Together, Munich Re and Swiss Re accounted for 24.3% of reinsurance gross premiums written in 2021

Munich Reinsurance Company for a second-straight year holds the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2021, followed again by Swiss Re, with Hannover Re coming in third.

Although the top three reinsurers occupied the same spots from last year’s ranking, there was movement among the other companies in the top 10 in the latest ranking. Notably, Canada Life Re moved up to Number 4, the first time a solely life reinsurance group has ever made the top four. 

Scor has moved down a position to number 5 in the ranking.

Together, the top two global reinsurers - Munich Re and Swiss Re - account for 24.3% of top 50 reinsurance gross premiums written in 2021.

Total reinsurance gross premiums written by the top 50 reinsurers increased in 2021 by 9.8% to $353 billion from $321 billion in the previous year.

In addition, the average combined ratio of the top 10 reinsurers was 99.2, significantly better than the 104.9 posted in 2020. Overall, the top 50 reinsurers posted an average combined ratio under 100 for the first time in five years, despite notable catastrophe losses in 2021.

“Many of the reinsurance companies AM Best rates reported that a third to half of their premium growth could be attributed to pricing increases, as opposed to exposure growth,” said Clare Finnegan, senior financial analyst, AM Best. “Rate increases in many of the reinsurance lines are expected in 2023, although they will vary by line of business and territory.”

The report notes that reductions in property catastrophe reinsurance premium also could counter growth, as some reinsurers have begun to withdraw or substantially reduce their participation in that market.

Top 50 Global Reinsurers, Ranked by Unaffiliated Gross Premium Written, 2021
Exhibit 1            
                         
(USD millions)1                        
                Total        
    Reinsurance Premiums Written Share-        
    Life & Non-Life   Non-Life Only holders’   Ratios3
Ranking Company Name Gross Net   Gross Net   Funds Funds2 Loss Expense Combined
1 Munich Reinsurance Company 46,836 44,417   32,610 31,482   35,047   68.7 30.9 99.6
2 Swiss Re Ltd.  39,202 36,965   23,131 22,381   23,678   67.4 29.7 97.1
3 Hannover Rück SE4 31,443 27,344   21,773 18,827   14,447   69.3 28.7 98.0
4 Canada Life Re 23,547 23,514   N/A N/A   23,854   N/A N/A N/A
5 SCOR S.E. 19,933 16,242   9,319 7,939   7,251   72.0 28.6 100.6
6 Berkshire Hathaway Inc. 19,906 19,906   14,285 14,285   514,930   71.9 23.3 95.1
7 Lloyd’s5, 6 19,343 14,263   19,343 14,263   48,242   65.8 29.4 95.2
8 China Reinsurance (Group) Corporation 17,808 16,181   6,956 6,608   16,104   66.6 28.4 95.1
9 Reinsurance Group of America Inc. 13,348 12,513   N/A N/A   13,014   N/A N/A N/A
10 Everest Re Group Ltd. 9,067 8,536   9,067 8,536   10,139   71.6 26.5 98.1
11 PartnerRe Ltd. 8,204 7,134   6,557 5,511   7,544   64.6 25.9 90.5
12 RenaissanceRe Holdings Ltd. 7,834 5,939   7,834 5,939   7,078   74.6 27.5 102.1
13 Korean Reinsurance Company 7,145 5,102   6,043 4,078   2,126   86.4 14.2 100.6
14 Transatlantic Holdings, Inc 6,034 5,387   6,034 5,387   5,398   69.2 30.2 99.5
15 General Insurance Corporation of India7 5,821 5,172   5,630 4,987   7,938   88.8 19.3 108.1
16 AXA XL 5,480 4,313   5,480 4,313   13,139   72.6 31.2 103.8
17 Arch Capital Group Ltd. 5,094 3,254   5,094 3,254   13,546   67.8 26.4 94.2
18 MS&AD Insurance Group Holdings, Inc.7, 8, 12 4,393 N/A   4,393 N/A   14,668   N/A N/A 97.7
19 Pacific LifeCorp 4,098 3,620   N/A N/A   17,005   N/A N/A N/A
20 Sompo International Holdings, Ltd. 3,855 3,417   3,855 3,417   7,433   63.5 29.5 93.1
21 MAPFRE RE, Compañía de Reaseguros S.A.10 3,719 3,165   3,080 2,534   2,035   69.3 28.7 98.1
22 Assicurazioni Generali SpA 3,670 3,670   1,242 1,242   36,101   83.5 27.9 111.4
23 R+V Versicherung AG9 3,421 3,421   3,421 3,421   2,435   76.0 26.3 102.2
24 Validus Reinsurance, Ltd. 3,171 2,452   3,171 2,452   3,548   72.4 28.6 101.0
25 The Toa Reinsurance Company, Limited7, 8 2,988 2,453   2,127 1,690   2,614   77.6 32.5 110.2
26 Liberty Mutual13 2,945 N/A   2,945 N/A   27,848   62.0 33.2 95.2
27 Odyssey Group Holdings, Inc. 2,842 2,709   2,842 2,709   5,220   75.1 24.9 100.0
28 AXIS Capital Holdings Limited 2,823 2,032   2,823 2,032   5,411   73.2 26.5 99.7
29 Taiping Reinsurance Co. Ltd8 2,339 2,051   1,447 1,229   1,507   71.0 32.9 103.9
30 Peak Reinsurance Company Ltd 2,145 1,794   1,899 1,591   1,470   75.8 26.2 102.1
31 Caisse Centrale de Réassurance 2,144 1,964   1,968 1,792   3,191   50.0 16.8 66.9
32 Qianhai Reinsurance Co., Ltd. 1,994 1,154   410 350   521   75.5 25.1 100.5
33 QBE Insurance Group Limited 1,662 1,482   1,662 1,482   8,882   66.6 6.1 72.8
34 Aspen Insurance Holdings Limited 1,597 1,199   1,597 1,199   2,775   63.0 30.6 93.6
35 Deutsche Rückversicherung  AG 1,577 1,042   1,475 1,000   351   76.3 29.2 105.5
36 IRB - Brasil Resseguros S.A. 1,552 984   1,552 984   644   101.5 30.5 132.0
37 Tokio Marine & Nichido Fire Insurance Co., Ltd.7, 12 1,483 1,178   1,483 1,178   17,148   N/A N/A 100.9
38 SiriusPoint Ltd. 1,350 1,125   1,350 1,125   2,503   82.6 33.7 116.2
39 Fidelis 1,289 573   1,289 573   2,078   84.0 27.6 111.6
40 Markel Corporation 1,246 1,126   1,246 1,126   14,695   73.9 31.4 105.3
41 W.R. Berkley Corporation12 1,228 1,119   1,228 1,119   6,653   61.0 29.7 90.7
42 Lancashire 1,225 816   1,225 816   1,413   67.6 41.3 108.9
43 Allied World Assurance Company Holdings, AG 1,201 1,106   1,201 1,106   4,792   75.4 25.7 101.1
44 American Agricultural Insurance Company11 927 247   927 247   672   82.6 4.1 86.7
45 Chubb Limited  873 873   873 873   59,714   79.2 29.4 108.6
46 African Reinsurance Corporation 845 666   783 612   1,001   56.8 36.7 93.5
47 Hiscox Ltd 808 274   808 274   2,539   40.8 29.7 70.6
48 Somers Re Ltd. 783 705   783 705   943   80.6 23.7 104.3
49 DEVK Re 759 699   754 694   14,447   76.3 28.4 104.7
50 Central Reinsurance Corporation 755 702   645 595   698   67.9 27.6 95.5

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