Munich Reinsurance Company holds onto the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2022, followed again by Swiss Re Ltd. The two global reinsurers together account for one quarter of the top 50 reinsurance gross premiums written in 2022.
The Best’s Market Segment Report, “World’s 50 Largest Reinsurers,” is part of AM Best’s look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo. Additional reports, including in-depth looks at the insurance-linked securities, Lloyd’s, life/annuity, health and regional reinsurance markets, will be available during August and September.
According to the report, total reinsurance gross premiums written by the top 50 reinsurers increased by 2.6% to USD 363.6 billion in 2022. “For many reinsurers, premium growth was driven primarily by strong rate increases, not exposure growth,” said Christopher Pennings, financial analyst, AM Best. “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.”
The No. 3 and 4 spots in the ranking – Hannover Rück SE and Canada Life Re, respectively – also were unchanged from the previous year’s list. Berkshire Hathaway Inc. moved up one spot to No. 5, pushing SCOR S.E. down to No. 6. More-significant movement in the rankings occurred below the top 10, driven primarily by shifts in reinsurance portfolios’ mix.
“Looking forward, AM Best expects Renaissance Re to move up once its acquisition of Validus from AIG is completed,” said Pennings. “In combination, the two entities had gross life and non-life premiums written of USD 12.3 billion at year-end 2022, which would have ranked No. 10.”
The report notes that for the ranking, just year-end gross reinsurance premiums written is included, eliminating any primary premiums. Rankings prior to 2021 had included primary premiums that were less than 25% of a reinsurers’ total premium volume.