Table 1.
List of insurance companies in the sample
| Admiral Group plc | Markel Corporation |
| Advance Create Co., Ltd. | Marsh & McLennan Companies, Inc. |
| Aegon N.V. (AEG) | Max Financial Services Limited |
| Aflac Incorporated | MBIA Inc. |
| ageas SA/NV | Medibank Private Limited |
| Agesa Hayat ve Emeklilik A.S. | Mediolanum S.p.A. |
| AIA Group Limited | Menora Mivtachim Holdings Ltd |
| AIG | Mercuries Life Insurance Co., Ltd. |
| Aksigorta A.S. | Mercury General Corporation |
| Al Alamiya for Cooperative Insurance Company | Meritz Fire & Marine Insurance Co., Ltd. |
| Al Khaleej Takaful Insurance Company Q.P.S.C. | MetLife |
| Al Rajhi Company for Cooperative Insurance | Metromile, Inc. |
| AlAhli Takaful Company | MGIC Investment Corporation |
| Al-Etihad Cooperative Insurance Company | Midwest Holding Inc. |
| Alinma Tokio Marine Company | Migdal Insurance and Financial Holdings Ltd. |
| Aljazira Takaful Taawuni Company | Min Xin Holdings Limited |
| Alleghany Corporation | Mirae Asset Life Insurance Co., Ltd. |
| Allianz Ayudhya Capital Public Company Limited | Momentum Metropolitan Holdings Limited |
| Allianz SE | MS &AD Insurance Group Holdings, Inc. |
| Alm. Brand A/S | Muang Thai Insurance Public Company Limited |
| Amana Cooperative Insurance Company | Munich.Re |
| Ambac Financial Group, Inc. | Nam Seng Insurance Public Company Limited |
| American Equity Investment Life Holding Company | National Western Life Group, Inc. |
| American Financial Group, Inc. | Net Insurance S.p.A. |
| American National Group, Inc. | New China Life Insurance Company Ltd. |
| AMERISAFE, Inc. | NFC Holdings, Inc. |
| AmTrust Financial Services, Inc. | nib holdings limited |
| Anadolu Anonim Türk Sigorta Sirketi | NMI Holdings, Inc. |
| Anadolu Hayat Emeklilik Anonim Sirketi | NN Group N.V. |
| Anicom Holdings, Inc. | NobleOak Life Limited |
| Aplus Asset Advisor Co. Ltd | Novus Acquisition & Development Corp. |
| Arabia Insurance Cooperative Company | Oicintra, Inc. |
| Arabian Shield Cooperative Insurance Company | Old Mutual Limited |
| Arch Capital Group Ltd. | Old Republic International Corporation |
| Argo Group International Holdings, Ltd. | Oxbridge Re Holdings Limited |
| Asia Financial Holdings Limited | Palomar Holdings, Inc. |
| Aspen Insurance Holdings Limited | Personal Group Holdings Plc |
| ASR Nederland N.V. | Phoenix Group Holdings plc |
| Assicurazioni Generali S.p.A. (G.MI) | PICC Property and Casualty Company Limited |
| Assurant, Inc. | Ping An Insurance (Group) Company of China, Ltd. |
| Assured Guaranty Ltd. | Power Corporation of Canada |
| Athene Holding Ltd. | Power Financial Corporation |
| Atlantic American Corporation | Powszechny Zaklad Ubezpieczen SA |
| Atlas Financial Holdings, Inc. | Primerica, Inc. |
| Aviva | Principal Financial Group, Inc. |
| AXA | ProAssurance Corporation |
| AXIS Capital Holdings Limited | Protector Forsikring ASA |
| Ayalon Holdings Ltd | Prudential Financial plc |
| Bajaj Finserv Limited | Prudential.plc |
| Bâloise Holding AG | PT Asuransi Bina Dana Arta Tbk |
| Bangkok Life Assurance Public Company Limited | PT Asuransi Bintang Tbk |
| BB Seguridade Participações S.A. | PT Asuransi Jasa Tania Tbk |
| Beazley plc | PT Asuransi Jiwa Sinarmas MSIG Tbk |
| Berkshire Hathaway Inc. (BRK-B) | PT Asuransi Kresna Mitra Tbk |
| Brighthouse Financial, Inc. | PT Asuransi Multi Artha Guna Tbk |
| Broad-minded Co.,Ltd. | PT Asuransi Ramayana Tbk |
| Brookfield Asset Management Reinsurance Partners Ltd. | PT Asuransi Tugu Pratama Indonesia Tbk |
| Bupa Arabia for Cooperative Insurance Company | PT Equity Development Investment Tbk |
| Buruj Cooperative Insurance Company | PT Lippo General Insurance Tbk |
| CASH.LIFE AG | PT Malacca Trust Wuwungan Insurance Tbk |
| Cathay Financial Holding Co., Ltd. | PT Maskapai Reasuransi Indonesia Tbk |
| Central Reinsurance Corporation | PT Panin Financial Tbk |
| Challenger Limited | PT Paninvest Tbk |
| Charan Insurance Public Company Limited | PT Victoria Insurance Tbk |
| Chesnara plc | Public joint-stock company Asko-Strakhovanie |
| China Development Financial Holding Corporation | Qatar General Insurance & Reinsurance Company Q.P.S.C. |
| China Life Insurance Company Limited (LFC) | Qatar Insurance Company Q.S.P.C. |
| China Pacific Insurance (Group) Co., Ltd. | Qatar Islamic Insurance Group Q.P.S.C. |
| China Taiping Insurance Holdings Company Limited | QBE Insurance Group Limited |
| Chubb Limited | QLM Life & Medical Insurance Company Q.P.S.C. |
| Chuou International Group Co., Ltd. | Quad M Solutions, Inc. |
| CIG Pannónia Életbiztosító Nyrt | Quálitas Controladora, S.A.B. de C.V. |
| Cincinnati Financial Corporation | Radian Group Inc. |
| Citizens Financial Group, Inc. | Rand Merchant Investment Holdings Limited |
| Clal Insurance Enterprises Holdings Ltd. | Randall & Quilter Investment Holdings Ltd. |
| Clientèle Limited | Ray Sigorta Anonim Sirketi |
| CNA Financial Corporation | Reinsurance Group of America |
| CNO Financial Group, Inc. | RenaissanceRe Holdings Ltd. |
| CNP Assurances SA (CNP.PA) | RheinLand Holding AG |
| COFACE SA | RLI Corp |
| Companhia de Seguros Alianca da Bahia | Root, Inc. |
| Conifer Holdings, Inc. | Rosgosstrakh Insurance Company |
| CTBC Financial Holding Co., Ltd. | RSA Insurance Group plc |
| Dai-ichi Life Holdings, Inc. (DLICY) | Ryan Specialty Group Holdings, Inc. |
| DB Insurance Co., Ltd. | SABB Takaful Company |
| DFV Deutsche Familienversicherung AG | Safety Insurance Group, Inc. |
| Dhipaya Group Holdings Public Company Limited | Saga plc |
| Direct Line Insurance Group plc | Sagicor Financial Company Ltd. |
| Discovery Limited | Sampo Oyj |
| Doha Insurance Group Q.P.S.C. | Samsung Fire & Marine Insurance Co., Ltd. |
| Donegal Group Inc. | Samsung Life Insurance Co., Ltd. |
| Ecclesiastical Insurance Office plc | Sanlam Limited |
| E-L Financial Corporation Limited | Santam Ltd |
| Employers Holdings, Inc. | Saudi Indian Company for Cooperative Insurance (Wafa Insurance) |
| Enact Holdings, Inc. | Saudi Re for Cooperative Reinsurance Company |
| Enstar Group Limited | SBI Life Insurance Company Limited |
| Equitable Holdings, Inc. | SCOR SE |
| Everest Re Group, Ltd. | Selective Insurance Group, Inc. |
| Fairfax Financial Holdings Limited | Shin Kong Financial Holding Co., Ltd. |
| Farglory Life Insurance Co., Ltd. | Shinkong Insurance Co., Ltd. |
| FBD Holdings plc | SHL Holdings Ltd. |
| Federal Life Group, Inc. | SiriusPoint Ltd. |
| FedNat Holding Company | SJVN Limited |
| FG Financial Group, Inc. | Società Cattolica di Assicurazione |
| Fidelity National Financial, Inc. | Sompo Holdings, Inc. |
| First Acceptance Corporation | Standard Life Aberdeen PLC Reg |
| First American Financial Corporation | State Auto Financial Corporation |
| Fubon Financial Holding Co., Ltd. | Stewart Information Services Corporation |
| General Insurance Corporation of India | Storebrand ASA |
| Genworth Financial, Inc. | Sul América S.A. |
| Gjensidige Forsikring ASA | Sumitomo Mitsui Financial Group, Inc. |
| Global Indemnity Group, LLC | Sun Life Financial Inc. |
| Globe Life Inc. | Suncorp Group Limited |
| Goosehead Insurance, Inc | Sundance Strategies, Inc. |
| Great Eastern Holdings Limited | Swiss Life Holding AG |
| GREAT WEST LIFECO PREF SERIES M | Swiss Re AG |
| Great-West Lifeco Inc. | Syn Mun Kong Insurance Public Company Limited |
| Greenlight Capital Re, Ltd. | T &D Holdings, Inc. |
| Grupo Catalana Occidente, S.A. | Talanx AG |
| Grupo Nacional Provincial, S.A.B. | Target Insurance (Holdings) Limited |
| GWG Holdings, Inc. | Thai Reinsurance Public Company Limited |
| Hallmark Financial Services, Inc. | Thaire Life Assurance Public Company Limited |
| Hannover Rück SE | The Allstate Corporation |
| Hansard Global plc | The Company for Cooperative Insurance |
| Hanwha Life Insurance Co., Ltd. | The Hanover Insurance Group, Inc. |
| Harel Insurance Investments & Financial Services Ltd | The Hartford Financial Services Group, Inc. |
| HCI Group, Inc. | The Mediterranean and Gulf Cooperative Ins. and Reins. Company |
| HDFC Life Insurance Company Limited | The National Security Group, Inc. |
| Health Assurance Acquisition Corp. | The Navakij Insurance Public Company Limited |
| Health Revenue Assurance Holdings, Inc. | The New India Assurance Company Limited |
| Helios Underwriting Plc | The People’s Insurance Company (Group) of China Limited |
| Helvetia Holding AG | The Phoenix Holdings Ltd. |
| Heritage Insurance Holdings, Inc. | The Progressive Corporation |
| Heungkuk Fire & Marine Insurance Co., Ltd. | The Thai Setakij Insurance Public Company Limited |
| Hippo Holdings Inc. | The Travelers Companies, Inc. |
| Hiscox Ltd | Till Capital Corporation |
| Horace Mann Educators Corporation | Tiptree Inc. |
| HORAI Co., Ltd. | Tokio Marine Holdings, Inc. |
| Hyundai Marine & Fire Insurance Co., Ltd. | Tong Yang Life Insurance Co., Ltd. |
| iA Financial Corporation Inc. | Topdanmark A/S |
| ICC Holdings, Inc. | Tower Limited |
| ICICI Lombard General Insurance Company Limited | TQR Public Company Limited |
| ICICI Prudential Life Insurance Company Limited | Trean Insurance Group, Inc. |
| ICPEI Holdings Inc. | Triad Guaranty Inc. |
| Independence Holding Company | Trisura Group Ltd. |
| Industrial Investment Trust Limited | Trupanion, Inc. |
| Insr Insurance Group ASA | Trustco Group Holdings Limited |
| Insurance Australia Group Limited | Tryg A/S |
| Intact Financial Corporation | Türkiye Sigorta Anonim Sirketi |
| Inversiones La Construcción S.A. | Unico American Corporation |
| ipet Holdings,Inc. | Union Insurance Co., Ltd. |
| IRB-Brasil Resseguros S.A. | Unipol Gruppo S.p.A. |
| IRRC Corporation | UNIQA Insurance Group AG |
| James River Group Holdings, Ltd. | United Cooperative Assurance Company |
| Japan Post Insurance Co., Ltd. (7181.T) | United Fire Group, Inc. |
| Just Group plc | United Insurance Holdings Corp. |
| Kansas City Life Insurance Company | United Overseas Insurance Limited |
| Kemper Corporation | Universal Insurance Holdings, Inc. |
| Kingstone Companies, Inc. | Unum Group |
| Kinsale Capital Group, Inc. | UTG, Inc. |
| Korean Reinsurance Company | Vaudoise Assurances Holding SA |
| Lancashire Holdings Limited | Vericity, Inc. |
| Legal & General Group Plc | Vienna Insurance Group AG |
| Lemonade, Inc. | Voya Financial, Inc. |
| Liberty Holdings Limited | W. R. Berkley Corporation |
| Lifenet Insurance Company | Walaa Cooperative Insurance Company |
| Lincoln National Corporation | Wataniya Insurance Company |
| Loews Corporation | Waterdrop Inc. |
| Lotte Non - Life Insurance Co., Ltd. | Wesure Global Tech Ltd |
| LPI Capital Bhd | White Mountains Insurance Group, Ltd. |
| Maiden Holdings, Ltd. | Wüstenrot & Württembergische AG |
| Malath Cooperative Insurance Company | ZhongAn Online P & C Insurance Co., Ltd. |
| Manulife Financial Corporation | Zur Shamir Holdings Ltd |
| Mapfre, S.A. | Zurich Insurance Group AG |