Reinsurance

12 Months Ended

Dec. 31, 2019

Thirteen major companies account for approximately 93 percent of our reinsurance recoverable at December 31, 2019, and all are rated A or better by either A.M. Best Company (AM Best) or Standard & Poor's Ratings Services (S&P), or are fully securitized by letters of credit or investment-grade fixed maturity securities held in trust. Approximately six percent of our reinsurance recoverable relates to business reinsured either with companies rated A- or better by AM Best or S&P, with overseas entities with equivalent ratings or backed by letters of credit or trust agreements, or through reinsurance arrangements wherein we retain the assets in our general account. The remaining one percent of our reinsurance recoverable is held by companies either rated below A- by AM Best or S&P, or not rated.

Reinsurance data is as follows:


	Year Ended December 31
	2019		2018		2017
	(in millions of dollars)
Direct Premium Income	$	9,576.3	$	9,171.1	$	8,677.2
Reinsurance Assumed	116.5		142.6		230.0
Reinsurance Ceded	(327.2)		(327.6)		(310.1)
Net Premium Income	$	9,365.6	$	8,986.1	$	8,597.1

Ceded Benefits and Change in Reserves for Future Benefits	$	650.1	$	667.2	$	655.4