The top 25 U.S. life insurers held about $116 billion in commercial mortgage-backed securities in 2007, and those securities accounted for 3.9% of the insurers’ $3 trillion in 2007 total net admitted assets.
Financial filings show that 6 of the top 25 companies had less than 2% of their assets in CMBS in 2007, and that the two carriers with the most CMBS exposure had 7% to 11% of their assets in CMBS.
National Underwriter compiled those figures by analyzing CMBS from Highline Data, a unit of Summit Business Media L.L.C., New York, the parent of National Underwriter Life & Health.
Highline Data gets its figures from insurer financial statements collected by the National Association of Insurance Commissioners, Kansas City, Mo.
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The totals reflect the holdings of the insurers themselves, and not the holdings of asset management affiliates or other affiliates.
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