148th Annual Report Of the Insurance Commissioner To Governor Ned Lamont Insurance & Real Estate Committee A Condensed Financial Overview of Insurance Companies Doing Business in the State in 2018 April 30, 2020 I am pleased to offer the Connecticut Insurance Department’s annual report, pursuant to Connecticut General Statute §38a-12 that offers an overview of the financial statements for 1,483 insurers, including 104 domestics, doing business in Connecticut in 2018. A key element of the Department’s consumer protection is ensuring that carriers remain financially solvent to keep their promises to their customers. The Connecticut insurance industry continues to be robust and competitive for our citizens and remains a vital part of our overall state economy. Included in this report are licensed, admitted and registered companies – both domiciled in Connecticut and based out-of-state – that market products to consumers under the following categories: • Life & Health • Property & Casualty • Fraternal Benefit Societies • Health • Title • U.S. Surplus Lines • Risk Retention Groups A financial snapshot features the Top 20 ranking for Life & Health and Property & Casualty companies by: • CT Direct Written Premium • Admitted Assets I hope you find this report useful. Please do not hesitate to contact the Department should you have questions. Andrew N. Mais Insurance Commissioner 2 Table of Contents Glossary............................................................................................................ 4 Summary of Insurers by Type of Company ........................................................ 5 Top 20 Rankings by Admitted Assets and Direct Written Premiums .............. 6-13 Top 20 Life & Health ........................................................................................... 6-9 Top 20 Property & Casualty ............................................................................ 10-13 Insurers – Admitted Assets, Liabilities, Capital & Surplus, Direct Written Premiums .................................................................................................. 15-62 Life & Health ................................................................................................... 14-24 Property & Casualty ........................................................................................ 25-45 Fraternal Benefit Societies .............................................................................. 46-47 Health Insurers ............................................................................................... 48-49 Title Insurers ......................................................................................................... 50 U.S. Surplus Lines ............................................................................................ 51-55 Risk Retention Groups .................................................................................... 56-62 3 Glossary Statements of Standard Accounting Practice (SSAP) and Connecticut General Statutes Definitions • Admitted Assets – Admitted Assets are readily marketable assets when both current and future obligations are due. • Capital - Represents the number of shares issued times the par value of each share. When no par value is set forth, the reporting entity shall declare a “stated value” and record such amount in the capital stock account. • Direct Written Premium (DWP) – All premiums arising from policies issued by the company acting as the primary insurance carrier. This report does not include DWP from other states, only the DWP from Connecticut customers. • Domestic – A company that is chartered, incorporated, organized or constituted within the laws of this state. • Non-Domestic or Foreign– Any insurer that has been chartered by or organized or constituted within or under the laws of another state or a U.S. territory. • Liabilities – Certain or probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or to provide services to other entities in the future as a result of a past transaction(s) or event(s). • Risk Retention Group – Arrangement in which groups organize and purchase insurance as a single entity • Surplus – Unassigned funds that represent the undistributed and unappropriated amount of surplus at the balance sheet date.