Voya 2013 Annual Report Download - page 230

diversify our exposures among many reinsurers and limit the amount of exposure to each based on credit rating.
In addition, most of our largest reinsurance counterparties are required under the various agreements to
collateralize their obligations to us which would substantially limit our credit losses in case of a counterparty
default. We also generally limit our selection of counterparties which we do new transactions to those with an
“A” credit rating or above. When exceptions are made to that principle, we ensure that we obtain collateral to
mitigate our risk of loss. The following table summarizes our reinsurance recoverable balances, collateral
received and credit and financial strength ratings for our 10 largest reinsurance recoverable balances as of
December 31, 2013:
($ in millions)
Financial
Strength Rating Credit Rating
Parent Company/Principal Reinsurers
Reinsurance
Recoverable
%
Collateralized(1) S&P Moody’s S&P Moody’s
Hannover RE Group ........................ $2,411 100% AA- NR
Hannover Life Reassurance Co of America . . AA- NR
Hannover Re (Ireland) plc ............... AA- NR
Lincoln National Corp ...................... 2,037 98% A- Baa1
Lincoln Life & Annuity Company of New
York .............................. AA- A1
Lincoln National Life Insurance Co ....... AA- A1
Prudential Plc (U.K.) ....................... 567 70% A+ A2
Jackson National Life Insurance Co ....... AA A1
Reinsurance Group of America Inc ............ 384 47% A- Baa1
RGA Reinsurance Company ............. AA- A1
Scottish Re Group Ltd ...................... 291 92% NR NR
Ballantyne Re Plc ...................... NR NR
Scottish Re (US) Inc ................... NR NR
Scottish Re Life (Bermuda) Ltd ........... NR NR
Scottish Re Life Corp ................... NR NR
Swiss Re Ltd ............................. 247 0% AA- Aa3
Swiss Re Life & Health America Inc ...... AA- Aa3
Westport Insurance Corp ................ AA- A1
Assurant Inc .............................. 170 6% BBB+ Baa2
Union Security Insurance Co ............. A- A3
Union Security Life Insurance Co of New
York .............................. NR NR
Aegon N.V. .............................. 126 2% A- A3
TransamericaFinancialLifeInsuranceCo .... AA- A1
Transamerica Life Insurance Co .......... AA- A1
SCOR SE ................................ 76 12% A+ A1
SCOR Global Life Re Insurance Company
TX ............................... A+ NR
SCOR Global Life Reinsurance Co. of
America Inc. ........................ A+ A1
SCOR Global Life SE .................. A+ A1
SCOR Rueckversicherung (Deutschland)
AG ............................... NR NR
Munich Re Group .......................... 45 0% AA- Aa3
Munich American Reassurance Co. ........ AA- NR
(1) Collateral includes letters of credit, assets held in trust and funds withheld.
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