TOP Global Reinsurers by Country

Global Reinsurance Highlights by S&P Global Ratings sought data on 150+ reinsurance organizations from 30+ countries. As in previous years, the data is based on survey responses from reinsurance organizations worldwide. The data is based on survey responses from reinsurance organizations worldwide.

Our ongoing aim in producing this data is to provide market participants with an indication of the ongoing reinsurance capacity available in each market. Hence, we try to exclude intragroup reinsurance, as far as possible

The premium data relates to a company’s reinsurance premiums written but, in some cases, other metrics will include both primary and reinsurance business. One of the challenges has been to separate reinsurance from primary insurance business, reinsurance renewals, especially when reinsurance operation is a division within a company and not a distinct operation.

Global Reinsurers Ranking by Country 2024

According to Global Reinsurance Market Report, for groups or entities that write both non-life and life reinsurance business, the combined ratio reflects non-life business only. For reinsurance companies in currencies other than the U.S. dollar, we have converted the reported data at year-end exchange rates.

TOP Global Reinsurers Ranking by Country

Separating reinsurance operations from primary insurance businesses presents a challenge, especially when reinsurance functions as a division within a company rather than as an independent entity.

Typically, premium data reflects a company’s written reinsurance premiums; however, in some instances, metrics may encompass both primary and reinsurance businesses.

We can identify these instances in the footnotes of tables, but if the metrics seem unrepresentative of a company’s reinsurance activities, we label them as not available (N.A.).

For companies reporting in non-U.S. currencies, we convert the data using year-end exchange rates.

We aim to collect data for each group or entity’s combined ratio, which includes loss and expense ratios, to ensure comparability.

In the Global Reinsurance Highlights, we calculate combined ratios by adding net losses incurred and net underwriting expenses, then dividing by net premiums earned.

Global Reinsurers Ranking by Country 2024

We mark the combined ratio as not meaningful (N.M.) for entities solely involved in life reinsurance, as it does not accurately reflect their profitability.

For entities handling both non-life and life reinsurance, the combined ratio only accounts for non-life business.

The primary group and country listings for each surveyed entity accurately represent the scope of their total reinsurance business, whether it involves life, non-life, or both types of insurance.

TOP 15 Reinsurance Companies in U.K.

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Lloyd’s14,319,716,5662,395,2
2. China Re International Holdings1,363,422,056,995,9
3. Aspen Insurance U,K,686,5-13,5148,880,3
4. Faraday Syndicate 435580,59,5N,A,N,A,
5. Brit458,516,78,8104,6
6. TransRe London264,19,49,9105,2
7. Convex Insurance UK 242,169,4-58,3133,7
8. SCOR U,K,235,6-2,931,087,5
9. Fidelis Underwriting203,6171,669,6N,A,
10. Aspen Managing Agency Limited122,6230,53,994,6
11. Cathedral Capital Holdings Ltd91,842,70,3100,1
12. Syndicate 300030,8N,A,18,358,8
13. Markel International Insurance25,0-76,1-5,7113,4
14. Korean Re Underwriting18,547,8-2,5113,6
15. Lancashire Insurance (UK)2,858,21,50,4
Total:18,645,616,2944,795,3
Source: S&P Global Ratings

TOP 30 Reinsurance Companies in U.S.

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Re Group of America12,513,07,0121,0N,A,
2. Swiss Re America8,293,46,983,0104,6
3. Everest Re7,736,516,1384,9102,0
4. Swiss Re Life & Health America7,176,929,1-402,0N,A,
5. National Indemnity5,995,7-4,710,5234,9
6. Munich Re America5,571,249,1-1,012,0119,1
7. Transatlantic Re5,013,511,5432,498,9
8. General Re Corporation4,099,08,2449,096,4
9. Odyssey Group2,708,927,6136,1100,0
10. Partner Re of United States2,268,09,0N,A,100,1
11. Renaissance Re United States2,056,960,6N,A,104,0
12. SCOR Re2,052,70,4-13,5102,8
13. General Re Life1,554,110,8-109,0N,A,
14. Markel Global Re Company910,729,12,199,7
15. Arch Re853,621,448,296,7
16. W.R. Berkley Corporation827,1N,A,N,A,N,A,
17. Axis Re Company786,818,0N,A,102,8
18. Toa Re Group of America629,48,6-61,1116,9
19. Munich American Reassurance539,05,3-543,4N,A,
20. General Star Indemnity528,719,2N,A,N,A,
21. National Liability & Fire Company418,8103,0-74,3211,1
22. SCOR Global Life USA Re Company302,4-2,9-6,4N,A,
23. SCOR Global Life Americas225,8-1,1-50,3N,A,
24. Columbia Insurance Company184,9-14,2116,6N,M,
25. SiriusPoint America Insurance Company142,2N,A,-26,1151,6
26. SCOR Global Life Re Company of Delaware70,6-20,1-41,2N,A,
27. National Fire & Marine Insurance Company57,4-17,9114,0N,M,
28. General Star National Insurance Company35,612,3N,A,N,A,
29. Genesis Insurance Company21,29,3N,A,N,A,
30. Aspen American Insurance Company17,7-92,2-4,1196,4
Total:73,591,915,1-445,4121,9
Source: S&P Global Ratings

TOP 10 Reinsurance Companies in Switzerland

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Swiss Re10,757,717,2-1,087,8104,6
2. Swiss Re Asia 5,171,223,9481,9N,A,
3. New Re2,278,4-62,9-296,899,1
4. MS Amlin AG1,728,414,7-361,2125,4
5. SCOR Switzerland AG1,308,262,2113,392,8
6. Renaissance Re Europe AG945,948,0N,A,111,4
7. DR Swiss, Deutsche Rückversicherung Schweiz AG345,224,3-2,1104,6
8. Echo Rückversicherungs-AG231,44,15,594,9
9. The Toa 21st Century Re Company227,259,3-40,2123,8
10. SIGNAL IDUNA Rückversicherungs AG206,7-5,111,596,5
Total:23,200-0,4-1,198,5105,2
Source: S&P Global Ratings

TOP Reinsurance Companies in France

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. SCOR SE6,327,410,15,7111,1
2. Caisse Centrale de Reassurance1,072,6-20,5270,650,5
3. CCR Re899,519,963,395,4
4. SCOR Europe10,646,80,466,9
Total:8,310,25,8340,0100,3
Source: S&P Global Ratings

TOP Reinsurance Companies in Germany

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Munich Re23,911,9-6,93,274,097,1
2. Hannover Rückversicherung SE17,217,27,21,213,3100,1
3. General Re AG4,485,8-2,937,0106,0
4. R+V Versicherung AG3,916,8-8,8334,797,3
5. E+S Rückversicherung AG2,791,5-3,2112,6102,4
6. Allianz SE1,509,91,697,591,9
7. Deutsche Rückversicherung AG725,48,524,8100,7
8. DEVK Re658,53,1102,0101,4
Total:55,217,1-2,05,195,999,0
Source: S&P Global Ratings

TOP Reinsurance Companies in Bermuda

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
     
1. Sompo International Holdings3,415,611,2N,A,N,A,
2. Partner Re Company Ltd3,194,615,0N,A,90,6
3. Arch Re2,311,137,8900,893,9
4. Renaissance Re2,099,838,7N,A,93,8
5. Everest Re (Bermuda)2,088,145,3787,575,8
6. Ascot Group Limited1,981,652,5-24,497,4
7. Hannover Re Bermuda1,172,085,2511,469,1
8. Allied World Assurance Company Holdings1,106,126,619,1101,1
9. Chubb Tempest Re873,119,5259,8108,7
10. Qatar Re767,6-16,0-202,7124,8
11. DaVinci Re682,231,4N,A,117,6
12. Fidelis Insurance Bermuda672,413,624,7N,A,
13. SiriusPoint Bermuda Insurance Company424,3N,A,-104,6121,5
14. International General Insurance382,613,177,277,6
15. Aspen Bermuda372,254,1-76,7126,7
16. Convex Re Limited363,3105,7-80,2128,1
17. Lancashire Insurance290,4130,2-14,6114,9
18. Markel Bermuda156,19,1-44,5125,7
19. Hiscox Insurance (Bermuda)150,650,629,350,4
20. Vermeer Re96,810,2N,A,59,2
Total:22,767,429,82,086,694,7
Source: S&P Global Ratings

TOP Reinsurance Companies in Canada

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. SCOR Canada Re235,620,642,484,1
2. Munich Re  of Canada198,111,231,590,2
3. Temple Insurance Company130,5-3,119,192,8
Total:564,111,093,188,5
Source: S&P Global Ratings

TOP Reinsurance Companies in Ireland

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Hannover Re (Ireland) DAC5,146,99,221,681,2
2. SCOR Life Ireland DAC,2,416,9-26,4864,1N,A,
3. SCOR Global Life Re Ireland1,328,9-13,996,4N,A,
4. Partner Re Europe SE1,155,26,8N,A,67,3
5. AXIS Re SE714,8-6,1N,A,108,1
6. Arch Re Europe89,616,80,076,2
7. Fidelis Insurance Ireland DAC3,5438,25,4N,A,
Total:10,855,8-5,3987,581,9
Source: S&P Global Ratings

TOP 5 Reinsurance Companies in Japan

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Tokio Marine & Nichido Fire Insurance2,621,71,92,888,3N,A,
2. Toa Re1,875,4-1,2-12,2104,3
3. Aioi Nissay Dowa Insurance1,803,70,6N,A,N,A,
4. Mitsui Sumitomo Insurance1,561,21,3N,A,N,A,
5. Sompo Japan Nipponkoa Insurance1,342,1-7,9N,A,N,A,
Total:9,204,1-0,62,876,2104,3
Source: S&P Global Ratings

TOP Reinsurance Companies in Luxembourg

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Swiss Re Europe8,418,3-2,51,011,497,7
2. TransRe Europe  Luxembourg157,6-0,6-109,8177,9
3. Convex Europe-0,1N,A,0,2620,7
Total:8,575,8-2,5904,7101,6
Source: S&P Global Ratings

TOP Reinsurance Companies in Australia

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. QBE Insurance Group1,482,019,0126,090,7
2. Munich Re  of Australasia454,1-4,9243,8N,A,
3. Hannover Life Re of Australasia407,4-2,4118,7N,A,
4. General Re Life Australia224,91,98,0N,A,
5. SCOR Global Life Australia99,580,55,1N,A,
6. General Re Australia71,0-23,535,252,5
Total:2,738,9-17,1532,488,6
Source: S&P Global Ratings

TOP Reinsurance Companies in South Africa

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
1. Munich Re  of Africa351,60,9-114,998,3
2. Swiss Re Africa239,3-19,4-29,4102,8
3. Hannover Re Africa174,184,5-46,292,9
4. General Re Africa146,7-28,6-149,6N,M,
5. African Re (South Africa)128,3-8,3-2,999,7
6. GIC Re South Africa27,329,47,376,5
Total:1,067,1-3,5-335,884,4
Source: S&P Global Ratings

TOP Reinsurance Companies in Spain

ReinsurerNet Re premiums written, $mnChange %Pretax operating income, $mnCombined ratio, %
Mapfre Re, Compania de Reaseguros4,016,16,1203,596,8
Nacional de Reaseguros586,30,429,996,7
Total:4,602,45,3233,596,8
Source: S&P Global Ratings

Ongoing aim in producing this data is to provide market participants with an indication of the ongoing reinsurance capacity available in each market. Hence, we try to exclude intragroup reinsurance, as far as possible. Companies that have not been able to exclude intragroup reinsurance are highlighted in the footnotes.

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AUTHORS: Johannes Bender – Primary Credit Analyst S&P Global (Frankfurt), Taoufik Gharib – Analyst S&P Global (New York)

Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding