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Third Party Reinsurance (Tables)

9 Months Ended

Sep. 30, 2011

Third Party Reinsurance

Listing of OneBeacon's top reinsurers

Top Reinsurers (Millions)		Balance at September 30, 2011			% of Total		A.M. Best Rating(1)
National Indemnity Company and General Reinsurance Corporation (2)		$	1,565.2		65	%		A++
Hanover Insurance Company		110.1			5	%		A
Tokio Marine and Nichido Fire (3)		55.8			2	%		A++
Tower Insurance Company		53.7			2	%		A-
Munich Reinsurance America		31.5			1	%		A+

(1)	A.M. Best ratings as detailed above are: “A++” (Superior, which is the highest of fifteen ratings), “A+” (Superior, which is the second highest of fifteen ratings), “A” (Excellent, which is the third highest of fifteen ratings), and “A-” (Excellent, which is the fourth highest of fifteen ratings).
(2)	Includes $198.3 of Third Party Recoverables (as defined below), which NICO (as defined below) would pay under the terms of the NICO Cover (as defined below) if they are unable to collect from third party reinsurers.
(3)	Includes $29.3 of reinsurance recoverables from various third party reinsurers that are guaranteed by Tokio Marine and Nichido Fire under the terms of a 100% quota share reinsurance agreement between Houston General Insurance Company and Tokio Marine and Nichido Fire.

Listing of Sirius Group's top reinsurers

Top Reinsurers (Millions)		Balance at September 30, 2011			% of Total		A.M. Best Rating (1)			% Collateralized
General Reinsurance Corporation		$	43.3		12	%		A++		2	%
Olympus (2)		40.8			11	%		NR-5		100	%
Swiss Re Group		40.0			11	%		A		4	%
Lloyds of London(3)		31.3			9	%		A		6	%
Michigan Catastrophic Claims Association		14.6			4	%		N/A(4)		—	%

(1)	A.M. Best ratings as detailed above are: “NR-5” (Not formally followed), “A++” (Superior, which is the highest of fifteen ratings), and “A” (Excellent, which is the third highest of fifteen ratings).
(2)	Non-U.S. insurance entity. Balances are fully collateralized through funds held, letters of credit or trust agreements.
(3)	Represents the total of reinsurance recoverables due to Sirius Group from all Lloyds Syndicates.
(4)	Michigan Catastrophic Claims Association (“MCCA”) is a non-profit unincorporated association of which every insurance company that sells automobile coverage in Michigan is required to be a member. A.M. Best does not rate MCCA. Sirius Group acquired its recoverable from MCCA pursuant to its acquisition of Stockbridge.