Often described as ‘insurance for insurers’, reinsurance is an integral part of the way that the insurance industry operates. Insurers use reinsurers to reduce the amount of risk they’re exposed to and to maintain financial stability.
So, who are the largest reinsurers in the market? Using data from A.M. Best, we’ve ranked the Top 10 to give an impression of the largest players in the reinsurance market.
10. Renaissance Re
Net premiums written in 2021: US$7.1bn
Based in Bermuda – a popular destination for reinsurance, owing to its advantageous regulatory position in relation to both the US and EU markets – Renaissance Re brings 30 years of industry experience to its reinsurance business, which Chief Portfolio Officer Ross Curtis describes as being “the cornerstone of our franchise”. The company covers P&C and Specialty reinsurance lines, and had net premiums written at the last count in excess of US$7bn a year.
9. Everest Re
Net premiums written: US$8.9bn
Also based in Bermuda, Everest Re serves customers in over 100 different countries and six separate continents. Its “disciplined and focused” approach is underscored by A+ writings with both A.M. Best and S&P, allowing it to establish itself as a global leader in risk management. It is led by President and CEO Juan C Andrade, who has close to 30 years of experience in the insurance industry.
8. Reinsurance Group of America
Net premiums written: US$13bn
Headquartered in Chesterfield, Missouri (a suburb of St. Louis), Reinsurance Group of America is the only global reinsurance business focusing primarily on life and health-related reinsurance solutions. It began in 1973 as the startup reinsurance business of a US mutual life insurance company, and has grown to become a reinsurance leader with approximately US$3.5tn in life reinsurance and assets of US$89bn.
7. China Reinsurance Group
Net premiums written: US$15.3bn
As its name would suggest, China Re is a Beijing-based reinsurance group that has a presence in more than 100 countries. The only state-owned reinsurer in China, giving it a strong position domestically that has made it a leader in reinsurance within China. Globally, it partners with 1,000 different companies to offer reinsurance services across multiple insurance lines, and joins the likes of Ping An in becoming part of China’s insurance elite.
6. SCOR
Net premiums written: US$17bn
Headquartered in Paris, SCOR is a global reinsurance player with more than 50 years of history and heritage behind it. Founded in 1970, the organisation today employs more than 3,500 people across 35 different office locations worldwide, enabling it to serve clients in all four corners of the globe. Indeed, it works with over 5,000 organisations, with the Americas and EMEA its largest markets accounting for more than 35% of share each.
5. Berkshire Hathaway
Net premiums written: US$22.1bn
Berkshire Hathaway was just a failing textile company in his hometown of Omaha, Nebraska when Warren Buffett started buying up shares in 1962, but in the decades since he set about diversifying it massively and turned it into one of the world’s largest industrial firms. Berkshire Hathaway first entered the insurance market later that decade, buying the National Indemnity Company, before acquiring GEICO a decade later; GEICO today is still one of the group’s most significant insurance investments. Today, Berkshire Hathaway offers reinsurance solutions across many of the insurance lines where it operates, racking up net written premiums of about US$20bn a year.
4. Canada Life Re
Net premiums written: US$23.4bn
A division of The Canada Life Assurance Company, Canada Life Re has offices in Canada, the US, Europe, Bermuda and Barbados. It began operations in 1989 and today offers a combination of structured, traditional, longevity and P&C reinsurance amounting to more than US$20bn in net written premiums every year. Canada Life Re is led by Jeff Poulin, who has worked his way through the ranks since joining Canada Life as an Actuarial Assistant in 1988.
3. Hannover Re
Net premiums written: US$29.6bn
Hannover Re is a German reinsurance company, headquartered in the city that shares its name, with a stated mission of “turning risks into investments”. It transacts all lines of P&C, Life and Health reinsurance and is present on all continents (apart from Antarctica) with more than 3,500 staff worldwide. Established in 1966, Hannover Re today has a network of over 170 subsidiaries and is led by Jean-Jacques Henchoz.
2. Swiss Re
Net premiums written: US$37.3bn
Based in Zürich, a city famed for its insurance industry heritage, Swiss Re is one of the world’s largest providers of reinsurance and insurance-based risk transfer. Dating back to 1863, it operates out of 80 different office locations worldwide, from where it employs nearly 15,000 members of staff. In the first half of this year alone, group net premiums were in excess of US$22bn, highlighting the sheer scale of this major organisation.
1. Munich Re
Net premiums written: US$48.5bn
A short 50-minute hop across the Bodensee into Germany and you’ll arrive in Munich, the Bavarian capital, which is home to Munich Re – the largest reinsurer on this list with nearly US$50bn in net premiums annually. Like its Swiss counterpart, it shares an impressive heritage, having been founded in Germany in 1880. This history and expertise comes to bear every day among Munich Re’s 41,000 employees, who are led by CEO Joachim Wenning.
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