TOP 30 Global Reinsurers by S&P Global Ratings, the data is based on survey responses from reinsurance organizations worldwide from 32 countries.
S&P Global Ratings attempted to verify the data submitted with reference to publicly available data sources, insofar as this was possible.
Premium data relates to a company’s reinsurance premiums written but, in some cases, other metrics will include both primary and reinsurance business.
The main group and country listing for each entity surveyed is representative of that group or company’s total reinsurance business written, whether it be life, non-life, or a combination of both.
The top five reinsurers—Munich Re, Swiss Re, Hannover RE, Berkshire Hathaway, and SCOR SE—show strong market positions with different levels of growth and efficiency
1 // Munich Re leads the pack with the highest net reinsurance premiums written, amounting to $44.6 bn. The company’s combined ratio of 99.7% indicates that it is almost breaking even, with very minimal losses. Munich Re’s dominant market position is a testament to its strong underwriting capabilities and strategic risk management practices.
2 // Swiss Re follows closely with net reinsurance premiums written totaling $43.2 bn. Notably, Swiss Re boasts the lowest combined ratio among the top five at 92.4%, reflecting its high operational efficiency and profitability. This low combined ratio suggests that Swiss Re effectively manages its underwriting and claims expenses.
3 // Hannover RE holds the third position with net reinsurance premiums written of $28.3 bn. The company maintains a solid combined ratio of 98.0%, which demonstrates efficient cost management and favorable underwriting results. Hannover RE’s consistent performance solidifies its reputation as a reliable reinsurer in the global market.
4 // Berkshire Hathaway, known for its diversified investments and strong financial backing, ranks fourth with $20.6 bn in net reinsurance premiums written. However, it has the highest combined ratio among the top five at 104.3%, indicating underwriting losses. This high ratio suggests that Berkshire Hathaway’s reinsurance operations are experiencing higher claims expenses relative to the premiums earned.
5 // SCOR SE rounds out the top five with $16.3 bn in net reinsurance premiums written. The company’s combined ratio stands at 100.6%, indicating a slight underwriting loss. Despite this, SCOR SE remains a significant player in the reinsurance market, known for its strong market presence and resilience.
Top 30 Global Reinsurance Companies
| № | Reinsurer | Premiums written, $mn | Combined ratio, % |
| 1 | Munich Re | 44,598.7 | 99.7 |
| 2 | Swiss Re | 43,220.0 | 92.4 |
| 3 | Hannover RE | 28,267.7 | 98.0 |
| 4 | Berkshire Hathaway | 20,579.0 | 104.3 |
| 5 | SCOR SE | 16,308.6 | 100.6 |
| 6 | China Re (Group) | 16,226.0 | 95.1 |
| 7 | Lloyd’s | 14,319.7 | 95.2 |
| 8 | Re Group of America | 12,513.0 | N.A. |
| 9 | Everest Re | 11,445.5 | 97.8 |
| 10 | PartnerRe | 7,134.0 | 90.5 |
| 11 | RenaissanceRe Holdings | 5,939.4 | 103.8 |
| 12 | Sompo | 5,901.2 | N.A. |
| 13 | Transatlantic | 5,387.4 | 99.5 |
| 14 | General Insurance of India | 5,347.2 | 108.1 |
| 15 | MS&AD Insurance Group | 5,117.0 | N.A. |
| 16 | Korean Re | 5,089.4 | 102.2 |
| 17 | Fairfax Financial Holdings | 4,582.3 | 100.4 |
| 18 | Mapfre Re, Compania de Reaseguros | 4,159.3 | 97.1 |
| 19 | R+V Versicherung AG | 3,916.8 | 97.3 |
| 20 | Arch Capital Group | 3,254.4 | 94.2 |
| 21 | Toa Re | 2,732.8 | 108.5 |
| 22 | Tokio Marine & Nichido Fire Insurance | 2,621.7 | N.A. |
| 23 | Taiping Re | 2,483.2 | 103.9 |
| 24 | AXIS Capital Holdings | 2,031.7 | 99.0 |
| 25 | Ascot Group | 1,981.6 | 97.4 |
| 26 | Caisse Centrale de Reassurance | 1,972.1 | 66.9 |
| 27 | Peak Re | 1,793.9 | 98.6 |
| 28 | Allianz SE | 1,509.9 | 91.9 |
| 29 | QBE Insurance Group | 1,482.0 | 90.7 |
| 30 | SiriusPoint | 1,417.3 | 120.0 |
The combined ratios presented in our Global Reinsurance Highlights report have been calculated as: (net losses incurred + net underwriting expenses)/net premiums earned.
The combined (loss and expense) ratio of any entity that writes purely life reinsurance has been marked as not meaningful (N.M.), as we do not consider this to be an accurate measure of a life reinsurer’s profitability.
FAQ
The rankings are based on survey responses from reinsurance organizations worldwide, covering 32 countries. S&P Global Ratings compiled and verified this data against publicly available sources as much as possible. Rankings consider net reinsurance premiums written, with the top five reinsurers demonstrating strong positions due to their premium volume, growth, and efficiency metrics.
The combined ratio measures a reinsurer’s underwriting profitability. It’s calculated by adding net losses incurred and underwriting expenses, then dividing by net premiums earned. A combined ratio below 100% shows profitable underwriting, while above 100% indicates losses. Life reinsurers’ combined ratios are marked as “not meaningful” (N.M.), as they aren’t considered an accurate profitability measure for life business.
The top five reinsurers, based on net reinsurance premiums written, are Munich Re, Swiss Re, Hannover RE, Berkshire Hathaway, and SCOR SE. Munich Re leads with $44.6 bn in premiums and a 99.7% combined ratio, reflecting efficient underwriting. Swiss Re follows with a low 92.4% combined ratio, highlighting strong operational efficiency. Hannover RE, Berkshire Hathaway, and SCOR SE also maintain significant market positions, though Berkshire Hathaway’s higher combined ratio (104.3%) indicates higher claim expenses relative to premiums.
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Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding
