2023 Reinsurance companies by S&P is based on survey responses from reinsurance organizations in Bermuda. 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.
According to Beinsure Data, Bermuda reinsurers expected improved underwriting performance in 2023 will be driven by accelerating premium rates with a market reset in pricing, terms and conditions, even amid heightened catastrophe losses, inflation and economic uncertainties.
TOP 20 Largest Reinsurance Companies in Bermuda
| Reinsurer | Net Re premiums written, $mn | Change % | Pretax income, $mn | Combined ratio, % |
| 1. Sompo International Holdings | 3,415,6 | 11,2 | N,A, | N,A, |
| 2. Partner Re Company Ltd | 3,194,6 | 15,0 | N,A, | 90,6 |
| 3. Arch Re | 2,311,1 | 37,8 | 900,8 | 93,9 |
| 4. Renaissance Re | 2,099,8 | 38,7 | N,A, | 93,8 |
| 5. Everest Re (Bermuda) | 2,088,1 | 45,3 | 787,5 | 75,8 |
| 6. Ascot Group Limited | 1,981,6 | 52,5 | -24,4 | 97,4 |
| 7. Hannover Re Bermuda | 1,172,0 | 85,2 | 511,4 | 69,1 |
| 8. Allied World Assurance Company Holdings | 1,106,1 | 26,6 | 19,1 | 101,1 |
| 9. Chubb Tempest Re | 873,1 | 19,5 | 259,8 | 108,7 |
| 10. Qatar Re | 767,6 | -16,0 | -202,7 | 124,8 |
| 11. DaVinci Re | 682,2 | 31,4 | N,A, | 117,6 |
| 12. Fidelis Insurance Bermuda | 672,4 | 13,6 | 24,7 | N,A, |
| 13. SiriusPoint Bermuda Insurance Company | 424,3 | N,A, | -104,6 | 121,5 |
| 14. International General Insurance | 382,6 | 13,1 | 77,2 | 77,6 |
| 15. Aspen Bermuda | 372,2 | 54,1 | -76,7 | 126,7 |
| 16. Convex Re Limited | 363,3 | 105,7 | -80,2 | 128,1 |
| 17. Lancashire Insurance | 290,4 | 130,2 | -14,6 | 114,9 |
| 18. Markel Bermuda | 156,1 | 9,1 | -44,5 | 125,7 |
| 19. Hiscox Insurance (Bermuda) | 150,6 | 50,6 | 29,3 | 50,4 |
| 20. Vermeer Re | 96,8 | 10,2 | N,A, | 59,2 |
| Total: | 22,767,4 | 29,8 | 2,086,6 | 94,7 |
Bermuda Reinsurance Market has grown up in the last 20 years in response to market needs for greater worldwide access to property and casualty insurance and reinsurance.
These large carriers are regulated under a separate and distinct set of requirements with a regulatory framework designed to meet international regulatory standards commensurate with their size and market scope.
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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Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding
