Data:Trading comparable groups.json

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&C Italy' with every Italian P&C 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&C 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&C description "US large-cap national/global commercial-lines franchises" members "Chubb" "AIG" "Travelers" "Hartford" US mid-cap commercial P&C 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 & E&S description "US specialty and E&S 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&C description "Canadian P&C insurers, IFRS 17. Trisura is specialty/fronting — imperfect comp." members "Intact Financial" "Definity" "Trisura" Canadian life description "Canadian life & 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 & composite description "UK life, retirement and composite groups (Aviva incl. GI). Just Group excluded — delisted Apr 2026 (Brookfield). M&G absent from vendor screens tagged asset management — keep. Chesnara is a small-cap consolidator." members "Aviva" "Legal & General" "Standard Life" "M&G" "Chesnara" London specialty description "London-market / Lloyd's specialty (re)insurers" members "Beazley" "Lancashire" "Hiscox" European life description "Continental European life & 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&C description "Nordic property & casualty (Topdanmark now inside Sampo). Protector is high-growth commercial, Nordic + UK." members "Sampo" "Tryg" "Gjensidige" "Alm. Brand" "Protector Forsikring" CEE composite description "Central & Eastern Europe focused composites. Triglav and Sava Re are Ljubljana-listed small caps." members "Vienna Insurance Group" "UNIQA" "PZU" "Triglav" "Sava Re" US life & retirement description "US life, annuity and retirement groups. Brighthouse excluded — Aquarian take-private, closing 2026. F&G 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&G" "Brookfield Wealth Solutions" "Ameriprise" US protection & 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&C description "Japanese non-life mega groups" members "Tokio Marine" "MS&AD" "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&D 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&C description "Korean non-life carriers. Meritz listed entity is Meritz Financial Group — holdco incl. securities, impure comp. Korean Re excluded — reinsurer." members "Samsung Fire & Marine" "DB Insurance" "Hyundai Marine & 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 & 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&C 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 & Brown), wholesale/rollups (Ryan, Baldwin, Goosehead), Australian networks (Steadfast, AUB)." members "Marsh McLennan" "Aon" "WTW" "Arthur J. Gallagher" "Brown & Brown" "Ryan Specialty" "Baldwin" "Goosehead" "Steadfast" "AUB" US title insurance description "US title insurers. FNF consolidates F&G (US life & 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&C 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&C/life circles. Oscar remains in US insurtech. Fast M&A/regulatory news flow — re-verify membership." members "UnitedHealth" "Elevance" "Cigna" "Humana" "Centene" "Molina" US mortgage insurance description "US private MI monolines — GICS thrifts & 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&C description "Australian & New Zealand general insurers" members "QBE" "Suncorp" "IAG"