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.

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