Top 40 Global Reinsurers And Reinsurers By Country 2021

S&P Global Ratings Top 40 Global Reinsurers
And Reinsurers By Country: 2021

Johannes Bender
Frankfurt
+49-693-399-9196

Taoufik Gharib
New York
+1-212-438-7253

Patrice Mizeski
New York
+1-212-438-7172

To bring you the 2021 edition of Global Reinsurance Highlights, S&P Global Ratings sought data on around 118 reinsurance organizations from over 33 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. Companies that have not been able to exclude intragroup reinsurance are highlighted in the footnotes.One of the challenges has been to separate reinsurance from primary insurance business, especially when 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 the company’s 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 ratio in order to calculate this metric in a comparable manner. The combined ratios presented in our Global Reinsurance Highlights report have been calculated as: (net losses incurred + net underwriting expenses)/net premiums earned. The combined (loss and expense) ratio of any entity that writes purely life reinsurance has been marked as not meaningful (N.M.), as 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, whether it be life, non-life, or a combination of both.

We sought data on around 118 reinsurance organizations from over 33 countries

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	2020	2019	2020	2019	2020	2019	2020	2019	2020	2019
1	Munich Reinsurance Co. (1)	Germany	AA-	Stable	42,937.0	35,394.7	209.3	2,524.3	105.7	101.0	42,286.0	38,733.2	0.4	5.9
2	Swiss Reinsurance Co. (2)	Switzerland	AA-	Negative	39,827.0	39,649.0	-2,820	-671	110.6	111.4	27,135.0	29,251.0	-6.4	-1.6
3	Hannover Rueck SE	Germany	AA-	Stable	27,318.6	22,815.3	893.7	1,591.8	101.9	98.5	14,090.2	12,250.1	3.2	6.7
4	Berkshire Hathaway Insurance Group	United States	AA+	Stable	19,761.0	16,952.0	-2,700	-1,472	N.A.	N.A.	237,000	216,000	-14.4	-9.0
5	SCOR SE	France	AA-	Stable	17,843.0	16,196.4	452.8	768.2	100.2	99.0	7,532.5	7,118.6	2.5	4.7
6	China Reinsurance (Group) Corp.	China	A	Stable	15,446.8	12,236.2	1,010.9	1,177.3	101.8	101.4	15,765.4	13,927.0	5.9	8.6
7	Lloyd's (3)	United Kingdom	A+	Stable	12,296.1	10,541.7	-896.9	-575.3	107.6	105.5	45,315.6	39,558.2	-7.6	-5.5
8	Reinsurance Group of America, Inc.	United States	AA-	Stable	11,694.0	11,297.0	627.0	1,099.0	N.A.	N.A.	14,352.0	11,601.0	4.3	7.7
9	Everest Re Group Ltd.	Bermuda	A+	Stable	9,117.0	7,824.4	325.3	927.3	102.9	95.5	8,915.3	8,434.3	3.5	11.5
10	PartnerRe Ltd.	Bermuda	A+	Negative	6,301.0	6,909.0	N.A.	N.A.	106.0	100.4	7,327.0	7,270.0	N.A.	N.A.
11	General Insurance Corporation of India	India	N.R.		5,799.9	6,207.6	420.3	-48.5	116.5	115.5	3,595.1	3,178.3	6.3	-0.7
12	Korean Reinsurance Co.	South Korea	A	Stable	5,426.6	4,788.8	191.8	202.9	99.9	100.9	2,379.5	2,209.3	3.5	4.0
13	SOMPO Holdings, Inc.	Japan	A+	Stable	5,223.5	4,032.0	N.A.	N.A.	N.A.	N.A.	21,530.6	17,995.2	N.A.	N.A.
14	Transatlantic Holdings Inc.	United States	A+	Stable	4,845.0	4,495.0	97.8	266.9	103.6	100.9	5,377.1	5,244.0	2.0	5.7
15	MS&AD Insurance Group Holdings, Inc.	Japan	A+	Stable	4,838.0	5,620.1	N.A.	N.A.	N.A.	N.A.	40,609.9	34,016.2	N.A.	N.A.
16	R+V Versicherung AG	Germany	A+	Stable	4,295.3	3,638.6	60.0	391.1	105.7	102.6	7,575.0	7,471.3	1.3	9.4
17	RenaissanceRe Holdings Ltd.	Bermuda	A+	Stable	4,096.3	3,381.5	N.A.	N.A.	105.7	95.1	7,560.2	5,971.4	N.A.	N.A.
18	Mapfre Re	Spain	A+	Stable	4,006.0	3,719.9	27.5	86.0	100.7	101.1	2,167.3	1,958.2	0.7	2.1
19	Fairfax Financial Holdings Ltd.	Canada	A-	Positive	3,625.7	3,117.4	286.2	487.2	96.6	93.5	12,521.1	13,042.6	8.0	15.1
20	Toa Re Co. Ltd.	Japan	A+	Stable	2,601.8	2,513.1	-13.5	-150.4	105.3	109.5	2,774.4	2,665.7	-0.5	-6.0
21	Tokio Marine & Nichido Fire Insurance Co. Ltd.	Japan	A+	Stable	2,573.1	2,822.6	1,423.0	2,082.5	N.A.	N.A.	26,568.9	23,922.3	N.A.	N.A.
22	Arch Capital Group Ltd.	Bermuda	A+	Negative	2,457.4	1,602.7	330.0	636.6	99.5	94.9	9,278.0	7,160.4	13.7	36.2
23	Taiping Reinsurance Co. Ltd.	Hong Kong	A	Stable	2,173.1	1,854.7	-92.3	32.6	103.9	99.3	1,557.1	1,160.4	-5.1	1.8
24	Caisse Centrale de Reassurance	France	AA	Stable	2,099.5	1,543.1	-92.3	186.1	110.9	94.2	6,740.8	6,304.5	-4.3	11.6
25	SiriusPoint Ltd.	Bermuda	A-	Negative	2,053.1	1,502.6	-188.7	-178.7	111.8	110.8	2,436.8	1,642.8	-7.7	-11.5
26	AXIS Capital Holdings Ltd.	Bermuda	A+	Negative	1,978.9	3,280.5	N.A.	N.A.	103.8	101.6	5,295.7	5,544.0	N.A.	N.A.
27	Peak Reinsurance Co. Ltd.	Hong Kong	N.R.		1,517.3	1,324.9	93.7	38.7	93.9	97.1	1,236.3	1,094.6	6.6	3.0
28	Allianz SE	Germany	AA	Stable	1,486.0	1,480.4	30.3	48.7	97.8	96.8	N.A.	N.A.	2.2	3.5
29	Aspen Insurance Holdings Ltd.	Bermuda	A-	Stable	1,302.1	1,251.1	-23.2	-39.7	101.8	103.0	2,997.6	2,725.5	-1.7	-2.7
30	Ascot Group Ltd.	Bermuda	A-	Stable	1,299.8	811.2	155.3	83.2	92.9	98.6	1,747.2	1,590.5	13.7	10.1
31	QBE Insurance Group Ltd.	Australia	A+	Stable	1,245.0	1,017.0	-94	18.0	109.1	103.7	8,492.0	8,153.0	-7.8	1.9
32	Markel Corp.	United States	A	Stable	960.1	964.9	-34.0	-40.0	103.7	104.4	N.A.	N.A.	-3.7	-4.4
33	Deutsche Rückversicherung AG	Germany	A+	Stable	949.0	814.1	75.6	40.3	94.9	96.1	1,264.2	1,003.5	7.6	4.7
34	Qatar Reinsurance Co. Ltd.	Bermuda	A	Negative	914.3	594.5	-174.8	-112.7	115.5	119.3	779.7	N.A.	-14.8	N.A.
35	Chubb Tempest Reinsurance Ltd.	Bermuda	AA	Stable	881.4	817.4	388.8	409.5	92.5	85.0	N.A.	N.A.	32.1	35.2
36	PICC Reinsurance Co. Ltd.	China	A-	Stable	710.4	729.3	18.4	-16.7	104.6	109.6	597.2	542.7	2.3	-2.3
37	African Reinsurance Corp.	Nigeria	A-	Stable	651.1	681.6	14.0	26.0	95.8	97.4	1,017.1	975.2	2.0	3.5
38	DEVK Re	Germany	A+	Stable	638.4	515.3	93.0	132.2	92.5	91.1	1,564.7	1,394.0	10.7	17.7
39	Central Reinsurance Corp.	Taiwan	A	Stable	607.9	519.4	44.1	38.7	97.2	99.3	602.3	525.4	7.3	7.3
40	Nacional de Reaseguros S.A.	Spain	A	Stable	588.1	529.5	38.2	48.6	97.6	92.8	537.5	474.5	6.4	9.1
	Totals:				274,386	245,987	177.4	10,039	105.0	102.8	598,522	542,109	-0.5	3.4

Table 2 | Global Reinsurers By Country

Company	Rating	Outlook	Net reinsurance premiums written			Pretax operating income (mil. $)		Combined ratio (%)		Total adjusted shareholders' funds (mil. $)			Return on revenue (%)
			2020	2019	Change (%)	2020	2019	2020	2019	2020	2019	Change %	2020	2019
Australia
QBE Insurance Group Ltd.*	A+	Stable	1,245.0	1,017.0	22.4	-94	18.0	109.1	103.7	8,492.0	8,153.0	4.2	-7.8	1.9
Swiss Re Life & Health Australia Ltd.	AA-	Negative	793.2	-831.6	195.4	-18.5	-42.1	N.A.	N.A.	1,097.2	860.4	27.5	-2.1	-4.3
Munich Re Co. of Australasia Ltd.	AA-	Stable	477.7	461.1	3.6	-91.7	-350.1	N.A.	N.A.	888.1	787.2	12.8	-14.9	-62.1
Hannover Life Re of Australasia Ltd.	AA-	Stable	417.3	351.3	18.8	-64.0	-77.1	N.A.	N.A.	417.9	340.0	22.9	-13.5	-19.1
General Reinsurance Life Australia Ltd.	AA+	Stable	222.0	190.2	16.7	-8.8	-2.9	N.A.	N.A.	0.0	196.0	-100	-3.8	-1.4
General Reinsurance Australia Ltd.	AA+	Stable	93.4	104.7	-10.8	8.5	26.0	96.6	54.5	266.6	235.9	13.0	8.6	27.3
SCOR Global Life Australia	AA-	Stable	55.4	104.2	-46.8	-4.2	-12.4	N.A.	N.A.	99.8	96.1	3.8	-6.1	-11.2
Total:			3,304.0	1,396.8	136.5	-272.8	-440.6	108.2	99.7	11,261.5	10,668.5	5.6	-7.6	-13.3
Bahrain
Hannover Re Takaful	A+	Stable	199.8	173.1	15.4	21.2	25.8	93.3	96.3	204.6	182.1	12.4	10.9	15.4
Total:			199.8	173.1	15.4	21.2	25.8	93.3	96.3	204.6	182.1	12.4	10.9	15.4
Barbados
Wentworth	NR		129.9	94.1	38.1	3.4	4.0	98.0	100.3	293.1	330.4	-11.3	2.7	4.8
Total:			129.9	94.1	38.1	3.4	4.0	98.0	100.3	293.1	330.4	-11.3	2.7	4.8
Bermuda
Sompo International Holdings Ltd.*	A+	Stable	3,072.1	1,971.0	55.9	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Partner Reinsurance Company Ltd	A+	Negative	2,777.0	3,173.3	-12.5	N.A.	266.7	112.1	96.9	4,127.0	4,137.5	-0.3	N.A.	137.5
SiriusPoint Ltd.*	A-	Negative	2,053.1	1,502.6	36.6	-188.7	-178.7	111.8	110.8	2,436.8	1,642.8	48.3	-7.7	-11.5
Arch Reinsurance Ltd.	A+	Negative	1,677.6	1,002.6	67.3	363.0	610.4	96.7	94.0	7,294.8	5,480.7	33.1	21.8	51.1
Renaissance Reinsurance Ltd.	A+	Stable	1,513.9	1,494.0	1.3	N.A.	N.A.	102.5	89.8	2,250.0	2,250.0	0.0	N.A.	N.A.
Everest Reinsurance (Bermuda) Ltd.*	A+	Stable	1,437.4	1,243.8	15.6	176.7	484.0	105.4	75.0	2,930.3	3,084.5	-5.0	10.7	34.5
Ascot Group Limited	A-	Stable	1,299.8	811.2	60.2	155.3	83.2	92.9	98.6	1,747.2	1,590.5	9.9	13.7	10.1
Qatar Reinsurance Co. Ltd.	A	Negative	914.3	594.5	53.8	-174.8	-112.7	115.5	119.3	779.7	N.A.	N.A.	-14.8	N.A.
Allied World Assurance Company Holdings, GmbH*	A-	Positive	873.4	736.2	18.6	69.0	122.0	95.6	92.3	4,385.8	4,135.3	6.1	8.5	16.5
Chubb Tempest Reinsurance Ltd.	AA	Stable	730.9	649.3	12.6	355.0	366.7	92.5	85.0	N.A.	N.A.	N.A.	35.4	39.3
Hannover Re Bermuda Ltd.	AA-	Stable	632.7	576.6	9.7	255.3	165.4	70.1	81.6	2,042.0	1,534.4	33.1	38.2	26.9
Fidelis Insurance Bermuda Ltd.	A-	Positive	591.8	183.3	222.9	143.5	72.9	N.A.	90.5	1,837.9	1,029.1	78.6	26.6	44.8
DaVinci Reinsurance Ltd.	A+	Stable	519.0	379.1	36.9	N.A.	N.A.	90.8	80.8	2,135.0	1,988.4	7.4	N.A.	N.A.
International General Insurance Co. Ltd.	A-	Stable	338.4	252.2	34.2	54.0	34.3	81.0	84.1	391.0	348.0	12.4	18.4	15.2
Aspen Bermuda Ltd.	A-	Stable	241.5	137.6	75.5	31.6	9.6	85.0	92.1	1,334.0	1,381.2	-3.4	11.4	4.2
Convex Reinsurance Limited	A-	Stable	176.6	N.A.	N.A.	-115.6	N.A.	224.8	N.A.	2,081.5	N.A.	N.A.	-105.6	N.A.
Chubb Tempest Life Reinsurance, Ltd.	AA	Stable	150.5	168.1	-10.5	33.8	42.8	N.A.	N.A.	N.A.	N.A.	N.A.	16.3	18.6
Markel Bermuda Ltd.	A	Stable	143.0	182.3	-21.5	102.4	13.1	36.4	92.3	N.A.	N.A.	N.A.	63.6	7.7
Lancashire Insurance Co. Ltd.	A-	Stable	122.7	77.4	58.5	21.2	131.9	76.8	20.9	1,285.7	951.7	35.1	7.6	50.8
AXIS Specialty Limited	A+	Negative	119.9	208.3	-42.5	N.A.	N.A.	83.2	176.0	3,190.2	3,398.5	-6.1	N.A.	N.A.
Hiscox Insurance Co. (Bermuda) Ltd.	A	Stable	100.0	98.5	1.6	-40.8	-71.8	137.9	187.5	1,268.1	598.4	111.9	-23.2	-65.3
Vermeer Reinsurance Ltd	NR		87.8	65.2	34.8	N.A.	N.A.	36.7	26.9	1,109.6	1,003.6	10.6	N.A.	N.A.
Top Layer Reinsurance Ltd.	AA	Stable	22.4	19.9	12.2	N.A.	N.A.	24.3	24.4	53.9	70.7	-23.8	N.A.	N.A.
Total:			19,595.9	15,527.0	26.2	1,240.7	2,039.9	102.1	95.2	42,680.4	34,625.3	23.3	9.8	24.3
Bosnia & Herzegovina
Bosna Re	NR		16.0	14.0	14.7	1.5	1.2	84.2	85.2	19.8	17.2	15.2	9.4	8.9
Total:			16.0	14.0	14.7	1.5	1.2	84.2	85.2	19.8	17.2	15.2	9.4	8.9
Brazil
Austral Resseguradora S.A.**	brAAA	Stable	92.6	N.A.	N.A.	-19.7	N.A.	105.5	N.A.	64.2	N.A.	N.A.	-17.5	N.A.
Total:			92.6	N.A.	N.A.	-19.7	N.A.	105.5	N.A.	64.2	N.A.	N.A.	-17.5	N.A.
Canada
SCOR Canada Reinsurance Co.	AA-	Stable	195.9	152.6	28.4	30.0	15.9	87.5	94.4	125.1	123.9	1.0	15.7	10.0
Munich Reinsurance Co. of Canada	AA-	Stable	178.2	155.2	14.8	22.6	16.9	96.1	100.3	187.0	151.4	23.5	12.1	10.2
Temple Insurance Company	A+	Stable	134.7	170.3	-20.9	-18.4	-64.3	122.9	149.1	199.1	192.1	3.6	-11.8	-36.7
Total:			508.8	478.1	6.4	34.2	-31.5	100.6	115.5	511.2	467.4	9.4	6.4	-6.3
China
China Property & Casualty Re Co. Ltd.	A	Stable	4,981.1	4,328.8	15.1	232.9	153.2	102.2	102.1	3,350.2	2,892.6	15.8	4.3	3.5
PICC Reinsurance Co. Ltd.	A-	Stable	710.4	729.3	-2.6	18.4	-16.7	104.6	109.6	597.2	542.7	10.0	2.3	-2.3
Total:			5,691.6	5,058.2	12.5	251.2	136.6	102.5	103.2	3,947.4	3,435.3	14.9	4.0	2.7
Czech Rep.
VIG RE	A+	Stable	445.8	351.0	27.0	15.5	13.6	96.9	96.0	221.3	200.7	10.3	3.4	3.7
Total:			445.8	351.0	27.0	15.5	13.6	96.9	96.0	221.3	200.7	10.3	3.4	3.7
France
SCOR SE	AA-	Stable	5,791.0	5,658.6	2.3	379.4	1,125.9	108.5	107.4	5,076.3	4,547.3	11.6	5.8	15.9
Caisse Centrale de Reassurance	AA	Stable	1,349.1	947.9	42.3	-99.0	152.8	113.4	92.8	5,975.4	5,690.3	5.0	-7.0	14.9
CCR Re	A	Stable	750.3	595.1	26.1	6.7	33.8	103.2	98.1	1,009.5	871.7	15.8	0.9	5.8
SCOR Europe	AA-	Stable	7.3	4.8	51.4	1.5	0.3	65.5	85.7	27.8	16.7	66.2	30.7	14.9
Total:			7,897.7	7,206.4	9.6	288.5	1,312.8	108.8	104.7	12,088.9	11,126.0	8.7	3.3	15.1
Germany
Munich Reinsurance Co.	AA-	Stable	25,697.4	21,274.1	20.8	1,889.5	2,575.9	103.6	98.5	43,251.5	39,865.8	8.5	6.5	10.9
Hannover Rückversicherung SE	AA-	Stable	16,055.3	14,133.3	13.6	1,168.0	841.7	102.3	99.9	15,722.1	12,171.8	29.2	6.6	5.6
General Reinsurance AG	AA+	Stable	4,655.3	4,100.8	13.5	81.7	596.3	103.3	63.9	5,181.1	6,361.1	-18.6	1.8	14.5
R+V Versicherung AG	A+	Stable	4,295.3	3,638.6	18.1	60.0	391.1	105.7	102.6	7,575.0	7,471.3	1.4	1.3	9.4
E+S Rückversicherung AG	AA-	Stable	2,884.8	2,378.8	21.3	159.5	259.0	96.9	94.8	3,119.0	2,633.6	18.4	5.3	10.3
Allianz SE (1)	AA	Stable	1,486.0	1,480.4	0.4	30.3	48.7	97.8	96.8	N.A.	N.A.	N.A.	2.2	3.5
Deutsche Rückversicherung AG	A+	Stable	668.4	542.0	23.3	68.8	36.0	88.6	98.1	1,048.3	864.4	21.3	10.0	6.3
DEVK Re	A+	Stable	638.4	515.3	23.9	93.0	132.2	92.5	91.1	1,564.7	1,394.0	12.2	10.7	17.7
Total:			56,381.0	48,063.4	17.3	3,550.9	4,880.7	102.6	96.0	77,461.7	70,761.9	9.5	5.7	9.4
Hong Kong
Taiping Reinsurance Co. Ltd.	A	Stable	2,173.1	1,854.7	17.2	-92.3	32.6	103.9	99.3	1,557.1	1,160.4	34.2	-5.1	1.8
Peak Reinsurance Co. Ltd.	NR		1,517.3	1,324.9	14.5	93.7	38.7	93.9	97.1	1,236.3	1,094.6	13.0	6.6	3.0
SCOR Reinsurance Co. (Asia) Ltd.	AA-	Stable	106.7	179.6	-40.6	-6.2	35.0	96.9	73.9	222.1	269.8	-17.7	-2.8	17.8
Total:			3,797.1	3,359.3	13.0	-4.8	106.4	99.4	97.0	3,015.6	2,524.7	19.4	-0.1	3.3
Iran
Iranian Reinsurance Co.	NR		43.2	25.5	69.5	76.9	23.7	87.6	82.9	358.8	123.0	191.7	68.3	48.2
Total:			43.2	25.5	69.5	76.9	23.7	87.6	82.9	358.8	123.0	191.7	68.3	48.2
Ireland
Hannover Reinsurance (Ireland) DAC	AA-	Stable	4,713.6	3,124.1	50.9	8.1	117.0	101.4	99.1	775.7	697.3	11.2	0.2	3.7
SCOR Life Ireland DAC.	AA-	Stable	3,283.0	3,134.6	4.7	172.2	278.6	N.A.	N.A.	2,833.9	2,654.1	6.8	5.1	8.6
SCOR Global Life Reinsurance Ireland Ltd.	AA-	Stable	1,544.3	1,482.3	4.2	1.7	149.5	N.A.	N.A.	1,706.4	1,701.3	0.3	0.1	9.8
Partner Reinsurance Europe SE	A+	Negative	1,081.3	1,159.6	-6.7	N.A.	103.1	89.7	75.3	3,050.8	2,699.0	13.0	N.A.	8.6
AXIS Re SE	A+	Negative	761.4	975.5	-22.0	N.A.	N.A.	103.3	88.8	921.4	859.7	7.2	N.A.	N.A.
Arch Re Europe	A+	Negative	76.7	61.4	24.9	N.A.	N.A.	71.1	71.1	N.A.	N.A.	N.A.	N.A.	N.A.
Fidelis Insurance Ireland DAC	A-	Positive	0.6	0.0	N.A.	-3.8	-3.5	N.A.	N.A.	101.5	44.3	129.1	N.M.	N.M.
Total:			11,460.9	9,937.6	15.3	178.1	644.8	99.2	91.7	9,389.7	8,655.7	8.5	2.0	7.1
Japan
Tokio Marine & Nichido Fire Insurance Co. Ltd.	A+	Stable	2,573.1	2,822.6	-8.8	1,423.0	2,082.5	N.A.	N.A.	26,568.9	23,922.3	11.1	N.A.	N.A.
Toa Reinsurance Co.	A+	Stable	1,898.5	1,934.5	-1.9	48.4	-21.9	101.7	103.1	2,299.5	2,175.8	5.7	2.5	-1.1
Aioi Nissay Dowa Insurance Co. Ltd.	A+	Stable	1,792.7	2,137.5	-16.1	N.A.	N.A.	N.A.	N.A.	10,856.8	8,965.6	21.1	N.A.	N.A.
Mitsui Sumitomo Insurance Co. Ltd.	A+	Stable	1,541.3	1,811.1	-14.9	N.A.	N.A.	N.A.	N.A.	22,847.8	20,492.4	11.5	N.A.	N.A.
Sompo Japan Nipponkoa Insurance Inc.	A+	Stable	1,457.8	1,955.6	-25.5	N.A.	N.A.	N.A.	N.A.	17,159.8	15,761.0	8.9	N.A.	N.A.
Total:			9,263.4	10,661.2	-13.1	1,471.5	2,060.6	101.7	103.1	79,732.9	71,317.0	11.8	1.3	-0.6
Kazakhstan
Eurasia Insurance Co.	BBB	Stable	104.1	86.0	21.0	10.3	17.2	89.1	76.8	459.4	404.4	13.6	6.4	15.2
Eurasia Life Insurance Company JSC	BBB-	Stable	N.M.	N.M.	N.M.	N.M.	1.9	N.A.	N.A.	25.5	15.9	60.4	N.M.	N.M.
Total:			104.1	86.0	21.0	10.3	19.1	89.1	76.8	484.9	420.2	15.4	6.4	15.0
Kuwait
Kuwait Reinsurance Co. K.S.C.P.	NR		167.3	165.9	0.8	12.9	12.9	93.6	92.4	186.8	176.2	6.0	7.3	8.0
Total:			167.3	165.9	0.8	12.9	12.9	93.6	92.4	186.8	176.2	6.0	7.3	8.0
Luxembourg
Swiss Re Europe S.A.	AA-	Negative	8,636.5	7,496.7	15.2	395.0	472.4	99.2	98.9	2,055.0	1,818.7	13.0	10.5	13.7
TransRe Europe S.A. Luxembourg	A+	Stable	158.5	108.1	46.6	-17.7	-5.9	113.2	93.6	432.9	399.4	8.4	-10.7	-5.3
Total:			8,795.0	7,604.8	15.7	377.3	466.5	99.8	98.7	2,487.9	2,218.0	12.2	9.6	13.1
Nigeria
African Reinsurance Corp.	A-	Stable	529.1	515.3	2.7	13.7	27.7	94.3	95.3	955.4	916.9	4.2	2.4	4.9
Total:			529.1	515.3	2.7	13.7	27.7	94.3	95.3	955.4	916.9	4.2	2.4	4.9
Poland
Polskie Towarzystwo Reasekuracji S.A.	NR		111.8	85.9	30.1	3.1	0.6	97.5	99.9	81.8	71.9	13.8	2.8	0.8
Total:			111.8	85.9	30.1	3.1	0.6	97.5	99.9	81.8	71.9	13.8	2.8	0.8
Russia
SOGAZ OJSC	BBB-	Stable	135.8	169.7	-20.0	0.8	73.1	99.4	53.2	3,171.7	3,140.6	1.0	0.1	11.7
Ingosstrakh Insurance Co.	BBB-	Positive	87.4	70.0	24.9	20.6	48.2	72.1	27.0	1,185.4	1,220.5	-2.9	25.6	65.5
GIC Perestrakhovanie	NR		0.3	N.A.	N.A.	-0.1	N.A.	301.9	N.A.	13.8	N.A.	N.A.	10.5	N.A.
Total:			223.4	239.7	-6.8	21.3	121.3	90.0	45.4	4,370.9	4,361.1	0.2	3.2	17.4
Saudi Arabia
Saudi Re for Cooperative Reinsurance Co.	NR		206.0	N.A.	N.A.	17.1	N.A.	89.1	N.A.	246.1	N.A.	N.A.	9.4	N.A.
Total:			206.0	N.A.	N.A.	17.1	N.A.	89.1	N.A.	246.1	N.A.	N.A.	9.4	N.A.
Singapore
SCOR Reinsurance Asia-Pacific	AA-	Stable	749.7	506.0	48.2	77.1	63.0	118.4	90.7	158.1	209.9	-24.7	10.5	12.2
Total:			749.7	506.0	48.2	77.1	63.0	118.4	90.7	158.1	209.9	-24.7	10.5	12.2
Slovenia
Triglav Re, Reinsurance Co. Ltd.	A	Stable	130.2	112.7	15.6	6.4	2.5	94.9	98.4	106.5	93.2	14.3	5.3	2.2
Sava Reinsurance Company d.d.	A	Stable	123.8	95.7	29.3	-16.6	44.0	105.6	103.0	408.6	385.7	5.9	-8.7	21.7
Total:			254.0	208.4	21.9	-10.2	46.4	101.5	101.1	515.1	478.9	7.6	-3.3	14.7
South Africa
Munich Reinsurance Co. of Africa Ltd.	AA-	Stable	348.6	356.3	-2.2	35.0	21.9	101.0	93.9	234.0	224.3	4.3	6.0	4.0
Swiss Re Africa Ltd.	AA-	Negative	296.9	303.7	-2.2	-49.2	-24.6	134.3	89.2	33.2	52.0	-36.2	-15.7	-7.9
General Reinsurance Africa Ltd.	AA+	Stable	210.6	222.5	-5.4	-9.5	28.6	6,051.2	N.A.	149.6	155.2	-3.6	-3.8	11.1
African Re Corp. (South Africa) Ltd.	A-	Stable	139.8	180.1	-22.4	0.4	-1.7	99.1	101.9	61.3	58.3	5.3	0.2	-0.9
Hannover Life Reassurance Africa Ltd.	AA-	Stable	96.7	92.3	4.8	12.9	23.7	N.A.	N.A.	69.9	61.7	13.4	11.8	22.2
Hannover Reinsurance Africa Ltd.	AA-	Stable	75.2	108.7	-30.8	2.5	18.7	106.9	92.6	77.4	73.6	5.2	3.0	14.6
SCOR Africa Ltd.	AA-	Stable	32.6	30.6	6.6	6.5	7.6	87.5	84.8	34.5	30.0	15.1	16.7	21.5
GIC Re South Africa Ltd.	BB+	Negative	21.6	14.5	49.1	9.1	10.1	146.8	80.0	94.1	15.5	506.0	17.8	30.8
Total:			1,222.0	1,308.7	-6.6	7.6	84.2	1,223.4	93.2	754.1	670.6	12.5	0.5	5.2
South Korea
Korean Reinsurance Co.	A	Stable	5,392.5	4,783.7	12.7	201.6	206.6	99.7	100.7	2,265.4	2,130.1	6.4	3.7	4.1
Total:			5,392.5	4,783.7	12.7	201.6	206.6	99.7	100.7	2,265.4	2,130.1	6.4	3.7	4.1
Spain
Mapfre Re, Compania de Reaseguros, S.A.	A+	Stable	3,813.1	3,451.6	10.5	14.2	74.7	100.9	101.4	2,065.2	1,857.9	11.2	0.4	1.9
Nacional de Reaseguros S.A.	A	Stable	588.1	529.5	11.1	38.2	48.6	97.6	92.8	537.5	474.5	13.3	6.4	9.1
Total:			4,401.1	3,981.1	10.6	52.4	123.3	100.4	100.3	2,602.7	2,332.4	11.6	1.2	2.8
Switzerland
Swiss Reinsurance Co. Ltd.	AA-	Negative	9,176.9	13,709.5	-33.1	-807.3	-602.1	131.0	112.1	16,741.8	12,960.6	29.2	-6.3	-3.3
New Reinsurance Ltd.	AA-	Stable	6,141.8	5,541.0	10.8	-261.4	-51.1	91.0	80.3	1,811.7	1,621.2	11.7	-4.1	-0.9
Swiss Re Asia Ltd	AA-	Negative	4,172.6	2,987.2	39.7	-462.7	-217.6	N.A.	104.5	N.A.	1,247.0	N.A.	-9.8	-7.5
MS Amlin AG	A	Stable	1,506.4	1,415.8	6.4	-114.1	20.7	106.8	98.7	N.A.	N.A.	N.A.	-7.1	1.5
SCOR Switzerland AG	AA-	Stable	811.8	1,639.7	-50.5	337.9	99.1	74.5	93.2	1,492.0	1,254.8	18.9	27.7	6.7
Renaissance Reinsurance Europe AG	A+	Stable	639.1	579.4	10.3	N.A.	N.A.	106.3	98.1	1,093.6	880.8	24.2	N.A.	N.A.
DR Swiss, Deutsche Rückversicherung Schweiz AG	A+	Stable	277.7	278.8	-0.4	-6.6	1.4	105.8	103.2	358.6	224.5	59.8	-2.3	0.4
Echo Rückversicherungs-AG	A-	Stable	223.6	149.8	49.3	-7.3	2.4	95.8	98.5	154.8	147.9	4.7	-4.3	1.6
SIGNAL IDUNA Rückversicherungs AG	NR		217.7	182.3	19.5	13.2	11.1	96.7	97.8	285.0	253.9	12.2	6.0	5.6
The Toa 21st Century Reinsurance Company	A+	Stable	142.6	111.8	27.6	-2.4	-64.1	101.6	179.2	452.2	289.7	56.1	-2.1	-73.6
Korean Reinsurance Switzerland AG	A	Stable	21.6	0.1	38,226.5	-9.1	-3.8	160.8	N.M.	94.4	60.6	55.7	-64.8	N.M.
Total:			23,331.8	26,595.3	-12.3	-1,319.9	-804.0	113.1	102.3	22,484.1	18,940.9	18.7	-4.8	-2.6
Taiwan
Central Reinsurance Corp.	A	Stable	607.9	519.4	17.0	44.1	38.7	97.2	99.3	602.3	525.4	14.6	7.3	7.3
Total:			607.9	519.4	17.0	44.1	38.7	97.2	99.3	602.3	525.4	14.6	7.3	7.3
Turkey
Milli Reasurans T.A.S.***	trA+		212.8	244.2	-12.9	8.4	14.3	127.6	123.1	355.0	359.0	-1.1	3.5	5.3
Total:			212.8	244.2	-12.9	8.4	14.3	127.6	123.1	355.0	359.0	-1.1	3.5	5.3
U.K.
Lloyd's (2)	A+	Stable	12,296.1	10,541.7	16.6	-896.9	-575.3	107.6	105.5	45,315.6	39,558.2	14.6	-7.6	-5.5
China Re International Holdings Ltd.	NR		1,117.5	923.0	21.1	-6.7	60.0	104.9	99.2	346.9	43.2	702.1	-0.6	6.1
Aspen Insurance U.K. Ltd.	A-	Stable	794.0	802.7	-1.1	-45.4	-222.1	105.6	126.6	961.6	841.9	14.2	-5.4	-25.0
Brit Limited	NR		392.8	419.0	-6.3	6.5	48.0	102.5	91.8	1,592.6	1,319.9	20.7	1.5	11.9
SCOR U.K. Co. Ltd.	AA-	Stable	241.6	172.0	40.5	35.7	40.1	85.0	80.2	223.7	210.0	6.5	16.7	22.0
TransRe London Ltd.	A+	Stable	241.3	240.6	0.3	7.2	24.1	108.5	98.9	587.9	574.9	2.3	2.6	9.7
Convex Insurance UK Limited	A-	Stable	143.0	N.A.	N.A.	-35.0	N.A.	149.0	N.A.	890.9	N.A.	N.A.	-40.2	N.A.
Markel International Insurance Co. Ltd.	A	Stable	104.9	109.8	-4.5	-23.5	-16.0	123.4	113.0	N.A.	N.A.	N.A.	-23.4	-13.0
Fidelis Underwriting Ltd.	A-	Positive	75.0	50.1	49.8	28.2	7.5	N.A.	224.5	563.5	292.2	92.9	47.0	15.4
Cathedral Capital Holdings Ltd	NR		64.4	60.4	6.6	-3	-5.7	106.0	82.5	36.0	37.9	-5.0	-1.3	-3.2
Aspen Managing Agency Limited	NR		37.1	N.A.	N.A.	-3.5	N.A.	109.3	N.A.	N.A.	N.A.	N.A.	-8.5	N.A.
Korean Re Underwriting Ltd.	NR		12.5	5.1	146.3	-0.7	0.1	113.1	138.7	19.6	18.6	5.5	-7.8	2.5
Lancashire Insurance Co. (UK) Ltd.	A-	Stable	1.8	1.7	5.9	-2.6	6.0	23.5	94.7	179.3	179.4	-0.1	-9.1	16.4
Total:			15,521.9	13,326.0	16.5	-939.7	-633.2	107.2	105.9	50,717.6	43,076.2	17.7	-6.2	-4.7
U.S.
Reinsurance Group of America, Inc.*	AA-	Stable	11,694.0	11,297.0	3.5	627.0	1,099.0	N.A.	N.A.	14,352.0	11,601.0	23.7	4.3	7.7
Swiss Reinsurance America Corp.	AA-	Negative	7,759.3	6,842.7	13.4	-102.0	985.0	44.6	78.1	3,973.4	4,271.8	-7.0	-3.3	35.5
Everest Reinsurance Co.	A+	Stable	6,664.5	5,797.6	15.0	341.5	471.0	99.7	99.7	5,276.0	3,715.2	42.0	5.1	7.9
National Indemnity Co.	AA+	Stable	6,292.5	4,965.3	26.7	-2,803	-2,626	136.5	140.1	203,034	175,268	15.8	-6.9	-30.1
Swiss Re Life & Health America Inc.	AA-	Negative	5,557.9	4,791.9	16.0	53.1	1,512.7	N.A.	N.A.	1,467.8	1,531.6	-4.2	2.5	135.4
Transatlantic Reinsurance Co.	A+	Stable	4,498.4	4,079.1	10.3	40.8	213.4	106.3	103.4	4,813.5	4,904.1	-1.8	0.9	5.1
General Reinsurance Corp.	AA+	Stable	3,787.0	3,323.0	14.0	101.0	245.0	106.8	104.1	12,181.0	12,104.0	0.6	2.6	7.2
Munich Reinsurance America, Inc.	AA-	Stable	3,736.1	3,810.1	-1.9	-540.2	-266.6	115.4	111.5	4,192.6	3,730.1	12.4	-10.3	-5.0
Odyssey Group Holdings, Inc.*	A-	Positive	2,122.6	1,783.2	19.0	203.4	310.2	95.6	93.7	4,774.1	4,589.9	4.0	9.6	16.2
Partner Reinsurance Co. of United States	A+	Negative	2,080.0	2,056.3	1.2	N.A.	-116.3	106.9	117.5	1,169.0	1,080.2	8.2	N.A.	-5.8
SCOR Reinsurance Co.	AA-	Stable	2,044.0	1,712.5	19.4	-117.7	-76.7	109.9	110.5	1,089.9	827.1	31.8	-5.8	-4.6
General Re Life Corp.	AA+	Stable	1,403.2	1,374.8	2.1	-6.3	54.0	N.A.	N.A.	955.2	848.7	12.5	-0.4	3.6
Renaissance Reinsurance United States Inc.	A+	Stable	1,281.1	465.5	175.2	N.A.	N.A.	113.0	102.3	1,235.7	711.0	73.8	N.A.	N.A.
Markel Global Reinsurance Company	A	Stable	705.5	663.8	6.3	-83.2	-34.4	112.7	105.8	N.A.	N.A.	N.A.	-12.7	-5.8
Arch Reinsurance Co.	A+	Negative	703.1	538.7	30.5	-33.0	26.2	108.6	99.6	1,983.2	1,679.7	18.1	-4.9	5.2
Axis Reinsurance Company	A+	Negative	666.7	728.4	-8.5	N.A.	N.A.	101.5	94.2	1,125.8	1,120.0	0.5	N.A.	N.A.
Toa Reinsurance Co. of America	A+	Stable	579.3	476.8	21.5	-73.2	-51.8	120.1	119.8	708.5	682.9	3.7	-12.0	-10.1
Faraday Syndicate 435	NR		527.9	511.8	3.1	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Munich American Reassurance Co.	AA-	Stable	511.8	659.6	-22.4	-344.6	-277.6	N.A.	N.A.	593.3	655.9	-9.6	-47.0	-29.5
General Star Indemnity	AA+	Stable	443.4	443.4	0.0	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
SCOR Global Life USA Reinsurance Company	AA-	Stable	311.5	300.7	3.6	-39.2	13.6	N.A.	N.A.	176.4	237.8	-25.8	-11.9	4.2
SCOR Global Life Americas	AA-	Stable	228.4	225.1	1.4	-51.0	12.0	N.A.	N.A.	170.3	206.8	-17.6	-21.3	5.0
Aspen American Insurance Company	NR		227.9	N.A.	N.A.	8.0	N.A.	96.5	N.A.	606.2	N.A.	N.A.	3.3	N.A.
Columbia Insurance Company	AA+	Stable	215.6	201.9	6.8	201.9	103.7	30.7	19.4	43,492.4	42,535.4	2.2	5.0	12.6
National Liability & Fire Company	AA+	Stable	206.3	86.4	138.7	-53.1	28.9	131.0	54.7	1,529.8	1,783.8	-14.2	-92.8	8.9
SCOR Global Life Reinsurance Company of Delaware	AA-	Stable	88.3	67.8	30.3	2.3	-30.6	N.A.	N.A.	104.2	99.2	5.1	2.4	-40.5
National Fire & Marine Insurance Company	AA+	Stable	69.9	35.0	99.8	-33.2	8.5	79.3	106.4	8,660.3	8,376.5	3.4	-2.3	4.8
General Star National Insurance Company	AA+	Stable	31.7	31.7	0.0	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Genesis Insurance Company	AA+	Stable	19.4	19.4	0.0	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.
Total:			64,457.1	57,289.4	12.5	-2,700.3	1,602.7	106.2	107.6	317,665	282,561	12.4	-2.8	2.8
Grand Total:			245,115.3	219,805.4	11.5	2,713.2	12,168.5	111.3	100.7	648,184	573,884	12.9	0.5	4.7

Notes

Table 1:

Rating--Financial strength ratings of core operating entities of the groups as of Sept. 20, 2021. 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. (1) Munich Reinsurance Co.: Total adjusted shareholders’ funds for the group includes ERGO. (2) Swiss Reinsurance Co.: 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) 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:

Rating--Financial strength ratings of core operating entities of the groups as of Sept. 20, 2021. *Rating--Financial strength ratings of core operating entities of the groups. **Rating--Brazil National Scale. ***Rating--Turkey National Scale. 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.