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

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.

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. 237,000.0 216,000.0 -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: 274,385.7 245,986.6 177.4 10,038.7 105.0 102.8 598,522.1 542,108.8 -0.5 3.4
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

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
United Kingdom
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
United States
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 -2,802.6 -2,626.5 136.5 140.1 203,034.3 175,267.7 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 1,602.7 106.2 107.6 317,664.8 282,560.6 12.4 -2.8 2.8
Grand Total: 245,115.3 219,805.4 11.5 2,713.2 12,168.5 111.3 100.7 648,184.3 573,883.5 12.9 0.5 4.7
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.

Antun Zvonar played a key role in collating the data presented here.

This report does not constitute a rating action.

Primary Credit Analyst:Johannes Bender, Frankfurt + 49 693 399 9196;
johannes.bender@spglobal.com
Secondary Contacts:Taoufik Gharib, New York + 1 (212) 438 7253;
taoufik.gharib@spglobal.com
Patrice A Mizeski, New York + 1 (212) 438 7172;
patrice.mizeski@spglobal.com

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