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S&P Global Ratings Top 40 Global Reinsurers And Reinsurers By Country: 2023

(Editor's Note: On Sept. 8, 2023, we republished this article to add a link to our interactive dashboard.)

To bring you the 2023 edition of Global Reinsurance Highlights, S&P Global Ratings sought data on 139 reinsurance organizations from 30 countries. As in previous years, the data is based on survey responses from reinsurance organizations worldwide.

To ensure consistency, we requested that respondents complied with clear guidelines on the definition of the financial items required. In addition, S&P Global Ratings attempted to verify the data submitted with reference to publicly available data sources, insofar as this was possible.

Our ongoing aim in producing this data is to provide market participants with an indication of the ongoing reinsurance capacity available in each market. Hence, we try to exclude intragroup reinsurance, as far as possible.

One of the challenges has been to separate reinsurance from primary insurance business, especially when the reinsurance operation is a division within a company and not a distinct operation. Generally speaking, the premium data relates to a company's reinsurance premiums written but, in some cases, other metrics will include both primary and reinsurance business. These cases can be identified through the footnotes to the tables, although if we do not consider that the metrics provided by the company are representative of its reinsurance operations, we have marked the metric as not available (N.A.).

For companies that report in currencies other than the U.S. dollar, we have converted the reported data at year-end exchange rates.

We have endeavored to collect the data underlying each group or entity's combined (loss and expense) ratio to calculate this metric in a comparable manner. The combined ratios presented in our Global Reinsurance Highlights have been calculated as: net losses incurred plus net underwriting expenses to net premiums earned. The combined ratio of any entity that writes purely life reinsurance has been marked as not meaningful (N.M.), because we do not consider this to be an accurate measure of a life reinsurer's profitability. For groups or entities that write both non-life and life reinsurance business, the combined ratio reflects non-life business only.

The main group and country listing for each entity surveyed is representative of that group or company's total reinsurance business written, be it life, non-life, or a combination of both.

Full details of the information are available through our interactive dashboard, by clicking here: https://www.spglobal.com/ratings/en/research-insights/sector-intelligence/interactives/global-reinsurance-interactive-sept-2023. The below image is a preview.

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Table 1

Top 40 global reinsurers
Net reinsurance premiums written (mil. $) Pretax operating income (mil. $) Combined ratio (%) Total adjusted shareholders' funds (mil. $) Return on revenue (%)
Ranking Company Country Rating Outlook Footnote 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
1

Munich Reinsurance Co.

Germany AA- Positive 1 48,747.9 44,598.7 1,623.3 2,131.1 96.3 99.7 25,303.0 52,958.3 3.3 4.8
2

Swiss Reinsurance Co. Ltd.

Switzerland AA- Stable 2 43,917.0 43,220.0 654.0 1,294.0 98.1 92.4 12,699.0 23,568.0 1.4 2.8
3

Hannover Rueck SE

Germany AA- Stable 31,969.8 28,267.7 2,027.0 1,517.8 100.1 98.0 8,461.9 13,885.8 6.0 5.2
4

Berkshire Hathaway Insurance Group

United States AA+ Stable 22,147.0 19,770.0 1,389.0 -930 N.A. 104.3 272,000.0 301,000.0 N.A. -4.6
5

SCOR Group

France A+ Stable 17,046.9 16,308.6 -615.8 651.6 113.2 100.6 5,441.8 7,261.0 -3.6 4.0
6

China Reinsurance (Group) Corp.

China A Stable  15,452.7 16,226.0 1,509.1 1,615.2 96.4 95.1 13,726.2 16,148.8 8.6 8.8
7

Lloyd's

United Kingdom A+ Stable 3 14,302.8 14,319.7 765.1 662.3 94.4 95.2 47,638.4 48,432.5 5.6 4.8
8

Reinsurance Group of America Inc.

United States AA- Stable 13,078.0 12,513.0 1,261.0 121.0 N.A. N.A. 4,145.0 13,014.0 7.8 0.7
9

Everest Group Ltd.

Bermuda A+ Stable 4 12,344.2 11,445.5 1,146.4 1,259.5 96.0 97.8 10,025.0 9,450.9 9.1 10.9
10

PartnerRe Ltd.

Bermuda A+ Stable 7,544.2 7,134.0 N.A. N.A. 91.9 90.5 6,288.4 7,544.0 N.A. N.A.
11

RenaissanceRe Holdings Ltd.

Bermuda A+ Stable 7,196.2 5,939.4 N.A. N.A. 99.1 103.8 5,325.3 6,624.3 N.A. N.A.
12

Fairfax Financial Holdings Ltd.

Canada A Stable 6,079.1 4,689.3 550.8 234.3 97.5 100.4 15,340.7 15,049.6 8.9 4.8
13

Korean Reinsurance Co.

South Korea A Stable 5,832.3 5,089.4 167.5 159.8 101.1 102.2 2,418.2 2,280.6 2.8 3.0
14

MS&AD Insurance Group Holdings, Inc.

Japan A+ Stable 5,721.0 5,117.0 N.A. N.A. N.A. N.A. 36,759.7 41,845.1 N.A. N.A.
15

Sompo Holdings Inc.

Japan A+ Stable 5,162.0 5,901.2 N.A. N.A. N.A. N.A. 16,890.1 21,910.4 N.A. N.A.
16

Arch Capital Group Ltd.

Bermuda A+ Stable 4,924.0 3,254.4 1,314.8 949.0 92.2 94.2 9,261.9 9,489.8 31.3 31.3
17

Mapfre Re, Compania de Reaseguros, S.A.

Spain A+ Stable 4,386.3 4,159.3 205.8 220.4 96.8 97.1 2,019.2 2,043.7 4.8 5.4
18 General Insurance Corp. of India India N.R. 4,077.7 5,347.2 970.2 513.2 107.9 108.1 4,348.5 3,940.3 17.0 7.6
19

R+V Versicherung AG

Germany A+ Stable 3,582.5 3,916.8 261.1 334.7 100.8 97.3 5,628.5 7,029.7 6.7 8.0
20

Ascot Group Ltd.*

Bermuda BBB Stable 2,599.5 1,981.6 -306.0 -24.4 100.4 97.4 1,419.1 1,712.5 -14.5 -1.5
21

Tokio Marine & Nichido Fire Insurance Co. Ltd.

Japan A+ Stable 2,586.1 2,621.7 2,983.3 2,888.3 N.A. N.A. 23,255.9 26,638.3 N.A. N.A.
22

Toa Re Group

Japan A Stable 2,431.7 2,732.8 7.0 -115.2 106.3 108.5 2,285.2 2,873.9 0.3 -4.1
23

Taiping Reinsurance Co. Ltd.

Hong Kong A Negative 2,349.3 2,483.2 -41.6 -127.1 102.6 103.9 1,415.8 1,508.0 -2.1 -5.9
24

Caisse Centrale de Reassurance

France AA Negative 2,006.6 1,971.5 -1,098.4 696.2 168.4 66.9 4,689.5 6,996.2 -50.3 15.1
25

Allianz SE

Germany AA Stable 5 1,890.5 1,509.9 40.8 97.5 98.6 91.9 N.A. N.A. 2.3 6.6
26

AXIS Capital Holdings Ltd.

Bermuda A+ Stable 1,885.2 2,031.7 N.A. N.A. 99.1 99.0 4,639.9 5,410.7 N.A. N.A.
27 Peak Reinsurance Co. Ltd. Hong Kong N.R. 1,758.3 1,793.9 -93.8 73.5 101.4 98.6 947.1 1,218.9 -6.2 4.1
29

Associated Electric & Gas Ins. Services Ltd.

Bermuda A- Positive 1,681.0 N.A. 201.0 N.A. 87.0 N.A. N.A. N.A. 13.5 N.A.
29

QBE Insurance Group Ltd.

Australia A+ Stable 1,580.0 1,482.0 308.0 126.0 78.5 90.7 8,992.0 8,882.0 21.5 9.3
30

Aspen Insurance Holdings Ltd.

Bermuda A- Stable 1,426.3 1,199.0 52.4 60.6 95.8 94.6 2,358.0 2,770.6 3.6 5.4
31

Convex Insurance Group

United Kingdom A- Stable 1,339.8 808.0 -42.4 -200 104.5 131.8 2,266.2 2,400.3 -3.6 -29.5
32

SiriusPoint Ltd.

Bermuda A- Negative 1,199.6 1,417.3 -71 -268.9 105.5 120.0 2,201.5 2,642.4 -5.4 -19.6
33

Markel Group Inc.

United States A Stable 1,167.3 1,126.2 83.9 -55.2 92.1 105.3 N.A. N.A. 7.9 -5.3
34

PICC Reinsurance Co. Ltd.

China A- Stable 1,138.6 981.8 -30.9 -36.6 103.0 104.5 587.1 634.5 -2.7 -3.7
35

Deutsche Rueckversicherung AG

Germany A+ Stable 1,107.7 1,056.6 137.8 25.5 92.0 101.9 1,164.9 1,226.5 11.8 2.3
36

Chubb Tempest Reinsurance Ltd.

Bermuda AA Stable 1,022.0 956.8 266.0 284.3 102.6 108.7 N.A. N.A. 20.0 22.5
37

W.R. Berkley Corp.

United States A+ Stable 1,007.4 827.1 N.A. N.A. N.A. N.A. 6,748.3 6,653.0 N.A. N.A.
38

African Reinsurance Corp.

Nigeria A- Stable 772.7 666.4 24.3 40.9 94.3 93.5 989.9 1,000.7 3.2 5.7
39

DEVK Rueckversicherungs- und Beteiligungs-AG - DEVK RE

Germany A+ Stable 702.8 658.5 47.5 118.2 99.1 102.5 1,363.8 1,481.6 6.3 15.5
40

Lancashire Holdings Ltd.

Bermuda A- Stable 628.8 385.3 19.9 -62.9 97.5 109.3 1,267.9 1,412.3 2.0 -8.4
Totals: 305,792.6 285,908.5 15,717.0 14,254.7 99.2 98.0 570,313.1 678,939.3 4.3 4.1
Rating = Financial strength ratings of group core operating entities as of Aug. 31, 2023. N.A.--Not available. N.M.--Not meaningful. N.R.--Not rated. Note: Exchange rates may slightly differ from previous years’ GRH data due to alignment of foreign exchange rates with other S&P Global surveys. *Issuer credit rating on the holding company. (1) Munich Re: Total adjusted shareholders’ funds for the group includes ERGO. (2) Swiss Re: Figures represent the group as a whole including primary business. (3) Lloyd's: Investment income/other income not available at reinsurance class of business level. Adjusted shareholders’ funds are members’ funds for the market as a whole. (4) Everest Group Ltd.: Figures represent the group as a whole, including primary business. (5) Allianz SE: Data refer to reinsurance business written by Allianz SE. Figures are based on IFRS results (only external business). Adjusted shareholders’ funds not available at external business level.

Table 2

Global reinsurers by country
Company Footnotes Net reinsurance premiums written Pretax operating income (mil. $) Combined ratio (%) Total adjusted shareholders' funds (mil. $) Return on revenue (%)
2022 2021 Change (%) 2022 2021 2022 2021 2022 2021 Change (%) 2022 2021
Australia
QBE Insurance Group Ltd. 1,580.0 1,482.0 6.6 308.0 126.0 78.5 90.7 8,992.0 8,882.0 1.2 21.5 9.3
Swiss Re Life & Health Australia Ltd. 698.0 -759.0 192.0 67.2 -4.4 N.A. N.A. 921.2 1,019.3 -9.6 8.1 -0.5
Munich Reinsurance Company of Australasia Ltd. 419.2 454.1 -7.7 218.1 243.8 N.A. N.A. 857.2 1,021.2 -16.1 214.0 59.4
Hannover Life Re of Australasia Ltd. 375.7 407.4 -7.8 37.2 118.7 N.A. N.A. 403.8 398.7 1.3 8.2 25.3
SCOR Global Life Australia 88.9 99.5 -10.6 15.0 5.1 N.A. N.A. 80.6 88.0 -8.5 14.0 4.3
Total: 3,161.7 1,684.0 87.8 645.5 489.2 78.5 90.7 11,254.7 11,409.2 -1.4 22.1 15.3
Bahrain
Hannover Re Takaful 210.1 163.8 28.3 23.5 12.6 97.0 77.1 135.6 217.6 -37.7 11.6 7.2
Total: 210.1 163.8 28.3 23.5 12.6 97.0 77.1 135.6 217.6 -37.7 11.6 7.2
Barbados
Wentworth 139.1 131.1 6.1 53.8 25.6 99.1 96.3 383.9 342.5 12.1 28.4 17.5
Total: 139.1 131.1 6.1 53.8 25.6 99.1 96.3 383.9 342.5 12.1 28.4 17.5
Bermuda
Sompo International Holdings Ltd. 5,162.0 3,415.6 51.1 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Arch Reinsurance Ltd. 3,537.7 2,311.1 53.1 1,147.3 900.8 94.1 93.9 6,541.8 6,875.4 -4.9 37.8 41.6
Partner Reinsurance Company Ltd. 3,293.4 3,194.6 3.1 N.A. N.A. 88.1 90.6 3,900.0 4,736.7 -17.7 N.A. N.A.
Ascot Group Ltd. 2,599.5 1,981.6 31.2 -306.0 -24.4 100.4 97.4 1,419.1 1,712.5 -17.1 -14.5 -1.5
Everest Reinsurance (Bermuda) Ltd. 2,333.8 2,088.1 11.8 626.9 787.5 73.2 75.8 2,759.2 3,184.1 -13.3 27.2 34.5
Renaissance Reinsurance Speciality US Ltd. 2,304.8 N.A. N.A. N.A. N.A. 100.3 N.A. 1,513.1 N.A. N.A. N.A. N.A.
Renaissance Reinsurance Ltd. 2,181.7 2,099.8 3.9 N.A. N.A. 91.5 93.8 2,247.2 2,250.0 -0.1 N.A. N.A.
Associated Electric & Gas Insurance Services Ltd. 1,681.0 N.A. N.A. 201.0 N.A. 87.0 N.A. N.A. N.A. N.A. 13.5 N.A.
Hannover Re Bermuda Ltd. 1,414.9 1,172.0 20.7 439.1 511.4 84.3 69.1 2,014.5 1,967.0 2.4 30.9 43.2
Allied World Assurance Co. Holdings, GmbH 1,388.2 1,106.1 25.5 42.5 19.1 102.0 101.1 4,594.7 4,792.3 -4.1 3.2 1.8
Convex Reinsurance Ltd. 1,216.9 363.3 235.0 99.5 -80.2 92.2 128.1 2,264.8 1,938.7 16.8 9.5 -25.0
Chubb Tempest Reinsurance Ltd. 943.0 873.1 8.0 253.0 259.8 102.6 108.7 N.A. N.A. N.A. 21.0 23.0
DaVinci Reinsurance Ltd. 845.7 682.2 24.0 N.A. N.A. 88.2 117.6 2,668.1 2,251.4 18.5 N.A. N.A.
Lancashire Insurance Co. Ltd. 521.9 294.4 77.3 51.4 -14.6 91.6 114.0 1,386.2 1,431.1 -3.1 9.0 -3.4
Aspen Bermuda Ltd. 500.8 372.2 34.6 -284.7 -76.7 92.7 126.7 866.5 1,131.0 -23.4 -62.3 -26.7
Fontana Holdings Ltd. 369.0 N.A. N.A. N.A. N.A. 99.8 N.A. 391.7 N.A. N.A. N.A. N.A.
SiriusPoint Bermuda Insurance Company Ltd. 279.1 424.3 -34.2 83.1 -104.6 93.3 121.5 2,883.8 3,544.5 -18.6 20.8 -21.4
Fidelis Insurance Bermuda Ltd. 214.2 672.4 -68.1 25.3 24.7 N.A. N.A. 1,500.2 1,778.4 -15.6 8.6 3.3
Vermeer Reinsurance Ltd. 136.6 96.8 41.2 N.A. N.A. 81.0 59.2 1,490.8 1,197.8 24.5 N.A. N.A.
Hiscox Insurance Co. (Bermuda) Ltd. 131.1 150.6 -13.0 15.0 29.3 60.4 50.4 1,205.6 1,294.2 -6.8 13.5 18.1
Markel Bermuda Limited 79.6 156.1 -49.0 34.7 -44.5 54.2 125.7 N.A. N.A. N.A. 45.8 -25.7
Chubb Tempest Life Reinsurance, Ltd. 79.0 83.7 -5.6 13.0 24.5 N.A. N.A. N.A. N.A. N.A. 10.4 18.0
Top Layer Reinsurance Ltd. 21.5 21.6 -0.4 N.A. N.A. N.A. N.A. 47.1 51.8 -9.0 N.A. N.A.
AXIS Specialty Ltd. -16.7 61.7 -127.1 N.A. N.A. 0.3 31.6 729.3 1,014.5 -28.1 N.A. N.A.
Total: 31,218.9 21,621.1 44.4 2,441.0 2,212.1 90.9 93.6 40,423.7 41,151.4 -1.8 15.3 18.2
Bosnia-Herzegovina
Bosna Reinsurance Co. Ltd. 17.5 15.8 10.7 1.7 1.6 73.7 81.4 19.0 19.0 -0.2 9.7 10.2
Total: 17.5 15.8 10.7 1.7 1.6 73.7 81.4 19.0 19.0 -0.2 9.7 10.2
Canada
SCOR Canada Reinsurance Co. 277.4 235.6 17.8 69.5 42.4 74.5 84.1 142.3 135.1 5.3 26.9 18.2
Munich Reinsurance Co. of Canada 210.5 198.1 6.3 73.9 31.5 72.4 90.2 205.8 203.0 1.4 32.8 14.7
Temple Insurance Co. 135.7 130.5 4.0 59.3 19.1 66.2 92.8 209.2 205.0 2.0 39.4 11.9
Total: 623.6 564.1 10.5 202.6 93.1 71.8 88.5 557.3 543.1 2.6 31.9 15.3
China
China Property & Casualty Reinsurance Co. Ltd. 5,733.8 5,810.5 -1.3 -64.2 399.9 99.0 99.6 2,996.7 3,571.0 -16.1 -1.1 6.7
PICC Reinsurance Co. Ltd. 1,138.6 981.8 16.0 -30.9 -36.6 103.0 104.5 587.1 634.5 -7.5 -2.7 -3.7
Total: 6,872.3 6,792.3 1.2 -95.2 363.3 99.7 100.3 3,583.8 4,205.5 -14.8 -1.3 5.2
Czech Republic
VIG Re 476.5 466.8 2.1 25.4 19.9 91.8 96.1 149.7 204.5 -26.8 5.3 4.2
Total: 476.5 466.8 2.1 25.4 19.9 91.8 96.1 149.7 204.5 -26.8 5.3 4.2
France
SCOR SE 5,834.5 6,327.4 -7.8 422.6 5.7 121.5 111.1 3,623.2 4,234.9 -14.4 5.9 0.1
Caisse centrale de réassurance 1,030.3 1,072.6 -3.9 -1,137.4 670.8 204.3 51.1 4,065.2 6,225.1 -34.7 -91.6 51.7
CCR Re 976.4 898.9 8.6 37.0 28.2 98.7 96.6 738.8 975.2 -24.2 3.9 3.2
SCOR Europe 8.2 10.6 -23.0 10.3 0.4 3.8 66.9 90.7 77.1 17.6 104.8 9.3
Total: 7,849.4 8,309.5 -5.5 -667.5 705.1 130.5 100.5 8,517.9 11,512.3 -26.0 -7.1 8.0
Germany
Munich Reinsurance Co. 26,606.0 23,911.9 11.3 994.7 3,274.0 93.8 97.1 43,342.3 45,622.2 -5.0 2.9 12.0
Hannover Rueck SE 14,457.1 17,217.2 -16.0 726.1 1,213.3 103.4 100.1 7,805.1 1,574.6 395.7 4.7 6.6
R+V Versicherung Aktiengesellschaft 3,582.5 3,916.8 -8.5 261.1 334.7 100.8 97.3 5,628.5 7,029.7 -19.9 6.7 8.0
E+S Rueckversicherung AG 3,010.2 2,791.5 7.8 265.6 112.6 99.0 102.4 2,392.2 2,972.1 -19.5 8.0 3.8
Allianz SE 1,890.5 1,509.9 25.2 40.8 97.5 98.6 91.9 N.A. N.A. N.A. 2.3 6.6
Deutsche Rueckversicherung AG 746.5 725.4 2.9 65.6 24.8 92.7 100.7 943.4 1,025.1 -8.0 8.5 3.3
DEVK Rueckversicherungs- und Beteiligungs-AG 702.8 658.5 6.7 47.5 118.2 99.1 102.5 1,363.8 1,481.6 -8.0 6.3 15.5
Total: 50,995.7 50,731.3 0.5 2,401.4 5,175.0 97.6 98.4 61,475.3 59,705.5 3.0 4.0 9.3
Hong Kong
Taiping Reinsurance Co., Ltd. 2,349.3 2,483.2 -5.4 -41.6 -127.1 102.6 103.9 1,415.8 1,508.0 -6.1 -2.1 -5.9
Peak Reinsurance Co. Ltd. 1,758.3 1,793.9 -2.0 -93.8 73.5 101.4 98.6 947.1 1,218.9 -22.3 -6.2 4.1
SCOR Reinsurance Company (Asia) Ltd. 80.2 73.7 8.8 2.9 13.2 74.7 46.9 158.4 207.3 -23.6 3.5 17.0
Total: 4,187.7 4,350.9 -3.7 -132.5 -40.4 101.4 100.4 2,521.4 2,934.2 -14.1 -3.7 -1.0
Ireland
Hannover Reinsurance (Ireland) DAC 5,803.4 5,146.9 12.8 100.0 21.6 100.5 81.2 945.8 690.8 36.9 1.7 0.4
SCOR Global Reinsurance Ireland DAC 3,424.2 1,328.9 157.7 95.1 96.4 98.7 N.A. 1,623.3 1,776.1 -8.6 3.2 6.9
SCOR Ireland DAC 3,256.6 2,416.9 34.7 -223.1 864.1 117.0 N.A. 2,698.9 3,462.8 -22.1 -7.1 31.6
Partner Reinsurance Europe SE 1,275.7 1,155.2 10.4 N.A. N.A. 70.9 67.3 2,545.9 2,986.2 -14.7 N.A. N.A.
AXIS Re SE 701.6 714.8 -1.8 N.A. N.A. 99.9 108.1 143.5 323.0 -55.6 N.A. N.A.
Arch Re Europe 108.1 89.6 20.6 N.A. N.A. 79.4 76.2 5,853.7 6,625.9 -11.7 N.A. N.A.
Fidelis Insurance Ireland DAC 3.8 3.5 9.1 4.3 5.4 N.A. N.A. 140.3 104.8 33.9 79.6 95.9
Total: 14,573.4 10,855.8 34.2 -23.6 987.5 100.9 81.9 13,951.4 15,969.5 -12.6 -0.2 10.5
Japan
Tokio Marine & Nichido Fire Insurance Co. Ltd. 2,586.1 2,621.7 -1.4 2,983.3 2,888.3 N.A. N.A. 23,255.9 26,638.3 -12.7 126.7 136.2
Aioi Nissay Dowa Insurance Co. Ltd. 1,866.1 1,803.7 3.5 N.A. N.A. N.A. N.A. 9,737.1 10,771.1 -9.6 N.A. N.A.
Toa Reinsurance Co. 1,619.0 1,875.4 -13.7 36.6 -12.2 104.4 104.3 2,030.7 2,394.3 -15.2 2.1 -0.6
Mitsui Sumitomo Insurance Co. Ltd. 1,610.3 1,561.2 3.1 N.A. N.A. N.A. N.A. 22,679.3 24,778.9 -8.5 N.A. N.A.
Sompo Japan Insurance Inc. 1,108.4 1,342.1 -17.4 N.A. N.A. N.A. N.A. 14,174.2 17,598.3 -19.5 N.A. N.A.
Total: 8,789.8 9,204.1 -4.5 3,020.0 2,876.2 104.4 104.3 71,877.2 82,180.9 -12.5 87.3 70.1
Kuwait
Kuwait Reinsurance Company K.S.C.P. 223.3 219.0 1.9 25.3 21.0 87.9 88.3 227.1 208.4 9.0 11.1 9.6
Total: 223.3 219.0 1.9 25.3 21.0 87.9 88.3 227.1 208.4 9.0 11.1 9.6
Luxembourg
Swiss Re Europe S.A. 8,455.7 8,418.3 0.4 376.1 1,011.4 107.0 97.7 505.4 1,990.8 -74.6 11.9 29.1
Convex Europe S.A. 1.1 -0.1 1,358.9 0.4 0.2 45.3 620.7 76.2 83.7 -9.0 44.5 -539.3
Total: 8,456.8 8,418.2 0.5 376.6 1,011.6 107.0 97.7 581.6 2,074.5 -72.0 11.9 29.1
Nigeria
African Reinsurance Corp. 642.8 535.1 20.1 30.0 43.8 91.0 92.1 929.4 939.0 -1.0 4.9 7.5
Total: 642.8 535.1 20.1 30.0 43.8 91.0 92.1 929.4 939.0 -1.0 4.9 7.5
Poland
Polish Re 128.7 137.7 -6.5 7.2 4.3 98.4 99.3 77.3 84.4 -8.4 5.5 3.2
Total: 128.7 137.7 -6.5 7.2 4.3 98.4 99.3 77.3 84.4 -8.4 5.5 3.2
Russia
GIC Perestrakhovanie 0.0 2.7 -99.3 -1.1 0.1 192.9 98.2 16.2 14.9 8.7 -218.8 6.5
Total: 0.0 2.7 -99.3 -1.1 0.1 192.9 98.2 16.2 14.9 8.7 -218.8 6.5
Saudi Arabia
Saudi Re for Cooperative Reinsurance Co. 239.3 255.6 -6.4 22.4 11.0 87.5 91.1 266.4 256.9 3.7 8.5 4.6
Total: 239.3 255.6 -6.4 22.4 11.0 87.5 91.1 266.4 256.9 3.7 8.5 4.6
Singapore
Swiss Re Asia Ltd. 4,650.0 5,171.2 -10.1 731.0 481.9 N.A. N.A. N.A. N.A. N.A. 16.0 9.2
SCOR Reinsurance Asia-Pacific 897.7 955.0 -6.0 47.7 -1.9 86.8 107.2 231.0 199.2 16.0 5.2 -0.2
Singapore Re 79.0 40.0 97.4 30.5 12.3 63.3 61.5 210.9 204.3 3.3 41.7 41.8
Total: 5,626.7 6,166.2 -8.7 809.2 492.3 85.2 105.9 442.0 403.5 9.5 14.6 7.9
Slovenia
Triglav Re, Reinsurance Co. 154.3 134.8 14.5 8.3 14.0 93.2 90.5 92.5 108.7 -14.8 5.6 10.3
Sava Reinsurance Co. d.d. 119.4 117.5 1.6 61.1 61.0 97.4 103.2 407.5 422.1 -3.4 26.2 24.4
Total: 273.8 252.3 8.5 69.4 74.9 95.5 97.9 500.1 530.8 -5.8 18.2 19.4
South Africa
Munich Reinsurance Co. of Africa Ltd. 388.6 351.6 10.5 27.3 -114.9 83.9 98.3 109.2 103.5 5.5 4.5 -21.4
Swiss Re Africa Ltd. 268.2 239.3 12.1 -31.6 -29.4 103.6 102.8 4.5 13.6 -67.2 -11.4 -12.2
Africa Re (SA) Ltd. 131.5 128.3 2.5 -5.7 -2.9 112.2 99.7 60.5 61.6 -1.8 -4.1 -2.1
Hannover Re South Africa Ltd. 121.0 174.1 -30.5 50.8 -46.2 90.0 92.9 145.4 104.1 39.7 35.7 -24.9
GIC Re South Africa Ltd. 19.4 27.3 -29.1 3.7 7.3 63.8 76.5 108.6 105.5 3.0 11.9 14.9
Total: 928.6 920.4 0.9 44.6 -186.2 94.0 97.9 428.2 388.3 10.3 3.7 -16.2
South Korea
Korean Reinsurance Co. 5,738.0 5,039.2 13.9 178.3 184.8 100.8 101.7 2,293.6 2,149.1 6.7 3.0 3.5
Total: 5,738.0 5,039.2 13.9 178.3 184.8 100.8 101.7 2,293.6 2,149.1 6.7 3.0 3.5
Spain
Mapfre Re, Compañía de Reaseguros, S.A. 4,165.6 4,016.1 3.7 182.0 203.5 96.9 96.8 1,937.7 1,942.4 -0.2 4.5 5.2
Nacional de Reaseguros S.A. 609.5 586.3 4.0 21.0 29.9 104.1 96.7 487.5 519.1 -6.1 3.4 5.0
Total: 4,775.1 4,602.4 3.8 203.0 233.5 97.9 96.8 2,425.2 2,461.5 -1.5 4.3 5.2
Sweden
SiriusPoint International Insurance Corp. 438.3 850.9 -48.5 -116.8 -157.6 117.7 119.5 1,194.6 1,391.0 -14.1 -19.7 -19.2
Total: 438.3 850.9 -48.5 -116.8 -157.6 117.7 119.5 1,194.6 1,391.0 -14.1 -19.7 -19.2
Switzerland
Swiss Reinsurance Co. Ltd. 10,960.0 10,757.7 1.9 191.9 -1,087.8 63.5 104.6 12,247.4 19,554.4 -37.4 1.6 -9.3
New Reinsurance Ltd. 4,017.0 2,278.4 76.3 -136.3 -296.8 96.3 99.1 2,417.5 1,887.2 28.1 -3.4 -11.7
Amlin AG 2,169.1 1,728.4 25.5 29.5 -361.2 98.2 125.4 N.A. N.A. N.A. 1.6 -24.1
Renaissance Reinsurance Europe AG 1,314.5 945.9 39.0 N.A. N.A. 112.3 111.4 835.9 1,043.6 -19.9 N.A. N.A.
DR Swiss, Deutsche Rueckversicherung Schweiz AG 368.0 345.2 6.6 49.6 -2.1 90.7 104.6 297.8 343.8 -13.4 12.9 -0.6
The Toa 21st Century Reinsurance Co. 281.5 227.2 23.9 -0.2 -40.2 99.3 123.8 381.0 411.0 -7.3 -0.1 -22.2
Echo Rückversicherungs-AG 249.5 231.4 7.8 17.4 5.5 91.2 94.9 162.1 180.7 -10.3 7.3 2.6
SIGNAL IDUNA Reinsurance Ltd. 205.3 206.7 -0.7 11.6 11.5 96.2 96.5 147.2 251.7 -41.5 5.3 5.3
Korean Reinsurance Switzerland AG 73.5 31.7 132.3 -12.7 -22.5 127.2 188.6 104.7 112.1 -6.6 -24.9 -87.0
Swiss Re Nexus Reinsurance Co. Ltd. -143.6 N.A. N.A. -100.5 N.A. N.A. N.A. 3,098.2 N.A. N.A. -29.7 N.A.
Total: 19,494.7 16,752.4 16.4 50.4 -1,793.7 78.1 106.2 19,691.7 23,784.6 -17.2 0.3 -10.7
Taiwan
Central Reinsurance Corp. 599.5 701.0 -14.5 -55.2 66.1 124.6 92.7 647.2 724.8 -10.7 -8.6 9.4
Total: 599.5 701.0 -14.5 -55.2 66.1 124.6 92.7 647.2 724.8 -10.7 -8.6 9.4
Turkey
Milli Reasurans T.A.S. 219.4 161.8 35.6 17.3 16.6 178.5 150.9 270.1 225.6 19.7 9.0 9.8
Total: 219.4 161.8 35.6 17.3 16.6 178.5 150.9 270.1 225.6 19.7 9.0 9.8
United Kingdom
Convex Guernsey Ltd. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.0 N.A. N.A. N.A.
Lloyd's 14,302.8 14,319.7 -0.1 765.1 662.3 94.4 95.2 47,638.4 48,432.5 -1.6 5.6 4.8
China Re International Co. Ltd. 1,605.7 1,363.4 17.8 129.3 56.9 93.5 95.9 283.0 362.6 -21.9 7.9 4.2
Brit Limited 1 749.2 565.5 32.5 6.8 36.9 101.4 96.8 1,768.3 1,912.4 -7.5 0.9 8.3
Convex Insurance UK Ltd. 428.9 242.1 77.1 -6.6 -58.3 103.5 133.7 1,510.1 1,181.9 27.8 -1.8 -30.8
Aspen Managing Agency Ltd. 341.8 122.6 178.8 14.7 3.9 94.3 94.6 N.A. N.A. N.A. 5.7 5.4
SCOR U.K. Co. Ltd. 284.1 235.6 20.6 43.8 31.0 86.5 87.5 257.8 211.2 22.1 15.6 14.1
Fidelis Underwriting Ltd. 212.8 203.6 4.5 83.7 69.6 N.A. N.A. 756.0 686.8 10.1 39.3 33.7
Aspen Insurance UK Ltd. 136.4 686.5 -80.1 4.4 148.8 98.8 80.3 823.8 958.0 -14.0 1.2 19.7
AXIS Syndicate 1686 118.2 148.0 -20.1 N.A. N.A. 91.8 96.4 13.7 -96.6 114.2 N.A. N.A.
Cathedral Capital Holdings Ltd. 104.4 88.4 18.0 4.1 0.3 128.4 100.2 37.8 35.8 5.5 1.1 0.1
Markel International Insurance Co. Ltd. 97.3 25.0 288.7 13.5 -5.7 82.8 113.4 N.A. N.A. N.A. 17.2 -13.4
Syndicate 3000 28.0 30.8 -8.9 26.1 18.3 1.2 58.8 N.A. N.A. N.A. 98.8 41.2
Korean Re Underwriting Ltd. 20.7 18.5 12.0 1.9 -2.5 91.4 113.6 19.9 19.4 2.5 9.4 -18.0
Lancashire Insurance Co. (UK) Ltd. 2.5 2.6 -2.0 3.4 1.5 232.7 6.2 172.1 177.1 -2.8 9.3 3.7
Flood Re Ltd. -30.4 -38.9 21.6 -63.7 -52.3 141.6 25.1 774.5 652.4 18.7 -28.8 -23.8
Total: 18,402.4 18,013.4 2.2 1,026.4 910.6 94.7 95.0 54,055.5 54,535.4 -0.9 5.6 5.2
United States
Reinsurance Group of America, Inc. 13,078.0 12,513.0 4.5 1,261.0 121.0 N.A. N.A. 4,145.0 13,014.0 -68.1 7.8 0.7
Swiss Reinsurance America Corp. 8,810.1 8,293.4 6.2 238.3 83.0 98.3 104.6 3,996.5 4,106.6 -2.7 6.4 2.3
Everest Reinsurance Co. 8,056.6 7,736.5 4.1 391.8 384.9 101.2 102.0 5,552.9 5,789.5 -4.1 4.7 5.0
National Indemnity Co. 7,819.2 5,995.7 30.4 -922.1 10.5 215.0 234.9 232,033.7 246,863.2 -6.0 3.3 N.A.
Swiss Re Life & Health America Inc. 5,771.9 7,176.9 -19.6 -60.4 -402.0 N.A. N.A. 1,561.3 1,556.0 0.3 -1.5 -10.6
Munich Reinsurance America, Inc. 4,260.7 5,571.2 -23.5 -147.3 -1,012.0 106.2 119.1 4,725.4 4,135.2 14.3 -1.9 -15.1
Odyssey Group Holdings, Inc. 3,595.0 2,708.9 32.7 410.0 136.1 95.7 100.0 5,269.1 5,220.3 0.9 11.1 5.5
Partner Reinsurance Co. of U.S. 2,562.0 2,268.0 13.0 N.A. N.A. 86.9 100.1 1,928.3 1,369.0 40.9 N.A. N.A.
Hannover Life Reassurance of America (Bermuda) Ltd. 1,444.2 1,501.7 -3.8 158.6 29.6 N.A. N.A. 1,603.3 1,552.1 3.3 9.6 1.7
Arch Reinsurance Co. 1,278.1 853.6 49.7 167.5 48.2 88.0 96.7 2,720.1 2,614.5 4.0 15.6 6.1
W. R. Berkley Corp. 1,007.4 827.1 21.8 N.A. N.A. N.A. N.A. 6,748.3 6,653.0 1.4 N.A. N.A.
Markel Global Reinsurance Co. 958.6 910.7 5.3 13.7 2.1 98.4 99.7 N.A. N.A. N.A. 1.6 0.3
SCOR Reinsurance Co. 803.4 1,456.6 -44.8 -247.4 -13.8 119.6 102.9 1,300.3 1,408.0 -7.6 -14.6 -0.7
AXIS Reinsurance Co. 749.6 786.8 -4.7 N.A. N.A. 103.8 102.8 320.6 445.4 -28.0 N.A. N.A.
Munich American Reassurance Co. 636.3 539.0 18.1 -567.6 -543.4 N.A. N.A. 566.4 607.7 -6.8 -61.7 -66.4
Toa Reinsurance Co. of America 554.4 629.4 -11.9 -30.9 -61.1 114.8 116.9 480.1 650.9 -26.2 -5.1 -9.2
SiriusPoint America Insurance Co. 482.2 142.2 239.2 -11.7 -26.1 97.2 151.6 695.8 693.6 0.3 -2.9 -40.8
Aspen American Insurance Co. 447.3 17.7 2,421.9 9.5 -4.1 94.1 196.4 838.6 889.7 -5.7 5.9 -96.4
National Liability & Fire Co. 361.6 418.8 -13.7 129.4 -74.3 251.3 211.1 1,749.9 1,979.9 -11.6 -224.5 -7.5
Columbia Insurance Co. 257.5 184.9 39.2 109.3 116.6 N.A. N.A. 43,434.9 49,132.7 -11.6 -2.5 1.6
SCOR Global Life Americas Reinsurance Co. 237.8 225.8 5.3 -92.9 -50.3 N.A. N.A. 168.8 142.6 18.4 -37.6 -21.4
SCOR Global Life USA Reinsurance Co. 194.8 302.4 -35.6 4.3 -6.4 N.A. N.A. 170.5 184.1 -7.4 1.3 -1.9
National Fire & Marine Insurance Co. 94.6 57.4 64.8 55.4 114.0 N.A. N.A. 8,892.3 11,558.9 -23.1 -1.8 3.2
SCOR Global Life Reinsurance Co. of Delaware 71.3 70.6 1.0 19.1 -41.2 N.A. N.A. 84.4 63.3 33.2 26.2 -55.6
SCOR Security National Insurance Co. 0.6 0.1 640.4 40.8 -7.8 N.A. N.A. 130.9 91.9 42.5 489.4 -139.3
SCOR Security Indemnity Co. of Arizona 0.0 0.0 N.A. -1.7 3.5 N.A. N.A. 54.2 57.9 -6.4 -46.9 202.6
Total: 63,533.2 61,188.5 3.8 926.8 -1,192.9 123.9 130.4 329,171.6 360,779.9 -8.8 5.5 -2.0
Grand total 258,836.5 239,107.6 8.3 11,509.8 12,660.9 101.5 103.8 628,068.7 681,347.9 -7.8 6.7 5.6
N.A.--Not available. N.M.--Not meaningful. Note: Exchange rates may slightly differ from previous years' GRH data due to alignment of foreign exchange rates with other S&P Global surveys. (1) 2022 data for Brit includes assumed business at its Ki Syndicate (which it controls and consolidates). 2021 data was updated to include the assumed at Ki to be on a comparable basis (prior year data previously excluded Ki).

This report does not constitute a rating action.

Primary Credit Analyst:Johannes Bender, Frankfurt + 49 693 399 9196;
johannes.bender@spglobal.com
Secondary Contact:Taoufik Gharib, New York + 1 (212) 438 7253;
taoufik.gharib@spglobal.com

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