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.
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.
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.
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Lloyd’s | 14,319,7 | 16,5 | 95,2 |
| 2. China Re International Holdings | 1,363,4 | 22,0 | 95,9 |
| 3. Aspen Insurance U,K, | 686,5 | -13,5 | 80,3 |
| 4. Faraday Syndicate 435 | 580,5 | 9,5 | – |
| 5. Brit | 458,5 | 16,7 | 104,6 |
| 6. TransRe London | 264,1 | 9,4 | 105,2 |
| 7. Convex Insurance UK | 242,1 | 69,4 | 133,7 |
| 8. SCOR U,K, | 235,6 | -2,9 | 87,5 |
| 9. Fidelis Underwriting | 203,6 | 171,6 | – |
| 10. Aspen Managing Agency Limited | 122,6 | 230,5 | 94,6 |
| 11. Cathedral Capital Holdings Ltd | 91,8 | 42,7 | 100,1 |
| 12. Syndicate 3000 | 30,8 | – | 58,8 |
| 13. Markel International Insurance | 25,0 | -76,1 | 113,4 |
| 14. Korean Re Underwriting | 18,5 | 47,8 | 113,6 |
| 15. Lancashire Insurance (UK) | 2,8 | 58,2 | 0,4 |
| Total: | 18,645,6 | 16,2 | 95,3 |
TOP 30 Reinsurance Companies in U.S.
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Re Group of America | 12,513,0 | 7,0 | – |
| 2. Swiss Re America | 8,293,4 | 6,9 | 104,6 |
| 3. Everest Re | 7,736,5 | 16,1 | 102,0 |
| 4. Swiss Re Life & Health America | 7,176,9 | 29,1 | – |
| 5. National Indemnity | 5,995,7 | -4,7 | 234,9 |
| 6. Munich Re America | 5,571,2 | 49,1 | 119,1 |
| 7. Transatlantic Re | 5,013,5 | 11,5 | 98,9 |
| 8. General Re Corporation | 4,099,0 | 8,2 | 96,4 |
| 9. Odyssey Group | 2,708,9 | 27,6 | 100,0 |
| 10. Partner Re of United States | 2,268,0 | 9,0 | 100,1 |
| 11. Renaissance Re United States | 2,056,9 | 60,6 | 104,0 |
| 12. SCOR Re | 2,052,7 | 0,4 | 102,8 |
| 13. General Re Life | 1,554,1 | 10,8 | – |
| 14. Markel Global Re Company | 910,7 | 29,1 | 99,7 |
| 15. Arch Re | 853,6 | 21,4 | 96,7 |
| 16. W.R. Berkley Corporation | 827,1 | – | – |
| 17. Axis Re Company | 786,8 | 18,0 | 102,8 |
| 18. Toa Re Group of America | 629,4 | 8,6 | 116,9 |
| 19. Munich American Reassurance | 539,0 | 5,3 | – |
| 20. General Star Indemnity | 528,7 | 19,2 | – |
| 21. National Liability & Fire Company | 418,8 | 103,0 | 211,1 |
| 22. SCOR Global Life USA Re Company | 302,4 | -2,9 | – |
| 23. SCOR Global Life Americas | 225,8 | -1,1 | – |
| 24. Columbia Insurance Company | 184,9 | -14,2 | – |
| 25. SiriusPoint America Insurance Company | 142,2 | – | 151,6 |
| 26. SCOR Global Life Re Company of Delaware | 70,6 | -20,1 | – |
| 27. National Fire & Marine Insurance Company | 57,4 | -17,9 | – |
| 28. General Star National Insurance Company | 35,6 | 12,3 | – |
| 29. Genesis Insurance Company | 21,2 | 9,3 | – |
| 30. Aspen American Insurance Company | 17,7 | -92,2 | 196,4 |
| Total: | 73,591,9 | 15,1 | 121,9 |
TOP 10 Reinsurance Companies in Switzerland
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Swiss Re | 10,757,7 | 17,2 | 104,6 |
| 2. Swiss Re Asia | 5,171,2 | 23,9 | – |
| 3. New Re | 2,278,4 | -62,9 | 99,1 |
| 4. MS Amlin AG | 1,728,4 | 14,7 | 125,4 |
| 5. SCOR Switzerland AG | 1,308,2 | 62,2 | 92,8 |
| 6. Renaissance Re Europe AG | 945,9 | 48,0 | 111,4 |
| 7. DR Swiss, Deutsche Rückversicherung Schweiz AG | 345,2 | 24,3 | 104,6 |
| 8. Echo Rückversicherungs-AG | 231,4 | 4,1 | 94,9 |
| 9. The Toa 21st Century Re Company | 227,2 | 59,3 | 123,8 |
| 10. SIGNAL IDUNA Rückversicherungs AG | 206,7 | -5,1 | 96,5 |
| Total: | 23,200 | -0,4 | 105,2 |
TOP Reinsurance Companies in France
| Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. SCOR SE | 6,327,4 | 10,1 | 111,1 |
| 2. Caisse Centrale de Reassurance | 1,072,6 | -20,5 | 50,5 |
| 3. CCR Re | 899,5 | 19,9 | 95,4 |
| 4. SCOR Europe | 10,6 | 46,8 | 66,9 |
| Total: | 8,310,2 | 5,8 | 100,3 |
TOP Reinsurance Companies in Germany
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Munich Re | 23,911,9 | -6,9 | 97,1 |
| 2. Hannover Rückversicherung SE | 17,217,2 | 7,2 | 100,1 |
| 3. General Re AG | 4,485,8 | -2,9 | 106,0 |
| 4. R+V Versicherung AG | 3,916,8 | -8,8 | 97,3 |
| 5. E+S Rückversicherung AG | 2,791,5 | -3,2 | 102,4 |
| 6. Allianz SE | 1,509,9 | 1,6 | 91,9 |
| 7. Deutsche Rückversicherung AG | 725,4 | 8,5 | 100,7 |
| 8. DEVK Re | 658,5 | 3,1 | 101,4 |
| Total: | 55,217,1 | -2,0 | 99,0 |
TOP Reinsurance Companies in Bermuda
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Sompo International Holdings | 3,415,6 | 11,2 | – |
| 2. Partner Re Company Ltd | 3,194,6 | 15,0 | 90,6 |
| 3. Arch Re | 2,311,1 | 37,8 | 93,9 |
| 4. Renaissance Re | 2,099,8 | 38,7 | 93,8 |
| 5. Everest Re (Bermuda) | 2,088,1 | 45,3 | 75,8 |
| 6. Ascot Group Limited | 1,981,6 | 52,5 | 97,4 |
| 7. Hannover Re Bermuda | 1,172,0 | 85,2 | 69,1 |
| 8. Allied World Assurance Company Holdings | 1,106,1 | 26,6 | 101,1 |
| 9. Chubb Tempest Re | 873,1 | 19,5 | 108,7 |
| 10. Qatar Re | 767,6 | -16,0 | 124,8 |
| 11. DaVinci Re | 682,2 | 31,4 | 117,6 |
| 12. Fidelis Insurance Bermuda | 672,4 | 13,6 | – |
| 13. SiriusPoint Bermuda Insurance Company | 424,3 | -, | 121,5 |
| 14. International General Insurance | 382,6 | 13,1 | 77,6 |
| 15. Aspen Bermuda | 372,2 | 54,1 | 126,7 |
| 16. Convex Re Limited | 363,3 | 105,7 | 128,1 |
| 17. Lancashire Insurance | 290,4 | 130,2 | 114,9 |
| 18. Markel Bermuda | 156,1 | 9,1 | 125,7 |
| 19. Hiscox Insurance (Bermuda) | 150,6 | 50,6 | 50,4 |
| 20. Vermeer Re | 96,8 | 10,2 | 59,2 |
| Total: | 22,767,4 | 29,8 | 94,7 |
TOP Reinsurance Companies in Canada
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. SCOR Canada Re | 235,6 | 20,6 | 84,1 |
| 2. Munich Re of Canada | 198,1 | 11,2 | 90,2 |
| 3. Temple Insurance Company | 130,5 | -3,1 | 92,8 |
| Total: | 564,1 | 11,0 | 88,5 |
TOP Reinsurance Companies in Ireland
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Hannover Re (Ireland) DAC | 5,146,9 | 9,2 | 81,2 |
| 2. SCOR Life Ireland DAC, | 2,416,9 | -26,4 | – |
| 3. SCOR Global Life Re Ireland | 1,328,9 | -13,9 | – |
| 4. Partner Re Europe SE | 1,155,2 | 6,8 | 67,3 |
| 5. AXIS Re SE | 714,8 | -6,1 | 108,1 |
| 6. Arch Re Europe | 89,6 | 16,8 | 76,2 |
| 7. Fidelis Insurance Ireland DAC | 3,5 | 438,2 | N,A, |
| Total: | 10,855,8 | -5,3 | 81,9 |
TOP 5 Reinsurance Companies in Japan
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Tokio Marine & Nichido Fire Insurance | 2,621,7 | 1,9 | – |
| 2. Toa Re | 1,875,4 | -1,2 | 104,3 |
| 3. Aioi Nissay Dowa Insurance | 1,803,7 | 0,6 | – |
| 4. Mitsui Sumitomo Insurance | 1,561,2 | 1,3 | – |
| 5. Sompo Japan Nipponkoa Insurance | 1,342,1 | -7,9 | – |
| Total: | 9,204,1 | -0,6 | 104,3 |
TOP Reinsurance Companies in Luxembourg
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Swiss Re Europe | 8,418,3 | -2,5 | 97,7 |
| 2. TransRe Europe Luxembourg | 157,6 | -0,6 | 177,9 |
| 3. Convex Europe | -0,1 | – | 620,7 |
| Total: | 8,575,8 | -2,5 | 101,6 |
TOP Reinsurance Companies in Australia
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. QBE Insurance Group | 1,482,0 | 19,0 | 90,7 |
| 2. Munich Re of Australasia | 454,1 | -4,9 | – |
| 3. Hannover Life Re of Australasia | 407,4 | -2,4 | – |
| 4. General Re Life Australia | 224,9 | 1,9 | – |
| 5. SCOR Global Life Australia | 99,5 | 80,5 | – |
| 6. General Re Australia | 71,0 | -23,5 | 52,5 |
| Total: | 2,738,9 | -17,1 | 88,6 |
TOP Reinsurance Companies in South Africa
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| 1. Munich Re of Africa | 351,6 | 0,9 | 98,3 |
| 2. Swiss Re Africa | 239,3 | -19,4 | 102,8 |
| 3. Hannover Re Africa | 174,1 | 84,5 | 92,9 |
| 4. General Re Africa | 146,7 | -28,6 | – |
| 5. African Re (South Africa) | 128,3 | -8,3 | 99,7 |
| 6. GIC Re South Africa | 27,3 | 29,4 | 76,5 |
| Total: | 1,067,1 | -3,5 | 84,4 |
TOP Reinsurance Companies in Spain
| № Reinsurer | Net Re premiums written, $mn | Change % | Combined ratio, % |
| Mapfre Re, Compania de Reaseguros | 4,016,1 | 6,1 | 96,8 |
| Nacional de Reaseguros | 586,3 | 0,4 | 96,7 |
| Total: | 4,602,4 | 5,3 | 96,8 |
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
