insurance Company3,866,9993,970,79641.83%43.36%14.82%
Mutual Benefit Insurance Company (Asset Management)13,147,58013,383,98139.40%51.86%8.74%
Mutual of America Capital Management, LLC206,606,717183,819,33345.41%32.86%21.73%
Mutual of Omaha Insurance Co.587,867,608613,377,89033.80%49.01%17.19%
Mutualaid Exchange2,990,2483,220,69042.66%41.32%16.02%
MVP Health Insurance Company60,227,79761,247,11440.80%56.09%3.11%
NAMIC Insurance Company, Inc.(Asset Management)268,907312,7620.00%0.00%100.00%
NAP Life Insurance Company468,905470,58611.73%77.11%11.15%
NASW Risk Retention Group, Inc.688,729680,73128.44%71.56%0.00%
National Builders And Contractors Insurance Company, A Risk Retention Group, Inc.8658950.00%100.00%0.00%
National Farm Life Insurance Company503,917517,0794.56%95.44%0.00%
National Fire and Indemnity Exchange638,265657,80344.25%55.75%0.00%
National Guardian Life Insurance Company251,611,755254,772,72224.46%52.97%22.57%
National Security Life and Annuity Company7,312,5167,985,59336.83%52.16%11.01%
National Teachers Association Life Group327,082356,0720.00%100.00%0.00%
National Western Life Insurance Co.774,868,802771,590,90047.58%31.40%21.02%
Nationwide Financial Services, Inc.389,654428,9330.00%100.00%0.00%
Nevada Mutual Insurance Company1,087,7261,173,16372.11%27.89%0.00%
New Century Insurance Company307,170306,3020.00%100.00%0.00%
New England Asset Management, Inc.8,705,415,6648,489,058,98840.73%56.26%3.01%
New Jersey Manufacturers Insurance Company122,637,367127,192,64057.29%35.23%7.47%
New York Central Mutual Fire Insurance Company16,543,99016,865,81075.59%19.31%5.10%
New York Life Investment Management, LLC23,886,323,64824,959,709,44636.62%49.76%13.61%
Nodak Mutual Insurance Company4,016,3344,171,53059.76%40.24%0.00%
Normandy Insurance Company, Inc.66,39767,827100.00%0.00%0.00%
North American Insurance Company301,024348,3650.33%99.67%0.00%
North American Title Insurance Company00
North Shore LIJ CareConnect Insurance Company Inc.26,643,53327,223,25539.95%60.05%0.00%
Northwest G.F. Mutual Insurance Company740,144738,82137.13%0.00%62.87%
Ocean Harbor Casualty Insurance Company3,805,9574,105,68417.37%82.63%0.00%
ODS Health Plan Inc8,922,5369,029,60759.78%40.22%0.00%
Oklahoma Attorneys Mutual Insurance Company1,802,4641,795,10330.20%65.32%4.48%
Old American County Mutual Fire Insurance Company5,149,2215,374,45723.48%71.31%5.21%
Old Republic Asset Management8,133,3408,578,4831.55%98.45%0.00%
Olympus Insurance Company4,520,0654,824,85834.52%54.37%11.11%
Omega US Insurance Inc.22,476,21323,030,60839.12%60.88%0.00%
OneAmerica Asset Management, LLC2,579,639,7472,600,580,03148.24%47.37%4.38%
OPTIMA Health Plan86,689,15889,713,40042.97%53.89%3.14%
Oregon Dental Service Inc1,983,7681,994,44862.41%37.59%0.00%
Oxford Health Plans (NJ) Inc30,595,99830,757,70260.88%32.62%6.50%
Pacific Star Insurance Company378,648372,61320.78%79.22%0.00%
PacificSource Health Plans Inc29,897,16630,919,22544.07%31.55%24.37%
Palisades Group00
Pan-American Life Insurance Company129,889,866129,921,86642.34%43.62%14.04%
Paramount Insurance Company, LTD2,471,6682,555,85748.20%51.71%0.09%
PartnerRe Asset Management Corporation404,424,946411,183,73220.60%79.40%0.00%
Pelican Insurance (A Reciprocal Risk Retention Group)525,711554,6660.00%100.00%0.00%
PEMCO Mutual Insurance Company (Asset Management)116,694,590123,074,68237.94%57.90%4.16%
Penn Mutual Life Insurance Company (Asset Management)4,074,423,0964,108,440,87930.63%51.26%18.11%
Pennsylvania Lumbermans Mutual Insurance Co2,903,8572,952,37646.19%49.54%4.27%
Pennsylvania Professional Liability Joint Underwriting Association85,204,09188,866,60245.40%49.67%4.93%
Peoples Trust Insurance Company17,621,20118,342,19430.15%58.83%11.02%
Petroleum Marketers Management Insurance Company319,099345,1260.00%62.42%37.58%
Philadelphia Contributionship Insurance Houses828,211877,94420.94%79.06%0.00%
Physicians Liability Insurance Company491,563517,0180.47%99.53%0.00%
Physicians Proactive Protection Inc.5,638,9136,187,9089.71%85.58%4.71%
Physicians' Reciprocal Insurers148,785,039150,944,25442.76%50.37%6.87%
Pinnacle Consortium of Higher Education, A Vermont Reciprocal Risk Retention Group6,804,5466,894,63171.17%28.83%0.00%
PinnaclePoint Insurance Company490,000497,42725.93%74.07%0.00%
Pioneer State Mutual Insurance Company11,492,09711,841,18252.31%47.69%0.00%
Polish National Union Of America112,26920,647100.00%0.00%0.00%
Preferredone Insurance Company4,884,5615,049,23056.83%42.98%0.20%
Premera Blue Cross (Asset Management)19,732,66120,859,07039.28%55.93%4.79%
Premier Group Insurance Company7,518,4507,763,66622.59%57.58%19.82%
Presbyterian Health Plan, Inc.37,955,73339,392,27733.76%60.79%5.45%
Previsor Insurance Company229,989235,67489.32%10.68%0.00%
Prime Insurance Company74,582,77176,969,38639.07%57.23%3.70%
Prime Property & Casualty Insurance Inc.75,548,49877,587,82942.10%53.78%4.12%
Primero Insurance Company1,886,2811,974,43886.83%13.17%0.00%
Priority One Insurance Company363,462351,7200.00%100.00%0.00%
ProBuilders Specialty Insurance Company1,265,1911,321,23040.59%49.92%9.49%
Progressive Capital Management Corporation3,660,902,1203,740,399,18842.79%50.66%6.54%
Proselect Insurance Company271,253307,3417.55%92.45%0.00%
Protective Life Corporation (Asset Management)9,062,574,4659,362,517,43719.47%78.67%1.86%
Protective Specialty Insurance Company2,927,6673,018,71597.40%2.60%0.00%
Providence Health Assurance4,506,1304,472,28225.50%49.52%24.98%
Providence Health Plan69,290,90470,043,73343.52%46.90%9.58%
Provident American Insurance Company234,240194,557100.00%0.00%0.00%
Provident Investment Management, LLC53,482,85964,147,59232.02%53.05%14.94%
Pupil Benefits Plan Inc.75,49477,442100.00%0.00%0.00%
Puritan Life Insurance Company30,875,63231,595,69854.66%32.67%12.67%
QBE Insurance Group683,749710,06070.30%29.70%0.00%
QBE Investments (North America), Inc.189,240,560189,696,16362.45%36.01%1.54%
Quincy Mutual Fire Insurance Company41,365,33947,338,19136.18%63.70%0.12%
Rabenhorst Life Insurance Company6,078,7505,690,56182.85%8.35%8.81%
Radian Group, Inc. (Asset Management)2,400,0002,400,000100.00%0.00%0.00%
Radian Title Insurance, Inc.24,44919,147100.00%0.00%0.00%
Republic Lloyds820,386820,2590.00%42.67%57.33%
RepWest Insurance Company10,963,90411,907,68610.72%84.89%4.38%
RetailFirst Insurance Group16,411,56117,129,49747.60%45.95%6.45%
RGA Reinsurance Co.2,820,590,9032,883,201,80336.75%58.36%4.89%
Rockingham Mutual Insurance Company14,333,35714,793,29825.29%69.53%5.18%
Royal Neighbors of America (Asset Management)44,163,81944,061,19134.77%65.23%0.00%
Rural Mutual Insurance Company105,747,782112,127,11727.83%58.66%13.51%
Rutgers Casualty Insurance Company1,009,2651,042,79269.09%30.91%0.00%
RVOS Farm Mutual Insurance Company1,880,3641,855,75612.52%87.48%0.00%
Safety Property & Casualty Insurance Company8,275,8108,712,84641.72%45.24%13.04%
Samaritan Risk Retention Group, Inc.2,780,8052,844,10377.58%22.42%0.00%
Savings Bank Mutual Life Insurance Company of Massachusetts175,924,843175,569,73553.77%37.55%8.68%
Scott & White Health Plan4,375,6284,766,09411.65%88.35%0.00%
Security Benefit Life Insurance Company7,517,967,9507,342,655,87130.32%49.29%20.39%
Security Health Plan of Wisconsin, Inc.35,244,79736,314,84043.87%54.58%1.54%
Security National Group400,000361,572100.00%0.00%0.00%
Security National Life Insurance Company5,494,8865,695,10822.08%18.11%59.81%
Select Risk Insurance Company2,477,5472,528,82150.52%39.28%10.20%
Selected Funeral and Life Insurance Company445,496438,88889.85%10.15%0.00%
Sentara Health Management Group3,642,2153,690,69249.46%49.09%1.45%
Sentinel Asset Management, Inc.2,650,958,8182,686,444,01534.33%57.55%8.12%
Sentinel Security Life Insurance Company204,970,234193,993,65348.44%49.94%1.61%
Sentry Investment Management, LLC467,569,515494,524,51549.29%43.57%7.14%
Serb National Federation500,000341,2500.00%100.00%0.00%
Sextant Investment Advisors, LLC18,11420,4560.00%0.00%100.00%
SHA, LLC1,197,7111,314,54913.63%85.51%0.86%
Shelter Mutual Insurance Company474,231,051483,562,46644.40%24.61%30.99%
ShelterPoint Life Insurance Company13,185,85213,877,82359.16%40.53%0.31%
Shenandoah Life Insurance Co. (Asset Management)352,330,565346,714,88126.15%57.93%15.92%
SILAC Insurance Company729,329,267671,398,04850.35%44.08%5.57%
Society Insurance A Mutual Company35,959,43237,666,55331.66%65.06%3.28%
Soundpath Health1,476,2851,486,62074.47%24.73%0.80%
Southern Farm Bureau Life Insurance Company633,153,593638,063,33432.63%60.88%6.48%
Southern States Insurance Exchange1,613,9141,711,57922.71%70.75%6.53%
Southwest Physicians Risk Retention Group1,376,2781,425,14444.64%54.82%0.54%
SPJST14,498,42715,727,29017.07%55.50%27.43%
Standard Life and Casualty Insurance Company700,000708,6180.00%69.88%30.12%
Starr Surplus Lines Insurance Company34,575,18533,623,29651.29%47.95%0.76%
State Auto Financial Corp. (Asset Management)122,634,793127,018,76217.42%60.88%21.70%
State Farm Investment Management Corporation248,711,833269,980,3603.52%0.32%96.16%
State Mutual Insurance Company397,199391,980100.00%0.00%0.00%
State Volunteer Mutual Insurance Company143,458,354151,211,41239.88%58.33%1.79%
Sterling Investors Life Insurance Company6,367,2466,141,09036.23%42.82%20.94%
Strathmore Insurance Company7,669,8107,954,56039.92%60.08%0.00%
SummitPoint Insurance Company495,000502,57725.66%74.34%0.00%
SUNZ Insurance Company129,239,594130,942,04850.09%48.48%1.43%
Supreme Council of the Royal Arcanum183,959192,160100.00%0.00%0.00%
Swiss Re Financial Services Corporation688,049,288728,418,31337.88%58.35%3.77%
Synergy Insurance Company878,160892,80742.35%0.00%57.65%
Tennessee Farmers Mutual Insurance Co.10,353,51911,801,21010.81%89.19%0.00%
Thames Insurance Company, Inc.3,694,8323,844,16341.43%58.57%0.00%
The EPIC Life Insurance Company1,436,2791,568,4979.65%90.35%0.00%
The Mapfre USA Corporation28,020,31228,874,67252.45%47.55%0.00%
The National Security Group, Inc. (Asset Management)3,896,0083,811,81437.50%62.50%0.00%
The Responsive Auto Insurance Company782,373845,63422.08%70.57%7.35%
The Service Insurance Company, Inc.141,000143,45354.53%45.47%0.00%
The Travelers Indemnity Company1,473,721,6571,541,071,71136.77%61.09%2.14%
The Woodlands Insurance Company1,523,5211,645,99437.68%62.32%0.00%
Tiptree Financial Group6,241,1526,411,03146.20%53.54%0.26%
Tokio Marine & Nichido Fire Insurance Company, LTD2,045,7262,195,0750.00%100.00%0.00%
Triangle Insurance Company730,000783,41043.07%56.93%0.00%
Tri-Century Insurance Company2,907,2202,995,23436.41%60.90%2.70%
Trinity Life Insurance Company8,989,3209,241,98044.75%50.38%4.87%
Trusted Health Plan (District of Columbia), Inc.3,671,5813,774,36753.39%39.81%6.80%
Trustmark Life Insurance Company of New York503,355551,16953.68%19.18%27.14%
TUFTS Insurance Company30,815,72030,935,92641.99%50.91%7.10%
Tuscarora Wayne Insurance Company13,564,85614,099,66933.64%51.88%14.48%
ULLICO Investment Advisors, Inc.2,042,8022,128,38941.09%50.79%8.12%
Union Health Service Inc1,713,7611,748,49361.14%20.90%17.96%
Union Mutual Fire Insurance Company19,029,31719,735,50141.90%56.03%2.07%
Unique Insurance Company14,197,60614,973,95161.91%38.09%0.00%
United Automobile Insurance, Co.21,176,42221,893,92959.57%36.86%3.57%
United Central PA Reciprocal Risk Retention Group9,89610,173100.00%0.00%0.00%
United Equitable Group3,657,1233,832,38629.40%61.89%8.71%
United Farm Family Life Insurance Company10,801,28211,739,6618.34%75.50%16.16%
United Fire Group (Asset Management)546,327,858511,639,94345.97%48.23%5.80%
United Frontier Mutual Insurance Company720,232763,83563.30%36.70%0.00%
United Heritage Life Insurance Company14,719,42313,784,96772.50%20.72%6.79%
United International Life Insurance2,789,1272,905,07541.15%49.23%9.62%
United National Life Insurance Company of America3,458,7943,881,84531.88%50.67%17.44%
United Property & Casualty Insurance Company14,385,00614,656,04349.08%47.13%3.79%
UnitedHealthcare Great Lakes Health Plan, Inc21,332,03521,706,59041.97%55.82%2.21%
Unitedhealthcare Insurance Of The River Valley101,634,203104,610,38157.95%40.71%1.34%
UnitedHealthcare of Alabama, Inc.550,836592,86865.53%34.47%0.00%
Unitedhealthcare Of Georgia Inc5,288,9965,739,37661.43%35.66%2.91%
Unitedhealthcare Of Illinois Inc.4,859,1325,266,9545.82%85.44%8.74%
Unitedhealthcare Of The Midlands Inc.62,380,25665,369,63952.59%47.41%0.00%
UnitedHealthcare of the Midwest, Inc.6,141,1086,516,49251.91%46.37%1.72%
Unitedhealthcare Of Utah, Inc.5,867,9956,306,16035.80%64.20%0.00%
UnitedHealthcare of Wisconsin, Inc.184,284,630195,703,36446.75%51.06%2.19%
Unity Health Plans Insurance Corporation6,634,4056,963,62032.87%67.13%0.00%
University Health Alliance23,118,23623,833,80235.19%64.81%0.00%
Upmc Health Benefits Inc67,017,24731,349,53149.91%47.39%2.70%
UPMC Health Plan, Inc.482,148,161367,589,58046.43%36.49%17.09%
US Alliance Life and Security Company30,39231,5070.00%0.00%100.00%
US Coastal Insurance Company3,913,9634,058,49942.41%48.37%9.22%
USA Life One Insurance Company of Indiana63,56948,661100.00%0.00%0.00%
Utah Medical Insurance Association20,229,82020,313,93845.94%33.07%20.98%
VantisLife Insurance Company114,484,346119,828,88532.38%59.35%8.27%
Vermont Mutual Insurance200,491,634203,985,28146.10%53.74%0.16%
Virginia Farm Bureau Group5,933,6676,504,51537.65%62.35%0.00%
Virginia Farm Bureau Mutual Insurance31,139,66733,771,25341.03%58.97%0.00%
Virginia FB Town And Country Insurance Company5,563,6676,157,06941.66%58.34%0.00%
Virginia Premier Health Plan, Inc96,805,63999,566,90054.31%43.23%2.46%
Wadena Insurance Company450,000450,000100.00%0.00%0.00%
Wayne Mutual Insurance Company200,000199,9620.00%100.00%0.00%
WBL Group22,133,61822,076,84863.61%32.92%3.47%
WEA Insurance Trust57,003,18458,967,57242.06%49.94%8.00%
WEA Property & Casulty Insurance Company1,402,1241,430,73119.96%48.82%31.22%
WellCare Health Plans, Inc. (Asset Management)109,515,759111,957,60548.01%47.41%4.58%
Wellington Insurance Company1,110,5551,133,13972.24%26.65%1.11%
West Bend Mutual Insurance Company379,980,467305,441,37145.38%52.65%1.97%
West Virginia Farmers Mutual Insurance Company63,76046,914100.00%0.00%0.00%
Western Catholic Union3,982,7203,976,75710.96%13.30%75.74%
Western Mutual Fire Insurance Company374,624372,06494.32%5.68%0.00%
Western National Mutual Insurance Company363,163,643371,288,42436.44%51.59%11.97%
Western Protectors Insurance Company345,000350,743100.00%0.00%0.00%
Western Reserve Group (Asset Management)25,000,00025,001,90380.00%20.00%0.00%
Western World Insurance Co., Inc.90,846,26093,571,53638.55%61.45%0.00%
Westminster American Insurance Company1,715,0001,725,39962.32%37.68%0.00%
White Mountains Advisors, LLC902,010,393933,589,40347.42%51.97%0.61%
Wisconsin County Mutual Insurance Corporation5,330,0005,415,24969.11%30.89%0.00%
Wisconsin Lawyers Mutual Insurance Company2,954,1473,233,38429.56%51.78%18.65%
Wisconsin Mutual Insurance Company32,466,29134,043,33137.81%49.74%12.45%
Wisconsin Reinsurance Corporation7,235,1677,751,24151.05%42.36%6.60%
Wolverine Mutual Insurance Company3,153,4523,410,32661.15%38.85%0.00%
Woodmen of the World Life Insurance Society227,179,184224,680,14923.10%56.76%20.14%
Workers Compensation Fund182,834,948187,125,35944.37%54.73%0.89%
Wps Health Plan Inc.1,609,2491,732,06922.70%77.30%0.00%
Yellowstone Insurance Exchange (A Risk Retention Group)165,063169,83462.06%28.84%9.10%

Note: Data for insurer holdings of CLOs and CDOs, CMBS, RMBS, ABS and miscellaneous structured products. Ratings based on current ratings. Analysis focuses only on entities categorized by IPREO as insurance companies. Some insurers that report at asset managers may not appear.
Source: IPREO, Intex, Bloomberg, Amherst Pierpont Securities.

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