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Third Party Reinsurance (Tables)

3 Months Ended

Mar. 31, 2012

Third Party Reinsurance

Listing of OneBeacon's top reinsurers

Top Reinsurers (Millions)		Balance at March 31, 2012			% of Total		A.M. Best Rating(1)
National Indemnity Company and General Reinsurance Corporation (2)		$	1,504.9		66	%	A	++
Hanover Insurance Company		79.9			3	%	A
Tokio Marine and Nichido Fire (3)		55.0			2	%	A	++
Tower Insurance Company		29.9			1	%	A	-
Munich Reinsurance America		24.0			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 $29.0 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's top reinsurers

Top Reinsurers (Millions)		Balance at March 31, 2012			% of Total		A.M. Best Rating (1)		% Collateralized
General Reinsurance Corporation		$	42.6		12	%	A++		1	%
Swiss Re Group		41.8			11	%	A+		4	%
Olympus (2)		33.3			9	%	NR-5		100	%
Lloyds of London (3)		26.8			7	%	A		9	%
General Insurance Company of India		14.8			4	%	A-		2	%

(1) A.M. Best ratings as detailed above are: “A++” (Superior, which is the highest of fifteen financial strength ratings), “A+” (Superior, which is the second highest of fifteen financial strength ratings), “A” (Excellent, which is the third highest of fifteen financial strength ratings) and “A-” (Excellent, which is the fourth highest of fifteen financial strength ratings), “NR-5” (Not formally followed).

(2) Non-U.S. insurance entity. The balance is 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.