S&P Global Ratings'
Top 40 Global Reinsurers
In 2026 And Reinsurers
By Domicile

S&P Global Ratings' 2026 edition of Global Reinsurance Highlights includes data on 128 reinsurance organizations from 29 domiciles. As in previous years, the data is based on survey responses from reinsurance organizations worldwide.For our Top 40 Global Reinsurers ranking, we referred to gross premium written (GPW) for pure reinsurance business. For those reinsurers reporting under International Financial Reporting Standards (IFRS) 17 and that do not publish GPW, we estimated the pure reinsurance GPW and marked them in the ranking. For those reinsurers where we estimated GPW, we took public sources from regulatory reports into consideration and compared to peers reporting both premiums and revenue. We also added the gross insurance revenue for reinsurance for all IFRS 17 filers.To ensure consistency, we requested that respondents comply with clear guidelines on the definition of the financial items required. Where possible, we attempted to verify the data submitted against publicly available information. This report provides market participants with an indication of the ongoing reinsurance capacity available in each market. Drawing a clear line between companies' reinsurance and primary insurance activities was among the main challenges in establishing 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 premium written. In some cases, however, other metrics include data from the primary insurance and the reinsurance business. 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 converted the reported data at year-end exchange rates. We calculated the combined ratios presented here as net losses incurred plus net underwriting expenses to net premium earned or net insurance revenue. The combined ratio of any entity that writes only life reinsurance has been marked as N.A., because we do not consider this an accurate measure of a life reinsurer's profitability.For groups or entities that write both nonlife and life reinsurance businesses, the combined ratio reflects the nonlife business only. The main group and domicile listing for each entity surveyed represents that group's or company's total reinsurance business written, be it life, nonlife, or a combination of both.Table 1 | Top 40 global reinsurers

			Gross reinsurance premium written (mil. $)		Gross insurance revenue (IFRS 17 filers only) (mil. $)		Pretax operating income (mil. $)		Combined ratio (%)		Reported shareholders funds (mil. $)		Return on equity (%)
Ranking	Company	Domicile	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
1	Munich Reinsurance Co.*	Germany	46,467.5	42,794.0	35,355.0	32,364.1	7,901.6	6,881.0	71.2	74.3	39,250.6	34,069.6	18.3	18.2
2	Swiss Re AG*	Switzerland	45,800.0	43,142.0	35,207.0	37,515.0	6,077.0	4,133.0	79.6	N.A.	25,114.0	21,892.0	19.0	14.8
3	Hannover Rueck SE*	Germany	43,300.0	37,696.0	31,458.2	27,316.3	4,496.5	3,347.7	84.0	86.6	15,183.9	12,213.4	20.4	19.7
4	Lloyd's§	U.K.	26,972.9	23,464.6	N.A.	N.A.	2,752.0	2,104.8	85.6	87.6	66,617.8	58,697.3	4.1	3.6
5	Berkshire Hathaway Insurance Group	U.S.	25,470.0	26,906.0	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	717,419.0	649,368.1	N.A.	N.A.
6	SCOR SE	France	21,966.5	20,776.7	18,060.4	16,698.8	1,539.7	308.6	82.3	86.3	5,199.2	4,684.7	19.2	0.1
7	Reinsurance Group of America Inc.	U.S.	17,773.0	18,492.0	N.A.	N.A.	1,967.0	1,752.0	N.A.	N.A.	13,551.0	10,906.0	8.8	6.6
8	China Reinsurance (Group) Corp.	China	16,846.0	16,355.4	N.A.	N.A.	2,470.7	1,349.4	96.0	96.0	17,602.7	15,743.4	8.3	6.3
9	Everest Group Ltd.	Bermuda	12,825.0	12,941.0	N.A.	N.A.	2,239.8	1,417.0	91.7	89.6	15,460.7	13,875.0	10.3	9.9
10	Renaissance Re Holdings Ltd.	Bermuda	11,738.4	11,733.1	N.A.	N.A.	N.A.	N.A.	87.2	86.2	11,608.7	10,574.0	31.2	28.0
11	Arch Capital Group Ltd.	Bermuda	11,137.3	11,112.1	N.A.	N.A.	2,599.1	2,857.5	83.1	84.0	16,719.4	14,485.1	15.9	21.8
12	Mapfre Re Compania de Reaseguros, S.A.	Spain	9,862.2	8,679.5	9,791.7	8,267.3	657.6	449.1	91.2	93.6	3,224.0	2,528.9	13.9	13.3
13	Partner Re Ltd.	Bermuda	9,164.8	9,345.5	N.A.	N.A.	N.A.	N.A.	93.4	90.6	11,083.1	9,404.5	20.8	16.4
14	Fairfax Financial Holdings Ltd.†	Canada	7,956.0	7,414.3	6,004.7	5,496.9	1,799.3	1,870.1	89.6	86.2	26,282.6	22,959.8	18.2	16.9
15	MS&AD Insurance Group Holdings, Inc.‡	Japan	6,781.2	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	34,797.3	N.A.	14.4	N.A.
16	Korean Reinsurance Co.	South Korea	5,758.1	5,411.8	3,448.5	3,476.5	326.4	248.5	91.6	90.9	2,552.8	2,337.0	8.7	9.2
17	SOMPO Holdings Inc.	Japan	5,326.8	5,378.8	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	33,757.2	26,890.3	12.1	5.8
18	General Insurance Corp. of India	India	5,192.1	4,903.5	N.A.	N.A.	-145.7	-367.1	103.3	107.1	10,771.3	10,378.3	10.5	8.4
19	R+V Versicherung AG**	Germany	3,987.0	3,527.6	N.A.	N.A.	541.0	547.6	98.1	96.2	2,815.4	2,482.4	5.3	0.4
20	AXA XL Reinsurance Ltd.§§	Bermuda	3,689.2	3,433.0	2,788.4	2,534.5	409.5	607.3	83.1	81.6	3,006.4	2,876.0	11.5	19.3
21	Allianz SE††	Germany	3,552.8	2,885.4	1,976.2	1,620.4	180.5	277.6	89.8	77.4	N.A.	N.A.	N.A.	N.A.
22	QBE Insurance Group Ltd.	Australia	3,093.0	2,594.0	2,743.0	2,287.0	351.0	229.0	85.7	89.0	11,671.0	10,728.0	18.5	16.6
23	Convex Group Ltd.	Bermuda	2,756.5	2,332.7	N.A.	N.A.	316.5	287.1	83.5	82.3	4,401.7	3,672.4	13.2	10.4
24	Deutsche Rueckversicherung AG‡‡	Germany	2,598.7	2,159.3	N.A.	N.A.	185.6	158.4	91.7	93.7	417.3	352.8	5.9	4.3
25	UNIQA Re AG	Switzerland	2,522.8	1,977.1	1,629.5	1,289.9	178.7	87.3	95.1	99.2	500.3	327.1	30.5	23.0
26	AXIS Capital Holdings Ltd.	Bermuda	2,465.3	2,390.3	N.A.	N.A.	N.A.	N.A.	94.6	94.8	N.A.	N.A.	N.A.	N.A.
27	Peak Reinsurance Co Ltd.	Hong Kong	2,203.1	1,762.5	1,535.2	1,156.2	208.2	203.8	87.9	84.0	1,326.9	1,182.0	14.3	15.8
28	Toa Reinsurance Group	Japan	2,164.5	2,209.1	N.A.	N.A.	315.7	303.0	93.4	91.9	1,301.3	1,056.4	19.3	17.2
29	Tokio Marine & Nichido Fire Insurance Co. Ltd.	Japan	2,159.0	2,206.3	N.A.	N.A.	6,225.1	7,673.6	N.A.	N.A.	21,167.2	21,217.1	23.1	29.6
30	Taiping Reinsurance Co. Ltd.	Hong Kong	2,150.4	1,987.1	1,147.8	1,111.0	183.5	186.4	99.5	99.1	1,711.9	1,560.7	9.6	7.9
31	Ascot Group Ltd.	Bermuda	2,085.1	1,849.7	N.A.	N.A.	500.4	415.6	94.8	94.9	3,058.2	2,446.0	16.7	16.9
32	Caisse Centrale de Réassurance	France	1,952.4	1,281.4	N.A.	N.A.	877.5	281.1	63.6	96.8	3,499.7	2,947.5	15.9	6.4
33	Arundo Re	France	1,676.3	1,409.8	N.A.	N.A.	159.7	64.2	63.6	70.4	1,070.4	855.9	11.1	7.8
34	PICC Reinsurance Co. Ltd.	China	1,487.3	1,361.0	767.4	719.5	0.4	44.7	101.6	100.9	953.2	900.8	0.3	4.0
35	Chubb Tempest Reinsurance Ltd.	Bermuda	1,487.0	1,567.3	N.A.	N.A.	629.3	425.4	79.3	85.9	N.A.	N.A.	N.A.	N.A.
36	SiriusPoint Ltd.	Bermuda	1,375.0	1,335.6	N.A.	N.A.	90.6	124.5	91.8	88.1	2,470.9	1,938.8	18.0	9.5
37	African Reinsurance Corp.	Nigeria	1,337.7	1,214.1	1,275.0	1,200.3	203.9	127.3	80.2	82.0	1,396.0	1,159.0	15.6	11.5
38	W. R. Berkley Corporation	U.S.	1,311.7	1,250.0	N.A.	N.A.	N.A.	N.A.	83.7	84.1	9,700.8	8,395.1	N.A.	N.A.
39	DEVK Rueckversicherungs- und Beteiligungs-AG - DEVK RE	Germany	1,243.3	1,218.6	N.A.	N.A.	212.5	69.6	87.4	92.3	1,670.6	1,392.1	6.2	2.4
40	Lancashire Holdings Ltd.***	Bermuda	1,187.1	1,097.8	904.4	855.1	229.8	235.1	N.A.	N.A.	1,509.3	1,493.3	19.4	21.5
Totals			378,823.0	349,596.1	154,092.2	143,908.9	46,680.3	34,567.2	N.A.	N.A.	1,139,843.8	987,991.0	N.A.	N.A.

*S&P Global Ratings' estimate of gross premium written (2024 figure only for Munich Re). §Reported shareholders' funds are members' funds for the market as a whole. †All figures reported on IFRS 4/GAAP basis, except for gross insurance revenue. ‡Gross reinsurance premium written include reinsurance business assumed from related companies. Reported shareholders funds is composed of 'Net Assets' shown in the balance sheets. **Company data for R+V Versicherung AG audited based on statutory accounting standard (German GAAP). §§Excluding the loss related to an internal sale of a subsidiary. ††Shareholders funds not available with this segmentation. ‡‡Accounts are based on local GAAP. ***Pretax operating income for reinsurance segment excludes all investment income.

Table 2 | Global reinsurers by domicile

Company	Gross reinsurance premium written (mil. $)			Gross insurance revenue (IFRS 17 filers only) (mil. $)		Pretax operating income (mil. $)		Combined ratio (%)		Reported shareholders funds (mil. $)			Return on equity (%)
	2025	2024	Change (%)	2025	2024	2025	2024	2025	2024	2025	2024	Change (%)	2025	2024
Australia
QBE Insurance Group Ltd.	3,093.0	2,594.0	19.2	2,743.0	2,287.0	351.0	229.0	85.7	89.0	11,671.0	10,728.0	8.8	18.5	16.6
Swiss Re Life and Health Australia Ltd.	1,203.1	1,116.0	7.8	851.1	768.2	(61.6)	N.A.	N.A.	N.A.	537.0	760.7	(29.4)	(23.0)	4.8
Munich Reinsurance Co. of Australasia Ltd.	574.5	690.4	(16.8)	524.6	517.0	(24.4)	56.0	N.A.	N.A.	668.9	578.6	15.6	6.9	2.3
SCOR Global Life Australia	467.1	365.3	27.9	331.4	242.8	(59.9)	4.2	N.A.	N.A.	249.9	120.0	108.3	(16.7)	(1.1)
Hannover Life Re of Australasia Ltd.	N.A.	N.A.	N.A.	903.3	769.9	(7.7)	68.9	N.A.	N.A.	387.2	367.0	5.5	(8.5)	5.8
Total	5,337.7	4,765.8	12.0	5,353.5	4,585.0	197.4	358.0	N.A.	N.A.	13,514.0	12,554.2	7.6	N.A.	N.A.
Bahrain
Hannover ReTakaful B.S.C.	N.A.	227.3	N.A.	232.2	201.3	31.4	18.3	62.7	120.8	251.5	237.5	5.9	11.9	6.8
Total	N.A.	227.3	N.A.	232.2	201.3	31.4	18.3	N.A.	N.A.	251.5	237.5	5.9	N.A.	N.A.
Barbados
Wentworth	271.7	327.0	(16.9)	198.8	219.7	68.0	95.7	103.8	93.0	529.6	530.8	(0.2)	32.7	13.9
Total	271.7	327.0	(16.9)	198.8	219.7	68.0	95.7	N.A.	N.A.	529.6	530.8	(0.2)	N.A.	N.A.
Bermuda
Arch Reinsurance Ltd.	6,715.9	6,219.9	8.0	N.A.	N.A.	6,010.4	2,330.5	78.7	84.5	13,014.1	11,721.4	11.0	14.2	21.8
Everest Reinsurance (Bermuda) Ltd.	5,434.0	5,704.8	(4.7)	N.A.	N.A.	754.7	924.8	90.4	84.0	4,208.9	4,322.8	(2.6)	14.8	31.8
Ascot Group Ltd.	2,085.1	1,849.7	10.9	N.A.	N.A.	500.4	415.6	94.8	94.9	3,058.2	2,446.0	25.0	16.7	16.9
Sompo International Holdings Ltd.	4,520.7	4,532.6	(0.3)	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Renaissance Reinsurance Ltd.	3,956.1	4,530.0	(12.7)	N.A.	N.A.	N.A.	N.A.	75.6	78.3	4,250.0	4,124.9	3.0	36.2	23.0
AXA XL Reinsurance Ltd.	3,689.2	3,433.0	7.5	2,788.4	2,534.5	409.5	607.3	83.1	81.6	3,006.4	2,876.0	4.5	11.5	19.3
Renaissance Reinsurance Speciality US Ltd.	3,531.1	3,607.8	(2.1)	N.A.	N.A.	N.A.	N.A.	107.4	109.5	1,977.4	1,736.7	13.9	9.6	(0.0)
Allied World Assurance Co.Holdings, GmbH	2,168.4	2,030.3	6.8	1,745.5	1,594.6	526.8	430.1	86.6	88.7	7,132.1	6,011.9	18.6	21.1	14.3
DaVinci Reinsurance Holdings Ltd.	1,574.9	1,350.6	16.6	N.A.	N.A.	N.A.	N.A.	65.1	47.8	4,888.4	4,100.1	19.2	16.1	20.3
Chubb Tempest Reinsurance Ltd.	1,487.4	1,567.3	(5.1)	N.A.	N.A.	629.3	425.4	79.3	85.9	N.A.	N.A.	N.A.	N.A.	N.A.
Convex Re Ltd.	1,479.4	1,212.6	22.0	N.A.	N.A.	195.3	199.9	79.8	76.3	3,501.2	3,100.0	12.9	11.8	8.8
Lancashire Insurance Co. Ltd.	1,040.5	830.0	25.4	777.1	585.1	197.7	133.9	N.A.	N.A.	1,410.9	1,522.8	(7.3)	23.8	22.3
Fidelis Insurance Bermuda Ltd.	949.0	860.2	10.3	N.A.	N.A.	140.8	249.8	50.7	N.A.	2,018.0	1,793.9	12.5	7.7	3.8
Fontana Reinsurance Holdings Ltd.	930.2	970.1	(4.1)	N.A.	N.A.	N.A.	N.A.	104.3	102.7	813.1	167.1	386.7	9.2	12.1
Hiscox Insurance Co. (Bermuda) Ltd.	656.5	595.6	10.2	628.6	592.0	116.5	82.0	60.9	67.9	1,795.1	1,786.2	0.5	11.5	8.1
SeriusPoint Bermuda Insurance Co. Ltd.	253.3	278.9	(9.2)	N.A.	N.A.	53.9	103.5	73.7	56.8	637.8	188.8	237.9	41.3	25.6
Vermeer Reinsurance Ltd.	190.7	198.2	(3.8)	N.A.	N.A.	N.A.	N.A.	77.6	12.4	1,447.8	1,799.9	(19.6)	8.5	13.6
AXIS Specialty Ltd.	100.1	100.1	0.0	N.A.	N.A.	N.A.	N.A.	106.7	106.7	N.A.	N.A.	N.A.	N.A.	N.A.
Markel Bermuda Ltd.	70.2	96.5	(27.2)	N.A.	N.A.	27.8	36.2	66.0	40.2	2,755.2	2,490.6	10.6	1.0	0.9
Top Layer Reinsurance Ltd.	35.7	45.8	(22.1)	N.A.	N.A.	N.A.	N.A.	22.0	21.8	53.9	58.0	(6.9)	44.4	48.2
Chubb Tempest Life Reinsurance, Ltd.	11.3	26.9	(58.2)	N.A.	N.A.	48.8	(2.8)	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Hannover Re (Bermuda) Ltd.	N.A.	N.A.	N.A.	1,997.9	2,000.9	979.3	651.3	38.5	64.1	2,998.1	2,628.8	14.0	28.3	26.2
Total	40,879.8	40,040.9	2.0	7,937.5	7,307.1	10,591.1	6,587.5	N.A.	84.4	58,966.8	52,875.9	36.8	N.A.	N.A.
Bosnia-Herzegovina
Bosna Reinsurance Co. Ltd.	73.5	58.7	25.1	N.A.	N.A.	3.1	2.2	73.6	73.1	24.8	20.2	23.0	11.7	10.0
Total	73.5	58.7	25.1	N.A.	N.A.	3.1	2.2	N.A.	N.A.	24.8	20.2	23.0	N.A.	N.A.
Canada
SCOR Canada Reinsurance Co.	576.7	690.5	(16.5)	484.4	530.6	99.8	34.1	65.5	92.1	371.1	307.1	20.9	19.8	8.2
Munich Reinsurance Co. of Canada	409.3	337.0	21.5	302.4	287.9	120.0	18.7	N.A.	N.A.	371.8	314.5	18.2	23.9	3.8
Total	986.1	1,027.6	(4.0)	786.8	818.5	219.8	52.8	N.A.	N.A.	742.9	621.6	19.5	N.A.	N.A.
China
China Property & Casualty Reinsurance Co. Ltd.	6,835.9	6,281.4	8.8	N.A.	N.A.	432.2	250.2	98.7	98.8	3,825.4	3,427.9	11.6	9.2	6.2
PICC Reinsurance Co. Ltd.	1,487.3	1,361.0	9.3	767.4	719.5	0.4	44.7	101.6	100.9	953.2	900.8	5.8	0.3	4.0
Total	8,323.1	7,642.3	8.9	767.4	719.5	432.6	295.0	N.A.	N.A.	4,778.6	4,328.7	10.4	N.A.	N.A.
Czech Republic
VIG RE zajišťovna a.s.	1,169.3	1,018.2	14.8	993.0	924.4	39.9	26.9	84.1	90.6	450.0	374.3	20.2	9.9	9.2
Total	1,169.3	1,018.2	14.8	993.0	924.4	39.9	26.9	N.A.	N.A.	450.0	374.3	20.2	N.A.	N.A.
France
SCOR SE	11,319.4	10,538.1	7.4	8,796.8	7,666.1	799.7	25.2	75.6	88.2	4,932.4	4,164.7	18.4	12.5	(0.4)
Caisse Centrale de Réassurance	1,952.4	1,281.4	52.4	N.A.	N.A.	877.5	281.1	63.6	96.8	3,499.7	2,947.5	18.7	15.9	6.4
SCOR Europe	406.2	317.1	28.1	314.1	257.5	20.6	(14.1)	51.7	88.0	120.7	92.6	30.4	13.6	(8.4)
Total	13,678.1	12,136.6	12.7	9,110.9	7,923.6	1,697.7	292.3	N.A.	N.A.	8,552.8	7,204.8	18.7	N.A.	N.A.
Germany
Munich Reinsurance Co.	39,857.8	34,568.8	15.3	N.A.	N.A.	8,374.9	5,853.8	90.9	93.6	20,761.6	17,194.8	20.7	23.4	28.6
Hannover Rueck SE	34,852.4	30,880.8	12.9	N.A.	N.A.	789.8	885.5	104.9	99.6	4,905.3	3,486.3	40.7	45.4	33.3
E+S Rueckversicherung AG	3,988.5	3,680.7	8.4	N.A.	N.A.	278.8	(94.0)	92.9	111.0	935.3	654.9	42.8	33.1	2.0
R+V Versicherung AG	3,987.0	3,527.6	13.0	N.A.	N.A.	541.0	547.6	98.1	96.2	2,815.4	2,482.4	13.4	5.3	0.4
Allianz SE	3,552.8	2,885.4	18.2	1,976.2	1,620.4	180.5	277.6	89.8	77.4	N.A.	N.A.	N.A.	N.A.	N.A.
Deutsche Rueckversicherung AG	2,116.1	1,777.1	19.1	N.A.	N.A.	131.3	119.9	89.7	92.2	250.9	214.9	16.8	5.7	3.4
DEVK Rueckversicherungs- und Beteiligungs-AG - DEVK RE	1,243.3	1,218.6	2.0	N.A.	N.A.	212.5	69.6	87.4	92.3	1,670.6	1,392.1	20.0	6.2	2.4
Total	89,597.9	78,539.0	14.1	1,976.2	1,620.4	10,508.7	7,659.9	N.A.	N.A.	31,339.0	25,425.5	23.2	N.A.	N.A.
Hong Kong
Peak Reinsurance Co Ltd.	2,203.1	1,762.5	25.0	1,535.2	1,156.2	208.2	203.8	87.9	84.0	1,326.9	1,182.0	12.3	14.3	15.8
Taiping Reinsurance Co. Ltd.	2,150.4	1,987.1	8.2	1,147.8	1,111.0	183.5	186.4	99.5	99.1	1,711.9	1,560.7	9.7	9.6	7.9
SCOR Reinsurance Co. (Asia) Ltd.	140.3	132.5	5.8	102.2	103.0	(4.8)	3.9	104.6	95.7	156.9	183.7	(14.6)	(2.0)	2.5
Worldwide Insurance Services, Ltd. (WIS)	0.0	0.0	N.A.	0.0	N.A.	0.8	0.9	N.A.	N.A.	5.0	4.3	16.6	14.3	20.6
Total	4,493.8	3,882.1	15.8	2,785.2	2,370.1	387.7	395.0	N.A.	N.A.	3,200.7	2,930.7	9.2	N.A.	N.A.
India
General Insurance Corporation of India	5,192.1	4,903.5	5.9	N.A.	N.A.	(145.7)	(367.1)	103.3	107.1	10,771.3	10,378.3	3.8	10.5	8.4
Valueattics Re	14.4	N.A.	N.A.	4.5	N.A.	(0.3)	N.A.	167.4	N.A.	22.7	N.A.	N.A.	(1.6)	N.A.
Total	5,206.5	4,903.5	6.2	4.5	N.A.	(146.1)	(367.1)	N.A.	N.A.	10,794.0	10,378.3	4.0	N.A.	N.A.
Ireland
SCOR Ireland DAC	4,737.0	4,263.4	11.1	4,806.3	4,106.6	121.0	(260.2)	170.4	96.3	970.0	887.0	9.4	9.9	(23.1)
SCOR Global Reinsurance Ireland DAC	3,850.7	3,474.0	10.8	2,631.3	2,466.6	(523.1)	394.0	68.6	72.8	1,994.2	2,339.2	(14.7)	(31.8)	15.0
Arch Re Europe	2,356.8	2,428.4	(2.9)	N.A.	N.A.	250.0	N.A.	71.2	69.9	1,681.0	1,316.7	27.7	14.2	11.0
AXIS Re SE	906.6	805.2	12.6	N.A.	N.A.	N.A.	N.A.	86.6	83.8	76.6	203.5	(62.4)	N.A.	N.A.
Fidelis Insurance Ireland DAC	0.0	0.1	(100.0)	N.A.	N.A.	(10.1)	8.6	N.A.	N.A.	170.8	179.8	(5.0)	(5.7)	(3.3)
Hannover Reinsurance (Ireland) DAC	N.A.	N.A.	N.A.	3,775.9	3,939.4	256.2	372.2	96.6	92.1	1,585.2	1,434.5	10.5	13.3	19.8
Total	11,851.0	10,971.1	8.0	11,213.4	10,512.6	94.0	514.7	N.A.	N.A.	6,477.7	6,360.7	1.8	N.A.	N.A.
Japan
Tokio Marine & Nichido Fire Insurance Co. Ltd.	2,159.0	2,206.3	(2.1)	N.A.	N.A.	6,225.1	N.A.	N.A.	N.A.	21,167.2	21,217.1	(0.2)	23.1	29.6
Aioi Nissay Dowa Insurance Co., Ltd.	1,631.7	1,662.2	(1.8)	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	2,941.1	2,568.7	14.5	34.3	26.9
Toa Reinsurance Co.	1,388.4	1,427.1	(2.7)	N.A.	N.A.	236.4	N.A.	90.8	86.3	991.9	819.4	21.1	18.2	17.6
Mitsui Sumitomo Insurance Co. Ltd.	1,227.8	1,217.6	0.8	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	14,935.8	13,809.1	8.2	19.6	21.2
Sompo Japan Insurance Inc.	811.2	816.8	(0.7)	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	25,307.8	18,940.6	33.6	14.2	7.8
Total	7,218.0	7,330.0	(1.5)	N.A.	0.0	6,461.5	N.A.	N.A.	N.A.	65,343.8	57,354.9	13.9	N.A.	N.A.
Kazakhstan
Eurasia Insurance Co. JSC	165.4	153.5	7.7	163.0	149.3	70.3	(25.2)	55.5	117.4	699.8	555.5	26.0	17.6	19.7
Total	165.4	153.5	7.7	163.0	149.3	70.3	(25.2)	N.A.	N.A.	699.8	555.5	26.0	17.6	19.7
Luxembourg
Swiss Re Europe S.A.	12,259.8	9,743.0	25.8	N.A.	N.A.	479.2	576.7	90.6	92.8	991.7	916.6	8.2	42.5	50.0
Total	12,259.8	9,743.0	25.8	N.A.	N.A.	479.2	576.7	N.A.	N.A.	991.7	916.6	8.2	N.A.	N.A.
Nigeria
Africa Reinsurance Corp.	1,171.1	1,061.0	10.4	1,109.7	1,048.2	190.9	119.2	79.8	81.6	1,304.6	1,091.1	19.6	15.6	11.5
Total	1,171.1	1,061.0	10.4	1,109.7	1,048.2	190.9	119.2	N.A.	N.A.	1,304.6	1,091.1	19.6	N.A.	N.A.
Poland
Polskie Towarzystwo Reasekuracji S.A.	250.7	202.9	23.6	N.A.	N.A.	16.6	5.7	92.0	97.8	169.1	120.5	40.4	13.8	11.4
Total	250.7	202.9	23.6	N.A.	N.A.	16.6	5.7	N.A.	N.A.	169.1	120.5	40.4	N.A.	N.A.
Singapore
Swiss Re Asia Ltd.	3,912.2	4,026.9	(2.8)	N.A.	N.A.	266.2	541.4	91.3	85.6	2,083.4	2,467.5	(15.6)	4.5	20.9
SCOR Reinsurance Asia-Pacific	1,393.4	1,660.4	(16.1)	786.1	942.8	32.6	118.3	78.9	56.0	538.3	548.7	(1.9)	4.3	17.1
Singapore Re	388.1	311.9	24.4	256.4	213.0	58.2	39.3	77.0	83.0	333.2	267.1	24.7	14.9	17.4
Total	5,693.7	5,999.2	(5.1)	1,042.5	1,155.7	357.0	710.4	N.A.	N.A.	2,954.9	3,283.3	(10.0)	N.A.	N.A.
Slovenia
Triglav Re, Reinsurance Co.	422.6	359.0	17.7	335.3	271.2	21.0	17.6	93.3	94.9	148.3	117.2	26.6	11.0	11.8
Sava Reinsurance Co. d.d.	183.6	131.3	39.8	236.5	177.8	88.5	152.0	81.1	80.2	585.2	475.3	23.1	14.4	11.4
Total	606.1	490.3	23.6	571.8	448.9	109.4	169.6	N.A.	N.A.	733.5	592.4	23.8	N.A.	N.A.
South Africa
Swiss Re Africa Ltd.	560.6	N.A.	N.A.	560.3	417.6	126.6	N.A.	95.0	92.6	211.6	102.3	106.8	44.1	3.2
African Reinsurance Corp. South Africa	176.9	149.9	18.0	172.9	148.0	13.1	8.0	65.6	82.4	91.5	67.6	35.4	15.9	11.5
Total	737.4	149.9	392.1	733.2	565.5	139.7	8.0	N.A.	N.A.	303.2	169.9	78.4	N.A.	N.A.
South Korea
Korean Reinsurance Co.	5,658.6	5,315.3	6.5	3,380.9	3,413.8	321.1	244.5	91.5	90.6	2,536.2	2,337.5	8.5	8.7	8.3
Total	5,658.6	5,315.3	6.5	3,380.9	3,413.8	321.1	244.5	N.A.	N.A.	2,536.2	2,337.5	8.5	N.A.	N.A.
Spain
MAPFRE RE, Compañía de Reaseguros, S.A.	9,262.8	8,095.4	14.4	9,035.1	7,621.9	580.3	397.5	91.5	93.7	2,975.0	2,343.5	26.9	13.1	12.9
Nacional de Reaseguros S.A.	960.3	805.3	19.2	N.A.	N.A.	84.5	53.4	94.9	99.0	771.6	630.4	22.4	8.8	6.1
Total	10,223.1	8,900.6	14.9	9,035.1	7,621.9	664.8	450.9	N.A.	N.A.	3,746.6	2,973.9	26.0	N.A.	N.A.
Sweden
SiriusPoint International Insurance Corp.	414.2	434.7	(4.7)	N.A	N.A.	1.1	6.6	99.5	97.1	710.3	855.0	(16.9)	4.4	7.9
Total	414.2	434.7	(4.7)	N.A	N.A.	1.1	6.6	N.A.	N.A.	710.3	855.0	(16.9)	N.A.	N.A.
Switzerland
Swiss Reinsurance Co. Ltd.	16,778.1	15,530.2	8.0	N.A.	N.A.	16,993.8	(1,039.8)	92.7	100.4	23,119.4	13,481.0	71.5	42.0	(10.2)
New Reinsurance Co. Ltd.	8,396.7	7,840.0	7.1	2,816.8	2,555.8	524.3	317.6	83.3	97.3	1,876.8	1,287.1	45.8	25.0	17.7
Amlin AG	3,921.8	N.A.	N.A.	3,644.3	N.A.	458.9	N.A.	86.6	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Renaissance Reinsurance Europe AG	3,195.2	3,476.2	(8.1)	N.A.	N.A.	N.A.	N.A.	95.6	93.2	1,985.6	1,995.5	(0.5)	16.4	20.1
UNIQA Re AG	2,522.8	1,977.1	27.6	1,629.5	1,289.9	178.7	87.3	95.1	99.2	500.3	327.1	52.9	30.5	23.0
Echo Rückversicherungs-AG	505.1	441.3	14.5	N.A.	N.A.	56.9	42.4	84.0	84.9	283.4	229.1	23.7	7.5	9.7
Deutsche Rueckversicherung Schweiz AG	500.1	405.7	23.3	N.A.	N.A.	33.8	38.0	96.7	96.4	256.9	222.8	15.3	3.5	3.8
The Toa 21st Century Reinsurance Company	313.3	292.8	7.0	N.A.	N.A.	41.9	N.A.	91.3	93.9	530.9	433.9	22.4	6.1	4.5
SIGNAL IDUNA Reinsurance Ltd.	262.9	216.1	21.6	N.A.	N.A.	24.2	20.1	93.8	95.3	243.3	216.8	12.2	5.2	5.0
Korean Reinsurance Switzerland AG	144.4	176.5	(18.2)	107.4	118.0	(1.6)	(1.4)	109.9	111.8	128.5	115.6	11.2	(1.0)	(0.9)
Helvetia Insurance Co.	N.A.	N.A.	N.A.	978.3	857.7	84.9	63.8	N.A.	N.A.	530.4	449.0	18.1	13.6	11.7
Total	36,540.5	30,356.1	20.4	9,176.3	4,821.4	18,395.9	(472.1)	N.A.	N.A.	29,455.5	18,757.9	57.0	N.A.	N.A.
Taiwan
Central Reinsurance Corp.	669.0	638.6	4.8	N.A.	N.A.	54.9	42.8	95.8	97.9	691.4	637.6	8.4	13.5	12.0
Total	669.0	638.6	4.8	N.A.	N.A.	54.9	42.8	N.A.	N.A.	691.4	637.6	8.4	N.A.	N.A.
Turkey
Milli Reasürans T.A.S.	376.0	416.3	(9.7)	N.A.	N.A.	7.1	(47.3)	141.9	157.9	613.0	465.9	31.6	37.1	36.0
Total	376.0	416.3	(9.7)	N.A.	N.A.	7.1	(47.3)	N.A.	N.A.	613.0	465.9	31.6	N.A.	N.A.
United Kingdom
Lloyd's	26,972.9	23,464.6	15.0	N.A.	N.A.	2,752.0	2,104.8	85.6	87.6	66,617.8	58,697.3	13.5	4.1	3.6
China Re International Co. Ltd.	3,356.0	3,135.3	7.0	N.A.	N.A.	354.9	300.8	90.7	88.6	1,154.3	819.8	40.8	22.9	27.4
Convex Insurance UK Ltd.	1,277.1	1,120.2	14.0	N.A.	N.A.	121.2	109.0	87.3	86.0	2,170.8	1,965.2	10.5	7.7	8.4
Brit Ltd.	862.4	813.4	6.0	746.5	652.1	66.2	186.3	98.7	82.8	2,723.8	2,291.6	18.9	23.9	20.9
SCOR U.K. Co. Ltd.	715.0	686.4	4.2	592.3	645.1	49.8	88.3	55.4	59.1	461.0	436.8	5.5	8.4	15.2
Lloyd’s Syndicate 1945 (SiriusPoint)	210.9	174.4	20.9	N.A.	N.A.	20.2	(7.9)	89.2	106.0	130.8	72.6	80.3	43.1	29.1
Markel International Insurance Co. Ltd.	208.2	215.1	(3.2)	N.A.	N.A.	11.4	5.3	90.1	96.0	1,042.8	721.9	44.5	1.1	0.8
AXIS Syndicate 1686	176.0	156.1	12.8	N.A.	N.A.	N.A.	N.A.	83.2	83.3	N.A.	N.A.	N.A.	N.A.	N.A.
Cathedral Capital Holdings Ltd.	146.3	132.7	10.2	127.2	129.4	30.2	34.1	N.A.	N.A.	141.6	59.4	138.4	6.0	33.2
Ki Financial	145.7	N.A.	N.A.	141.4	N.A.	27.3	N.A.	90.2	N.A.	682.2	N.A.	N.A.	13.3	N.A.
Korean Re Underwriting Ltd.	54.0	42.1	28.3	40.6	30.6	5.7	4.5	79.7	80.3	33.2	26.0	27.7	13.5	13.1
Markel Syndicate 3000	41.1	36.8	11.5	N.A.	N.A.	19.9	13.1	39.8	59.9	937.3	836.7	12.0	2.1	1.6
Fidelis Underwriting Ltd.	12.3	4.3	186.0	N.A.	N.A.	151.2	(2.8)	N.A.	N.A.	1,072.4	1,003.7	6.8	14.4	10.4
Lancashire Insurance Company Ltd.	0.3	0.6	(41.4)	0.1	0.5	1.6	0.3	N.A.	N.A.	203.7	185.5	9.8	8.9	7.2
Total	34,178.2	29,982.0	14.0	1,648.2	1,457.7	3,611.5	2,835.9	N.A.	N.A.	77,371.6	67,116.3	15.3	N.A.	N.A.
United States
Reinsurance Group of America Inc.	17,773.0	18,492.0	(3.9)	N.A.	N.A.	1,967.0	1,752.0	N.A.	N.A.	13,551.0	10,906.0	24.3	8.8	6.6
Everest Reinsurance Co.	11,917.3	12,389.0	(3.8)	N.A.	N.A.	1,087.4	173.0	102.6	110.3	8,855.5	8,125.7	9.0	9.4	0.9
Swiss Re Life & Health America Inc.	7,962.4	N.A.	N.A.	N.A.	N.A.	217.0	N.A.	N.A.	N.A.	1,706.4	N.A.	N.A.	11.7	N.A.
Swiss Reinsurance America Corp.	5,558.3	N.A.	N.A.	N.A.	N.A.	(383.8)	N.A.	114.4	N.A.	3,562.7	N.A.	N.A.	(3.5)	N.A.
Munich American Reassurance Co.	5,498.2	5,835.2	(5.8)	4,527.9	4,599.0	56.9	12.1	N.A.	N.A.	723.9	681.0	6.3	(3.2)	3.8
National Indemnity Co.	5,294.3	5,955.8	(11.1)	N.A.	N.A.	1,566.2	3,154.4	N.A.	N.A.	269,769.9	250,507.9	7.7	10.2	14.9
Odyssey Group Holdings, Inc.	3,870.3	3,726.4	3.9	2,730.3	2,656.3	1,025.7	1,103.8	88.8	84.7	7,393.8	6,394.7	15.6	20.3	16.9
SCOR Reinsurance Co.	3,023.7	2,886.5	4.8	2,391.2	2,052.7	130.4	(47.0)	89.7	104.8	1,950.9	1,632.4	19.5	4.7	(3.8)
Munich Reinsurance America Inc.	2,793.3	2,782.6	0.4	N.A.	N.A.	206.8	(118.8)	103.7	107.8	6,646.0	5,552.5	19.7	(6.7)	(2.3)
SCOR Global Life USA Reinsurance Co.	2,759.5	2,367.9	16.5	2,636.5	2,229.9	(46.8)	102.0	N.A.	N.A.	563.4	518.5	8.7	(6.4)	15.4
SCOR Global Life Americas Reinsurance Co.	2,269.9	2,227.7	1.9	2,538.9	2,439.9	66.3	99.9	N.A.	N.A.	549.5	376.9	45.8	9.2	20.4
Arch Reinsurance Co.	2,064.5	2,463.9	(16.2)	N.A.	N.A.	1,861.9	527.0	89.0	81.0	2,024.2	1,447.0	39.9	27.9	31.5
W. R. Berkley Corp.	1,311.7	1,250.0	4.9	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	9,700.8	8,395.1	15.6	N.A.	N.A.
AXIS Reinsurance Co.	1,284.6	1,327.1	(3.2)	N.A.	N.A.	N.A.	N.A.	97.7	102.1	N.A.	N.A.	N.A.	N.A.	N.A.
Markel Global Reinsurance Co.	720.6	803.4	(10.3)	0.0	N.A.	(120.3)	(73.8)	114.4	108.9	2,693.5	2,513.4	7.2	(4.4)	(2.9)
SCOR Security Indemnity Co. of Arizona	688.3	668.0	3.0	605.1	532.5	20.6	(1.0)	50.1	57.5	104.7	72.5	44.5	15.5	(1.1)
SCOR Global Life Reinsurance Co. of Delaware	596.5	551.5	8.2	553.2	512.9	23.3	10.3	N.A.	N.A.	361.1	286.2	26.2	5.1	2.8
Toa Reinsurance Co. of America	520.4	517.8	0.5	N.A.	N.A.	43.7	N.A.	102.4	108.0	737.6	695.0	6.1	5.8	2.6
SiriusPoint America	496.7	447.6	11.0	N.A.	N.A.	15.4	22.3	96.8	95.0	992.0	822.4	20.6	9.3	5.7
Columbia Insurance Co.	285.2	233.2	22.3	N.A.	N.A.	439.9	330.8	N.A.	N.A.	36,284.6	34,511.0	5.1	8.1	13.9
SCOR Security National Insurance Co.	163.3	151.8	7.6	132.7	122.3	24.8	12.6	N.A.	33.5	272.8	216.1	26.2	7.1	6.2
National Fire & Marine Insurance Co.	151.5	187.9	(19.4)	N.A.	N.A.	628.6	368.9	N.A.	N.A.	17,016.8	15,175.1	12.1	10.6	18.2
National Liability & Fire Co.	47.4	140.1	(66.2)	N.A.	N.A.	121.5	1.6	N.A.	N.A.	3,102.7	2,643.9	17.4	12.6	20.4
KoreanRe Insurance Services Inc.	0.0	0.0	N.A.	0.0	N.A.	0.4	(0.0)	N.A.	N.A.	3.5	3.1	11.8	10.5	(0.6)
Total	77,050.8	65,405.4	(2.4)	16,115.8	15,145.5	8,952.8	7,430.1	N.A.	N.A.	388,567.4	351,476.4	10.6	N.A.	N.A.

Primary Contacts
Johannes Bender
Frankfurt
+49-693-399-9196
johannes.bender@spglobal.com

Jean Paul Huby Klein
Frankfurt
+49-693-399-9198
jeanpaul.hubyklein@spglobal.com

Taoufik Gharib
New York
+1-212-438-7253
taoufik.gharib@spglobal.com
Secondary Contact
Maximilian Wachter
Frankfurt
maximilian.wachter@spglobal.com