Unveiling the top 40 global reinsurers

Top German company received the only positive outlook

Unveiling the top 40 global reinsurers

Reinsurance

By Kenneth Araullo

S&P Global Ratings has revealed the top 40 global reinsurers in the market as of 2023, through the latest edition of its Global Reinsurance Highlights report.

Germany-based Munich Re nabbed the top spot, with a rating of AA- and the only positive outlook across all the 40 ranked. The company recorded $48.747 billion in net reinsurance premiums written as of 2022 and a pretax operating income of $1.623 billion. Its overall results for Q2 2023 also revealed that the group is well on its way to achieving its annual target.

Coming in second is Swiss Re, which followed closely at $43.917 billion in net reinsurance premiums written and a pretax operating income of $654 million. Hannover Rueck SE, another German firm, took third place with $31.969 billion in net reinsurance premiums written and $2.027 billion in pretax operating income.

Rounding out the top five are Berkshire Hathaway Insurance Group and SCOR, recording $22.147 billion and $17.046 billion in net reinsurance premiums written, respectively.

China Reinsurance Group took sixth place and is notable as the only Asian reinsurer that cracked the top 10. Lloyd’s snagged seventh place, followed by the Reinsurance Group of America at eighth, and Everest Group at ninth. Finally, Partner Re took the last spot in the top 10, although it is worth noting that it has not listed its pretax operating income for 2022.

The top global reinsurers

The rest of the top global reinsurers and their respective net reinsurance premiums written are as follows:

Reinsurer

Country

Net reinsurance premiums written

11. RenaissanceRe

Bermuda

$7.196 billion

12. Fairfax Financial

Canada

$6.079 billion

13. Korean Reinsurance

Korea

$5.832 billion

14. MS&AD Insurance Group

Japan

$5.721 billion

15. Sompo

Japan

$5.162 billion

16. Arch Capital Group

Bermuda

$4.924 billion

17. Mapfre Re

Spain

$4.386 billion

18. General Insurance Corp. of India

India

$4.077 billion

19. R+V Versicherung AG

Germany

$3.582 billion

20. Ascot Group

Bermuda

$2.599 billion

21. Tokio Marine & Nichido Fire Insurance

Japan

$2.586 billion

22. Toa Re Group

Japan

$2.431 billion

23. Taiping Reinsurance

Hong Kong

$2.439 billion

24. Caisse Centrale de Reassurance

France

$2.006 billion

25. Allianz SE

Germany

$1.890 billion

26. AXIS Capital Holdings

Bermuda

$1.885 billion

27. Peak Reinsurance

Hong Kong

$1.758 billion

28. Associated Electric & Gas Ins. Services

Bermuda

$1.681 billion

29. QBE Insurance Group

Australia

$1.580 billion

30. Aspen Insurance

Bermuda

$1.426 billion

31. Convex Insurance Group

UK

$1.339 billion

32. SiriusPoint

Bermuda

$1.199 billion

33. Markel Group

US

$1.167 billion

34. PICC Reinsurance

China

$1.138 billion

35. Deutsche Rueckversicherung AG

Germany

$1.107 billion

36. Chubb Tempest Reinsurance

Bermuda

$1.022 billion

37. W.R. Berkley Corp.

US

$1.007 billion

38. African Reinsurance Corp.

Nigeria

$772 million

39. DEVK Rueckversicherungs-und Beteiligungs-AG

Germany

$702 million

40. Lancashire Holdings

Bermuda

$628 million

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