2023 UK Reinsurers by S&P is based on survey responses from reinsurance organizations in United Kingdom. The 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.
TOP 15 Largest Reinsurers in United Kingdom
| Reinsurer | Net Re premiums written, $mn | Change % | Pretax operating income, $mn | Combined ratio, % |
| 1. Lloyd’s | 14,319,7 | 16,5 | 662,3 | 95,2 |
| 2. China Re International Holdings | 1,363,4 | 22,0 | 56,9 | 95,9 |
| 3. Aspen Insurance U,K, | 686,5 | -13,5 | 148,8 | 80,3 |
| 4. Faraday Syndicate 435 | 580,5 | 9,5 | N,A, | N,A, |
| 5. Brit | 458,5 | 16,7 | 8,8 | 104,6 |
| 6. TransRe London | 264,1 | 9,4 | 9,9 | 105,2 |
| 7. Convex Insurance UK | 242,1 | 69,4 | -58,3 | 133,7 |
| 8. SCOR U,K, | 235,6 | -2,9 | 31,0 | 87,5 |
| 9. Fidelis Underwriting | 203,6 | 171,6 | 69,6 | N,A, |
| 10. Aspen Managing Agency Limited | 122,6 | 230,5 | 3,9 | 94,6 |
| 11. Cathedral Capital Holdings Ltd | 91,8 | 42,7 | 0,3 | 100,1 |
| 12. Syndicate 3000 | 30,8 | N,A, | 18,3 | 58,8 |
| 13. Markel International Insurance | 25,0 | -76,1 | -5,7 | 113,4 |
| 14. Korean Re Underwriting | 18,5 | 47,8 | -2,5 | 113,6 |
| 15. Lancashire Insurance (UK) | 2,8 | 58,2 | 1,5 | 0,4 |
| Total: | 18,645,6 | 16,2 | 944,7 | 95,3 |
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.
Our findings suggest that the UK reinsurance sector exhibits the ‘small-world’ property with a scale-free, core-periphery structure and topological characteristics common to other financial networks.
These characteristics of risk dispersion from the periphery to the core make the network ‘robust-yet-fragile’ to financial shocks.
Beinsure Data explore the robustness of the network to adverse shocks through a stress-simulation exercise, where we find it robust to system wide shocks affecting the value of total investments, and to idiosyncratic shocks applied to large, highly interconnected reinsurers.
For some types of insurance risk, the pattern of counterparty exposures may differ depending on the type of risk or its line of business.
To explore these differences, we incorporate a multi-layered network approach in certain parts of the analysis, where we assign network layers to describe different types of interactions between the insurer and reinsurer.
For example, at the level of lines of business, while the set of nodes for each layer remains unchanged, a given layer is defined to contain only a subset of links for a particular business line.
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Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding.
