Wikilah admin: Publish trading_comparable_groups.json (46 trading-comparable groups)

2026-07-03T12:09:00Z

Publish trading_comparable_groups.json (46 trading-comparable groups)

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{
"schema_version": 1,
"_doc": "Trading comparable groups: curated cross-border comparator sets ('trading comps') for like-for-like benchmarking. This is the CURATED-COMPARATOR layer — NOT an exhaustive market taxonomy. Exhaustive geography×line cohorts that include private companies (e.g. 'P\u0026C Italy' with every Italian P\u0026C carrier, listed or private) belong in a separate future core/market_segments.json layer, not here. A group is a consistent set: every member shares the same comparable set (the group minus itself) — derive it with companies.get_peers, never store per company. members = core/term_map.json canonical company names, each of which must exist in core/companies.json. A company belongs to exactly one group (v1; relax to multi-membership later by letting get_peers union). Singleton groups allowed only with an explanatory description. Groups should share an accounting basis where possible — get_peers output feeds like-for-like KPI comparison. Group names are identifiers: renames are breaking changes for callers and templates. Curation floor ~US$1B market cap: smaller listed names live in companies.json without group membership. Group membership is deliberately non-exhaustive — companies.json is the universe; a company reviewed and excluded from all groups records that in its _notes (absent = not yet triaged, noted exclusion = decided). Today's groups are listing-based and structurally exclude mutual giants (Nippon Life, Meiji Yasuda, State Farm, Liberty Mutual, USAA, Covéa, Crédit Agricole Assurances, Achmea, R+V, NY Life, MassMutual) and PE-held consolidators (Athene / Apollo, Global Atlantic / KKR, PIC / Athora, Enstar) — these enter with the private-company expansion.",
"groups": {
"European composite": {
"description": "Large pan-European multi-line composites",
"members": [
"AXA",
"Allianz",
"Zurich",
"Generali"
]
},
"European mid-cap composite": {
"description": "Mid-cap European multi-line insurers. Talanx consolidates Hannover Re (European reinsurer) — cross-circle aggregates double-count. Unipol carries large Italian bank stakes (BPER).",
"members": [
"Mapfre",
"Talanx",
"Ageas",
"Helvetia Baloise",
"ASR Nederland",
"Unipol"
]
},
"European reinsurer": {
"description": "European reinsurance groups, all IFRS 17 (Swiss Re from FY2024). Hannover Re is consolidated by Talanx (European mid-cap composite).",
"members": [
"Munich Re",
"Swiss Re",
"Hannover Re",
"SCOR"
]
},
"Bermuda (re)insurance": {
"description": "Bermuda-domiciled hybrid (re)insurers, US GAAP. Fidelis, Hamilton, SiriusPoint, Conduit, IGI are small/mid caps with short listed histories. Fidelis absent from vendor screens tagged non-insurance — keep. Aspen excluded — relisted May 2025, Sompo take-private agreed Aug 2025, closing 2026 (acquirer is a Japanese P\u0026C member).",
"members": [
"Everest Re",
"RenaissanceRe",
"Arch Capital",
"Axis Capital",
"Fidelis",
"Hamilton",
"SiriusPoint",
"Conduit",
"IGI"
]
},
"Life reinsurance": {
"description": "Singleton — RGA is the only listed pure-play life reinsurer; life reinsurance otherwise sits inside Munich Re / Swiss Re segments.",
"members": [
"RGA"
]
},
"Insurance-led compounders": {
"description": "Insurance-led holding companies run as book-value compounders. Loews consolidates CNA (US mid-cap commercial) — double-count. Power Corp of Canada excluded — consolidates Great-West Lifeco.",
"members": [
"Berkshire Hathaway",
"Markel",
"Fairfax",
"White Mountains",
"Loews"
]
},
"US large-cap commercial P\u0026C": {
"description": "US large-cap national/global commercial-lines franchises",
"members": [
"Chubb",
"AIG",
"Travelers",
"Hartford"
]
},
"US mid-cap commercial P\u0026C": {
"description": "US mid-cap, largely agency-driven commercial carriers. Old Republic includes a large title segment — cross-ref US title insurance circle.",
"members": [
"CNA",
"Cincinnati Financial",
"Selective",
"Hanover",
"Old Republic"
]
},
"US specialty \u0026 E\u0026S": {
"description": "US specialty and E\u0026S underwriters. Ategrity listed 2025, Bowhead 2024 — short histories. Assurant is lifestyle/housing protection, fee-heavy — imperfect comp. Excluded: Accelerant (marketplace/MGA model), James River (distressed micro-cap). Core Specialty (private) to join once private companies are added.",
"members": [
"W.R. Berkley",
"Kinsale",
"Skyward",
"RLI",
"AFG",
"Palomar",
"Bowhead",
"Ategrity",
"Assurant"
]
},
"US personal lines": {
"description": "US personal-lines carriers, US GAAP. Kemper is non-standard auto; Mercury General is California-concentrated. Erie Indemnity excluded — attorney-in-fact fee entity for the reciprocal exchange, no underwriting risk.",
"members": [
"Progressive",
"Allstate",
"Kemper",
"Mercury General"
]
},
"Canadian P\u0026C": {
"description": "Canadian P\u0026C insurers, IFRS 17. Trisura is specialty/fronting — imperfect comp.",
"members": [
"Intact Financial",
"Definity",
"Trisura"
]
},
"Canadian life": {
"description": "Canadian life \u0026 wealth groups. Power Corp excluded — holdco consolidating Great-West Lifeco.",
"members": [
"Manulife",
"Sun Life",
"Great-West Lifeco",
"iA Financial"
]
},
"European direct motor": {
"description": "European direct-distribution motor insurers, IFRS 17. Renamed from 'UK personal lines' — update any callers. Sabre is small-cap.",
"members": [
"Admiral",
"Línea Directa",
"Sabre Insurance"
]
},
"UK life \u0026 composite": {
"description": "UK life, retirement and composite groups (Aviva incl. GI). Just Group excluded — delisted Apr 2026 (Brookfield). M\u0026G absent from vendor screens tagged asset management — keep. Chesnara is a small-cap consolidator.",
"members": [
"Aviva",
"Legal \u0026 General",
"Standard Life",
"M\u0026G",
"Chesnara"
]
},
"London specialty": {
"description": "London-market / Lloyd's specialty (re)insurers",
"members": [
"Beazley",
"Lancashire",
"Hiscox"
]
},
"European life": {
"description": "Continental European life \u0026 pensions. Aegon is Bermuda-domiciled and US-weighted, kept by market convention. Mandatum is the ex-Sampo Finnish life demerger.",
"members": [
"NN Group",
"Aegon",
"Swiss Life",
"Storebrand",
"Mandatum"
]
},
"Nordic P\u0026C": {
"description": "Nordic property \u0026 casualty (Topdanmark now inside Sampo). Protector is high-growth commercial, Nordic + UK.",
"members": [
"Sampo",
"Tryg",
"Gjensidige",
"Alm. Brand",
"Protector Forsikring"
]
},
"CEE composite": {
"description": "Central \u0026 Eastern Europe focused composites. Triglav and Sava Re are Ljubljana-listed small caps.",
"members": [
"Vienna Insurance Group",
"UNIQA",
"PZU",
"Triglav",
"Sava Re"
]
},
"US life \u0026 retirement": {
"description": "US life, annuity and retirement groups. Brighthouse excluded — Aquarian take-private, closing 2026. F\u0026G is ~83% FNF-owned. Brookfield Wealth Solutions has Brookfield-linked share structure and consolidates Just from Apr 2026. Ameriprise is wealth-management-led with RiverSource annuities — imperfect comp, strike if too impure. Equitable, Voya, Corebridge, Jackson absent from vendor screens — classification only, keep.",
"members": [
"Prudential US",
"MetLife",
"Lincoln Financial",
"Principal",
"Corebridge",
"Equitable",
"Voya",
"Jackson",
"F\u0026G",
"Brookfield Wealth Solutions",
"Ameriprise"
]
},
"US protection \u0026 supplemental": {
"description": "US protection, disability and supplemental health insurers. Primerica is distribution-led rather than balance-sheet-led.",
"members": [
"Aflac",
"Unum",
"Globe Life",
"CNO",
"Primerica"
]
},
"Pan-Asian life": {
"description": "Pan-Asian life insurers (multi-market Asia footprint). FWD listed Jul 2025 — short reported history.",
"members": [
"Prudential",
"AIA",
"FWD"
]
},
"Japanese P\u0026C": {
"description": "Japanese non-life mega groups",
"members": [
"Tokio Marine",
"MS\u0026AD",
"Sompo"
]
},
"Japanese life": {
"description": "Japanese listed life groups. Dai-ichi legal name now Daiichi Life Group per screen. Japan Post Holdings excluded — conglomerate parent. Sony Financial Group relisted Sep 2025; absent from vendor screens — keep.",
"members": [
"Dai-ichi Life",
"T\u0026D Holdings",
"Japan Post Insurance",
"Sony Financial Group"
]
},
"Chinese insurer": {
"description": "Mainland-China listed insurance groups. PICC resolves to group level (1339 HK) — disambiguate in term_map. China Re is a reinsurer; Sunshine listed Dec 2022; ZhongAn is online-only.",
"members": [
"Ping An",
"China Life",
"CPIC",
"PICC",
"New China Life",
"China Taiping",
"ZhongAn",
"China Re",
"Sunshine Insurance"
]
},
"Korean P\u0026C": {
"description": "Korean non-life carriers. Meritz listed entity is Meritz Financial Group — holdco incl. securities, impure comp. Korean Re excluded — reinsurer.",
"members": [
"Samsung Fire \u0026 Marine",
"DB Insurance",
"Hyundai Marine \u0026 Fire",
"Meritz Financial"
]
},
"Korean life": {
"description": "Korean listed life insurers. Samsung group cross-holdings distort Samsung Life comparisons. Mirae Asset Life and Tong Yang Life optional — ownership in flux.",
"members": [
"Samsung Life",
"Hanwha Life"
]
},
"Taiwanese financial holding": {
"description": "Taiwanese insurance-led financial holding companies — group KPIs include banking/securities, not pure insurance comps. Taishin Shinkong formed Jul 2025 (Taishin × Shin Kong merger); bank-led historically, Shin Kong Life makes insurance material — verify canonical name in term_map.",
"members": [
"Fubon Financial",
"Cathay Financial",
"KGI Financial",
"Taishin Shinkong"
]
},
"Indian life": {
"description": "Indian listed life insurers. LIC free float ~3.5%. Max Financial is a holdco over Axis Max Life. Canara HSBC Life (2025 listing) optional. Bajaj Finserv excluded — listed value dominated by the Bajaj Finance stake; Allianz exited the insurance JVs in 2025.",
"members": [
"LIC",
"SBI Life",
"HDFC Life",
"ICICI Prudential Life",
"Max Financial"
]
},
"Indian non-life": {
"description": "Indian listed general/health insurers. GIC Re is a reinsurer; New India and GIC Re are ~85% state-owned. PB Fintech excluded — marketplace, not carrier.",
"members": [
"ICICI Lombard",
"Star Health",
"New India Assurance",
"Go Digit",
"Niva Bupa",
"GIC Re"
]
},
"Israeli insurer": {
"description": "Israeli composite insurers, all TASE, common regulator. term_map: disambiguate Phoenix Financial from any legacy UK Phoenix Group aliases.",
"members": [
"Phoenix Financial",
"Harel",
"Menora Mivtachim",
"Migdal",
"Clal"
]
},
"South African life \u0026 wealth": {
"description": "South African life/wealth-led groups. Discovery is health-led with a banking arm.",
"members": [
"Sanlam",
"Old Mutual",
"Discovery",
"Momentum Group"
]
},
"South African P\u0026C": {
"description": "South African short-term insurers. OUTsurance owns Youi (Australia) — material cross-region earnings.",
"members": [
"Santam",
"OUTsurance"
]
},
"Brazilian insurance": {
"description": "Brazilian listed insurance groups. BB Seguridade and Caixa Seguridade are bancassurance stake vehicles, not underwriters. IRB is the reinsurer, post-2020 recapitalisation.",
"members": [
"BB Seguridade",
"Caixa Seguridade",
"Porto Seguro",
"IRB Brasil"
]
},
"Gulf insurer": {
"description": "GCC insurers. Saudi names report under the cooperative model; Bupa Arabia is health-only.",
"members": [
"Bupa Arabia",
"Tawuniya",
"Qatar Insurance",
"ADNIC"
]
},
"Australian health": {
"description": "Australian private health insurers",
"members": [
"Medibank",
"nib"
]
},
"Southeast Asian insurer": {
"description": "Geography circle, heterogeneous models — weakest circle, revisit as coverage grows. Great Eastern ~88% OCBC-owned; Bao Viet state-controlled.",
"members": [
"Great Eastern",
"Thai Life",
"Bangkok Life",
"Bao Viet",
"Dhipaya"
]
},
"Global broker": {
"description": "Insurance brokers/distributors. Tiers: global big five (MMC, Aon, WTW, AJG, Brown \u0026 Brown), wholesale/rollups (Ryan, Baldwin, Goosehead), Australian networks (Steadfast, AUB).",
"members": [
"Marsh McLennan",
"Aon",
"WTW",
"Arthur J. Gallagher",
"Brown \u0026 Brown",
"Ryan Specialty",
"Baldwin",
"Goosehead",
"Steadfast",
"AUB"
]
},
"US title insurance": {
"description": "US title insurers. FNF consolidates F\u0026G (US life \u0026 retirement) — double-count. Old Republic's title segment sits in US mid-cap commercial.",
"members": [
"Fidelity National Financial",
"First American",
"Stewart"
]
},
"Financial guaranty": {
"description": "Monoline financial guaranty. MBIA is in effective runoff.",
"members": [
"Assured Guaranty",
"MBIA"
]
},
"US insurtech": {
"description": "Post-2020 listed insurtech cohort. Oscar is a health-plan model — imperfect comp with the P\u0026C names.",
"members": [
"Lemonade",
"Root",
"Hippo",
"Oscar Health"
]
},
"US coastal property": {
"description": "Florida/Gulf cat-exposed homeowners specialists — heavy reinsurance buyers. Slide listed 2025. American Integrity and Kingstone optional micro-caps.",
"members": [
"Slide",
"HCI",
"Universal Insurance",
"American Coastal",
"Heritage"
]
},
"US managed care": {
"description": "US statutory health insurers — GICS Health Care, absent from insurance screens. MLR-driven model: KPIs not comparable to P\u0026C/life circles. Oscar remains in US insurtech. Fast M\u0026A/regulatory news flow — re-verify membership.",
"members": [
"UnitedHealth",
"Elevance",
"Cigna",
"Humana",
"Centene",
"Molina"
]
},
"US mortgage insurance": {
"description": "US private MI monolines — GICS thrifts \u0026 mortgage finance, absent from insurance screens. Enact ~81% Genworth-owned. Radian pivoting to multiline specialty (Inigo acquisition, closing early 2026; divesting title/conduit/real-estate). Arch's MI is a segment of an existing Bermuda member.",
"members": [
"MGIC",
"Radian",
"Essent",
"Enact",
"NMI"
]
},
"Australian retirement": {
"description": "Singleton — Australia's listed annuity/retirement-income pure play. TAL Dai-ichi holds 19.9%, the pre-bid maximum under takeover rules. Generation Development optional second member.",
"members": [
"Challenger"
]
},
"LatAm insurer (ex-Brazil)": {
"description": "Geography circle, heterogeneous — revisit as coverage grows. Sura is a multi-country holdco with cross-stakes; Quálitas is a Mexican motor pure play.",
"members": [
"Grupo Sura",
"Quálitas",
"GNP"
]
},
"Australian P\u0026C": {
"description": "Australian \u0026 New Zealand general insurers",
"members": [
"QBE",
"Suncorp",
"IAG"
]
}
}
}

Data:Trading comparable groups.json - Revision history

Wikilah admin: Publish trading_comparable_groups.json (46 trading-comparable groups)