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S&P Global Ratings' Top 40 Global Reinsurers In 2024 And Reinsurers By Country

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S&P Global Ratings' Top 40 Global Reinsurers In 2024 And Reinsurers By Country

S&P Global Ratings' 2024 edition of Global Reinsurance Highlights includes data on 135 reinsurance organizations from 29 countries. As in previous years, the data are based on survey responses from reinsurance organizations worldwide.

For the purpose of our Top 40 Global Reinsurers ranking, we made estimates for companies that did not publish net premiums written for 2023 due to the introduction of International Financial Reporting Standard (IFRS) 17. Our estimates are based on 2022 net premiums written and adjusted by the growth rate of either gross premiums written or gross insurance revenue in 2023. In table 2--"Global reinsurers by country"--we added either net premiums written or net insurance revenue. Due to the accounting change, some of the growth rates in 2023 are not comparable and are marked as not meaningful (N.M.). Further details are in the respective footnotes.

To ensure consistency, we requested that respondents complied with clear guidelines on the definition of the financial items required. Where possible, we attempted to verify the data submitted against publicly available data.

This report aims to provide market participants with an indication of the ongoing reinsurance capacity available in each market. Hence, we tried to exclude intragroup reinsurance as much as possible.

Drawing a clear line between companies' reinsurance and primary insurance activities was among the main challenges when creating this report, especially in cases where the reinsurance operation is a division within a company and not a distinct business. Generally, premium data relate to a company's reinsurance premiums written. In some cases, however, other metrics include data from the primary insurance and the reinsurance business. Where this was the case, we added relevant footnotes to the tables. If we did not view the metrics provided by companies as representative of their reinsurance operations, we marked the relevant metrics 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 calculated the combined ratios presented in our Global Reinsurance Highlights as: net losses incurred plus net underwriting expenses to net premiums earned or net insurance revenue. The combined ratio of any entity that writes only life reinsurance has been marked as 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 businesses, 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.

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 Footnote 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
1

Munich Reinsurance Co.

Germany 1 49,820.4 48,747.9 6,036.3 1,623.3 85.2 96.3 30,670.9 25,303.0 14.0 3.3
2

Swiss Re AG

Switzerland 2 45,095.0 43,917.0 247.0 654.0 94.7 98.1 16,146.0 12,699.0 0.5 1.4
3

Hannover Rueck SE

Germany 3 32,545.3 31,969.8 2,134.2 2,027.0 95.2 100.1 11,214.5 8,461.9 8.6 6.0
4

Berkshire Hathaway Insurance Group

U.S. 27,453.0 22,147.0 N.A. 1,389.0 N.A. N.A. 303,000.0 272,000.0 N.A. N.A.
5

Lloyd's

U.K. 4 17,261.4 14,302.8 3,250.6 765.1 80.2 94.4 56,936.7 47,638.4 19.8 5.6
6

SCOR SE

France 5 16,740.1 17,046.9 1,385.3 -615.8 85.0 113.2 5,185.6 5,441.8 9.7 -3.6
7

China Reinsurance (Group) Corp.

China 15,145.2 15,452.7 1,814.7 1,509.1 94.9 96.4 14,340.5 13,726.2 10.2 8.6
8

Reinsurance Group of America Inc.

U.S. 15,085.0 13,078.0 1,699.0 1,261.0 N.A. N.A. 9,081.0 4,145.0 9.2 7.8
9

Everest Group Ltd.

Bermuda 10,802.0 8,919.0 2,455.0 1,146.4 86.4 96.5 12,037.0 10,025.0 16.5 9.1
10

PartnerRe Ltd.

Bermuda 7,928.9 7,544.2 N.A. N.A. 81.7 86.7 8,424.4 6,397.3 N.A. N.A.
11

RenaissanceRe Holdings Ltd.

Bermuda 7,467.8 7,196.2 N.A. N.A. 77.9 97.7 9,455.0 5,325.3 0.0 N.A.
12

Fairfax Financial Holdings Ltd.

Canada 6,661.3 6,079.1 1,393.6 550.8 89.8 97.5 21,615.0 15,340.7 19.0 8.9
13

Arch Capital Group Ltd.

Bermuda 6,553.8 4,924.0 2,344.3 1,314.8 81.5 92.2 13,597.6 9,261.9 36.7 31.3
14

MS&AD Insurance Group Holdings Inc.

Japan 6 6,480.2 5,721.0 N.A. N.A. N.A. N.A. 41,716.1 36,759.7 N.A. N.A.
15

Korean Reinsurance Co.

South Korea 5,108.8 5,832.3 279.3 167.5 98.0 101.1 2,693.7 2,418.2 5.2 2.8
16

Mapfre Re Compania de Reaseguros S.A.

Spain 4,973.1 4,386.3 348.5 205.8 95.6 96.8 2,419.4 2,019.2 6.4 4.8
17

Sompo Holdings Inc.

Japan 4,629.1 1,147.5 N.A. N.A. N.A. N.A. 22,714.7 16,890.1 N.A. N.A.
18

General Insurance Corp. of India

India 4,102.8 4,077.7 952.2 970.2 110.5 107.9 5,038.7 4,348.5 17.1 17.0
19

R+V Versicherung AG

Germany 3,951.0 3,582.5 285.5 261.1 99.8 100.8 6,809.3 5,628.5 6.7 6.7
20

Ascot Group Ltd.

Bermuda 2,879.0 2,599.5 430.2 -306.0 92.7 101.5 1,868.9 1,419.1 14.2 -14.5
21

Tokio Marine & Nichido Fire Insurance Co. Ltd.

Japan 2,371.9 2,586.1 3,235.6 2,983.3 N.A. N.A. 1,868.9 23,255.9 N.A. N.A.
22

Allianz SE

Germany 7 2,365.8 1,890.5 341.8 40.8 67.5 98.6 N.A. N.A. 25.0 2.3
23

Toa Reinsurance Group

Japan 1,991.6 2,431.7 195.8 7.0 96.6 106.3 2,876.4 2,285.2 8.5 0.3
24

Taiping Reinsurance Co. Ltd.

Hong Kong 1,860.8 2,349.3 -6.3 -41.6 101.4 102.6 1,473.9 1,415.8 -0.3 -2.1
25

QBE Insurance Group Ltd.

Australia 8 1,733.3 1,580.0 -8 308.0 91.8 78.5 9,953.0 8,992.0 -0.7 21.5
26

Convex Group Ltd.

Bermuda 1,514.5 1,339.8 103.4 -42.4 91.8 104.5 3,157.4 2,266.2 7.4 -3.6
27 Peak Reinsurance Co. Ltd. Hong Kong 9 1,506.0 1,758.3 207.9 -271.9 87.3 110.1 1,031.6 871.0 14.5 -22.8
28

Deutsche Rueckversicherung AG

Germany 1,358.7 1,107.7 35.6 137.8 101.1 92.0 1,299.3 1,164.9 2.5 11.8
29

AXIS Capital Holdings Ltd.

Bermuda 1,343.6 1,885.2 N.A. N.A. 107.6 99.1 N.A. 4,639.9 N.A. N.A.
30

Caisse Centrale de Reassurance

France 1,210.6 1,030.3 -172.1 -1,137.4 127.9 204.3 4,632.4 4,065.2 -12.3 -91.6
31

CCR Re SA

France 1,204.8 976.4 63.2 37.0 96.6 98.7 960.6 738.8 5.5 3.4
32

Aspen Insurance Holdings Ltd.

Bermuda 1,098.0 1,426.3 214.1 52.4 81.5 93.1 2,155.0 2,358.0 15.0 3.6
33

SiriusPoint Ltd.

Bermuda 1,061.0 1,199.6 206.2 -71 80.0 105.5 2,653.6 2,201.5 15.7 -5.4
34

W. R. Berkley Corp.

U.S. 1,049.2 1,007.4 N.A. N.A. N.A. N.A. 7,455.4 6,748.3 N.A. N.A.
35

Chubb Ltd.

Switzerland 1,018.3 1,022.0 438.2 266.0 75.5 102.6 N.A. N.A. 37.4 20.0
36

DEVK Rueckversicherungs- und Beteiligungs-AG - DEVK RE

Germany 1,010.8 702.8 99.0 47.5 95.9 99.1 1,460.9 1,363.8 9.5 6.3
37

Markel Group Inc.

U.S. 967.8 1,167.3 -19.3 83.9 101.9 92.1 N.A. N.A. -1.9 7.9
38

African Reinsurance Corp.

Nigeria 880.2 772.7 129.3 24.3 96.1 94.3 1,059.3 989.9 14.1 3.2
39

Lancashire Holdings Ltd.

Bermuda 10 722.4 628.8 275.4 19.9 N.A. 97.5 1,507.9 1,267.9 21.7 2.0
40

PICC Reinsurance Co. Ltd.

China 703.6 537.0 -17.6 -28.2 102.4 106.9 870.9 587.1 -2.4 -4.9
Totals: 317,656.1 296,070.4 30,378.2 15,338.7 - - 639,381.5 570,460.4 10.6 4.0
N.A.--Not available. N.M.--Not meaningful. 1. Munich Reinsurance Co.: 2023 data is based on IFRS 17, 2023 net premiums written are an estimate by S&P Global Ratings, based on 2022 net premiums written and adjusted by the growth rate of gross premiums written. Total adjusted shareholders' funds for the group include ERGO. 2. Swiss Re AG.: Figures represent the group as a whole, including the primary business. 3.Hannover Rueck SE: 2023 data is based on IFRS 17, 2023 net premiums written are an estimate by S&P Global Ratings, based on 2022 net premiums written and adjusted by the growth rate of gross insurance revenue. 4. Lloyd's: Adjusted shareholders' funds are members' funds for the market as a whole. 5. SCOR SE: 2023 data is based on IFRS 17, 2023 net premiums written are an estimate by S&P Global Ratings, based on 2022 net premiums written and adjusted by the growth rate of gross premiums written. 6. MS&AD Insurance Group Holdings Inc.: Net reinsurance premiums written include reinsurance business assumed from related companies. 7.Allianz SE: Data refer to reinsurance business written by Allianz SE. Figures are based on IFRS results (only external business). Adjusted shareholders' funds are not available at an external business level. 8. QBE Insurance Group Ltd.: 2023 data is based on IFRS 17, 2023 net premiums written are an estimate by S&P Global Ratings, based on 2022 net premiums written and adjusted by the growth rate of gross premiums written. 9. Peak Reinsurance Co. Ltd.: 2023 and 2022 data are based on IFRS 17. The company still provided net premiums written. 10.Lancashire Holdings Ltd.: 2023 data are based on IFRS 17, 2023 net premiums written are an estimate by S&P Global Ratings, based on 2022 net premiums written and adjusted by the growth rate of gross premiums written.

Table 2

Global reinsurers by country
Company Footnote Net reinsurance premiums written/ net insurance revenue Pretax operating income (mil. $) Combined ratio (%) Total adjusted shareholders' funds (mil. $) Return on revenue (%)
2023 2022 Change (%) 2023 2022 2023 2022 2023 2022 Change (%) 2023 2022
Australia

QBE Insurance Group Ltd.

1 1,125.0 1,580.0 NM -8 308.0 91.8 78.5 9,953.0 8,992.0 10.7 -0.7 21.5

Munich Reinsurance Co. of Australasia Ltd.

421.5 419.2 0.5 168.2 218.1 N.A. N.A. 622.9 857.2 -27.3 33.9 214.0

Hannover Life Re of Australasia Ltd.

2 165.2 375.7 NM -69.7 37.2 N.A. N.A. 238.6 403.8 -40.9 -30.9 8.2

Swiss Re Life & Health Australia Ltd.

3 749.6 698.0 NM -26.6 67.2 N.A. N.A. 797.6 921.2 -13.4 N.A. 8.1

SCOR Global Life Australia Pty Ltd.

4 -1.7 88.9 -101.9 -6.9 15.0 N.A. N.A. 70.3 80.6 -12.8 -52.1 14.0
Total: 2,459.6 3,161.7 -22.2 56.9 645.5 91.8 78.5 11,682.3 11,254.7 3.8 5.0 42.3
Bahrain

Hannover ReTakaful B.S.C.

212.0 210.1 0.9 13.2 23.5 90.5 97.0 235.0 135.6 73.2 6.0 11.6
Total: 212.0 210.1 0.9 13.2 23.5 90.5 97.0 235.0 135.6 73.2 6.0 11.6
Barbados
Wentworth 187.2 139.1 34.6 95.3 53.8 96.9 99.1 501.1 383.9 30.5 33.6 28.4
Total: 187.2 139.1 34.6 95.3 53.8 96.9 99.1 501.1 383.9 30.5 33.6 28.4
Bermuda

Arch Reinsurance Ltd.

4,614.1 3,537.7 30.4 1,981.0 1,147.3 80.8 94.1 9,867.7 6,541.8 50.8 43.0 37.8

Sompo International Holdings Ltd.

3,685.4 5,162.0 -28.6 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Everest Reinsurance (Bermuda) Ltd.

3,636.6 2,333.8 55.8 1,040.3 626.9 75.1 73.2 3,710.9 2,759.2 34.5 30.3 27.2

Ascot Group Ltd.

2,879.0 2,599.5 10.8 430.2 -306.0 92.7 101.5 1,868.9 1,419.1 31.7 14.2 -14.5
Renaissance Reinsurance Speciality US Ltd. 2,049.2 2,304.8 -11.1 N.A. N.A. 99.8 100.3 1,736.9 1,513.1 14.8 N.A. N.A.

Renaissance Reinsurance Ltd.

2,025.7 2,181.7 -7.2 N.A. N.A. 65.4 91.5 3,082.5 2,247.2 37.2 N.A. N.A.

Allied World Assurance Co. Holdings GmbH

1,749.4 1,388.2 26.0 339.3 42.5 88.9 102.0 5,670.0 4,594.7 23.4 19.9 3.2

Hannover Re (Bermuda) Ltd.

5 1,289.6 1,414.9 NM 830.6 439.1 62.3 84.3 2,224.6 2,014.5 10.4 60.2 30.9
DaVinci Re Holdings Ltd. 1,051.9 845.7 24.4 N.A. N.A. 48.0 88.2 3,516.0 2,668.1 31.8 N.A. N.A.

DaVinci Reinsurance Ltd.

1,051.9 845.7 24.4 N.A. N.A. 48.0 88.2 3,516.0 2,668.1 31.8 N.A. N.A.

Chubb Tempest Reinsurance Ltd.

1,018.3 943.0 8.0 438.2 253.0 75.5 102.6 N.A. N.A. N.A. 37.4 21.0

Convex Re Ltd.

758.9 1,216.9 -37.6 81.2 99.5 88.3 92.2 2,661.0 2,264.8 17.5 10.5 9.5
Fontana Holdings Ltd. 728.1 369.0 97.3 N.A. N.A. 95.5 99.8 517.1 391.7 32.0 N.A. N.A.

AXA XL Reinsurance Ltd.

665.8 N.A. N.A. 220.4 N.A. 90.2 N.A. 2,527.6 N.A. N.A. 41.2 N.A.

Partner Reinsurance Co. Ltd.

639.7 642.2 -0.4 N.A. N.A. 11.2 80.7 5,073.6 4,055.9 25.1 N.A. N.A.

Aspen Bermuda Ltd.

475.5 500.8 -5.1 71.2 -284.7 84.6 N.A. N.A. 866.5 N.A. 12.8 -62.3

Lancashire Insurance Co. Ltd.

6 442.1 521.9 NM 383.4 51.4 N.A. 91.6 1,522.8 1,386.2 9.9 48.5 9.0

Fidelis Insurance Bermuda Ltd.

422.1 214.2 97.1 341.3 25.3 N.A. N.A. 1,903.7 1,500.2 26.9 76.4 8.6

SiriusPoint Bermuda Insurance Co. Ltd.

195.6 482.2 -59.4 49.7 -11.7 76.2 97.2 959.4 695.8 37.9 13.8 -2.9

Hiscox Insurance Co. (Bermuda) Ltd.

175.4 131.1 33.8 78.2 15.0 52.1 60.4 1,735.0 1,205.6 43.9 38.9 13.5
Vermeer Reinsurance Ltd. 156.2 136.6 14.3 N.A. N.A. -3.5 81.0 1,555.3 1,490.8 4.3 N.A. N.A.

Validus Reinsurance Ltd.

90.3 N.A. N.A. N.A. N.A. 65.0 N.A. 2,611.3 N.A. N.A. N.A. N.A.

XL Bermuda Ltd.

87.0 N.A. N.A. 9.7 N.A. 106.2 N.A. 1,958.6 N.A. N.A. 7.3 N.A.

Markel Bermuda Ltd.

73.1 79.6 -8.1 23.9 34.7 69.9 54.2 N.A. N.A. N.A. 30.1 45.8

Chubb Tempest Life Reinsurance Ltd.

40.6 79.0 -48.6 9.8 13.0 N.A. N.A. N.A. N.A. N.A. 14.0 10.4

Top Layer Reinsurance Ltd.

40.2 21.5 87.0 N.A. N.A. - - 63.5 47.1 34.8 N.A. N.A.

AXIS Specialty Ltd.

-124.2 -16.7 -644.0 N.A. N.A. 349.9 0.3 N.A. 729.3 N.A. N.A. N.A.
Total: 29,917.6 27,935.5 7.1 6,328.4 2,145.3 75.4 92.2 58,282.4 41,059.7 41.9 32.8 14.2
Bosnia-Herzegovina

Bosna Re.

21.0 17.5 20.5 2.0 1.7 70.4 73.7 22.0 19.0 15.9 9.4 9.7
Total: 21.0 17.5 20.5 2.0 1.7 70.4 73.7 22.0 19.0 15.9 9.4 9.7
Canada

SCOR Canada Reinsurance Co.

7 295.7 277.4 6.6 65.2 N.A. 79.7 74.5 223.7 142.3 57.2 24.4 N.A.

Munich Reinsurance Co. of Canada

8 216.8 210.5 NM 69.4 73.9 N.A. 72.4 296.2 205.8 43.9 29.4 32.8

Temple Insurance Co.

9 187.7 135.7 NM -17.9 59.3 N.A. 66.2 203.0 209.2 -3.0 -8.9 39.4
Total: 700.2 623.6 12.3 116.7 133.1 79.7 72.0 722.9 557.3 29.7 17.0 35.4
China

China Property & Casualty Reinsurance Co. Ltd.

4,409.9 5,733.8 -23.1 175.4 -64.2 98.3 99.0 3,091.8 2,996.7 3.2 3.5 -1.1

PICC Reinsurance Co. Ltd.

703.6 537.0 31.0 -17.6 -28.2 102.4 106.9 870.9 587.1 48.3 -2.4 -4.9
Total: 5,113.5 6,270.7 -18.5 157.8 -92.4 98.8 99.7 3,962.6 3,583.8 10.6 2.7 -1.4
Czech Republic

VIG RE zajišťovna a.s.

10 499.4 476.5 NM 28.1 25.4 92.3 91.8 325.8 149.7 117.7 5.5 5.3
Total: 499.4 476.5 4.8 28.1 25.4 92.3 91.8 325.8 149.7 117.7 5.5 5.3
France

SCOR SE

6,145.7 5,834.5 5.3 213.2 422.6 110.1 121.5 3,485.5 3,623.2 -3.8 3.1 5.9

Caisse Centrale de Réassurance

1,210.6 1,030.3 17.5 -172.1 -1,137.4 127.9 204.3 4,632.4 4,065.2 14.0 -12.3 -91.6

CCR Re

1,204.8 976.4 23.4 63.2 37.0 96.6 98.7 960.6 738.8 30.0 5.5 3.4

SCOR Europe SE

14.6 8.2 78.4 -11.6 10.3 100.5 3.8 81.7 90.7 -9.9 -94.1 104.8
Total: 8,575.7 7,849.4 9.3 92.7 -667.5 110.7 129.4 9,160.2 8,517.9 7.5 1.1 -7.1
Germany

Munich Reinsurance Co.

28,573.0 26,606.0 7.4 4,259.9 994.7 96.6 93.8 47,920.3 43,342.3 10.6 13.6 2.9

Hannover Rueck SE

19,408.7 14,457.1 34.3 571.8 726.1 102.0 103.4 12,592.7 7,805.1 61.3 2.7 4.7

R+V Versicherung AG

3,951.0 3,582.5 10.3 285.5 261.1 99.8 100.8 6,809.3 5,628.5 21.0 6.7 6.7

E+S Rueckversicherung AG

3,007.1 3,010.2 -0.1 130.4 265.6 102.0 99.0 1,975.6 2,392.2 -17.4 4.0 8.0

Allianz SE

11 2,365.8 1,890.5 25.1 341.8 40.8 67.5 98.6 N.A. N.A. N.A. 25.0 2.3

DEVK Rueckversicherungs- und Beteiligungs-AG - DEVK RE

1,010.8 702.8 43.8 99.0 47.5 95.9 99.1 1,460.9 1,363.8 7.1 9.5 6.3

Deutsche Rueckversicherung AG

1,005.5 746.5 34.7 54.6 65.6 97.2 92.7 1,047.8 943.4 11.1 5.3 8.5
Total: 59,322.0 50,995.7 16.3 5,743.1 2,401.4 97.7 97.6 71,806.6 61,475.3 16.8 9.4 4.1
Hong Kong

Taiping Reinsurance Co. Ltd.

1,860.8 2,349.3 -20.8 -6.3 -41.6 101.4 102.6 1,473.9 1,415.8 4.1 -0.3 -2.1
Peak Reinsurance Co. Ltd. 12 1,506.0 1,758.3 -14.3 207.9 -271.9 87.3 110.1 1,031.6 871.0 18.4 14.5 -22.8

SCOR Reinsurance Co. (Asia) Ltd.

67.8 80.2 -15.4 -26.9 2.9 148.8 74.7 154.7 158.4 -2.3 -27.7 3.5
Total: 3,434.6 4,187.7 -18.0 174.7 -310.7 96.1 105.2 2,660.2 2,445.2 8.8 -0.2 -1.2
India

General Insurance Corp. of India

4,102.8 4,077.7 0.6 952.2 970.2 110.5 107.9 5,038.7 4,348.5 15.9 17.1 17.0
Total: 4,102.8 4,077.7 0.6 952.2 970.2 110.5 107.9 5,038.7 4,348.5 15.9 17.1 17.0
Ireland

Partner Reinsurance Europe SE

3,898.7 3,259.5 19.6 N.A. N.A. 87.3 85.2 2,747.2 2,582.2 6.4 N.A. N.A.

SCOR Ireland DAC

13 2,948.8 5,695.9 -48.2 403.3 426.7 96.7 101.0 2,005.3 1,952.1 2.7 13.1 7.4

SCOR Global Reinsurance Ireland DAC

14 2,876.6 5,808.8 -50.5 195.2 -15.1 106.1 88.8 1,935.1 1,782.9 8.5 6.3 -0.2

Hannover Reinsurance (Ireland) Ltd.

15 2,640.0 5,803.4 NM 354.9 100.0 94.9 100.5 1,306.3 945.8 38.1 13.2 1.7

AXIS Re SE

624.1 701.6 -11.1 N.A. N.A. 92.3 99.9 206.6 143.5 43.9 N.A. N.A.

Arch Reinsurance Europe Underwriting Designated Activity Co.

148.5 108.1 37.4 N.A. N.A. 82.7 79.4 8,036.5 5,853.7 37.3 N.A. N.A.

Fidelis Insurance Ireland DAC

1.7 3.8 -55.3 17.2 4.3 N.A. N.A. 184.9 140.3 31.8 249.4 79.6
Total: 13,138.4 21,381.1 -38.6 970.6 516.0 95.2 95.0 16,421.9 13,400.5 22.5 10.9 2.9
Israel

Phoenix Holdings Ltd. (The)

472.6 N.A. N.A. 123.8 N.A. N.A. N.A. 1,858.0 N.A. N.A. 2.0 N.A.
Total: 472.6 N.A. N.A. 123.8 N.A. N.A. N.A. 1,858.0 N.A. N.A. 2.0 N.A.
Japan

Tokio Marine & Nichido Fire Insurance Co. Ltd.

2,371.9 2,586.1 -8.3 3,235.6 2,983.3 N.A. N.A. 29,370.1 23,255.9 26.3 119.2 126.7

Aioi Nissay Dowa Insurance Co. Ltd.

1,973.6 1,866.1 5.8 N.A. N.A. N.A. N.A. 10,412.9 9,737.1 6.9 N.A. N.A.

Mitsui Sumitomo Insurance Co. Ltd.

1,378.3 1,610.3 -14.4 N.A. N.A. N.A. N.A. 25,543.2 22,679.3 12.6 N.A. N.A.

Toa Reinsurance Co.

1,312.5 1,619.0 -18.9 165.0 36.6 92.6 104.4 2,490.4 2,030.7 22.6 10.5 2.1

Sompo Japan Insurance Inc.

922.1 1,108.4 -16.8 N.A. N.A. N.A. N.A. 16,631.2 14,174.2 17.3 N.A. N.A.
Total: 7,958.5 8,789.8 -9.5 3,400.6 3,020.0 92.6 104.4 84,447.8 71,877.2 17.5 80.5 78.7
Kazakhstan

Eurasia Insurance Co.

162.5 N.A. N.A. -188.6 N.A. 120.3 N.A. 534.8 N.A. N.A. -246.6 N.A.
Total: 162.5 N.A. N.A. -188.6 N.A. 120.3 N.A. 534.8 N.A. N.A. -246.6 N.A.
Kuwait

Kuwait Reinsurance Co. K.S.C.

277.1 223.3 24.1 22.8 25.3 93.1 87.9 259.3 227.1 14.2 9.7 11.1
Total: 277.1 223.3 24.1 22.8 25.3 93.1 87.9 259.3 227.1 14.2 9.7 11.1
Luxembourg

Swiss Re Europe S.A.

9,674.2 8,455.7 14.4 738.7 376.1 92.5 107.0 650.1 505.4 28.6 18.1 11.9
Total: 9,674.2 8,455.7 14.4 738.7 376.1 92.5 107.0 650.1 505.4 28.6 18.1 11.9
Poland

Polskie Towarzystwo Reasekuracji S.A.

201.2 128.7 56.3 13.0 7.2 92.4 98.4 114.6 77.3 48.2 6.7 5.5
Total: 201.2 128.7 56.3 13.0 7.2 92.4 98.4 114.6 77.3 48.2 6.7 5.5
Singapore

Swiss Re Asia Pte. Ltd. (SRAL)

4,756.0 4,650.0 2.3 298.0 731.0 N.A. N.A. N.A. N.A. N.A. 6.1 16.0

SCOR Reinsurance Asia-Pacific

953.4 897.7 6.2 105.2 47.7 94.1 86.8 231.0 231.0 0.0 10.6 5.2

Singapore Reinsurance Corporation Ltd.

146.0 79.0 84.9 32.6 30.5 86.7 63.3 229.0 210.9 8.6 19.6 41.7
Total: 5,855.4 5,626.7 4.1 435.8 809.2 93.1 84.9 460.0 442.0 4.1 7.1 14.7
Slovenia

Triglav Re, Reinsurance Co. PLC

16 188.3 154.3 22.0 6.8 9.1 97.2 95.1 108.7 99.3 9.5 3.8 6.2

Sava Re

17 118.4 119.4 -0.8 59.2 68.2 80.8 84.2 476.0 428.7 11.0 30.5 41.9
Total: 306.7 273.8 12.0 66.0 77.4 90.8 90.3 584.7 528.0 10.8 14.1 21.8
South Africa

African Reinsurance Corp. (South Africa) Ltd.

751.7 642.8 16.9 123.5 30.0 94.0 91.0 998.6 929.4 7.5 15.8 4.9

Swiss Re Africa Ltd.

328.6 268.2 22.5 10.6 -31.6 80.0 103.6 84.2 4.5 1,786.4 3.6 -11.4

Munich Reinsurance Co. of Africa Ltd.

18 262.0 388.6 N.A. 42.0 39.9 N.A. N.A. 196.9 184.6 6.7 12.4 6.4
Africa Re (SA) Limited 143.1 131.5 8.8 -7.2 -5.7 97.9 112.2 63.7 60.5 5.2 -4.6 -4.1
Total: 1,485.4 1,431.0 3.8 168.9 32.6 90.7 96.9 1,343.4 1,178.9 14.0 10.6 1.4
South Korea

Korean Reinsurance Co.

5,018.6 5,738.0 -12.5 267.7 178.3 98.1 100.8 2,546.8 2,293.6 11.0 5.1 3.0
Total: 5,018.6 5,738.0 -12.5 267.7 178.3 98.1 100.8 2,546.8 2,293.6 11.0 5.1 3.0
Spain

Mapfre Re, Compania de Reaseguros, S.A.

4,973.1 4,386.3 13.4 348.5 205.8 95.6 96.8 2,419.4 2,019.2 19.8 6.4 4.8

Nacional de Reaseguros S.A.

673.1 609.5 10.4 46.2 21.0 100.6 104.1 619.7 487.5 27.1 6.7 3.4
Total: 5,646.2 4,995.8 13.0 394.7 226.8 96.2 97.7 3,039.1 2,506.7 21.2 6.4 4.6
Sweden

SiriusPoint International Insurance Corp.

238.7 279.1 -14.5 153.4 83.1 27.1 93.3 807.7 2,883.8 -72.0 59.3 20.8
Total: 238.7 279.1 -14.5 153.4 83.1 27.1 93.3 807.7 2,883.8 -72.0 59.3 20.8
Switzerland

Swiss Reinsurance Co. Ltd.

14,491.2 10,960.0 32.2 -1,324.6 191.9 99.4 63.5 15,978.0 12,247.4 30.5 -8.4 1.6

New Reinsurance Co. Ltd

6,152.8 4,017.0 53.2 -170.9 -136.3 111.9 96.3 4,368.5 2,417.5 80.7 -2.8 -3.4

RenaissanceRe Europe AG

996.5 1,314.5 -24.2 N.A. N.A. 87.8 112.3 1,098.5 835.9 31.4 N.A. N.A.

Deutsche Rueckversicherung Schweiz AG

368.9 368.0 0.2 -22.8 49.6 110.6 90.7 336.2 297.8 12.9 -5.9 12.9

Echo Rückversicherungs-AG

355.0 249.5 42.3 28.6 17.4 88.9 91.2 216.2 162.1 33.4 9.1 7.3

Toa 21st Century Reinsurance Co. Ltd.

255.1 281.5 -9.4 18.7 -0.2 92.7 99.3 434.7 381.0 14.1 8.3 -0.1
SIGNAL IDUNA Reinsurance Ltd 224.5 205.3 9.4 16.2 11.6 96.3 96.2 201.6 147.2 36.9 6.7 5.3

Korean Reinsurance Switzerland AG

62.4 73.5 -15.1 5.9 -12.7 95.5 127.2 122.8 104.7 17.3 9.7 -24.9
Swiss Re Nexus Reinsurance Company Ltd -216.2 -143.6 -50.6 119.7 -100.5 N.A. N.A. 3,001.3 3,098.2 -3.1 156.9 -29.7
Total: 22,690.2 17,325.6 31.0 -1,329.2 20.9 102.2 76.9 25,757.8 19,691.7 30.8 -7.7 0.9
Taiwan

Central Reinsurance Corp.

698.8 599.5 16.6 57.3 -55.2 94.2 124.6 730.2 647.2 12.8 8.1 -8.6
Total: 698.8 599.5 16.6 57.3 -55.2 94.2 124.6 730.2 647.2 12.8 8.1 -8.6
Turkiye

Milli Reasürans T.A.Ş

265.3 219.4 20.9 6.7 17.3 196.8 178.5 342.9 270.1 27.0 2.3 9.0
Total: 265.3 219.4 20.9 6.7 17.3 196.8 178.5 342.9 270.1 27.0 2.3 9.0
U.K.

Lloyd's

19 17,261.4 14,302.8 20.7 3,250.6 765.1 80.2 94.4 56,936.7 47,638.4 19.5 19.8 5.6
Amlin AG 2,868.3 2,169.1 32.2 237.3 29.5 90.6 98.2 N.A. N.A. N.A. 8.9 1.6
China Re International Company Ltd. 1,795.8 1,605.7 11.8 334.9 129.3 82.4 93.5 591.4 283.0 109.0 18.7 7.9

Convex Insurance UK Ltd.

762.0 428.9 77.7 67.7 -6.6 88.2 103.5 1,794.8 1,510.1 18.8 10.9 -1.8
Brit Limited 752.7 749.2 0.5 128.4 6.8 89.6 101.4 2,617.2 1,768.3 48.0 16.4 0.9

SCOR U.K. Co. Ltd.

283.6 284.1 -0.2 45.8 43.8 90.1 86.5 350.3 257.8 35.9 14.6 15.6

Aspen Managing Agency Ltd.

250.5 341.8 -26.7 35.3 14.7 87.2 N.A. N.A. N.A. N.A. 12.1 5.7

Fidelis Underwriting Ltd.

190.8 212.8 -10.3 58.6 83.7 N.A. N.A. 891.7 756.0 17.9 26.3 39.3

Markel International Insurance Co. Ltd.

120.6 97.3 24.0 27.9 13.5 73.8 82.8 N.A. N.A. N.A. 26.2 17.2
SiriusPoint Lloyd's syndicate 115.6 N.A. N.A. -2.8 N.A. 102.8 N.A. 56.7 N.A. N.A. -2.6 N.A.

Cathedral Capital Holdings Ltd.

20 97.8 104.4 NM 30.2 4.1 N.A. 128.4 59.4 37.8 57.3 7.9 1.1
AXIS Syndicate 1686 63.7 118.2 -46.1 N.A. N.A. 74.3 91.8 N.A. 13.7 N.A. N.A. N.A.
Syndicate 3000 33.4 28.0 19.2 -29.2 26.1 188.4 1.2 N.A. N.A. N.A. -88.4 98.8
Korean Re Underwriting Limited 27.8 20.7 33.9 5.7 1.9 75.9 91.4 24.1 19.9 21.1 23.6 9.4

Aspen Insurance U.K. Ltd.

7.4 136.4 -94.6 49.0 4.4 46.8 N.A. N.A. 823.8 N.A. 34.7 1.2

Lancashire Insurance Co. (UK) Ltd.

21 0.5 2.5 NM 22.7 3.4 N.A. 232.7 185.5 172.1 7.8 25.4 9.3
Total: 24,631.9 20,602.0 19.6 4,262.0 1,119.7 82.5 95.1 63,507.7 53,280.9 19.2 17.7 5.7
U.S.

Reinsurance Group of America Inc.

15,085.0 13,078.0 15.3 1,699.0 1,261.0 N.A. N.A. 9,081.0 4,145.0 119.1 9.2 7.8

Everest Reinsurance Co.

9,272.8 8,056.6 15.1 1,233.1 391.8 95.9 101.2 6,963.4 5,552.9 25.4 13.0 4.7

Swiss Reinsurance America Corp.

5,996.5 8,810.1 -31.9 272.1 238.3 102.8 98.3 3,754.0 3,996.5 -6.1 8.7 6.4

Swiss Re Life & Health America Inc.

5,660.7 5,771.9 -1.9 124.0 -60.4 N.A. N.A. 1,587.6 1,561.3 1.7 2.9 -1.5

Odyssey Group Holdings Inc.

3,637.5 3,595.0 1.2 785.3 410.0 89.6 95.7 5,934.1 5,269.1 12.6 18.7 11.1
Munich Reinsurance America, Inc. 2,834.5 4,260.7 -33.5 425.9 -147.3 98.8 106.2 5,159.2 4,725.4 9.2 7.0 -1.9

Partner Reinsurance Co. of U.S.

2,104.4 2,397.6 -12.2 N.A. N.A. 95.1 88.6 1,844.6 1,501.4 22.9 N.A. N.A.

Arch Reinsurance Co.

1,791.2 1,278.1 40.1 363.3 167.5 83.1 88.0 3,729.9 2,720.1 37.1 21.9 15.6
W. R. Berkley Corporation 1,049.2 1,007.4 4.2 N.A. N.A. N.A. N.A. 7,455.4 6,748.3 10.5 N.A. N.A.

SCOR Reinsurance CO.

812.6 803.4 1.1 70.3 -247.4 100.9 119.6 1,436.7 1,300.3 10.5 4.4 -14.6

Markel Global Reinsurance Co.

733.8 958.6 -23.5 -66.0 13.7 108.4 98.4 N.A. N.A. N.A. -8.4 1.6

Munich American Reassurance Co.

638.8 636.3 0.4 -287.6 -567.6 N.A. N.A. 713.0 566.4 25.9 -30.9 -61.7

XL Reinsurance America Inc.

607.3 N.A. N.A. -2.7 N.A. 154.9 N.A. 879.2 N.A. N.A. -0.4 N.A.
SiriusPoint America 511.1 438.3 16.6 6.0 -116.8 98.8 117.7 829.8 1,194.6 -30.5 1.0 -19.7

Axis Reinsurance Co.

494.4 749.6 -34.0 N.A. N.A. 124.7 103.8 515.6 320.6 60.8 N.A. N.A.

Toa Reinsurance Co. of America

444.0 554.4 -19.9 14.0 -30.9 110.6 114.8 525.8 480.1 9.5 2.6 -5.1

Aspen American Insurance Co.

364.5 447.3 -18.5 58.6 9.5 81.8 N.A. N.A. 838.6 N.A. 13.3 5.9

SCOR Global Life Americas Reinsurance Co.

245.5 237.8 3.2 -71.3 -92.9 N.A. N.A. 132.8 168.8 -21.3 -27.8 -37.6

SCOR Global Life USA Reinsurance Co.

188.1 194.8 -3.4 34.8 4.3 N.A. N.A. 210.0 170.5 23.1 14.7 1.3

SCOR Global Life Reinsurance Co. of Delaware

78.3 71.3 9.9 5.0 19.1 N.A. N.A. 103.7 84.4 22.9 5.9 26.2
SCOR Security Indemnity Co. of Arizona N.A. N.A. N.A. 7.9 -1.7 N.A. N.A. 59.1 54.2 9.2 151.6 -46.9
SCOR Security National Insurance Co. N.A. 0.6 N.A. 8.5 40.8 N.A. N.A. 191.3 130.9 46.1 111.6 489.4
Total: 52,550.2 53,347.9 -1.5 4,680.3 1,291.2 98.2 99.9 51,106.1 41,529.6 23.1 8.9 3.5
Grand total 265,817.6 255,362.6 4.1 28,005.9 13,075.1 94.2 97.1 418,912.9 345,270.7 21.3 12.5 8.1
N.A.--Not available. N.M.--Not meaningful. 1. QBE Insurance Group Ltd: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 2. Hannover Life Re of Australasia Ltd.: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 3. Swiss Re Life & Health Australia Ltd.: Data are based on IFRS 17 for 2023 and gross insurance revenue is displayed for 2023. 4. SCOR Global Life Australia Pty Ltd.: Data are based on IFRS 17, company reported net premiums written. 5. Hannover Re (Bermuda) Ltd.: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 6. Lancashire Insurance Co. Ltd.: Data are based on IFRS 17 for 2023 and 2022 and net insurance revenue is displayed for YEAR. 7. SCOR Canada Reinsurance Co.: Data are based on IFRS 17, company reported net premiums written. 8. Munich Reinsurance Co. of Canada: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 9. Temple Insurance Co.: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 10. VIG RE zajišťovna a.s.: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 11. Allianz SE: Data refer to reinsurance business written by Allianz SE. Figures are based on IFRS results (only external business). Adjusted shareholders' funds are not available at the external business level. 12. Peak Reinsurance Co. Ltd.: 2023 and 2022 data are based on IFRS 17, the company still provided net premiums written. 13. SCOR Ireland DAC: Data are based on IFRS 17, company reported net premiums written. 14. SCOR Global Reinsurance Ireland DAC: Data are based on IFRS 17, company reported net premiums written. 15. Hannover Reinsurance (Ireland) Ltd.: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 16. Triglav Re, Reinsurance Co. PLC: Data are based on IFRS 17, company reported net premiums written. 17. Sava Re: Data are based on IFRS 17, company reported net premiums written. 18. Munich Reinsurance Co. of Africa Ltd.: Data are based on IFRS 17 for 2023 and 2022 and net insurance revenue is displayed for YEAR. 19. Lloyd's: Adjusted shareholders' funds are members' funds for the market as a whole. 20. Cathedral Capital Holdings Ltd.: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023. 21. Lancashire Insurance Co. (UK) Ltd.: Data are based on IFRS 17 for 2023 and net insurance revenue is displayed for 2023.

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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