The following table provides a listing of Sirius Group’s top reinsurers based upon recoverable amounts, the percentage of total recoverables and the reinsurers’ A.M. Best Rating.



Top Reinsurers (Millions)	Balance at March 31, 2013		% of Total		A.M. Best Rating⁽¹⁾	% Collateralized
Berkshire Hathaway	$	56.9	18	%	A++	—	%
Swiss Re Group	34.8		11	%	A+	—	%
Olympus Reinsurance Company⁽²⁾	24.9		8	%	NR-5	100	%
Lloyds of London⁽³⁾	17.0		5	%	A	9	%
Michigan Catastrophic Claims Association⁽⁴⁾	14.7		5	%	N/A	—	%

⁽¹⁾A.M. Best ratings as detailed above are: “A++” (Superior, which is the highest of sixteen financial strength ratings), “A+” (Superior, which is the second highest of sixteen financial strength ratings), “A” (Excellent, which is the third highest of sixteen financial strength ratings) and “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.

⁽⁴⁾ Michigan Catastrophic Claims Association (“MCCA”) is a non-profit unincorporated association, established by the State of Michigan with the power to issue and collect assessments, to 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 in the acquisition of Stockbridge Insurance Company. As part of the acquisition, Sirius Group obtained $25.0 of reinsurance protection from the seller (currently rated A+ by A.M. Best) for unfavorable loss reserve development, including uncollectible reinsurance.