Monday, September 26th, 2022

Revealed – the world’s 50 largest reinsurance firms


The agency warned, nonetheless, that the rise in GWP may very well be offset by the drop in property disaster premium as many reinsurers have begun shrinking their publicity to – if not withdrawing utterly from – the market.

The appreciation of the US greenback in opposition to most different currencies, together with the euro, has additionally dampened premium quantity for a number of reinsurance firms.

Regardless of the numerous disaster losses – most of which stemmed from secondary perils – the highest 50 reinsurers posted a mean mixed ratio underneath 100 for the primary time in 5 years. The common mixed ratio of the ten largest corporations was 99.2 final 12 months, considerably higher than the 104.9 registered in 2020.

Learn extra: What’s occurring throughout the reinsurance market? – Gallagher Re report

Prime reinsurers retain main spots

The three largest reinsurers from the final 12 months retained their spots, with Munich Re, which clinched first place in 2021 following the exclusion of major premiums within the rankings, remaining on the prime of the checklist. The Germany-based firm posted a ten.8% rise in GWP, pushed completely by the enlargement of its property and casualty (P&C) phase.

Securing the quantity two spot is Swiss Re. The Switzerland-based reinsurer noticed premium development in each its P&C (8%) and life and well being (7%) segments. Munich Re and Swiss Re accounted for twenty-four.3% of the highest 50 corporations’ GWP in 2021, down barely from 25.6% from the 12 months prior, probably as a result of depreciation of the euro.

Hannover Rück SE additionally maintained its place at third after seeing premium quantity leap by 12%. Development was pushed by the German reinsurer’s P&C phase, which rose greater than 16% due to “favorable pricing tendencies.”

Though the highest three have been the identical as final 12 months, there was notable motion among the many different firms within the prime 10. Canada Life Re moved as much as the fourth spot from quantity eight final 12 months, leapfrogging SCOR, Berkshire Hathaway, China Re, and Lloyd’s. It additionally marked the primary time {that a} solely life reinsurance group made the highest 4. Canada Life re-entered a number of new long-term reinsurance agreements, together with a multi-billion-dollar block switch of Japanese complete life insurance policies and a deal to reinsure pension liabilities within the Netherlands and the UK final 12 months.

Learn extra: Reinsurers get pleasure from strong capital development – Willis Re

Korean Re, which held tenth place in 2020, dropped to the thirteenth spot, owing to forex fluctuations. Regardless of premium development of about 7%, China Re, in sixth place in 2021, slipped again to eighth, the place it held in 2020.

Additionally having fun with development in GWP is Berkshire Hathaway at 3.5% – though the Warren Buffett-owned agency slipped one spot to sixth place – and UK insurance coverage market Lloyd’s at 17.2%, retaining its spot at quantity seven. France-headquartered SCOR slid to fifth from fourth final 12 months, after a 1% decline in premium quantity.

The ten largest reinsurers within the rankings accounted for barely over two-thirds of the whole GWP at 67.9%, a marginal decline from 68.5% in 2020.

The world’s 50 largest reinsurers ranked

In accordance with AM Finest, the rankings are supposed to “isolate a reinsurer’s enterprise profile” utilizing GWP. 

To acquire probably the most correct figures potential, the credit score reporting company mentioned it made a number of “assumptions and changes as [it] navigated by way of totally different monetary statements, accounting requirements, and phase reporting,” with probably the most important adjustment being “capturing solely third-party enterprise and excluding affiliated or intergroup reinsurance.”

AM Finest additionally transformed all reporting currencies to US {dollars} utilizing the international trade fee as of the date of the reinsurers’ monetary statements. The agency mentioned forex trade fee fluctuations have a “significant impact” on the rankings.

Learn extra: Gallagher Re stories on “difficult” January reinsurance renewals

When monetary statements and supplemental knowledge didn’t present a correct breakdown of premiums, nonetheless, AM Finest obtained data straight from the reinsurer, however cautioned that this can be unaudited.

Listed here are the 50 largest reinsurance firms on the earth, based on the credit score reporting company’s annual report.






















































Rating

Firm

Nation

Earlier rating

GWP


(US$ million)

Loss ratio

1

Munich Re

Germany

1

$46,836

99.6

2

Swiss Re

Switzerland

2

$39,202

97.1

3

Hannover Re

Germany

3

$31,443

98.0

4

Canada Life Re

Canada

8

$23.547

N/A

5

SCOR

France

4

$19,933

100.6

6

Berkshire Hathaway

USA

5

$19,906

95.1

7

Lloyd’s

UK

7

$19,343

95.2

8

China Re

China

6

$17,808

95.1

9

Reinsurance Group of America

USA

9

$13,348

N/A

10

Everest Re

Bermuda

11

$9,067

98.1

11

PartnerRe

Bermuda

12

$8,204

90.5

12

RenaissanceRe

Bermuda

14

$7,834

102.1

13

Korean Re

South Korea

10

$7,145

100.6

14

TransRe

USA

16

$6,034

99.5

15

Common Insurance coverage Company of India

India

13

$5,821

108.1

16

AXA XL

Bermuda

15

$5,480

103.8

17

Arch Capital

Bermuda

17

$5,094

94.2

18

MS&AD Insurance coverage Group

Japan

18

$4,393

97.7

19

Pacific Life

USA

27

$4,098

N/A

20

Sompo Worldwide

Bermuda

22

$3,855

93.1

21

MAPFRE RE

Spain

21

$3,719

98.1

22

Assicurazioni Generali

Italy

19

$3,670

111.4

23

R+V Versicherung

Germany

20

$3,421

102.2

24

Validus Re

Bermuda

25

$3,171

101.0

25

The Toa Reinsurance

Japan

23

$2,988

110.2

26

Liberty Mutual

USA

Not ranked

$2,945

95.2

27

Odyssey Re

USA

28

$2,842

100.0

28

AXIS Capital

Bermuda

24

$2,823

99.7

29

Taiping Reinsurance

China

29

$2,339

103.9

30

Peak Reinsurance

Hong Kong

30

$2,145

102.1

31

Caisse Centrale de Réassurance

France

26

$2,144

66.9

32

Qianhai Reinsurance

China

34

$1,994

100.5

33

QBE

Australia

36

$1,662

72.8

34

Aspen Insurance coverage

Bermuda

33

$1,597

93.6

35

Deutsche Rückversicherung

Germany

35

$1,577

105.5

36

IRB – Brasil Resseguros

Brazil

31

$1,552

132.0

37

Tokio Marine & Nichido Fireplace Insurance coverage

Japan

37

$1,483

100.9

38

SiriusPoint

Bermuda

32

$1,350

116.2

39

Fidelis

Bermuda

41

$1,289

111.6

40

Markel Company

USA

39

$1,246

105.3

41

W.R. Berkley

USA

44

$1,228

90.7

42

Lancashire

Bermuda

43

$1,225

108.9

43

Allied World

Bermuda

40

$1,201

101.1

44

American Agricultural Insurance coverage

USA

38

$927

86.7

45

Chubb

Switzerland

42

$873

108.6

46

African Reinsurance

Nigeria

45

$845

93.5

47

Hiscox

Bermuda

47

$808

70.6

48

Somers Re

Bermuda

Not ranked

$783

104.3

49

DEVK Re

Germany

48

$759

104.7

50

Central Reinsurance Company

Taiwan

49

$755

95.5

Supply: AM Finest, Finest’s Market Phase Report 2022

 

 



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