TOP Global Reinsurance Companies Ranking by Country in 2024

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.

FAQ

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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