Munich Re was ranked top, across non-life and life business, followed by Swiss Re, Hannover Re, Canada Life Re and Berkshire Hathaway.
AM Best has released its top 50 ranking of the world’s biggest reinsurance companies.
According to the report, total reinsurance gross premiums written by the top 50 reinsurers increased by 2.6% to reach $363.6bn in 2022.
Munich Re sits atop the rankings once again, according to the rating agency’s market segment report.
The German reinsurer and its rival Swiss Re together made up a quarter of the gross premium written by the top 50 reinsurance firms taken together as a whole.
Behind Munich Re, sat Swiss Re, followed by Hannover Re, Canada Life Re, Berkshire Hathaway and SCOR made up the top six.
The ranking takes in both life and non-life reinsurance underwriting but excludes any primary insurance underwritten.
AM Best’s rankings before 2021 had included primary premiums that were less than 25% of a reinsurers’ total premium volume.
While the top four firms were unchanged from the previous year, Berkshire had risen from sixth last year to push SCOR down a place into sixth this time around.
More-significant movement in the rankings occurred below the top 10, driven primarily by shifts in reinsurance portfolios’ mix, AM Best said.
“Looking forward, AM Best expects Renaissance Re to move up once its acquisition of Validus from AIG is completed,” said Christopher Pennings, financial analyst, AM Best.
“In combination, the two entities had gross life and non-life premiums written of $12.3bn at year-end 2022, which would have ranked No. 10,” he said.
Part of its buildup to the annual Rendezvous-de-Septembre event in Monte Carlo, the rating agency said it would also release reports on insurance-linked securities, Lloyd’s, life/annuity, health and regional reinsurance markets.
“For many reinsurers, premium growth was driven primarily by strong rate increases, not exposure growth,” Pennings said.
“At the same time, global reinsurers have become somewhat concerned about exchange rate fluctuations, as foreign exchange losses have had a dampening effect on premium volume,” he added.