The most popular country for U.S.-based reinsurers to assume P&C premiums from is the United Kingdom, including Northern Ireland, which emerges as the leader for 2012 in a new analysis of statutory data by SNL Financial. Insurers based in the U.K. ceded around $2.90 billion in P&C premiums to U.S.-based reinsurers as of the year's end.

The two largest U.K.-based reinsurance relationships covered FM Insurance Co. Ltd. and Berkshire Hathaway International Insurance Ltd., which are subsidiaries of Factory Mutual Insurance Co. and Berkshire Hathaway Inc., respectively. The next three covered Lloyd's companies.

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