The reinsurance business is a critical backstop for the US insurance industry, and a significant percentage of this business is ceded offshore. According to the Offshore Reinsurance in the U.S. Market: 2006 Data study, completed by the Reinsurance Association of America (RAA), 53.1% of US unaffiliated reinsurance premium in 2006 was ceded to offshore reinsurance companies (see here & here). This is an increase from the 51.8% ceded offshore in 2005. Bermuda and the UK were among the largest markets. See our prior posts on Bermuda (here & here).